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FG in Talks With World Bank For Fresh $1.25bn Loan

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The Federal Government is currently in talks with the World Bank for a new $1.25 billion loan, according to a document obtained by Channels Television.

The document titled ‘Nigeria Actions for Investment and Jobs Acceleration’ noted that the proposed loan will finance ongoing economic reforms, job creation, and competitiveness.

According to the document, talks are at the critical stage for the loan facility expected to be presented for approval on June 26, 2026. The loan has progressed beyond the initial concept and appraisal phases.

If approved, it will come off as the second-largest loan facility after the approval of the ‘$1.5bn Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing’ approved by the Bank in June 2024.
The borrower is listed as the Federal Republic of Nigeria, while the Federal Ministry of Finance will serve as the implementing agency.

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Nigeria’s external debt as of December 31, 2025, stood at $51.86bn, while its total public debt is currently at $110.97bn.

The loan is now at the decision-meeting stage of the World Bank’s project cycle, a point at which the lender’s management reviews the final appraisal package and determines whether the project should proceed to the Board of Executive Directors for approval.

This stage comes after appraisal and negotiations have been concluded, with key policy actions, financing terms, and reform commitments already agreed in principle between the borrower and the World Bank team.
In the World Bank process, the decision meeting represents a near-final internal clearance, after which the project is prepared for formal Board consideration, where final approval is granted.

The World Bank document stated, “The review did authorise the team to appraise and negotiate,” meaning the project has successfully passed earlier internal checks and is advancing toward final approval.

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According to the World Bank, the loan is designed “to support the government’s efforts to expand access to finance, digital, and electricity services, and strengthen competitiveness through tax, trade, and agriculture reforms.”
The World Bank has approved about $9.35bn in loans and credits for Nigeria between June 2023 and May 2026.

These approvals span multiple sectors, including power, education, healthcare, agriculture, social protection, renewable energy, MSME financing, and economic reform support.
Key packages include the $2.25bn RESET and ARMOR reform financing in June 2024, $1.57bn for HOPE and SPIN programmes in September 2024, and $1.08bn for education and resilience programmes in March 2025.

The development comes days after the Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, warned that Nigeria may reject loan facilities from the World Bank if delays in approval and disbursement persist for more than six months.

A press statement last week by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, stated that Ogunjimi, who spoke in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, stressed that Nigeria expects timely processing of funding requests, given that the facilities are loans and not grants.

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He said, “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” highlighting concerns over bureaucratic delays in accessing development financing.
The AGF noted that as a responsible borrower, Nigeria should not be subjected to prolonged approval processes that could affect project execution timelines and broader development objectives. He therefore urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to support the country’s priorities.
Ogunjimi emphasised that the loans carry repayment obligations, making it imperative that disbursement processes align with project schedules and fiscal planning frameworks.

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Army Nabs Wanted Soldier Accused Of Supplying Uniforms To Terrorists While Escaping to Cameroon

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Troops of Operation HADIN KAI have nabbed a soldier declared wanted by the Nigerian Army over his alleged involvement in supplying military wares to terrorist groups operating in the North-East.

The suspect, identified as 23NA/84/1939 Private Mohammed Yusuf of the Nigerian Army Ordnance Training Facility (NAOTF), Lagos, was apprehended at about 6:30 p.m. on Sunday, July 25, 2026 by troops of 7 Provost Group led by the Acting Commander.

Preliminary investigations revealed that before he was declared wanted by the Army, the soldier absconded from his unit and travelled to Maiduguri on July 7, where he allegedly went into hiding.

Investigators further established that he was allegedly sheltered at Gomari Costain in Jere Local Government Area of Borno State by 25NA/89/12687 Private Baba Kamal Sale of the Corps of Intelligence, Dikwa.

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Acting on credible intelligence, troops of the 7 Provost Group placed the suspect under 24-hour surveillance before intercepting and arresting him at Jidari Bus Stop while he was allegedly attempting to flee to Cameroon.

The suspect is currently in the custody of the 7 Provost Group, where he is undergoing further investigation into the alleged supply of military accoutrements to terrorist elements and the possible involvement of other collaborators.Government

Military sources described the arrest as a significant breakthrough in ongoing efforts to dismantle insider networks aiding terrorist groups, adding that investigations are continuing to establish the full extent of the suspect’s activities and identify any accomplice.

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AEDC Promotes 547 Employees, Raises Pay For 579 Others

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Abuja Electricity Distribution Plc (AEDC) has promoted 547 employees and approved salary step increments for 579 others as part of a broad workforce development programme designed to reward outstanding performance, strengthen staff motivation and drive organisational excellence.

The exercise, which benefitted 1,126 employees, followed the successful completion of the company’s 2025 Performance Appraisal Exercise and underscores AEDC’s commitment to building a high-performing, customer-focused workforce.

Managing Director and Chief Executive Officer of AEDC, Chijioke Okwuokenye, said the initiative reflects the company’s resolve to place employees at the heart of its transformation agenda, stressing that investment in human capital remains critical to achieving sustainable growth.

He described the promotions and salary adjustments as a recognition of diligence, professionalism and commitment, noting that the company would continue to reward excellence while creating opportunities for career advancement.

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According to him, AEDC is intentionally fostering a work environment where merit, innovation, continuous learning and teamwork determine career progression, adding that employee welfare remains a key pillar of the company’s long-term strategy.

“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. This is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth,” Okwuokenye said.

He explained that the organisation is committed to providing employees with fulfilling career opportunities that enable them to maximise their potential while contributing to AEDC’s ambition of becoming one of Africa’s leading electricity distribution companies.

The AEDC chief also urged employees who were not promoted in the current appraisal cycle to remain committed, assuring them that the company’s performance management system is structured to support continuous improvement, skills development and future career progression.

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AEDC said the promotion and salary increment exercise forms part of its broader strategy to cultivate a performance-driven culture, encourage professionalism and recognise employees who contribute significantly to the company’s growth.

The company added that as it continues to modernise operations, improve electricity service delivery and enhance customer experience, it will sustain investments in staff development to strengthen productivity and reinforce its position as one of Nigeria’s preferred employers in the power sector.

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Suspected Hoodlums Cart Away PVCs At Distribution Centre In Osun

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Some hoodlums suspected to be political thugs on Sunday stormed a permanent voter’s card (PVC) distribution centre in Okuku, the headquarters of the Odo-Otin Local Government Area of the state, and carted away two packs of PVCs.

The INEC officials were busy distributing the cards at the Oyinlola DC Primary School, Ward 2, when the thugs suddenly arrived and started shooting sporadically into the air, scaring residents and officials, and took two packs of cards and left the venue before police could arrive at the scene.

The spokesperson of the Osun State Command, Abiodun Ojelabi, said that about ten armed hoodlums invaded the centre, fired sporadically into the air and carted away three packs of PVCs before fleeing the scene.

Ojelabi disclosed that the State Commissioner of Police, Ibrahim Gotan, has condemned the attack and directed a comprehensive investigation to identify and prosecute those responsible.

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Reacting to the development, the Resident Electoral Commissioner (REC) of INEC in the state, Oluwatoyin Babalola, condemned the attack. She said she was to get the detailed report on the attack, adding that she is yet to know the exact number of PVCs carted away by the hoodlums.

The REC, however, assured the people of the state that the governorship election would be free, fair, credible, inclusive and transparent.

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