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World Bank Lists Nigeria, Nine Others As Countries With High Debt Risk Exposure

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The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure.

It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday.

The financial statement said, “IDA faces two types of credit risk: country credit risk and counterparty credit risk.

“Country credit risk is the risk of loss due to a country not meeting its contractual obligations, and counterparty credit risk is the risk of loss attributable to a counterparty not honoring its contractual obligations.

“IDA is exposed to commercial as well as noncommercial counterparty credit risk.”

It stated, “As of June 30, 2021, the 10 countries with the highest exposures accounted for 66 percent of IDA’s total exposure.”

Nigeria was rated fifth on the list with $11.7bn IDA debt stock, while India led the list with $22bn IDA debt stock, followed by Bangladesh with $18.1bn IDA debt stock, Pakistan with $16.4bn IDA debt stock, and Vietnam with $14.1bn IDA debt stock.

Other countries on the list in order of appearance included Ethiopia with $11.2bn IDA debt stock, Kenya with $10.2bn IDA debt stock, Tanzania with $8.3bn IDA debt stock, Ghana with $5.6bn IDA debt stock, and Uganda with $4.4bn IDA debt stock.

It added that there was a Single Borrower Limit for IDA, which for FY22, had been set at $45bn (25 per cent of $180.9bn of equity as of June 30, 2021).

It was further discovered that Nigeria’s undisbursed balance with the World Bank is about $8.656bn as at June 30, 2021.

According to the financial statement for the International Bank for Reconstruction and Development, Nigeria has a total of $589m undisbursed balance, consisting of $500m loans approved but not yet signed and $89m signed loan commitment.

The financial statement for IDA disclosed that Nigeria had a total undisbursed balance of $8.07bn, consisting of $1.462bn loans approved but not yet signed and $6.61bn signed loan commitment.

The financial statement for IBRD disclosed that although certain amount of loans has been agreed ‘the loans are not effective and disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents’.

A total of $1bn loans were agreed between Nigeria and the World bank’s IBRD, of which Nigeria’s outstanding loan is $411m.

For IDA, a total of $19.54bn loans were agreed upon, of which Nigeria’s outstanding loan is $11.47bn.

According to the Debt Management Office, Nigeria owes the World Bank a total of $11.51bn, consisting of $11.10bn IDA loans and $410.23m IBRD loans as of March 31.

Other financial statements released included the statements for International Finance Corporation and Multilateral Investment Guarantee Agency.

In a press statement titled ‘World Bank Group Releases FY21 Audited Financial Statements, the bank disclosed that the World Bank Group commitments rose to $84.3bn in the fiscal year 2021, 15 percent higher than FY20.

The statement quoted the World Bank Group President, David Malpass, as saying, “The World Bank Group support to client countries surged to $157bn over the last 15 months to address increased poverty, inequality, and the impacts of COVID-19.”

He added that the unprecedented level of commitments helped countries strengthen health systems, protect the poor and vulnerable, support jobs and businesses, promote economic growth, and lay the foundation for a green, resilient and inclusive recovery.

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My Only Regret In Life Is Bleaching My Skin — Toke Makinwa

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Toke Makinwa, famous Nigerian media personality, has revealed that bleaching her skin is her only regret in life.

Toke made this known during a recent interactive session with her fans on the X (formerly known as Twitter) platform.

A fan had asked, “If you could go back in time, what would you do differently?”

In response, the media personality noted that regret is exhausting and bleaching her skin was the ‘dumbest’ thing she ever did.

She, however, said she is grateful for her good genes and money, which suppressed the side effects of the skin bleaching.

Toke said, “Nothing. Regret is so exhausting! Wait, maybe bleaching my skin. It was the dumbest thing ever and I’m just so thankful for good genes and money cos….”

Meanwhile, Toke Makinwa has disclosed that she underwent surgery to remove 13 fibroids from her body.

Makinwa explained that she had always known something was wrong because she had a very big tummy, irregular periods, and a bulge when she lay down.

She narrated that fibroids affected the majority of women in her family and some had to remove their wombs.

Makinwa made the revelation following the release of Stephanie Coker’s documentary titled “Where the Heck is My Period.”

