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4,000 Nigerian Children Orphaned In 16 Months
The World Bank has said that between March 2020 and July 2021, an estimated 4,000 children in Nigeria were orphaned as a result of the impact of the COVID-19 pandemic. According to a statistical report released by the Bank experts at the Imperial College of London. The report also revealed that over 4,100 Nigerian children…
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Nigeria’s GDP Might Drop By 2030
The World Bank has said that Nigeria’s GDP may decline by $139 billion in 2030 on the back of a collapse in ecosystem services. The apex Institution in its latest report, “Economic Case for Nature”, said that the loss in GDP could cause a permanent reduction of the country’s potential productive economy. It added that…
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Vaccine: World Bank Gives $4bn to 51 Countries
The World Bank has stated that it has provided a fund of over $4 billion for the purchase and deployment of COVID-19 Vaccine to 51 countries– with over half in Africa. This was contained in a press statement released by the bank titled ‘World Bank financing for COVID-19 vaccine rollout exceeds $4bn for 50 countries’…
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How Inflation And Unemployment Is Fuelling Crime Rates In Nigeria
“We are all tired of the country. Nothing is working… most of our marketers cannot bring foodstuff because they are afraid of attacks. We now divide the yams into four to five pieces and sell one piece for N200 so people can buy. Let the government help us please” This is the plight of Adamu…
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Nigeria May Earn N462bn From EMT Levy
The World Bank has said, in its ‘Resilience through Reforms’ report, that Nigeria would likely make N462 billion from the electronic money transfer levy as a source of stable revenue in 2021. According to the report, the EMT levy was introduced in the Finance Act 2020, which amended the Stamp Duty Act and taps into…
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Nigeria Suffers Electricity Deficit, Clean Fuel, Others
The World Bank has said that Nigeria is among the three countries in the world with the largest electricity deficits in the world. The apex bank said during the last decade, a greater share of the global population gained access to electricity than ever before, however, the number of people without electricity in Sub-Saharan Africa…
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World Bank To Boost Nigeria’s Water Supply With $700m
The World Bank has approved $700 million credit for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Programme. The credit, from the International Development Association, is to ensure that six million people can access basic drinking water services and 1.4 million people can access improved sanitation services. The SURWASH programme, which would…
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Nigeria, Others Account For 65% Global Gas Flaring
The World Bank has said Nigeria and six other countries were responsible for two-thirds of global gas flaring. It said this in a statement titled ‘Seven countries account for two-thirds of global gas flaring’. According to the World Bank, “Gas flaring satellite data from 2020 reveals that Russia, Iraq, Iran, the United States, Algeria, Venezuela…
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Nigeria Spends N568.5bn Annually On Electricity Shortfalls
The World Bank has said the Federal Government of Nigeria is spending $1.5bn (N568.5bn at N379/$ exchange rate) annually to fund electricity tariff shortfalls, the World Bank has said. According to the global financial institution, this amount is speculated to increase if the country fails to take the right action. The bank also disclosed that…
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Senate Approves Over $1.5billion External Loan For The FG
The Nigerian Senate on Tuesday, April 21, approved a total of $1.5billion and €995million external loans for the Federal Government. The Senate said the €995m loan would be used for agricultural mechanization across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across…