28

Jun

Nigeria’s Epileptic Power Supply Costs The Country N10 Trillion Each Year, According To The World Bank

Despite the Federal Government’s efforts to enhance the country’s power supply, a recent World Bank assessment found that Nigeria’s economy still loses between N7 trillion and N10 trillion each year due to erratic power supply. According to the report, the overall figure amounts to 5-7 percent of the country’s GDP. The World Bank released the study on June 16 as part of the Power Sector Recovery Program to highlight the new Nigeria Development Update (NDU). The World Bank noted in a report titled “Resilience through Reforms” that enterprises and wealthy households rely heavily on generators due to inconsistent and insufficient […]

22

Jun

Nigeria Might Earn N462 Billion A Year Through Electronic Transfers, According To The World Bank

According to the World Bank, Nigeria is expected to earn N462 billion this year from the electronic money transfer (EMT) charge, which will serve as a steady source of revenue. The EMT levy was implemented in the Finance Act 2020, which revised the Stamp Duty Act and taps into the rise in electronic funds transfer in Nigeria, according to the bank’s research, titled “Resilience through Reforms.” The EMT levy, sometimes known as Stamp Duty, is a one-time tax of N50 on any electronic receipt or transfer of money put in any deposit money bank or financial institution on any type[…]

27

May

The World Bank Approves A $700 Million Credit To Assist Nigerians In Gaining Access To Potable Water.

The World Bank has authorized a $700 million loan to Nigeria’s Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program (SURWASH) to help enhance access to safe drinking water and sanitation services. This was announced by the World Bank in a statement made on Thursday. According to the global financial organization, the loan comes from the International Development Association (IDA) and is anticipated to provide basic drinking water services to 6 million people and enhanced sanitation to 1.4 million people. “Today, the World Bank approved Nigeria’s Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program,” the statement added[…]