Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,218,074 members, 8,036,498 topics. Date: Tuesday, 24 December 2024 at 06:50 PM

Nigeria Gets $751.88 Million From Recently Approved World Bank Loan - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Gets $751.88 Million From Recently Approved World Bank Loan (6731 Views)

Dahiru Buba: Buhari Trekker Gets Car, N2 Million From Gombe Governor / Kano Awards ₦88 Million Food Security Contract / Nigeria Gets Debt Relief From China, G-20 (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by AcuraZDX: 6:54pm On Jul 16
The World Bank has disbursed $751.88 million to Nigeria from a recently approved $1.5 billion loan.

According to findings by Nairametrics, the amount was disbursed under the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET), Development Policy Financing Program (DPF) project.

This loan project is a part of the broader $2.25 billion approved by the World Bank for Nigeria on June 13, 2024, to boost reforms in the country.

The $1.5 billion loan comprises two separate agreements between Nigeria and the World Bank: An International Development Association (IDA) credit of $750 million and an International Bank for Reconstruction and Development (IBRD) loan of $750 million.

The amount disbursed includes the entire $750 million from the IDA loan and $1.88 million from the IBRD of the World Bank, with an undisbursed balance of $748.13 million.

About the RESET project
The proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilization and recovery priorities.

This operation is structured around four key results distributed across two pillars: increasing fiscal oil revenues from 1.8% of Gross Domestic Product (GDP) in 2022 to 2.7% by 2025, boosting non-oil fiscal revenues from 5.3% to 7.3% over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3 million to $54.6 million by 2025.

The Federal Ministry of Finance (MOF) is tasked with the implementation of these reforms, working under the oversight of the World Bank, which collaborates with other key national stakeholders such as the Central Bank of Nigeria (CBN) and the Ministry of Humanitarian Affairs and Poverty Alleviation (MHAPA) to monitor and assess the progress and impact of these reforms.

The World Bank will provide supervision and support throughout the implementation process, ensuring that the operation’s goals are met efficiently and effectively.

What you should know
According to the financing agreement documents for the loan, Nigeria is expected to meet certain conditions to get the entire funds.

Both IDA Credit and IBRD loan agreements have the same requirements, according to the loan agreement documents obtained from the World Bank.

The actions to be undertaken under this loan project include the following:

Presidential Executive Order: A mandate for all fiscal transfers to the Federal Government, including those from crude oil sales and gasoline imports, to be executed at the prevailing market exchange rate within a specified implementation period.

Value-Added Tax (VAT) Reforms: Submission of a draft bill to the National Assembly to progressively increase the VAT rate to at least 12.5% by 2026 and allow input tax credits for capital and services.

National Social Investment Program Bill: Submission of a revised bill to the National Assembly mandating the use of the national social registry as the primary targeting tool for social investment programs.

So far, Nigeria has made progress in some areas, such as increasing gasoline prices and beginning the implementation of cash transfer programs.

However, continuous monitoring and adherence to the agreed reforms will be done to ensure the continued availability of funds.

The World Bank team is expected to closely monitor Nigeria’s compliance with these conditions.

https://nairametrics.com/2024/07/16/nigeria-gets-751-88-million-from-recently-approved-world-bank-loan/

2 Likes 2 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by AcuraZDX: 6:54pm On Jul 16
Ahh

Government of Loans and more loans.

"He who goes borrowing, goes sorrowing."

God abeg oo.

59 Likes 4 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by atiku4President(m): 6:54pm On Jul 16
For what nah? Hope the money will not be used for celebrating Nigeria's independence next October

21 Likes 3 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Racoon(m): 6:56pm On Jul 16
Loan! Loan!! Borrow! Borrow!! Every hour! Every day! Every year! ANYTIME! ANYDAY! ANYWAY! ANYHOW! ANYWHERE AND ALWAYS, IT IS DEBTS, LOANS AND BORROWING OR TAX!!! Using more than 70% of available resources to service despite the rising double digits galloping inflation with the govt's background economic cluelessness.

They are not ready to cut cost of governance, look inward to generate revenue or reduce the institutional corruption they have entrenched. This Tinubu-led APC government has continued to mortgaged the Nigerian state into more indebtedness.

31 Likes 4 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by mrvitalis(m): 7:06pm On Jul 16
We used to get loans in multi billion dollars
Now a few billion dollars NNPC is struggling to get 2 billion dollars loan

The world Economic and financial lenders know your worth

Soon loans would be in 10s of millions of dollars

Funny thing is we know that restructuring Nigeria along tribal lines like every other country like us.. China India, Japan, Malaysia, Indonesia, UK, Germany, Italy, Spain and the others is the only way to grow

But we keep beating about the bush... We have done that for 60 years... I wonder when we would learn

24 Likes 1 Share

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Rantingpiglets: 7:13pm On Jul 16
Sophisticated people have failed.. grin

Even BUHARI is not useless as this.

