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Report: How Tinubu govt borrowed $6.45 billion from World Bank in 16 months

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The federal government, under the leadership of President Bola Tinubu, has secured loans worth $6.45 billion from the World Bank in just 16 months.

The amount increased to the new figure following the recent approval of three new loans totalling $1.57bn from the World Bank for various projects in Nigeria and is expected to increase further in the coming months, reports The PUNCH.

This was as the international lender approved no fewer than 36 loan requests to the Federal Government, amounting to a substantial total of $24.088bn within five years.

These approvals, aimed at financing various development projects nationwide, arrive alongside increasing concerns about the country’s escalating debt profile, prompting questions about the sustainability of these financial commitments and their potential long-term effects on the economy.

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Some of the projects under Tinubu include loans for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion) and resource mobilization reforms ($750 million),

For many Nigerians, long years of infrastructure decay and increased unemployment have triggered an increased feeling of bitterness whenever they hear the government’s intention to borrow.

Although some of them realistically agree that resources are thin, considering an outsized population; however, they believe the past borrowings have not been justified.

However, according to an analysis of documents obtained from the international lender website on Tuesday, the international lender has maintained an annual credit approval to the nation since 2020.

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A cursory look showed that the lender approved 15 loan requests worth $6.36bn in 2020. Some of these projects include the Nigeria Rural Access and Agricultural Marketing Project with an approved project commitment of $510m, The Nigeria Digital Identification for Development project ($430m), and $750m for the Nigeria SATAN additional financing for COVID-19 response, amongst others.

In 2021, the loan requests were reduced to six projects worth $3.2bn while the nation, under the administration of former president Mohammadu Buhari, secured loans worth $1.26bn in 2022 for six projects.

For instance, a $500m loan request was approved for a livestock productivity and resilience support project on March 18, 2022. Another loan of $750m was approved under the Nigeria: State Action on Business Enabling Reforms Program in the same year.

Also, $3.9m was secured for the Umbrella organisation to support Nigeria for women’s projects.

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However, in 2023, the loan request increased to $2.7bn to implement four projects, namely $750m for Nigeria- AF power sector recovery performance-based operation, $500m for Nigeria for Women Program Scale-up projects and $750m for the Nigeria Distributed Access through Renewable Energy scale-up project.

Similarly, the bank has approved $3.82bn already in 2024 for five projects, which include a grant of $70 million.

This means that the loan amount was $3.75bn so far in 2024, with more credit facilities expected before the end of the current year.

The World Bank has approved a series of loans to Nigeria, strategically targeting critical sectors such as economic reforms, resource mobilization, adolescent girls’ education, and renewable energy expansion.

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Recall that on June 13, the World Bank announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.

According to a statement from the bank, the combined package, totalling $2.25bn, comprises the $1.5bn Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and the $750m Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.

Already, the international lender has received $751.88m of the $1.5bn under the Nigeria Reforms for Economic Stabilisation to Enable Transformation.

The World Bank is expected to approve another loan request worth $500m by December 16, 2024, for the Rural Access and Agricultural Marketing Project – Scale Up project.

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According to a statement released last week announcing the latest approval, the international lender said the credit facilities will help the government strengthen human capital through better health for women, children and adolescents.

It added that the approved projects would also help build resilience to the effects of climate change, such as floods and drought, by improving dam safety and irrigation.

The statement read, “The World Bank has today approved three operations for a total of $1.57bn to support the Government of Nigeria in strengthening human capital through better health for women, children and adolescents and building resilience to the effects of climate change such as floods and droughts through improving dam safety and irrigation.”

The international lender stated that this new financing includes $500m for addressing governance issues that constrain the delivery of education and health, $570m for the Primary Healthcare Provision Strengthening Programme and $500m for the Sustainable Power and Irrigation for Nigeria Project.

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“The HOPE-GOV and HOPE-PHC programmes combined will support the Government of Nigeria to improve service delivery in the basic education and primary healthcare sectors which are critical towards improving Nigeria’s human capital outcomes.

“The SPIN project will support the improvement of dams’ safety and management of water resources for hydropower and irrigation in selected areas of Nigeria.

“The HOPE-GOV Programme will support Nigeria to address underlying governance weaknesses in the systems and procedures of government in two key human development sectors,” it noted.

The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats.

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Data from the external debt stock report of the Debt Management Office shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.

