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Nigeria receives additional $215m W’Bank loan for palliatives
The World Bank has disbursed additional funds to Nigeria under the $800m National Social Safety Net Programme-Scale Up, raising the total amount released to $530m, The PUNCH reports.
World Bank’s official website revealed that the cumulative disbursement had increased from the earlier reported $315m in 2023 to $530m this year, reflecting fresh inflows into Nigeria’s accounts for the palliative programme.
Although the exact day the extra disbursement was made this year could not be independently verified, findings showed that the World Bank was yet to update the detailed section of its portal that typically records transaction dates as of April 30, 2025, suggesting that the disbursement was very recent and likely made this month.
The $800m facility, approved on December 16, 2021, was designed to provide conditional cash transfers to Nigeria’s poorest and most vulnerable citizens, cushioning the impact of recent economic shocks, including the removal of the petrol subsidy.
Originally, the programme was structured to deliver N5,000 monthly to targeted households. However, following policy changes introduced by the Bola Tinubu administration, the payment was revised to N25,000 monthly for three months, aimed at reaching 15 million households across the country.
In October and November 2023, the World Bank disbursed $300m and $15m, respectively, to Nigeria under the programme. A review of World Bank records at the time by The PUNCH showed that the cumulative release then stood at $315m.
New data obtained on Thursday shows that an additional $215m has been released, bringing the total disbursement to $530m and reducing the amount available for drawdown to about $226.73m.
This means that 66.25 per cent of the loan has been disbursed, with about 33.75 per cent left.
Despite receiving World Bank approval since December 2021, the implementation of the palliative programme suffered a disbursement delay of nearly 17 months.
While Nigeria awaited disbursements from the World Bank under the $800m National Social Safety Net Programme-Scale Up loan, data revealed that the country continued to incur and settle interest charges totalling over $6.18m, despite the protracted delay in actual fund utilisation.
World Bank records show that Nigeria paid multiple tranches of interest charges under the financing agreement tagged IDA-70190, including substantial payments made in January and July 2024.
On January 30, 2024, Nigeria paid three separate charges amounting to $822,259.40, $495,603.16, and another $495,603.16, bringing the January total to over $1.81m. These payments came months after the initial $300m and $15m disbursements made in October and November 2023, respectively.
Further charges were paid on July 15, 2024, when four separate interest payments totalling over $5.36m were recorded. The July charges included $1.98m, two entries of $1.19m each, and a separate charge of $3,737.83.
Together with the January payments, Nigeria’s total charges on the loan amounted to approximately $6,181,877.35. These interest charges were paid even as a significant portion of the loan remained undisbursed.
The delays were largely due to administrative bottlenecks, political transitions, and subsequent scandals that rocked the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, the supervising agency.
In December 2023, the Economic and Financial Crimes Commission uncovered an alleged N37.1bn fraud within the ministry under former Minister Sadiya Umar-Farouq. Investigations revealed that funds meant for social interventions were allegedly laundered through contractors and other third parties. Umar-Farouq was invited for questioning by the EFCC and detained in January 2024.
Her successor, Dr Betta Edu, was also implicated after reports surfaced that she authorised the transfer of N585m into a private account for the purpose of paying vulnerable groups. The Accountant-General of the Federation rejected the transaction on the grounds that it violated public financial regulations.
Following these revelations, President Bola Tinubu suspended Edu in January 2024 and ordered a comprehensive investigation into the ministry’s financial dealings. The EFCC confirmed the recovery of about N32.7bn and $445,000 linked to the alleged frauds.
Halima Shehu, who served as the National Coordinator of the National Social Investment Programme Agency, was also arrested after allegedly moving N44bn from NSIPA accounts to several suspicious destinations.
In light of these developments, President Tinubu appointed the Minister of Finance, Wale Edun, to head a special investigative panel tasked with reviewing and restructuring the architecture of Nigeria’s social investment programmes.
The panel’s mandate is to ensure that future interventions are managed transparently and efficiently, with an emphasis on accountability.
The Federal Government, through the Ministry of Humanitarian Affairs and Poverty Alleviation, also partnered with the Central Bank of Nigeria and the National Identity Management Commission to enforce mandatory registration of beneficiaries with Bank Verification Numbers and National Identity Numbers to tighten controls over disbursement.
Despite the initial disbursement delay, the World Bank rated Nigeria’s implementation of the $800m National Social Safety Net Programme-Scale Up as only moderately satisfactory, reflecting both progress and significant areas of concern as the project nears its closing date.
