News

Nigeria emerges third-largest debtor to World Bank’s IDA, gets $2.2 billion under Tinubu

Published

4 months ago

September 4, 2024

Admin

Nigeria has ascended to become the third-largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, reflecting a significant increase in the country’s borrowing from the institution.

According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY) of 2023 to $16.5 billion in FY2024.

This $2.2 billion increase places Nigeria among the top three IDA debtors for the first time, a notable shift from its previous position as the fourth-largest borrower in 2023.

The fiscal year for 2024 runs from July 2023 to June 2024, which means that Nigeria has received at least $2.2 billion from the World Bank under the administration of President Bola Tinubu.

This debt is different from any outstanding loan from the World Bank’s International Bank for Reconstruction and Development (IBRD).

Other top debtors

Bangladesh remains the largest IDA debtor, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024. Pakistan follows, maintaining its second position with a stable exposure of $17.9 billion over the same period.

India, which was previously the third-largest borrower in 2023 with $17.9 billion, saw a decrease in its IDA exposure to $15.9 billion in 2024, allowing Nigeria to surpass it.

Other significant IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024, and Kenya and Vietnam, both with $12.0 billion in 2024.

These countries, along with Tanzania, Ghana, and Uganda, comprise the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.

The International Development Association (IDA) is a key arm of the World Bank, dedicated to providing concessional loans and grants to the world’s poorest countries.

These loans, characterized by low interest rates and long repayment periods, are designed to foster economic growth, reduce inequalities, and improve living conditions in developing countries.

Nairametrics earlier reported that Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu amid concerns over the country’s rising external debt servicing costs.

However, Nigeria has received only about 16% of these fresh loans.

The World Bank may approve four loan projects totalling $2 billion for Nigeria this year.

Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.

News

Nigeria Congratulates Qatar on National Day

Published

5 hours ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The Federal Government of Nigeria has extended its heartfelt congratulations to the State of Qatar on the occasion of its National Day, celebrated on Wednesday, December 18, 2024.

In a statement signed by the Acting Spokesperson for the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, Nigeria’s Minister for Foreign Affairs, Ambassador Yusuf Maitama Tuggar, conveyed fraternal greetings to Qatar’s Prime Minister and Minister of Foreign Affairs, His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.

The statement highlighted Qatar’s commitment to promoting global peace and its significant contributions to humanitarian services worldwide.

“The Federal Government of Nigeria commends the commitment and strategic efforts made by the State of Qatar in the promotion of global peace; and more so, the excellent contributions to humanitarian services in different parts of the world,” it read.

Ambassador Tuggar emphasised the strong and growing relations between Nigeria and Qatar, expressing satisfaction with the collaborative efforts to strengthen ties for the mutual benefit of their citizens.

He wished Qatar peace, prosperity, and progress, reaffirming Nigeria’s enduring friendship and support.

This underscores Nigeria’s recognition of its diplomatic relationship with Qatar and its shared commitment to global cooperation and development.

News

Reps Recommends Delisting NECO, UI, Labour Ministry, 21 Others From 2025 Budget

Published

5 hours ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives Public Accounts Committee (PAC) has called for the removal of the National Examination Council (NECO), University of Ibadan (UI), Federal Ministry of Labour and Employment, and 21 other federal Ministries, Departments, and Agencies (MDAs) from the 2025 budget.

This recommendation follows their repeated failure to account for previous allocations and internally generated revenue.

During an extraordinary session on Wednesday, December 18, 2024, the Committee resolved that these MDAs should be excluded from the budget until they comply with its directives.

Chairman of the Committee, Rep. Bamidele Salam, stressed: “The Financial Regulation empowers the National Assembly to exclude any Ministry, Department, or Agency (MDA) that fails to account for their previous appropriations. As such, the listed MDAs should be excluded from the 2025 budget until they appear before this constitutional committee.”

The decision was prompted by the consistent non-compliance of these MDAs despite multiple summons issued by the Committee to scrutinize their financial operations.

Prominent institutions among those recommended for delisting include hospitals, universities, and federal development agencies. Some of the affected MDAs are:

Federal Medical Centre, Bida
Federal Ministry of Labour & Employment
Ahmadu Bello University Teaching Hospital, Zaria
Nigeria Police Force: Department of Information and Communication Technology
Federal College of Education (Technical), Asaba
Federal College of Education, Yola
Federal Polytechnic Ekowe, Bayelsa State
Abubakar Tafawa Balewa University Teaching Hospital, Bauchi
Federal University of Technology, Minna
Cross River Basin Development Authority
Nigeria Office for Trade Negotiation
National Examination Council (NECO)
Nigeria Police Academy, Wudil
Presidential Amnesty Programme
Galaxy Backbone
Senior Special Assistant to the President on Sustainable Development Goals

Others include the National Health Insurance Authority (NHIA), Nigeria Nuclear Regulatory Authority, National Space Research and Development Agency, Federal Cooperative College (Ibadan), Upper Niger River Basin Development Authority, University of Lagos, University of Ibadan, and Federal School of Survey, Oyo State.

The Committee unanimously recommended that the MDAs in question be delisted from the 2025 budget until they comply with the request for documentation and provide necessary financial clarifications.

News

Reps Call for Revival of NAPAC to Boost Transparency, Accountability

Published

6 hours ago

December 18, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has called for the revitalization and strengthening of the National Association of Public Accounts Committees (NAPAC) to enhance transparency, accountability, and good governance across Nigeria.

Chairman, House Committee on Public Accounts (PAC), Rep. Bamidele Salam, stated this at the joint sitting of Public Accounts Committees of Senate and House and inauguration of an Adhoc Committee for the reconvening of NAPAC at the National Assembly on Tuesday, emphasised the importance of collaboration among Public Accounts Committees at both federal and state levels.

Formed in 2014, NAPAC comprises 38 chapters nationwide, including the Public Accounts Committees of the Senate, House of Representatives, and all 36 State Houses of Assembly, Rep. Salam noted that the Association has been dormant in recent years, necessitating urgent action to restore its relevance.

He stated, “This Association is a pivotal platform for promoting transparency and accountability in governance. However, in recent times, the Association’s activities have been dormant, necessitating the need for a quick revitalization.

“It is in this context that we are inaugurating this Ad-hoc Committee, tasked with the vital responsibility of reconvening the meeting of NAPAC.”

Salam outlined committee’s objectives, including reviving NAPAC’s activities, adopting innovative strategies to combat corruption, and collaborating with anti-corruption agencies, civil society, and the media.

He also stressed the importance of leveraging partnerships with continental and regional associations such as AFROPAC, WAPAC, and SADCOPAC for capacity building and knowledge sharing.

“The task ahead is daunting, but with collective effort, unwavering commitment, and an unshakeable faith in our nation’s potential, I am confident that we shall succeed,” he added.

In an interaction with journalists, thr Committee chairman, stressed plans to engage with the Auditor General of the Federation and Accountant General of the Federation to address delays in submitting reports on Ministries, Departments, and Agencies (MDAs).

“Of course, Nigerians should expect that we’re going to have more productivity, especially in consideration of the report of the Auditor General,” he said.

He noted that only the 2021 Auditor General’s report is currently before the National Assembly, a situation he described as inconsistent with constitutional provisions. Salam expressed the committee’s determination to ensure Nigeria catches up with the 2022 and 2023 reports by next year.

He added, “We’ll also be able to bring more of these agencies of government in line to ensure that all monies appropriated by the National Assembly are spent judiciously, efficiently, and in a lawful manner.”