Nigeria’s debt servicing expenses reached N6.04tn in the first half of 2024, marking a sharp increase of 68.8 per cent from the N3.58tn recorded during the same period in 2023, the latest data from the Central Bank of Nigeria showed.

This sharp rise in debt service obligations, likely driven by naira devaluation for foreign debt repayments, reflects the growing burden on the government as debt repayment consumes a significant portion of its financial resources.

Credit: PUNCH

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Nigeria-EU Push to Seal Long-delayed Readmission Deal

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By Gloria Ikibah

Nigeria and the European Union have renewed efforts to conclude the long-pending EU-Nigeria Re-Admission Agreement as both sides seek to deepen cooperation on migration, legal mobility and security.

The issue featured prominently during a meeting between the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and the EU Commissioner for Internal Affairs and Migration, Magnus Brunner, on the sidelines of the 81st United Nations General Assembly in New York. The  .

In a statement by the Nigerian Foreign Ministry the proposed agreement which was initiated in 2016, was also extensively discussed during the eighth Nigeria-EU Ministerial Dialogue in March 2026.

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Brunner stressed the importance of concluding the agreement, saying its finalisation would provide a basis for broader cooperation between Nigeria and the EU on migration.

Odumegwu-Ojukwu, however, emphasised that any migration partnership should address Nigeria’s development interests, including support for the reintegration of returnees, infrastructure development and expanded legal pathways for Nigerians seeking opportunities abroad.

She also stressed the need for structured and lawful mobility opportunities for Nigeria’s large and youthful population.

The EU delegation indicated that Nigeria’s concerns had been incorporated into a proposed broader migration and security cooperation framework.

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The framework is expected to cover strategic dialogue on talent partnerships, legal migration pathways, reintegration of returnees, border management and support from the European Border and Coast Guard Agency, Frontex.

The proposed cooperation will also explore an arrangement for information exchange with Europol to strengthen Nigeria’s capacity to combat transnational organised crime.

Brunner said the EU was interested in developing legal migration pathways through talent partnerships, which could help address skills shortages in Europe while creating opportunities for Nigerian professionals.

The initiative is also expected to address concerns surrounding brain drain by creating more structured opportunities for Nigerians to work abroad while maintaining links with their home country.

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The two sides further discussed cooperation against irregular migration, with Brunner indicating that progress in tackling irregular migration could help create greater opportunities for legal migration.

The European commissioner expressed interest in continuing discussions during a proposed visit to Abuja in November 2026, although the specific date is yet to be agreed by both sides.

The renewed engagement comes as the EU continues work towards formalising the readmission agreement. EU Council documents published in July 2026 also showed proposals for the signing and conclusion of an agreement with Nigeria covering the return and readmission of people who no longer meet the conditions for entry, presence or residence in the territories of either party.

The Nigeria-EU discussions therefore seek to address irregular migration and return while also expanding legal mobility, reintegration assistance, border management, security cooperation and opportunities for Nigerian professionals and young people.

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Foreign Policy Begins at Grassroots, Enikanolaiye Tells LG, Traditional Rulers 

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By Gloria Ikibah

Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has said Nigeria’s grassroots development and mobilisation are central to the country’s foreign policy projection and international image.

The Minister stated this on Tuesday in Abuja while delivering a goodwill message at the 2026 maiden National Conference of the 774 Local Government Chairmen and Chairmen of Traditional Rulers’ Councils at the State House Banquet Hall.

The conference, convened by the Federal Ministry of Special Duties and Inter-Governmental Affairs, was themed, “Cascading President Bola Ahmed Tinubu’s Renewed Hope Agenda to the Grassroots.”

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Enikanolaiye said policies implemented at the local level could have implications for Nigeria’s image and relations with other countries.

He said: “For us in the Ministry of Foreign Affairs, we believe that every aspect of our government policy at home has implications for foreign policy and Nigeria’s international relations. Which is why we are interested in everything that goes on domestically because foreign policy is also a projection of domestic policy. And in this context, grassroots mobilization and development is critical to what we do abroad”.

He argued that inclusive governance should be built from the grassroots upwards, rather than imposed from the top, while describing traditional rulers as an important component of Nigeria’s governance structure.

Enikanolaiye commended President Bola Ahmed Tinubu for approving the conference and for recognising the roles of local governments and traditional rulers in the ongoing constitutional amendment process.

