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Poor Nigerians To Hit 95.1m In 2022
The World Bank has estimated that the number of poor Nigerians is projected to hit 95.1 million in 2022. This projection is coming as the number of Nigerians falling below poverty line continued to increase since 2015, the Washington-based bank said. It said this in its report titled, ‘A Better Future for All Nigerians: 2022…
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33% Of Global Droughts Occurs In Africa
The International Monetary Fund has said that African countries experience one-third of the world’s drought and are vulnerable to rising temperatures and extreme weather as a result of their dependence on rain-fed agriculture. The IMF stressed that a single drought can lower a country in the region’s medium-term economic growth potential by one percent. It…
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Nigeria To Pay IMF $3.51bn In Five Years
The International Monetary Fund is expected to receive from the Federal Government of Nigeria a total of $3.51bn between 2022 and 2026 to offset a $3.4bn loan. This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’ Recall in April…
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How Nigeria’s 2021 GDP Beats Projections
The National Bureau of Statistics, in its quarterly report, has published that the country’s Gross Domestic Product grew by 3.98 percent in the fourth quarter of 2021. This, which is considered as the strongest growth since 2014, translates to 3.4 percent as the annual GDP growth for 2021. According to the bureau, “Nigeria Gross Domestic…
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Nigeria Gross Debt To Hit N136tn In 2026
With the Debt Management Office put Nigeria’s public debt totaled N38tn as of the end September, 2021, the International Monetary Fund, the Federal Government’s gross debt profile is projected to grow by 92.11 percent from N70.85tn in 2022 to N136.11tn in 2026. The Washington based lender made this projection in a report titled ‘Nigeria Staff…
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Suspension Of Petrol Subsidy Removal: Reactions And Implications
On Monday, the minister for finance, budget and national planning, Zainab Ahmed, announced President Buhari’s decision to suspend the removal of petrol subsidy for 18 months. This move is assumed to be the government’s attempt to lessen the bite of economic hardship and skyrocketing inflation rates on its people. The approved 18-months suspension means that…
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IMF Cuts Global Economic Growth Forecast To 4.4%
The International Monetary Fund on Tuesday warned that the global economy might not grow at the pace it was previously predicted due to slow recoveries in the United States and China. IMF’s latest World Economic Outlook shows a downshift in global economic growth from 5.9% in 2021 to 4.4% this year as opposed to what…
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IMF Forecasts 2.7% Growth Rate For Nigeria In 2022
The International Monetary Fund in its January World Economic Outlook has predicted a growth rate of 2.7 percent for Nigeria in 2022. The institution made the forecast in the summit titled “Rising Caseloads, a Disrupted Recovery, and Higher Inflation” released in Washington. The growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast…
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Nigeria Plans N5000 Each In Cash Handouts To Replace Fuel Subsidies
The Nigerian government is planning to replace fuel subsidies in 2022 with cash handouts of up to N5000, an amount that would cost the country up to 2.4 trillion naira in a year. According to Finance Minister, Zainab Ahmed, the government will give 5,000 naira each to as many as 40 million people every month,…
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Nigeria’s Debt-to-GDP Ratio To Hit 42% By 2026
The International Monetary Fund has projected that Nigeria’s government gross debt to Gross Domestic Product ratio will rise to 42 percent by 2026. The IMF which said this in the October 2021 Fiscal Monitor Report published on its website stressed that it is an increase from 35.7 percent in 2021. It said the country’s gross…