Checks on the Bank’s latest Implementation Status and Results Report show that as of January 29, 2025, the progress towards achieving the Project Development Objective was rated moderately satisfactory.
The overall implementation progress was also graded moderately satisfactory, suggesting that while some milestones had been reached, critical gaps remained in execution and delivery.
However, the bank flagged deeper concerns around financial management, procurement processes, and monitoring and evaluation, all of which were rated moderately unsatisfactory.
According to checks on the World Bank’s website, the Washington-based lender noted lapses in how funds were managed, inconsistencies in procurement procedures, and weaknesses in tracking and evaluating programme results.
The National Social Safety Net Programme-Scale Up is officially scheduled to close on December 31, 2025, pending any extension request from Nigeria to the World Bank.
Prior to the scale up programme, there was an initial National Social Safety Nets Project, approved by the World Bank in June 2016, aimed to provide targeted cash transfers to Nigeria’s poorest and most vulnerable households.
With an International Development Association credit of $500m, the project sought to establish a national social safety net system. The initial NASSP became effective in October 2017 and officially closed on December 31, 2022.
Despite its objectives, the project faced challenges, including allegations of corruption and mismanagement. A recent document from the World Bank website noted, “The 2020 Fiduciary In-depth Review identified some weaknesses in the procurement system in NCTO and NASSCO, respectively.
“The identified issues are being addressed through an action plan, which will be monitored regularly during the implementation of the parent project and Scale-Up operation.”
The National Social Safety Nets Coordinating Office is tasked with managing Nigeria’s National Social Register and coordinating the identification of poor and vulnerable households for cash transfer programmes.
The National Cash Transfer Office, operating under NASSCO, is responsible for administering and disbursing the cash transfers to beneficiaries, ensuring payments are made correctly, and addressing any related grievances.
Both agencies play critical roles in executing the World Bank-supported National Social Safety Net Programme and its Scale-Up by ensuring that financial aid reaches the intended households across the country.
It was also observed that in January 2025, the World Bank announced a 30-month debarment of two Nigerian companies, Viva Atlantic Limited and Technology House Limited, along with their Managing Director and CEO, Mr. Norman Bwuruk Didam.
The debarment was due to findings of fraudulent, collusive, and corrupt practices related to the NASSP. Investigations revealed that the companies and Didam misrepresented conflicts of interest in their bids, accessed confidential tender information from public officials, and submitted falsified documents
Also, they offered inducements to project officials, violating the World Bank’s anti-corruption guidelines.
The debarment prohibits them from participating in any World Bank-financed projects during the sanction period. Much earlier, on March 12, 2024, the World Bank’s Chief Suspension and Debarment Officer issued a notice of sanctions proceedings against Mr. Akuboh Victor Uneojo, a consultant based in Abuja.
Uneojo was debarred for a minimum period of two years and one month after admitting to making corrupt payments to an intermediary intended to influence a project official’s actions concerning a consultancy contract under the NASSP.
These actions were deemed corrupt practices under the World Bank’s sanctions framework. These sanctions indicate the fraud challenges in the implementation of social safety net programmes in Nigeria.
The African Airlines Association (AFRAA) has admitted Enugu Air as Member, extending the Association’s membership base in Nigeria’s fast-growing domestic aviation market and reaffirming AFRAA’s commitment to supporting the continued development of African carriers across the continent.
This was announced by AFRAA in Nairobi on Wednesday, making Enugu Air the 50th Member of the association, joining the AFRAA airline fraternity, collectively representing more than 85 per cent of total international traffic carried by African airlines.
Speaking on the development on Thursday, AFRAA Secretary General, Mr Abdérahmane Berthé, said, “We are delighted to welcome Enugu Air into the AFRAA fraternity.
“As a state-backed carrier serving Nigeria’s rapidly expanding domestic market, Enugu Air represents the kind of homegrown investment that is vital to building resilient air connectivity across our continent.
“We look forward to supporting the airline through the IOSA certification process and to its continued growth within the AFRAA membership, as we work together to advance the cause of unified African skies.”
Reacting to the development on Thursday, the CEO of Enugu Air, Capt Tolu Ita, described the admission into AFRAA as a major milestone in the airline’s short history.
“We are honoured to join the AFRAA fraternity. This membership underscores Enugu Air’s commitment to safe, reliable, and affordable air travel for Nigerians while contributing to the vision of a unified African aviation market.
“We look forward to collaborating with fellow AFRAA members and leveraging the association’s support as we grow our network and pursue IOSA certification,” Tolu stated.