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Linking his remarks to President Tinubu’s four-D foreign policy doctrine of demography, development, democracy and diaspora, the minister said the success of the Renewed Hope Agenda would ultimately depend on its impact at the grassroots.

On demography, he said Nigeria’s youthful population across the 774 local government areas represented a major asset that could strengthen the country’s position globally if properly empowered.

“On Demography, Nigeria’s youth in the 774 LGAs is our greatest global asset – empower the LGAs, convert numbers to power,” he said.

On development, Enikanolaiye said productive local governments were essential to achieving Nigeria’s economic ambitions, citing agriculture, mineral resources and major infrastructure projects as areas with potential to attract foreign investment.

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“On Development, a $1 trillion economy is impossible without productive LGAs. With agriculture booming, 44+ minerals across 500 sites, and massive infrastructure like the Lagos-Calabar and Sokoto-Badagry highways, grassroots stability is what attracts FDI,” he stated.

The minister also linked stronger local governance to democracy, saying empowered local governments and traditional institutions would demonstrate the practice of participatory governance.

“Speaking On Democracy, empowering LGAs and traditional rulers proves Nigeria practises real, bottom-up democracy,” he said.

On the diaspora component of the doctrine, Enikanolaiye said improved conditions at home could encourage Nigerians living abroad to invest in the country and promote a positive image of Nigeria internationally.

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“On Diaspora, when home is secure and working, the Diaspora will invest and sell the Nigerian story with confidence,” he noted.

He said the Ministry of Foreign Affairs would support the foreign policy component of grassroots development through investment matchmaking via Nigeria’s 110 diplomatic missions abroad and partnerships with Nigeria’s international partners.

The ministry, he added, would also leverage the community-level knowledge of traditional rulers in support of national security.

In a separate goodwill message, the Head of the Civil Service of the Federation, Mr Olumuyiwa Enitan Abel, represented by Dr Vitalis Obi, said local governments remained the closest tier of government to the people and were central to service delivery.

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He also described traditional rulers as important actors in peacebuilding and reaffirmed the commitment of the civil service to accountability and measurable results.

Earlier, the Permanent Secretary, Special Duties and Inter-Governmental Affairs, Dr Onwusoro Maduka Ihemelandu, said the government lacked timely and verifiable data on interventions at the local government level.

He said the ministry had consequently developed an E-Tracking Framework to monitor projects, including their locations, values, timelines and verification status.

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*PIGD Calls For United Response To Plateau Violence*

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The National Coordinator of the Plateau Initiative for Growth and Development (PIGD), Nengak David, has appealed to residents to remain vigilant and help prevent further violence following renewed attacks in the state.
David urged people with credible information about threats, armed movements or plans for reprisals to alert the police or trusted community leaders promptly, without putting themselves in danger.
“Vigilance means recognising a threat and reporting it early. Tell the authorities where and when you saw it, and give only what you know firsthand. Do not approach armed people or attempt to confront them,” he said.
The appeal follows attacks in Barkin Ladi and Mangu. Plateau police confirmed the deaths of a senior officer and three civilians in separate incidents in Barkin Ladi, while a community group reported the killing of three men in Mangu.
David called on residents to reject reprisals and resist attempts to blame entire ethnic or religious communities for crimes committed by individuals.
“Every killing must be investigated, and those responsible must answer for it. Another innocent family must not suffer because someone chooses revenge or blames a whole community,” he said.
He urged traditional rulers, religious leaders, women and youth representatives to bring emerging disputes to trusted mediators before tensions escalate. The United Nations Development Programme has identified local mediation and early warning as ways communities can help prevent conflict.
The PIGD coordinator also cautioned against circulating old videos, unverified casualty figures and inflammatory claims. “Before forwarding a frightening message, check when and where it was recorded. A false claim can spread fear and provoke harm long after the truth catches up,” he said.
David asked residents of Barkin Ladi, Bokkos and Mangu to observe the state’s 6 p.m. to 6 a.m. curfew and motorcycle ban, announced to remain in effect until further notice. He also appealed for food, shelter and other assistance to reach affected neighbours through trusted local groups, regardless of their background.
“Residents can share information and refuse provocation. Government, in turn, must act on credible reports, protect those who come forward and investigate every killing fairly,” David said.

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