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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loan also attracts a commitment charge of 0.5 per cent on unwithdrawn funds and a service charge of 0.75 per cent on withdrawn balances.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.
News
Stone Age lost Atlantis about 8,500 years discovered beneath the waters of Denmark
By Ojomah Austin.
The mystery of Atlantis has created a city-sized gap in our grasp of history, with archaeologists searching the oceans for any trace of this submerged civilisation.
A prominent theory suggests that Atlantis never actually existed. Nevertheless, as we’re now aware, the notion of a coastal settlement being consumed by the ocean is entirely plausible.
Subsequently, archaeologists in Europe believed they’d discovered the missing piece of the puzzle. You wouldn’t necessarily expect Denmark to be the maritime location of an exotic lost metropolis from ancient times, yet this is precisely where archaeologists unearthed the most compelling proof of Atlantis, according to Global News.
“Europe’s Atlantis”, stretching back to the Stone Age, was discovered beneath the waters of Denmark’s Bay of Aarhus. Researchers unearthed numerous artefacts that paint a picture of a civilised community that inhabited the area nearly 8,500 years ago.
These included stone implements, arrowheads, animal remains, and even fragments of timber that appeared to be rudimentary tools.
Researchers plunged 26 feet beneath the surface of Denmark’s second-largest city, employing specialised suction apparatus, to retrieve the remains of Europe’s Atlantis.
The location dates back to the conclusion of the last Ice Age, when climbing sea levels submerged entire coastal communities, forcing Stone Age hunter-gatherer societies inland.
Because the artefacts have remained underwater for millennia, they are significantly better preserved than they would be inland. “What we actually tried to find out here is how life was at a coastal settlement 8,500 years ago,” archaeologist Peter Moe said.
He added: “Here, we actually have an old coastline. We have a settlement that was positioned directly at the coastline. What we actually try to find out here is how was life at a coastal settlement.
“It’s like a time capsule. When sea level rose, everything was preserved in an oxygen-free environment … time just stops. We find completely well-preserved wood. We find hazelnut. … Everything is well preserved.
“We can say very precisely when these trees died at the coastlines,” Moesgaard Museum dendrochronologist Jonas Ogdal Jensen, according to Fortune.
The specialist explained how this remarkable find has shed considerable light on how sea levels have shifted throughout history.

Stone Age lost Atlantis found is Denmark
He said: “It’s hard to answer exactly what it meant to people,” Moe Astrup said. “But it clearly had a huge impact in the long run because it completely changed the landscape.”
Researchers are keen to press ahead with investigations at a further site off the German coastline, with ambitions to examine locations in the notoriously unforgiving North Sea also in the pipeline.
Yet this is not the first occasion archaeologists have drawn comparisons between a site and Atlantis. Doggerland was a landmass that once extended between Britain, Denmark, and the Netherlands, linking the corners of Europe.
In 1931, evidence of this lost territory began to emerge after a Dutch fishing vessel retrieved artefacts from the seabed. A portrait of a hunter-gatherer community thousands of years old began to take shape. Yet, some 8,200 years ago, rising sea levels and a catastrophic tsunami ultimately swallowed this civilisation whole.
A colossal underwater landslide set off a chain of unstoppable natural disasters that plunged the landmass beneath the waves. Today, all that remains of this lost world lies buried under the North Sea.
News
Amnesty International condemns attack on Abuja protesters as Sowore lands in hospital
By Kayode Sanni-Arewa
Condemns his alleged “deliberate targeting”
Amnesty International has condemned what it described as a “reckless attack on peaceful protesters” during a Democracy Day demonstration in Abuja, where activist and African Action Congress 2027 presidential candidate, Omoyele Sowore, reportedly collapsed after security operatives allegedly fired teargas.
In a statement released on Friday, the rights organisation said Sowore was “subsequently taken to a hospital” following the incident at Unity Fountain, Abuja, and called for an immediate investigation into what it described as his “deliberate targeting.”
