Author: Joseph Chibueze
The World Bank has appointed Dr Ndiamé Diop, a Senegalese national, as the new Country Director for Nigeria, taking over from Shubham Chaudhuri. With a background in leading various countries within the World Bank, Diop is set to drive development and economic growth in Nigeria, following in the footsteps of his successful predecessor. Prior to this role, Diop served as Country Director for Brunei, Malaysia, the Philippines, and Thailand, where he significantly increased the Bank’s funding to the Philippines, focusing on economic reforms and addressing disparities in various sectors. With extensive experience, including leadership roles across Southeast Asia and the…
Concerns arose when the Debt Management Office (DMO) revealed that Nigeria’s public debt had reached N121.67 trillion, consisting of N65.65 trillion domestic debt and N56.02 trillion external debt. The alarm raised questions about the country’s ability to manage its debt, especially with ongoing challenges in revenue generation and the high percentage of funds allocated to debt servicing. In the first quarter of 2024, the federal government’s revenue fell significantly short of its budget, while a substantial amount was allocated to debt servicing. DMO warned that Nigeria’s debt was becoming unsustainable, exceeding recommended thresholds for debt service-to-revenue and debt-to-GDP ratios. Prof.…
Nigeria’s Revenue Collection Agencies Receive N214.29 Billion in Q1 2024 In the first quarter of 2024, Nigeria’s revenue-collection agencies—FIRS, NCS, and NUPRC—divided N214.29 billion as the cost of revenue collection. Agora Policy, a think tank based in Abuja, raised concerns about the disproportionate allocation affecting states and zones facing challenges. A significant increase in collection costs was noted for the agencies compared to the previous year. FIRS reported a 115.53% increase in collection costs, while NCS and NUPRC witnessed a more than twofold rise. Efforts to improve revenue collection and compliance were highlighted, with recommendations from a Presidential Fiscal and…