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FG Seeks Fresh $580m W’Bank Loans
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7 months agoon
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The Federal Government is engaging the World Bank for two fresh loans totalling $580m, which are expected to be approved in March 2025, according to findings by The PUNCH.
Information obtained from the website of the World Bank on Wednesday showed that the funding is aimed at improving nutrition and education initiatives, with two projects currently listed in the bank’s pipeline.
The projects, Accelerating Nutrition Results in Nigeria 2.0 and HOPE for Quality Basic Education for All, are expected to receive final approvals on March 27 and March 20, 2025, respectively.
The HOPE for Quality Basic Education for All programme has a commitment of $552.18m, with $500m coming from the World Bank and an additional $54m from other sources.
The initiative is designed to tackle Nigeria’s education crisis, where over 17 million children remain out of school.
It is expected to enhance early childhood education, primary and junior secondary schooling, as well as expand access to learning resources.
The programme will be implemented by the Federal Ministry of Finance in collaboration with the Federal Ministry of Education and the Universal Basic Education Commission.
The project remains in the ‘Concept Review’ phase, requiring further consultations before being finalised.
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The second loan project, the Accelerating Nutrition Results in Nigeria 2.0 project, is expected to secure $80m from the World Bank to address malnutrition and food insecurity.
The PUNCH further observed that $232m was approved on June 27, 2018, for the Accelerating Nutrition Results in Nigeria.
This initial loan project was faced with a number of challenges, leading to some changes, including the cancellation of some amount from the total approved loan.
However, the Federal Government is currently engaging the World Bank to get an extra loan for a second part of this project.
The PUNCH further observed that the approval day for the second part was moved from February 20, 2025, to March 20.
As Nigeria continues to struggle with a high rate of stunting among children, the project seeks to improve access to quality nutrition services, particularly for pregnant women, lactating mothers, adolescent girls, and children under five.
It will be implemented through primary healthcare facilities and community-based programmes.
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Also, it will include interventions such as nutrition-smart agriculture to bolster household food security and dietary diversity.
Part of the funding will support project management, government coordination, and data-driven decision-making to enhance long-term sustainability.
This project is currently at the ‘Decision Meeting’ stage, indicating it is closer to final approval compared to the education initiative.
The approval of these loans is expected to enhance Nigeria’s human capital development by improving education and nutrition outcomes.
The World Bank has been a key development partner, funding various projects to address socioeconomic challenges in the country.
However, concerns persist over Nigeria’s growing debt burden, with economists questioning the government’s borrowing strategy.
It was observed that the Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.
Not less than 10 loan projects have been approved by the World Bank under the current administration.
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According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.
The PUNCH earlier reported that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.
This was according to data from the Central Bank of Nigeria on international payment statistics.
The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.
The World Bank, in its recent International Debt Report, revealed that developing nations spent an unprecedented $1.4tn on foreign debt servicing in 2023, driven by a surge in interest rates to their highest levels in 20 years,
Interest payments alone reached $406bn, a nearly 30 per cent increase from the previous year, severely impacting spending in critical sectors such as health, education, and environmental programs.
According to the report, the most vulnerable economies, those eligible for loans from the World Bank’s International Development Association, bore the brunt of the financial strain.
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In a statement on Monday, the Federal Government reaffirmed its commitment to reducing reliance on external debt financing and driving economic independence through strategic partnerships with the World Bank.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made this known during a meeting with the World Bank Executive Director, Dr Zainab Shamsuna Ahmed, where he outlined Nigeria’s shift towards private sector-led growth.
The statement read, “Edun emphasised that President Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.”
Edun acknowledged the critical role played by the World Bank in Nigeria’s development but stressed that the government is prioritising a business-friendly environment to attract sustainable investments.
This is part of a broader strategy to explore alternative financing models beyond traditional multilateral loans.
The administration’s economic plan focuses on fostering fiscal responsibility while ensuring that private capital is mobilised to drive economic expansion and job creation.
Ahmed, who previously served as Nigeria’s Minister of Finance, commended the government’s macroeconomic reforms, which she noted have improved fiscal stability and bolstered investor confidence.
She also highlighted recent financial reforms within the World Bank that have strengthened its lending capacity, unlocking an additional $150bn in funding over the next decade.
This, she said, presents an opportunity for Nigeria to tap into strategic support while maintaining fiscal discipline.
PUNCH
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FG Unveils Revised Curriculum For Basic, Secondary, Technical Education
Published
5 hours agoon
August 31, 2025By
Editor
The Federal Government said it completed a comprehensive review of school curricula for basic, senior secondary and technical education aimed to make Nigerian learners “future-ready.”
The Ministry of Education disclosed this in a statement signed on Friday by its Director of Press and Public Relations, Boriowo Folasade, and made available to newsmen on Sunday.
Folasade said the Minister of State for Education, Prof. Suwaiba Said Ahmad announced the curriculum on behalf of the Minister of Education, Dr. Maruf Alausa, while speaking in Abuja.
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According to the minister, the review was carried out in collaboration with key education stakeholders, including the Nigerian Educational Research and Development Council, the Universal Basic Education Commission, the National Senior Secondary Education Commission and the National Board for Technical Education.
The new framework is designed to reduce content overload, improve learning outcomes, and ensure Nigerian students are equipped with skills relevant to today’s global demands.
