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Nigeria to repay $500m health loan in 25 years – World Bank
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The Federal Government will begin repaying a $500m concessional loan secured from the International Development Association from 2029 to 2054.
This is according to a financing agreement signed between Nigeria and the World Bank’s lending arm, which was obtained by Sunday PUNCH.
The loan, which falls under the Nigeria Primary Healthcare Provision Strengthening (also referred to as HOPE-PHC) Programme, is aimed at improving the country’s primary healthcare services, particularly maternal and child health, emergency medical care, and pandemic preparedness.
The funds will be managed by the Federal Ministry of Health and Social Welfare, alongside key agencies such as the National Primary Healthcare Development Agency, the National Health Insurance Authority, and the Nigeria Centre for Disease Control and Prevention.
State governments will also be involved in implementation through their respective Ministries of Health, Primary Healthcare Development Boards, and other agencies.
Details of the repayment structure show that the loan will be serviced twice a year, with instalments due every April 15 and October 15.
Between 2029 and 2049, Nigeria will repay the principal at a rate of 1.65 per cent annually, after which the rate will increase to 3.40 per cent from 2049 until 2054.
The loan also attracts a commitment charge of 0.5 per cent on unwithdrawn funds and a service charge of 0.75 per cent on withdrawn balances.
However, the total repayment cost may fluctuate due to currency conversion adjustments. The funds will be disbursed based on specific healthcare performance indicators, ensuring that money is released only upon achieving measurable results.
These indicators include increasing access to primary healthcare services, expanding emergency obstetric and neonatal care, improving the supply of essential medicines, and strengthening Nigeria’s pandemic response framework.
A significant portion of the funds will also be used to enhance digital health infrastructure, improve climate resilience in the health sector, and ensure greater enrolment of vulnerable populations in health insurance schemes.
Despite the concessional terms, concerns have been raised over Nigeria’s growing external debt and rising debt servicing obligations. Given the continued depreciation of the naira, the real cost of repayment in local currency could rise significantly over the loan’s 25-year repayment duration.
The loan was approved on September 26, 2024, with an expected operational period starting in fiscal year 2025. The closing date is set for June 30, 2029, indicating that the programme will run for about four years, if the closing date is not extended.
However, the country will spend about 25 years repaying the loan from the proposed closing of 2029 to 2054.
The PUNCH earlier reported that the World Bank may approve a total of $1.13bn in loans for Nigeria before the end of March 2025 as part of ongoing efforts to support the country’s economic resilience, health security, and education reforms.
Among the projects set for negotiation is the Accelerating Nutrition Results in Nigeria 2.0 programme, valued at $80m, which is expected to be approved by March 31, 2025.
This initiative is aimed at improving nutrition outcomes, particularly among vulnerable groups, by enhancing access to essential dietary support and reducing malnutrition rates.
Another project in the negotiation phase is the Community Action for Resilience and Economic Stimulus Programme, which has a commitment value of $500m and is expected to be approved by March 24, 2025.
The project is designed to provide economic stimulus for community-driven initiatives to strengthen economic resilience and growth.
The HOPE for Quality Basic Education for All programme, with a proposed funding of $552.2m, is also at the negotiation stage and is expected to secure approval by March 31, 2025.
This initiative seeks to improve the quality of basic education by addressing infrastructure deficits, enhancing teacher training, and increasing educational accessibility across the country.
The potential approval of these loans comes at a time when Nigeria continues to grapple with economic challenges, including foreign exchange liquidity constraints, fiscal deficits, and mounting debt servicing obligations.
Nigeria expended a total of $5.47bn on external debt servicing between January 2024 and February 2025, according to data from the Central Bank of Nigeria.
The figures, published on the apex bank’s website, indicate the growing burden of debt obligations on the country’s external reserves and fiscal stability.
By Kayode Sanni-Arewa
Suspected bandits have kidnapped retired Major General Rabe Abubakar, former Director of Defence Information, and his wife on Matazu Road in Katsina State.