Founded on July 7, 2025, Enugu Air commenced commercial operations with a fleet of Embraer E170/E190/E195 aircraft.
The airline, which has its headquarters in Enugu and operates from the Akanu Ibiam International Airport, currently serves nine domestic destinations including Enugu, Abuja, Lagos, Port Harcourt, Kano and Benin City.
As part of the airline’s growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
As part of its growth strategy, Enugu Air plans to expand further across Nigeria and, in subsequent phases, to launch regional and international routes across Africa, Europe, and beyond.
The admission of Enugu Air aligns with AFRAA’s strategic priorities and strengthens the voice of the association. Nigeria, as Africa’s most populous nation and one of its fastest-growing economies, remains central to the realization of a truly integrated African aviation market.
Meanwhile, AFRAA association, which was founded in Accra, Ghana, in April 1968, and headquartered in Nairobi, Kenya, has a mission meant to promote, serve African Airlines and champion Africa’s aviation industry.
The association envisions a sustainable, interconnected and affordable air transport industry in Africa, where African airlines become key players and drivers of African economic development.
AFRAA membership cuts across the entire continent and includes all the major intercontinental African operators.
The association’s members represent over 85 per cent of total international traffic carried by African airlines.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has rejected calls for the Federal Government to publish details of how it plans to spend funds drawn from its $5bn financing facility with First Abu Dhabi Bank.
Oyedele said the transaction had been subjected to unnecessary scrutiny, arguing that the facility was approved by the National Assembly and was structured to help the government refinance more expensive debt.
He spoke on Wednesday during a media briefing in Abuja.
The Federal Government recently drew about $1.5bn, the first tranche of the $5bn Total Return Swap facility arranged with First Abu Dhabi Bank, despite concerns from the International Monetary Fund and Fitch Ratings over the transparency and risks associated with such financing structures.
The $5bn facility was approved by the National Assembly on March 31, 2026, while the initial drawdown was expected to support the 2026 budget, infrastructure projects and the refinancing of existing debt obligations.
Responding to a question on the borrowing plan and whether details of the First Abu Dhabi Bank transaction would be made public, Oyedele said the government would publish information on how it spends public funds but questioned why the particular facility was receiving special attention.
“We will not publish how we are spending it. We will publish how we spend government money. There’s nothing special about that loan,” he said.
He added, “Nobody has asked us whether we’re going to publish the money we took from the World Bank, whether we publish the one from Eurobond, whether we publish the one from Sukuk. Why is this one special?”
Oyedele also dismissed suggestions that the transaction was conducted without due process, noting that it had been presented to the National Assembly.
“The loan was approved not only by FEC, it was taken to National Assembly because what some people are doing is they comparing with other countries where they did it under the table.
“What else can be more public than what you gave to the National Assembly?” he said.
The minister said the government had assessed the transaction carefully and was accessing the funds in phases to avoid incurring unnecessary costs.
“We’re assessing it in phases. You don’t want to take all the money at once because if you don’t spend it at once, you incur cost on the extra amount you’ve taken,” he said.
He explained that the financing arrangement was different from Nigeria’s traditional fixed-rate borrowing because the First Abu Dhabi Bank facility had a flexible interest rate.
“You need to understand the transaction. You know, there’s always the textbook analysis and there’s the real life of what you’re doing.
According to him, Nigeria could not benefit from the lower yield on its existing fixed-rate debt.
“This First Abu Dhabi Bank transaction is flexible rates. It means if rates go up, we pay more. If rates come down, we benefit more.
“There’s nothing that says we must always do one thing. And the all-in rate for this transaction is lower than our existing portfolio,” he said.
Oyedele said the primary objective was to refinance more expensive debt and reduce the government’s borrowing costs.
“So the objective is to use it to refinance expensive debt so you can save money,” he said.
The Federal Government is required to pledge securities worth about 133 per cent of the amount drawn as collateral under the arrangement.
The International Monetary Fund and Fitch Ratings had raised concerns about the financing structure, including issues around transparency and sovereign debt risks.
The IMF had warned that derivative financing structures such as total return swaps could be difficult to track and value in real time, potentially obscuring the extent of a country’s financial obligations.
Fitch Ratings also warned that Nigeria’s planned $5bn arrangement could increase sovereign debt risks and reduce transparency in public debt reporting.
Oyedele, however, said the government would soon publish frequently asked questions on the transaction to provide further clarification.
“In the next few days, you will see on the website both the Ministry of Finance and DMO the frequently asked questions about this particular debt or bond, just so everybody can please themselves,” he said.
