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Debt Servicing To Gulp 123% Of 2023 Revenue
The latest projection by the World Bank has shown that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. The projection was made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, in a document entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and…
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Nigeria’s Debt Service, Revenue May Hit 102%
The World Bank has said that Nigeria’s debt service to revenue ratio could stand at 102.3 percent by the end of 2022. The Washington-based bank said this in its latest Africa’s Pulse report, which is a biannual analysis of the near-term macroeconomic outlook for the region, published around the World Bank/IMF Spring and Annual meetings…
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How Bad Is Nigeria’s Unemployment Rate In 2022?
At the beginning of the year, Statista released a report forecasting the unemployment rate in Nigeria for 2022. The report estimated the unemployment rate in the year at nearly 33%, a 0.5 increase from the previous year at 32.5%. This data has been recycled in other reports on unemployment in Nigeria even though the recent…
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Nigeria Accumulates $1.3bn Debt In One Year
According to the World Bank Fiscal Year 2022 audited financial statements, Nigeria was rated fourth on the International Development Association borrowers’ list with $13bn IDA debt stock as of June 30, 2022. The country moved up from fifth position on the list with $11.7bn IDA debt stock as of June 30, 2021. This implies that…
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Nigerian With Bank Accounts Hit 45%
According to the World Bank, the number of Nigerians with accounts at regulated institutions increased by 16 percent to 45 percent in 2021. These institutions include such as a bank, credit union, microfinance institution, post office, or mobile money service provider. The global bank stated that global account ownership increased by 50 percent from 51…
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Reviewing Nigeria’s 2021 GDP Growth (1)
The National Bureau of Statistics has reported that the country’s Gross Domestic Product increased by 4.03 percent in the third quarter of 2021. This is contained in its Gross Domestic Product Report Expenditure and Income Approach report for Q3, Q4 2021. According to the report, in the third quarter of 2021, Nigeria’s real GDP at…
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10 Countries Account For 75% Global Gas Flaring
The World Bank has said that ten countries, including Nigeria, account for 75 percent of global gas flaring. The other countries include Russia, Iraq, Iran, the United States, Venezuela, Algeria, Mexico, Libya, and China. This was disclosed in the 2022 Global Gas Flaring Tracker Report published on Thursday on the bank’s website. According to the…
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Inflation Pushes 23 million Nigerians Into Food Crisis
About 23 million Nigerians were pushed into a food crisis due to the impact of the COVID-19 pandemic-induced inflation in 2021. The World bank said this in its latest Commodity Markets Outlook report in reference to the Global Report on Food Crises. According to the Washington-based, rising food prices have heightened food insecurity in emerging…
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Comparing Q1 Inflation Rate Across Five Years
According to the latest figures from the National Bureau of Statistics, Nigeria’s Consumer Price Index rose to 15.92 percent in March 2022. This new figure was the highest the country has recorded since November 2021. In the first quarter of the year, Nigeria’s inflation rate grew from 15.60 percent in January to 15.92 recorded in…
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Poor People In Sub-Saharan African Countries May Hit 463.6 Million
The World Bank has projected that the number of poor people in Sub-Saharan African countries can hit 463.6 million in 2022. This, the apex bank said, is due to the COVID-19 pandemic and the ongoing war in Ukraine. The projection was made through research by a group of World Bank economists, with the findings published…