Security sources told PRNigeria that the couple was ambushed on Saturday morning, May 30, 2026, while travelling in a red Peugeot 504 saloon car.
The gunmen intercepted the vehicle and whisked the retired officer and his wife to an unknown location.
The driver escaped with gunshot wounds and is receiving treatment at a nearby hospital, a security source said.
The former DDI and his wife were waylaid by armed men on the route. The driver escaped with gunshot injuries and is receiving medical attention,” the source stated.
Security forces have launched search-and-rescue operations and deployed intelligence assets to track the abductors, according to the source. Official confirmation from the military was still pending at press time.
—Rising concern in Katsina—
The abduction comes amid persistent insecurity in parts of Katsina despite ongoing military operations against bandit groups in the North-West.
In recent years, several serving and retired security personnel have been targeted on highways linking Katsina to neighbouring states. PRNigeria reports that criminal groups now see high-profile individuals, including retired military officers, as lucrative targets.
Maj-Gen Abubakar served as Director of Defence Information and was one of the Nigerian military’s most visible spokespersons during the counterinsurgency campaign against Boko Haram.
The incident is expected to renew calls for stronger security along major highways and rural communities in Katsina, where residents continue to face kidnapping and banditry.
Credit :PRNigeria
Abia State Police Command has nabbed two suspects for conspiracy, attempted child theft and possession of hard drugs.
The Command which made this known on Saturday, named the suspects as Nzubechi Chinagorom and Chinonso Chibundu, indigenes of Olokoro, Umuahia South LGA of the Abia State.
In a statement signed by DSP Maureen Chinaka, the Police Public Relations Officer, the Command said its officers apprehended the suspects through actionable intelligence, in collaboration with Olokoro vigilante personnel.
She stated that the suspects went to the residence of one Miss Amarachi Chinyereugo and attempted to forcibly take away her two-week-old baby girl.
DSP Chinaka said that the Nzubechi Chinagorom allegedly stabbed the nursing mother with a kitchen knife during a struggle, causing the baby to fall and hit her head on ground.
The police spokesperson said that the two suspects fled from the scene and ran into a nearby bush on realizing that the nursing mother, Miss Amarachi Chinyereugo cried out for help.
She added that the suspects were later apprehended at a bus stop
where they had reportedly gone to take hard drugs.
“The mother and child were immediately rushed to the hospital, where they received treatment and have since recovered.
“The suspects were apprehended, exhibits were recovered and investigation has been conducted at the State Criminal Investigation Department (SCID). Suspects will be charged to court on 2/06/2026,” Chinaka said.
Ex-Minister of Labour and Productivity, SellJoel Ikenya, has been declared winner of the governorship primaries conducted by the Tanimu Turaki-led faction of the Peoples Democratic Party, PDP, in Taraba State.
Mr Felix Hyat, the chairman of the election committee, who announced the results in Jalingo on Saturday, said Ikenya scored 34,173, to defeat Mr Dinshiya Usman, who polled 4,853.
Hyat, who described the exercise as free, fair and transparent, commended the state working committee of the party for the peaceful conduct.
Ikenya, in his acceptance speech, pledged to revive Taraba to her days of glory if elected governor in 2027.
“I will transform Taraba; I will change the state from salary base, to an industrialised state.
“My desire is to also revive the state infrastructure and attract more investors to boost the economy,” he said.
The governorship candidate, however, denied the allegations of factional PDP in Taraba.
“There is no factional PDP in Taraba; I don’t know where the other people are coming from.
“PDP in Taraba is one, and we do not have any faction in the state. We are working as one united family to reclaim our mandate from Gov. Agbu Kefas of the All Progressives Congress (APC),” he said.
The News Agency of Nigeria (NAN) reports that, the Nyesom Wike led faction of the party had recently declared senator Emmanuel Bwacha as its governorship candidate in Taraba.
NAN
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