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FG Seeks Fresh $580m W’Bank Loans

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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.

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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.

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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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READ ALSO: Abuja Residents Lament As NNPCL Shuts Stations Over Logistics Issues

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.

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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.

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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.

READ ALSO: NDLEA Arrests 75-year-old Man, Seizes Illicit Drugs In Major Operation

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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.

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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.

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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.

READ ALSO: Trump Set To Scrap US Education Department – Report

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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.

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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,

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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.

READ ALSO: EFCC Arraigns Travel Agency CEO Over N144m Hajj Fare Fraud

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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.”

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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.

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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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SERAP, NGE Drag Niger Gov, NBC To Court Over Radio Station Closure Threat

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The Socio-Economic Rights and Accountability Project and the Nigerian Guild of Editors have filed a lawsuit against Niger State Governor, Umar Bago, and the National Broadcasting Commission over what they described as “the ongoing intimidation” of Badeggi FM Radio, Minna, and the threat to shut down the station.

This was contained in a statement on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, accusing NBC of failing to stand in defence of the local station.

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Recall that Bago ordered the closure and the revocation of the licence of Badeggi Radio 90.1 FM in Minna over alleged public incitement.

However, in suit number FHC/L/CS/1587/2025, filed last Friday at the Federal High Court, Lagos, SERAP and NGE are seeking to determine “whether by Section 22 of the Nigerian Constitution 1999 (as amended) and section 2(1)(t) of the NBC Act, the NBC has the legal duty to protect Badeggi FM from the ongoing intimidation from the governor.”

READ ALSO:Falana Slams South-West Governors, Criticises Makinde’s N63bn Renovation

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They are also seeking “an order of perpetual injunction restraining the Niger state governor and NBC from further harassing, intimidating and/or threatening to shut down Badeggi FM radio, revoke its licence and profile the station’s owner.”

The groups argued, “The ongoing intimidation and threat by Mr Bago to strip Badeggi FM station of its licence, further threat to demolish the station’s premises and profile its owner is unlawful and a violation of the rights to freedom of expression, access to information, and media freedom.”

They described allegations of inciting violence against the station and its owner as “vague, unfounded and unsubstantiated and apparently made to silence the radio station.”

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The suit, filed on behalf of SERAP and NGE by lawyers Kolawole Oluwadare, Oluwakemi Agunbiade, and Andrew Nwankwo, read in part, “The media plays an essential role as a vehicle or instrument for the exercise of freedom of expression and information – in its individual and collective aspects – in a democratic society.

READ ALSO:Falana Slams Government Over Failure To Prosecute Suspected Killers In Benue

Intimidating, harassing and silencing critical or dissenting voices under the guise of vague and unsubstantiated national security concerns is a fundamental breach of the Nigerian Constitution and Nigeria’s international human rights obligations.

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“The ongoing intimidation and harassment of Badeggi FM and its owner is capable of discouraging participation of the press in debates over matters of legitimate public concern ahead of the 2027 general elections.”

SERAP and NGE are therefore asking the court for the following reliefs, “A declaration that by the combined provisions of Section 22 Nigerian Constitution and section 2(1)(t) of the National Broadcasting Act, the NBC is obligated by law to protect Badeggi FM station and other broadcasting outlets in Nigeria from undue interference from unauthorised persons or entity.

“A declaration that the failure and/or neglect of the NBC to protect and defend the independence of the radio station against arbitrary executive interference constitutes a breach of its statutory duty to ensure fair, independent, and lawful broadcasting practices in Nigeria.

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READ ALSO:NGE Reacts As Govt Closes Radio Station In Niger

A declaration that the ongoing intimidation and threat issued by Mr Bago to strip Badeggi FM station of its operational licence and further threat to demolish the station’s premises is unlawful and a violation of the rights to freedom of expression, access to information, and media freedom.

“A declaration that the threat issued by the Bago to strip Badeggi FM radio station of its operational licence encroaches upon the statutory powers of the NBC as provided for under section 2 of the National Broadcasting Commission Act.

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“An order of perpetual injunction restraining the governor and NBC, its agents and privies from harassing, intimidating and/or threatening to revoke the operating licence of Badeggi FM station or any other broadcasting outlet in Niger State.”

