The World Bank has said it will no longer consider new loans to Uganda over the adoption of a law that proscribes same-sex conduct. The Ugandan government had earlier in the year passed a law against anti-lesbian, gay, bisexual, and transgender practices in the country. The law includes life imprisonment and a death sentence as penalties for anyone convicted. The …

President Bola Tinubu said a comprehensive forensic audit of the Central Bank is underway, while a thorough overhaul of the civil service payroll is imminent. During an audience with the President of the World Bank, Mr. Ajay Banga on Friday at the Presidential Villa, Abuja, the President disclosed: ”A comprehensive forensic audit is on-going at the Central Bank. We are …

The Federal Ministry of Education, in collaboration with the World Bank, has trained no fewer than 300 students of the Federal Science and Technical College in the Doma Local Government Area of Nasarawa State, in skill acquisition. The training which was done under the World Bank’s Innovation Development and Effectiveness in Acquisition of Skills (IDEAS) Project, was aimed at addressing …

The Oyo State Government has said the over 1.5 million out-of-school children that have been absorbed into various public schools, under the 2017 to 2022 Better Education Service Delivery for All, will be mopped up and brought back to the classrooms under the BESDA-Additional Funding-Transforming Education System at state level programme. This was made known on Monday by the Permanent …

The World Bank on Monday named Nigerian, Damilola Ogunbiyi of Sustainable Energy for All among the 15 chief executive officers including financiers and asset managers to a group launched by the lender’s president, Ajay Banga, aiming to marshal more private capital to combat climate change and boost investment in developing countries. The “Private Sector Investment Lab” will begin work in …

The World Bank and the Federal Government have commended Lagos State Government for its effective and efficient implementation of the Agro-Processing, Productivity Enhancement, and Livelihood Improvement Support, (APPEALS) project in the state. They said the Babajide Sanwo-Olu-led administration, through APPEALS project has surpassed some of the targets set as far as the implementation within the framework of the project to …

The World Bank  has approved  $500 million for Nigeria to scale up the financing  of  its women empowerment  programme The bank said it okayed the facility because  “Nigeria for Women Programme (NFWP)” has “helped to create economic opportunities for thousands of rural women through the Women Affinity Groups”. It explained in a statement that the scale-up financing would further support …

The World Bank has projected that the removal of subsidy on Premium Motor Spirit (PMS, better known as fuel or petrol) could push as many as 7.1 million Nigerians into poverty unless adequate palliatives are extended to poor and most vulnerable individuals. Even with the implementation of cash transfers to 10 million most vulnerable Nigerians, the bank said that the …

The World Bank has expressed its support for the Federal Government’s decision to remove subsidies and unify the country’s exchange rate. This follows President Bola Tinubu’s recent speech advocating for these measures. During an event organised by the World Bank to assess Nigeria’s economy over the past six months on Tuesday, Country Director, Dr. Subham Chadhuri emphasised that although the …

President of the World Bank Group, David Malpass has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. In a blog post published on Wednesday on the bank’s website, Malpass said that about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. He explained: …