The Nigerian authorities are clearly using violence to crack down on human rights, including the rights to freedom of expression and peaceful assembly,” the statement said.
Amnesty International also warned that targeting activists for participating in peaceful demonstrations amounted to unlawful conduct and a breach of fundamental rights.
“Such targeting of activists solely for exercising freedom of assembly is unlawful and shows utter disregard for the rule of law,” it said.
The organisation further accused the authorities of failing to demonstrate commitment to constitutional and international human rights obligations, alleging a continued crackdown on civic freedoms under President Bola Tinubu’s administration.
Sowore’s collapse reportedly occurred during a protest in Abuja where security operatives allegedly dispersed demonstrators with teargas in front of the Force Headquarters.
Videos shared online showed him on the ground amid confusion as protesters attempted to assist him.
The protest was part of a nationwide mobilisation by a coalition of civic groups, labour activists, youth organisations and social movements, which had declared June 12 a day of mass action over insecurity, economic hardship and worsening living conditions. (Text, excluding headline:
(The PUNCH)
News
Falana, Falz lead protest over kidnappings, hardship
By Kayode Sanni-Arewa
Activist lawyer, Mr Femi Falana (SAN), his son – afrobeats singer, Mr Folarin Falana, popularly known as Falz, alongside civil society organisations, youth groups, among others, on Friday staged a protest in Lagos.
They demanded urgent action to address worsening insecurity and economic hardship in the country.
The protest came as Nigeria marked Democracy Day, set aside in remembrance of the June 12, 1993 presidential election, widely acclaimed to have been won by late Chief MKO Abiola.
The election, though regarded as the freest and fairest in the nation’s history, was annuled by the then military government.
Chanting, the protesters converged on the Ikeja Under Bridge, carrying placards with inscriptions such as “No Democracy Without Security,” End Bad Governance,” and “End Insecurity and Kidnapping.”
Others include, “End Hunger,” “Free All Captives Now,”End all anti-people policies now,”
The demonstration was aimed at drawing attention to rising insecurity, economic hardship and policies affecting ordinary Nigerians.
Speaking during the protest, Falana called for the immediate release of abducted pupils and teachers in Oyo State, expressing concern over their welfare in captivity.
According to him, the protest is not only about demanding the rescue of the abducted victims but also about highlighting broader issues of injustice, insecurity and poverty confronting Nigerians.
“We are protesting the kidnapping of our children in Oyo State. We are also protesting injustice in our country, a situation whereby innocent school children in Oyo and Borno states have been in the custody of criminals for several weeks now.
“We are also protesting injustice meted out to young people who are regularly arrested on the highways by the police.
“We are protesting hunger and poverty in the land, and we are calling on the government to address these challenges,” he said.
Falana, a human rights advocate, lamented the condition of the abducted children and teachers, and regretted the killing of one of the latter.
He called on the authorities to intensify efforts to secure the release of the remaining victims.
Also addressing the protesters, Falz bemoaned what he described as worsening insecurity and economic hardship across the country.
The entertainer and activist said Nigeria was grappling with increasing cases of kidnappings and killings, urging the government to do more in its responsibility of protecting the citizens.
“Everybody can see the worsening insecurity. It is becoming unbearable,” he said.
Falz cited recent abductions in different parts of the country, including the kidnapping of students and the abduction of a relative of a former minister in Oyo State.
“Every Nigerian life matters and must be protected at all costs,” he stated.
He said that the repeated abduction of students had heightened public frustration and anxiety.
Also speaking, human rights activist, Mr Olumide Ogunsanwo, popularly known as Seaking, called for stronger government action to tackle insecurity across the country.
He said Nigerians were demanding better governance and an end to the growing wave of killings, kidnappings and other violent crimes.
“We say no to insecurity. Insecurity has to end,” he said.
Ogunsanwo urged the Federal Government to intensify efforts against bandits, insisting that decisive action, rather than rhetoric, was needed to end the insecurity.
Security operatives maintained presence around the protest venue and monitored activities throughout the demonstration.
(NAN)
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