It was said that no date has been fixed for the hearing of the suit.

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Radio Station Suspends GM For Criticising Ebonyi Gov

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A privately-owned radio station in Ebonyi State, Legacy FM (The Sound of Now), has suspended its acting General Manager, Mr Godfrey Chikwere.

His suspension, it was gathered, followed his alleged persistent “negative” projection of Ebonyi State Governor, Francis Nwifuru, and his policies during radio broadcasts and on social media.

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Announcing his suspension on Saturday, the management of Legacy FM claimed the ousted official acted in a manner contrary to the station’s code of conduct.

It said, “The management of Legacy FM 95.1, The Sound of Now, hereby suspends the acting General Manager, Godfrey Chikwere, with immediate effect, till further notice.

READ ALSO:Drama As Ebonyi Politician Declares Self ADC National VC South-East

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This is due to unruly behaviour and disobedience to the code of conduct guiding the Legacy FM.

“With such effect, he is hereby directed to hand over all the company property in his position to the next senior officer.”

The PUNCH gathered that the radio personality, in a post on his Facebook page on Friday, called on the governor to be stringent in his handling of state matters.

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He alleged that public perception of the governor’s administration was being cajoled, while also claiming Nwifuru’s administration was marred by poor communication, underperformance by his appointees, and lack of clear-cut policy direction.

Chikwere also advised the governor to “step on toes” to achieve results, adding that the current state of affairs weakened his support base.

READ ALSO:Panic As Armed Robbers Kill 2 In Ebonyi

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Reacting, the Chief Press Secretary to the Governor, Monday Uzor, criticised the suspended radio staff member over what he described as undue criticisms of his boss’ administration.

In a statement on Friday, Uzor described the criticisms as baseless and unfounded, accusing the former of ingratitude for attacking the governor despite what the state government had done for them.

He said, “It is regrettable that despite the radio station thriving only on government support, the supposed helmsman dedicates a greater percentage of the station’s airtime to attack and run down the government whose support has kept his medium afloat.

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“For the avoidance of doubt, the governor gifted the medium a brand new Changan SUV, donated a brand new transformer that powers the station, constructed the road leading to the broadcasting house.

READ ALSO:NBA Slams Niger Gov Over Shutting Down Of Radio Station

But rather than give at least balanced coverage of government activities, it has been turned into a slaughter house of the governor’s genuine development efforts and goodwill, what a way to be ungrateful to good deeds.”

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On his part, the state Commissioner for Information in Ebonyi State, Ikeuwa Omebeh, also condemned Chikwere’s criticisms of Nwifuru, describing them as “derogatory and inciting.”

In a statement on Saturday, the commissioner accused him of “overstepping his bounds.”

He said his remarks against the governor were unacceptable and an affront to the collective identity of all the people of the state.

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Lagos Orders Mandatory Inspection Of All E-hailing Vehicles

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The Lagos State Government has ordered a comprehensive inspection of all vehicles operated by licensed e-hailing platforms in the state, citing safety risks and poor service delivery.

In a statement on Sunday titled “LASG to Roll Out Inspection Schedule for E-Hailing Operators”, the state Commissioner for Transportation, Oluwaseun Osiyemi, said the move is aimed at improving safety, service quality, and regulatory compliance across the sector.

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He added that the ministry had observed “the deplorable condition of some vehicles operated by drivers under licensed e-hailing platforms within the state, necessitating a comprehensive audit of all vehicles in use,” warning that “any vehicle found unsuitable will not be allowed to operate on Lagos roads.”

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Osiyemi also raised concerns over inadequate databases among some operators, saying this hindered the tracking of crimes committed through their services.

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Permanent Secretary of the ministry, Olawale Musa, said the use of vehicles not registered with the state “will no longer be tolerated,” stressing that such practices “pose significant security risks.”

He added that all drivers must be certified by the Lagos State Drivers’ Institute and urged residents to avoid offline bookings to maintain safety and accountability.

The meeting at the Ministry of Transportation, Alausa, Ikeja, was attended by representatives from Uber, Bolt, Lagride, Laurie, Vas Acquico, InDrive, Folti Tech, and EDryv, who presented updates on safety upgrades, including panic buttons and enhanced driver verification systems.

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