News

FG Seeks Fresh $580m W’Bank Loans

Published

11 months ago

February 6, 2025

Editor

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.

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.

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.

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.

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

News

NAF Launches Attack On Terrorists In Borno

Published

1 day ago

January 10, 2026

Editor

The Nigerian Air Force, NAF, operating as part of the joint task force of Operation Hadin Kai, has carried out a coordinated air interdiction at AbbagaJiri in the Timbuktu Triangle, Borno State.

According to Air Commodore Ehimen Ejodame, Director of Public Relations and Information of NAF, the air strikes successfully paved the way for ground troops.

He explained that the operation was based on actionable intelligence from multiple sources, which confirmed the presence of terrorists, their structures, and concealed logistics facilities in the area.

Ejodame stated that NAF air assets were deployed in integrated surveillance and precision strike roles to target identified threats.

The operation aimed to degrade terrorist capabilities, deny them sanctuary, and shape the battlefield for ground forces, all while strictly adhering to rules of engagement and protecting civilians.

He added, “The Identified terrorist structures were decisively engaged and destroyed, denying the terrorists freedom of action, while a follow-up engagement neutralised armed elements observed converging on the location.”

“Subsequent advances by ground troops into the area confirmed the effectiveness of the air strikes and validated the success of the joint air–land operation.”

Speaking on the mission, Chief of the Air Staff (CAS), Air Marshal Sunday Aneke, said, “The success of the mission reflects the NAF’s resolve to dominate the air domain in support of joint operations.”

Aneke further emphasized that the operation highlighted the service’s commitment to providing precise and decisive air power in support of ground forces.

In his words, “We will continue to deny terrorists freedom of movement, sanctuary, and logistics wherever they seek to hide. Air operations will remain relentless and intelligence-driven.”

“Our operations are carefully planned and intelligence-led, ensuring maximum effect on hostile elements while safeguarding innocent civilians.”

“The Nigerian Air Force will sustain pressure until terrorist networks are completely dismantled.”

He further noted that the operation showcased NAF’s aggressive stance, precision employment of airpower, and dedication to sustained joint operations.

Aneke added that such missions play a crucial role in enabling ground troops to maintain momentum and deliver decisive outcomes against terrorist networks threatening lives, property, and Nigeria’s national security.

News

Lagos Parks To Close For Maintenance – State Govt

Published

1 day ago

January 10, 2026

Editor

The Lagos State Parks and Gardens Agency, LASPARK, has announced that all public parks under its management across the state will be temporarily closed for routine maintenance and upgrades.

In a statement released on January 9 and shared via its official platforms early Saturday, LASPARK said, “All parks under our management will be closed to the public from January 12 to January 31, 2026.

“This follows increased visitor activity during the recent festive season.”

The agency listed several popular recreational spots that will be affected, including “Ndubisi Kanu Park, Alausa JJT Park, Dr. Finnih Abayomi Park in Oregun, and all other LASPARK-managed parks across Lagos State.”

News

PAP Sends Additional 34 Foreign Post-graduate Scholarship Beneficiaries To UK Varsities

Published

2 days ago

January 9, 2026

Editor

The Presidential Amnesty Programme (PAP) has deployed an additional 34 foreign post-graduate scholarship beneficiaries to various universities in the United Kingdom for the 2025-2026 academic year.

This was contained in a statement made available to newsmen in Warri by Mr Igoniko Oduma, Special Assistant on Media to Dr. Dennis Otuaro, the Administrator, PAP.

According to the statement, the scholars’ programmes include data science, fintech analytics, cyber security, international energy law and policy, construction project management, public health, agri-food technology, electrical and petroleum engineering, among others.

The statement added that more foreign post-graduate scholars will be sent to UK universities in the current academic session.

“In December 2025, nine students, who were the first set of offshore post-graduate scholarship developments by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic year, graduated from their various programmes in UK universities.

“Otuaro has deployed over 9000 students to universities within and outside Nigeria for different industry-relevant programmes since he assumed office in March 2024,” the statement partly reads.

Speaking at the pre-departure orientation programme for the scholars at the PAP headquarters in Abuja, on Thursday, Otuaro said that the large-scale deployment was aimed at making the Niger Delta a knowledge-driven region.

He said that his leadership reinvigorated the programme to give it a new momentum in service delivery to the people of the region based on the mandate of President Bola Tinubu.

Otuaro said, “We are sending all of you for post-graduate studies in various universities in the United Kingdom.

“The PAP now has a new momentum and direction because of the repositioning and broad reforms that we carried out in line with the mandate of His Excellency, President Bola Ahmed Tinubu GCFR.

“The objective behind the huge scholarships deployment is to ensure that we develop the needed human capital to transform the Niger Delta and generate knowledge-wealth.

“We want to develop relevant manpower in critical disciplines for our region and by extension, the country, because you are expected to contribute your quota to national development after successful graduation.”

The PAP boss, who was represented at the event by his Technical Assistant, Mr Edgar Biu, advised the scholars to study hard to achieve academic excellence in their various fields of research.

According to him, the scholars have an obligation to justify the Federal Government’s investment in their education and future.

He reiterated his warning that beneficiaries should not take for granted the opportunity to further their academic pursuits in the interest of the Niger Delta and indeed the country.

Otuaro expressed appreciation to President Tinubu for his “enormous interest and support for the Programme”, particularly the approval of an upward review of the programme’s budget from N65billion to N150billion.

He also expressed gratitude to the National Security Adviser, Mallam Nuhu Ribadu, for his impeccable guidance and supervision of the programme’s initiatives.

Otuaro, therefore, cautioned the scholars to obey their host country’s laws and the rules and regulations of their various institutions, stressing that they are ambassadors of Nigeria, the Niger Delta and their communities and families.

Highpoint of the orientation programme was the presentation of laptops to the scholars to help them in their studies.