Prof. Ahmad said the exercise went beyond merely trimming subjects, stressing it focused on improving content to promote deeper learning and reduce overload for pupils and students.
“Under the revised structure, pupils in Primary 1–3 will study a minimum of nine and a maximum of 10 subjects; pupils in Primary 4–6 will take 10 to 12 subjects. Junior secondary students may offer 12 to 14 subjects, senior secondary students will take eight to nine subjects, and technical schools will offer nine to 11 subjects,” the statement read.
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“The revised curricula will reduce content overload and create more learning time for students,” Prof. Ahmad said, adding that the changes reflect the government’s commitment to delivering quality, practical and relevant education in a rapidly changing world.
The Ministry of Education commended stakeholders for their role in the review and said implementation will be accompanied by strict monitoring to ensure a smooth transition across schools nationwide.
The ministry did not give an exact date for rollout, but said the new curricula will be phased in with oversight from relevant agencies to guarantee effective adoption.
News
Over 23,000 People Still Missing In Nigeria — ICRC
Published
5 hours agoon
August 31, 2025By
Editor
The International Committee of the Red Cross says more than 23,659 people remain missing in Nigeria, leaving 13,595 families in anguish, most of them women struggling with uncertainty and hardship.
Protection of Family Links Team Leader of ICRC in Damaturu, Mr Ishaku Luka, disclosed this on Sunday during activities to mark the International Day of the Disappeared.
He said 68 per cent of those still searching for answers were women, while 59 per cent of those missing were minors at the time of their disappearance.
According to him, Yobe State alone accounts for 2,500 cases, the majority recorded in Gujba Local Government Area.
“Behind every missing person is a family living in pain, uncertainty, and economic difficulty.
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“The anguish is compounded by legal, administrative, and psychosocial challenges. These families deserve acknowledgement, care and support,” Luka said.
He explained that the issue of missing persons was one of the most devastating consequences of armed conflicts, disasters, and migration.
He urged parties to conflicts, authorities, and communities to take greater responsibility in preventing disappearances.
Sharing ICRC’s interventions, Luka said by June 30, the organisation had collected 451 new cases in Nigeria, and closed 515 cases.
Luka added that the organisation had facilitated the reunification of seven separated children with their families.
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“Every day, worldwide, we help reunite 20 people with their families. Every hour, we help clarify the fate of two missing people. Every minute, we help four separated persons contact their loved ones,” he added.
Head of ICRC Sub-delegation in Damaturu, Mr Rashid Hassan, said families of the missing should not be left alone in their struggles.
“Time does not heal. Acknowledgement, answers and respect do. Families must know that their loved ones are not forgotten and their demands are heard,” Hassan stressed.
He said the ICRC, working with the Nigerian Red Cross Society (NRCS), had provided mental health and psychosocial support, livelihood assistance, and orientation programmes for families of missing persons in Borno and Adamawa states.
Hassan urged authorities to fulfill their obligations by clarifying the fate of missing persons, protecting the dignity of the dead, and addressing the economic and social needs of the affected families.
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He also called on society to show solidarity, avoid stigmatisation, and support the resilience of families searching for answers.
Globally, Hassan said, more than 94,000 people were newly registered as missing in 2024, bringing the total to 284,400.
He stressed, however, that the figure represented only a fraction of the real number.
“As we commemorate this day, we renew our commitment to advocate for the rights of the disappeared and to push for continuous efforts in searching for answers.
“No family should live with the torment of uncertainty,” Hassan said.
(NAN)
News
Ex-TVC’s ‘Your View Host,’ Afolabi-Brown, Admits Ignorance In Past Criticism Of Peter Obi
Published
5 hours agoon
August 31, 2025By
Editor
… narratives how she once considered suicide
Former Your View host, Morayo Afolabi-Brown, has said her past remarks about former Anambra State governor, Peter Obi, were made without knowing much about him or his record in office.
The veteran media personality, in an interview with Chude Jideonwo, explained that her comments on the Labour Party presidential candidate at the time were not based on personal familiarity with his record.
“It was because I did not know him. After I made that comment, people called me and said, ‘Morayo, do you realise that when he was governor, he actually served us?’
“So that was him. I said, ‘Oh, I did not know,’” she said.
The broadcaster also opened up about her battle with depression, recalling how she once considered taking her own life.
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“I was depressed. It got so bad that I thought I was suicidal. I just left everything behind.
“I remember just walking on the express, hoping a car would hit me. It was that bad,” she revealed.
Afolabi-Brown explained that she decided to step away from Your View after the show’s tenth anniversary, saying she had long harboured the thought of moving on.
“It was when we were 10 years old that I knew it was time to move on to the next thing.
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“I’ve been harbouring that thought for a while, but I just didn’t know to what or where, you know.
“But I think last year, I got that light bulb moment,” she said.
Brown further narrated how she was sacked from TVC until her identity became known to President Bola Ahmed Tinubu.
“People now call Asiwaju, ‘Do you know whose child was sacked?’ He said, ‘I’m not aware.’
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“He said, ‘This is the Alao Aka-Bashorun’s daughter. That’s when he knew it was me,” she recalled.
On controversies during her career, she revisited the uproar that trailed an on-air interview in which she was accused of calling her husband a pedophile.
According to her, the First Lady’s intervention helped her make peace and publicly apologise.
Her exit from Your View, she noted, marked the end of her 12-year journey on the breakfast show.
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