The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.

The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

Recall that The PUNCH had indicated that the government might reintroduce previously suspended telecom tax and other fiscal measures in pursuit of securing the $750m loan.

A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.

However, the latest information suggests that the administration may have nearly guaranteed the loan.

The Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.

The package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”


According to programme information documents posted on the international lender website, the two projects aim to enhance Nigeria’s economic stability and resource mobilisation capabilities.

It is expected that the funds will bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilisation, essential for the country’s long-term financial sustainability and economic resilience.

The document stated that the primary aim of the PforR programme is to boost non-oil revenues and safeguard oil and gas revenues from 2024 to 2028 at the federal level, emphasising substantial tax, excise, and administrative reforms.

The programme includes three main result areas: implementing tax and excise reforms to increase VAT collections and excise rates on health and environmentally friendly products, strengthening tax and customs administrations to enhance VAT compliance and effectiveness of audits, and safeguarding oil and gas revenues by increasing transparency and net revenue contributions.

The PforR programme includes technical assistance, supporting the Federal Inland Revenue Service and the Nigeria Customs Service to enhance taxpayer and trader compliance.

“The principal programme development objective is to raise non-oil revenues and safeguard oil and gas revenues. This result area aims to increase the transparency of NNPCL’s financial and operational performance through audits and regular production of enhanced reports submitted to FAAC, including all relevant information; and increase net oil and gas revenues transferred to the Federation,” the report read.

Also, 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 per cent of Gross Domestic Product in 2022 to 2.7 per cent by 2025, boosting non-oil fiscal revenues from 5.3 per cent to 7.3 per cent over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3m to $54.6mby 2025.

Source: https://punchng.com/FG-to-receive-$2.25bn-World-Bank-loareceive-3

World worst prolific failures in Black & white

The current disaster of immense failure & proportion

You're still borrowing money after everything you put us into.

What does Tinubu want?

okoo

Bulaba dance rythms of incompetence & misery

World Bank even join dey kill nigeria.

Yawns
🥱

If the whole world likes, they should lend $1 trillion to Nigeria. The clueless government will steal waste it.

How can we be saving 1.4trillion naira monthly from subsidy removal and still be borrowing money upandan. This is what propaganda does,your actions will keep betraying your words.

So where is all the money BATerians said they saved from subsidy removal


So it was all lies all these while

Cindypresh:


So where is all the money BATerians said they saved from subsidy removal


So it was all lies all these while

Million dollar question. Sorry million Naira question, before them go say na me dey depreciate Naira.

.

𝐓𝐡𝐞 𝐓𝐚𝐱 𝐏𝐨𝐞𝐦

Tax his land, tax his wage,
Tax his bed in which he lays.
Tax his tractor, tax his mule,
Teach him taxes is the rule.
Tax his cow, tax his goat,
Tax his pants, tax his coat.
Tax his ties, tax his shirts,
Tax his work, tax his dirt.

Tax his chew, tax his smoke,
Teach him taxes are no joke.
Tax his car, tax his grass,
Tax the roads he must pass.

Tax his food, tax his drink,
Tax him if he tries to think.
Tax his sodas, tax his beers,
If he cries, tax his tears.

Tax his bills, tax his gas,
Tax his notes, tax his cash.
Tax him good and let him know
That after taxes, he has no dough.

If he hollers, tax him more,
Tax him until he’s good and sore.
Tax his coffin, tax his grave,
Tax the sod in which he lays.

Put these words upon his tomb,
“Taxes drove me to my doom!”
And when he’s gone, we won’t relax,
We’ll still be after the inheritance tax.

-Author unknown.


Follow this link to join WhatsApp Free food community: https://chat.whatsapp(.)com/Geka7FUDoyjJ6w1WqsuSPE

Balablu

Rubyjade:
𝐓𝐡𝐞 𝐓𝐚𝐱 𝐏𝐨𝐞𝐦

Tax his land, tax his wage,
Tax his bed in which he lays.
Tax his tractor, tax his mule,
Teach him taxes is the rule.
Tax his cow, tax his goat,
Tax his pants, tax his coat.
Tax his ties, tax his shirts,
Tax his work, tax his dirt.

Tax his chew, tax his smoke,
Teach him taxes are no joke.
Tax his car, tax his grass,
Tax the roads he must pass.

Tax his food, tax his drink,
Tax him if he tries to think.
Tax his sodas, tax his beers,
If he cries, tax his tears.

Tax his bills, tax his gas,
Tax his notes, tax his cash.
Tax him good and let him know
That after taxes, he has no dough.

If he hollers, tax him more,
Tax him until he’s good and sore.
Tax his coffin, tax his grave,
Tax the sod in which he lays.

Put these words upon his tomb,
“Taxes drove me to my doom!”
And when he’s gone, we won’t relax,
We’ll still be after the inheritance tax.

-Author unknown.

ayoolataiwo:
Why putting us into more financial burden,,the e economy is over stressed from inflation.The one the Buhari government borrowed was re-looted committing the country to bondage without nothing positive impacts.These financial institutions need to stop these modern slavery called loans and help our future to enslaved them financially

Wittyness

Why putting us into more financial burden,,the e economy is over stressed from inflation.The one the Buhari government borrowed was re-looted committing the country to bondage without nothing positive impacts.These financial institutions need to stop these modern slavery called loans and help our future to enslaved them financially

Wey Dem go still loot abi

Babariga on my mind,
If you know you know 😊

Men are about to cash out BIG ☺️

borrow borrow APC

Smh

Stanleymaster1:
World Bank even join dey kill nigeria.

Exactly, they know these fools are looting the money, and they keep granting them loans

Thiefnnnubu supporters go talk say na ipob obi and obedients dey depreciate the naira
Bunch of clowns and retards

z

This world bank is trying to buy this country and put in in total disaster!!! They keep giving loans left right and centre. This is madness

Another scam

Stanleymaster1:
World Bank even join dey kill nigeria.

I dey tell you!

Buhari second






When Emilokan said he want to continue from where Buhari stopped you guys thought he was joking abi...