He added that there was “nothing special” about the loan, despite the attention it had received from critics and international media.
“I spend time on it because I think it’s important and the international media also, for some reason, have taken so much interest in it. But that is what it is.” Oyedele said.
News
2027 Elections: 146 Presidential, Governorship Candidates to Spend Not More Than N571bn on Campaigns
No fewer than 146 candidates currently in the race for the 2027 presidential and governorship elections could collectively spend up to N571bn under the campaign expenditure limits prescribed by the Electoral Act 2026.
The figure comprises 19 presidential candidates, each with a campaign spending ceiling of N10bn, and 127 governorship candidates, each allowed to spend a maximum of N3bn under Section 92 of the new Electoral Act.
The 19 presidential candidates alone have a combined spending ceiling of N190bn, while the 127 governorship candidates could collectively spend up to N381bn.
The combined ceiling for the two categories therefore stands at N571bn, although the amount represents the maximum permissible expenditure and not money guaranteed to, or actually received by the candidates.
The development comes as the Independent National Electoral Commission published the personal particulars and credentials of the 19 presidential candidates and their running mates ahead of the 2027 poll, paving the way for the commencement of the presidential campaign on Wednesday, August 19, 2026.
According to the election tracker NGelections.com, 127 candidates across 28 states will be running for governor in 2027. Of the number, 122 have been nominated, four have declared, and one is still being monitored.
A check on the INEC website showed that the commission had yet to publish the total number of 2027 governorship candidates, with its official 2027 election page stating under the list of candidates that “This will be available soon.”
INEC has confirmed that governorship elections will be held in 28 states in 2027, with Anambra, Bayelsa, Edo, Ekiti, Imo, Kogi, Ondo and Osun excluded because they are on the off-cycle schedule.
The commission had fixed January 16, 2027, for the presidential and National Assembly elections, while the governorship and State House of Assembly elections are scheduled for February 6, 2027.
New spending limits
Section 92 of the Electoral Act 2026 substantially raises the amount candidates are permitted to spend on election campaigns compared with the previous statutory limits.
Under the new law, a presidential candidate may spend up to N10bn, while a governorship candidate is limited to N3bn.
For the National Assembly, the ceiling is N500m for a senatorial candidate and N250m for a House of Representatives candidate.
A candidate seeking election to a State House of Assembly may spend up to N100m, the same ceiling prescribed for an Area Council chairmanship candidate, while the maximum campaign expenditure for an Area Council councillorship election is N10m.
The law also places a ceiling on individual contributions to candidates, providing that no individual donor may contribute more than N500m to a single candidate.
Section 92 further provides sanctions for candidates who knowingly exceed the prescribed limits.
Such a candidate faces a fine equivalent to one per cent of the permitted expenditure limit, or imprisonment for up to 12 months, or both.
The provision makes compliance with the new spending thresholds a statutory obligation rather than a voluntary guideline.
It could not ne confirmed if INEC has successfully prosecuted and secured a conviction against a Nigerian politician specifically for exceeding the statutory election/campaign spending limit.
Also, there is no reported case of a politician or party being prosecuted for exceeding campaign-spending limits.
When asked how INEC would enforce the spending limits, the INEC National Commissioner and Chairman Information/Voter Education Committee, Mohammed Haruna, simply stated, ‘’It’s the Commission’s statutory responsibility to monitor the campaign finance of all political parties.’’ The anti-graft agencies are expected to collaborate with the INEC in monitoring and enforcing the spending limits.
The restriction on individual donations means that while a presidential candidate can spend as much as N10bn, a single donor cannot contribute more than N500m.
Similarly, a governorship candidate’s N3bn spending ceiling is six times the maximum individual donation.
Governor of Enugu State, His Excellency, Dr. Peter Ndubuisi Mbah, has approved fresh appointments in the state.
The new appointees include Special Advisers (SPAs) and Senior Special Assistants (SSAs).