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Lagos-Calabar Coastal Road: Ohanaeze Distances Self From Peter Obi’s Vilification Of Umahi

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The Ohanaeze Ndigbo on Sunday condemned the unfair slander that Peter Obi and other opponents had perpetrated against Minister of Works, Dave Umahi.

Obi and his backers had publicly blasted Umahi for overseeing the Lagos-Calabar Coastal Road, claiming it was a waste of tax dollars.

In a statement released by its Secretary General, Mazi Okechukwu Isiguzoro, Ohanaeze stated that the organisation remained unwavering in the face of a barrage of unjustified criticism and unfounded insults directed at Umahi’s visionary efforts and the Lagos Calabar Coastal Road.

It said the cacophony of disparagement and negative fervour surrounding these transformative initiatives raised eyebrows and prompts reflections on the true motives behind such aggression; clearly not in the interest of the Nigerian people.

“In response to the recent controversies clouding the Lagos Calabar Coastal Project, Ohanaeze Ndigbo unequivocally denounces the unjust vilification aimed at Senator Dave Umahi by Peter Obi and other detractors.

“Setting the records straight, Ohanaeze calls for private dialogue and constructive engagements rather than resorting to public confrontations that could impede the much-needed infrastructural development in the Southeast.

“The recent expressed interest by President Bola Ahmed Tinubu in reconstructing major federal highways in the Southeast is a monumental step towards remedying decades of neglect, exemplified by ongoing projects like the Markudi-Nsukka-Nightmile-Enugu,the Enugu-Aba-Port Harcourt Expressway, the Aba-Ikot Ekpene-Calabar Expressway and others, enabled by innovative Cement Technology,” the body said.

Ohanaeze urged Obi to seek diplomacy and engage privately with Umahi to gain firsthand insights into critical national development projects.

The organization stressed the importance of fostering respectful dialogue and discouraged actions that could sow discord among the Igbo community and Nigerians at large.

The body said it is privy to intelligence reports debunking the baseless arrest rumours swirling around Obi, dismissing these as spurious fabrications propagated by malicious elements seeking to undermine the transformative infrastructure strides led by the Tinubu administration under the able stewardship of Umahi.

“It is imperative for Peter Obi to refrain from public acrimony towards Senator Dave Umahi, a stalwart of progress and development in Nigeria and the Southeast, in recognition of the monumental efforts by President Tinubu and Umahi to rectify longstanding infrastructural deficits in the region.

“The Southeast craves an infrastructural revolution that transcends political affiliations, cherishing progress over petty opposition accolades,” Ohanaeze stated.

Ohanaeze emphasised its clarion call for unity and mutual understanding and reiterated support for the contentious Lagos-Calabar coastal road project, asserting that the shoreline falls under the Federal Government’s Right-of-Way jurisdiction.

“Ohanaeze reaffirms the unwavering solidarity of Nigerians and the Igbo community in championing President Tinubu and Senator Umahi’s laudable efforts in advancing national infrastructure, exemplified by the recent allocation of a 2.75 billion compensation fund for affected property owners along the project’s Right-of-Way.

“In conclusion, Ohanaeze Ndigbo remains steadfast in its commitment to fostering harmonious dialogues, unity, and progress for all Nigerians. The organization echoes a clarion call for collaborative advancement to ensure a prosperous and united Nigeria,” the body said.

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AY Makun, Seyi Law, Others Grace Dedication Of Ali Baba’s Triplets In Lagos [PHOTOS]

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Atunyota Akpobome, popularly known as Ali Baba, had a dedication ceremony for his triplets, and in attendance were celebrities like AY Makun, Seyi Law, Chi Girl, MC Lively, and many more.

Gathering Ali Baba’s friends, family, and business associates, the celebration was held on Sunday at Lagos.

An event at the Redeemed Christian Church of God, Christ The Lord Central Parish in Lekki, served as the kickoff for the dedication.

At an event centre on Hakeem Dickson Street in Lekki Phase 1, Lagos, there was a reception held after the service.

Other guests at the event included Chigul, Bunmi Davis, Ajebo Comedian, and Adebola Williams.

Ali Baba had on April 1 announced that his wife, Mary was delivered a set of triplets.

Many, however, did not believe the information which they tagged April Fools’ message.

 

See More Photos Here:

 

Photo Credit: The Cable.

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