The Guardian Nigeria News - Nigeria and World News guardian.ng 18 Sep, 2020 03:45 am

'Why Nigeria may not need delayed $1.5b additional World Bank loan'Business

'Why Nigeria may not need delayed $1.5b additional World Bank loan'Business
With the Department of Petroleum Resources (DPR) remitting at least $1.03bn to the Federal Government and an additional $600m underway

5 billion loans being requested from the World Bank by the country might be forfeited, the regulator has revealed.According to the DPR, some of the revenue generated and remitted by the agency would save the country from additional and conditional borrowing from the World Bank, even as it noted that it had enjoined the government to delay and possibly ignore the loan.The World Bank had been delaying the much-needed $1.The World Bank had included the unification of the naira and removal of fuel subsidy as some of the key reform requirements listed as conditions precedent to obtaining its loan.

03bn to the Federal Government and an additional $600m underway from oil and gas royalties and legacy debts, the long-awaited $1.DPR collects oil and gas royalties which represent the proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring, concession rentals, paid for the grant of oil and gas acreages by exploration and production companies, and miscellaneous oil revenue which consists of statutory application fees, license and permit fees and penalties.

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