This was announced on Wednesday through a public notice signed by Prof. Chidiebere Onyia, Secretary to the Enugu State Government
Full List Below:
1. Hon. Chukwudi Ezinwa — Special Adviser on Labour Union and Association Matters
2. Hon. Sunday Nnamani (Orlando) — Special Adviser on Special Duties
3. Mr. Williams Chukwu — Special Adviser on Agriculture
4. Prince Afam Agana — Special Adviser on Infrastructure Compliance
5. Humphrey Onyima — Special Adviser on Investment Strategy and Public Relations
6. Hon. Tony Ugwu — Special Adviser on Rural Development
7. Chief Ernest Nweze — Special Adviser on Party Coordination and Mobilisation
8. Hon. Emeka Onunze — Special Adviser on Monitoring and Evaluation
9. Mr. Robinson Odo (mni) — Special Adviser on Labour and Productivity
10. Pastor Kenneth Asogwa (Ebube Muonso) — Senior Special Assistant on Heritage and Community Relations
11. Pastor Tochukwu Ogbodo — Senior Special Assistant on Social Engagement
12. Barr. Lucky Chukwu — Senior Special Assistant on Public Affairs
13. Belonwu Nnaji — Senior Special Assistant on Cultural Orientation
14. Hon. Steve Odo — Senior Special Assistant on Tourism
15. Hon. Francis Ikewette Ede — Senior Special Assistant on Public Communication
16. Mr. Sunny Okafor — Senior Special Assistant on General Duties
17. Hon. Chinedu Okwu Otaka — Senior Special Assistant on Social Orientation and Mobilisation
18. Otaba Cosmas Ikechukwu — Senior Special Assistant on Protection of Public Utilities
19. Pius Okeagu — Senior Special Assistant on Assets Management
20. Rt. Hon. Innocent Emeka Ugwu — Senior Special Assistant on Inter-Party Affairs
21. Mrs. Eucharia Offor — Senior Special Assistant on Human Resource Management
22. Mr. Kenneth Oforma — Senior Special Assistant on Policy and Communication
23. Kelvin Ede — Senior Special Assistant on Research and Strategy
The appointments take effect immediately.
Dr. Samuel Ogbuku climbs another rung on the golden-floor ladder of life on August 19, 2026, marking 51 years of a life defined by purpose, resilience, and an unwavering commitment to the Niger Delta region.
Born in Ayakoro, Ogbia Local Government Area of Bayelsa State, his journey from the creeks and crowded neighbourhoods of the region to the helm of the Niger Delta Development Commission (NDDC) is more than a personal story. It is a living expression of what he has described as “Rewind to Rebirth”: the deliberate act of learning from the past to rebuild a stronger, more hopeful future.
Dr Ogbuku’s early years were shaped by the realities of the Niger Delta. He attended public schools in Port Harcourt before earning a Bachelor’s degree in Political and Administrative Studies from the University of Port Harcourt. Further studies led to a Master’s and a Ph.D. in Development Studies.
Alongside academic excellence, he cut his teeth as a student activist and later served as Public Relations Officer of the Ijaw Youth Council (Central Zone). Those formative experiences instilled in him a deep understanding of the region’s struggles and a firm belief that dialogue, education, and opportunity remain the most effective paths to lasting peace. His career has been a steady progression of service. He worked as a Personal Assistant in the Ministry of Petroleum, served as Chief of Staff in the Bayelsa State Government House, managed agricultural enterprises, and later acted as Senior Special Assistant on Niger Delta Affairs.
In 2023, President Bola Ahmed Tinubu appointed him Managing Director and Chief Executive Officer of the NDDC. He inherited an agency long criticised for inefficiency and uncompleted projects. Under his leadership, the Commission has shifted from what he terms a “transactional” approach to a “transformational” one.
The results are visible across the region. Thousands of kilometres of roads have been constructed or rehabilitated. Bridges and jetties have improved connectivity. Health centres have been built and equipped, while free healthcare outreaches have brought medical services to thousands.
The “Light Up the Niger Delta” initiative has extended electricity to communities long left in darkness. Scholarships have opened doors for young people, with many achieving distinction both at home and abroad. These interventions reflect a consistent philosophy: development must be felt by ordinary people in their daily lives.
At the heart of this work lies the “Rewind to Rebirth” agenda, articulated in his writings, including Rethinking the Niger Delta. It is a call to examine past mistakes honestly, discard what has not worked, and rebuild institutions, infrastructure, and trust with clearer purpose.
For Dr. Ogbuku, turning 51 is not merely a personal milestone. It is another opportunity to reaffirm that the Niger Delta’s future can be brighter than its past if leadership remains focused on results, accountability, and the people.As communities, colleagues, and well-wishers celebrate this birthday, the most fitting tribute is continued support for the unfinished work of regional transformation. Dr. Samuel Ogbuku’s 51 years remind us that purpose, when rooted in service, has the power to rewrite the story of an entire region one project, one community, and one generation at a time.
Happy Birthday, Dr. Samuel Ogbuku.
The Mission Continues!!!
Jim George Willy Ibimina
Writes from Niger Delta.
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