Whenever Yoruba preach sophistication remind them of TINUBU..

Chai.. it is FINISHED

34 Likes 3 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by coded01: 7:15pm On Jul 16
Past loans haven't always benefited the people.

In a functional country, these funds would greatly benefit the people!

We must ensure this money doesn't get misused and improves our lives.

2 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by UselessBuharist: 7:15pm On Jul 16
This man is not joking. He truly continued from where Buhari stopped

8 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by BigTableShaker(f): 7:16pm On Jul 16
Naira will appreciate the dollar a bit.

1 Like 1 Share

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by CSTRR: 7:16pm On Jul 16
Tinubu supporters, una papa don collect loan o.

17 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by NeckingNgulping(m): 7:16pm On Jul 16
Tinubu food don done for you.

Na the figure we dey see, no impact.

Atleast, Buhari borrowed to subsidize the price of PMS and the exchange rate wasn't above 1k.

I can't believe I could say something good about Buhari who was a colossal failure.

If Buhari could be better than Tinubu, then it is finished.

11 Likes 2 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Ngwamankillyou2(m): 7:17pm On Jul 16
Brainless Man continue to take loan without having sense on how to generate fund.

17 Likes 4 Shares

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Tealcrestmedia(m): 7:17pm On Jul 16
Reform VAT to 12. 5%?it's like this world bank is on a drive to kill Africa with loans with evil clauses.

3 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by osuofia2(m): 7:17pm On Jul 16
getting messier . loans on loans. Nigeria under APC is doom

5 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by tunjijones(m): 7:17pm On Jul 16
Must you collect loan?

63 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by IamObidientBut: 7:17pm On Jul 16
Omo 😳😳😳 see money

I hope APC e rodents gets at least $1m each cheesy

5 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by asakoko: 7:17pm On Jul 16
Make FG Use some of the money buy food and distribute to the poor.... people are hungry. Hungry people are angry people.
Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Aroyjunior(m): 7:18pm On Jul 16
Nigeria we hail thee.
Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by CSTRR: 7:19pm On Jul 16
Nigeria's crude oil output has been mortagaed for loan under buhari.

Tinubu himself has continued the same way.

By the time the children of tinubu supporters grow, they would be seeing crude oil everywhere being exported, but $1 they wont see.

4 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Abaki5: 7:20pm On Jul 16
Loan is now Nigeria second resources aside oil chai

If oil dry today what will happen to Nigeria?

3 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by ComrDaprince(m): 7:20pm On Jul 16
WHO WILL PAY

5 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by wilyparker(m): 7:20pm On Jul 16
Borrow money only to loot and stash in banks abroad... These IMF knows our politicians will loot the money keep their banks, so they do not see any problem borrowing these PoliThiefcians

1 Like

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Saint99: 7:21pm On Jul 16
This people, they only understand only one means of revenue, LOAN

2 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Etahi4: 7:22pm On Jul 16
God
Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by 0001Lagos: 7:26pm On Jul 16
Government of loan

4 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by DMerciful(m): 7:26pm On Jul 16
50% will be looted!

6 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Basicend: 7:26pm On Jul 16
Who or how do we intend to repay all the loans?

Now that over 85% of crude oil sales revenue is used for debt servicing.

Even the NNPCL could not allocate / disburse crude oil to Dangote refinery due to this complex availability / validity /almost sold out issues.

We all know the new initiators of these loans will only allocate 50% appropriately and loot their own.

So what is the fate of the coming govt after Tinubu? Same cycle; same corrupt pathways.

1 Like

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Nkl4u: 7:29pm On Jul 16
I wonder how they are going to pay off these loans. We are in for a long ride

3 Likes

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Dpharisee: 7:35pm On Jul 16
Borrow borrow does not make you rich

1 Like

Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by Basicend: 7:35pm On Jul 16
Abaki5:
Loan is now Nigeria second resources aside oil chai

If oil dry today what will happen to Nigeria?
Re: Nigeria Gets $751.88 Million From Recently Approved World Bank Loan by ImoleNaija: 7:35pm On Jul 16
.

(1) (2) (3) (Reply)

Babangida Campaign Takes Delivery Of 500 Cars / Pictures : Lessons From Libya Before And After! / Gej Campaigned With PIB In 2011, Today He Is Campaigning On The Confab Report

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 26
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.