19

Aug

N4.89 Trillion Budget Deficit To Be Funded By The World Bank, AfDB And Others – DMO

The Federal government is expected to borrow N4.89 trillion from multilateral institutions such as the African Development Bank Group, the World Bank, the International Fund for Agricultural Development, the Arab Bank for Economic Development in Africa, Eurobond, and the Islamic Development Bank to finance the budget deficit for 2022. This is according to the Debt Management Office’s report on Nigeria’s Debt Management Strategy for 2020-2023. According to the report, the Federal Government planned to borrow money for the 2022 budget from domestic sources, using securities such as Nigerian Treasury Bonds, Saving Bonds, Federal Government Bonds, Infrastructure Bonds, and Treasury Bonds. […]

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[…]