News
Nigeria’s World Bank debt to hit $9.65bn between 2023 to 2025
World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.
The amount covers International Bank for Reconstruction and Development and International Development Association loans only, according to an analysis of data on the bank’s website. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.
The International Bank for Reconstruction and Development provides loans on commercial or near-commercial terms to middle-income and creditworthy low-income countries, while the International Development Association offers highly concessional loans and grants to the world’s poorest nations.
The figures show a steady build-up of commitments with government officials pushing ahead with digital infrastructure, social protection, power, education, and health programmes while defending the concessional nature of the borrowings.
The Federal Government is expected to secure another $500m facility on December 19, 2025, under the Fostering Inclusive Finance for MSMEs in Nigeria project. The operation is being prepared for Board consideration and will be implemented through the Development Bank of Nigeria.
The borrowing cycle under the administration of Bola Tinubu began with $2.7bn in loans in 2023 across four major projects. Financing that year was dominated by power sector recovery, renewable energy access, girls’ education, and women’s economic empowerment.
The Nigeria Distributed Access through Renewable Energy Scale-up project received $750m in IDA financing to expand private sector-led clean energy access. Another $700m IDA credit was approved for girls’ secondary education in participating states. Women’s economic empowerment attracted $500m IDA through the Nigeria for Women Programme Scale Up.
The AF Power Sector Recovery operation received $449m in IBRD financing and $301m in IDA to improve the reliability of the electricity supply and restore financial sustainability in the sector. There were no grant components in 2023, so the entire amount consisted of loans.
The volume of loans rose sharply in 2024 as new approvals reached $4.25bn, representing a 57.4 per cent increase compared with the preceding year. The increase was driven largely by two policy-based operations and three separate $500m IDA investment packages.
The Nigeria Reforms for Economic Stabilisation to Enable Transformation programme provided $1.5bn in loans, split between $750m IBRD and $750m IDA, as the government sought fiscal space and protection for vulnerable populations while reforms continued.
Another $750m IBRD loan was approved for the NG Accelerating Resource Mobilisation Reforms programme to boost non-oil revenues and safeguard oil and gas receipts.
The World Bank also cleared $500m IDA each for rural road access, primary healthcare strengthening, and dam safety and irrigation programmes. The primary healthcare programme included a $70m grant, which lifted total World Bank support for 2024, including grants, to about $4.32bn.
For 2025, the data shows $2.695bn in loans at various stages of project processing alongside $52.18m in grants. Nine operations have already been identified across financial inclusion, digital broadband, health, education, social protection, and institutional capacity.
The largest facilities are tied to $500m IDA each for broadband expansion, basic education, and livelihood support for poor and vulnerable households. Health security, nutrition, and internally displaced communities account for another $630m, while procurement standards receive $65m from IDA.
A $400m IBRD component is included for the MSME finance programme, along with a $100m IDA portion. Also, the Central Bank of Nigeria is to receive a $6.8m grant to strengthen technology-enabled oversight of the banking sector and deepen understanding of payment and remittance systems.
Compared with 2024, the 2025 loan pipeline represents a decline of about 36.6 per cent, though it is broadly in line with the $2.7bn reached in 2023. Across the three years, IDA loans account for about $7.30bn while IBRD loans contribute roughly $2.35bn. Grants add another $122.19m, rising from zero in 2023 to $70.01m in 2024 before easing to $52.18m in 2025.
The portfolio highlights the scale of financing underpinning Nigeria’s reform programme as authorities continue to seek low-cost multilateral resources even as concerns persist over debt sustainability and the need to strengthen domestic revenue mobilisation.
Nigeria’s stock of World Bank International Development Association loans rose to $18.5bn, making it the largest IDA borrower in Africa and the third-biggest in the world.
Fresh data from the IDA’s unaudited financial statements for the third quarter of 2025 confirmed that the country has maintained the ranking it first attained in 2024, when it climbed to third place after overtaking India. The country was the fourth-largest borrower in 2023.
According to the report, Nigeria’s exposure increased from $17.1bn in September 2024 to $18.5bn in September 2025, representing a rise of $1.4bn or 8.2 per cent. The increase reflects the country’s heavier reliance on concessional financing to plug infrastructure gaps, stabilise its reform programme, and support social spending amid volatile oil earnings.
Economists warn that the rising loan pipeline, while potentially beneficial for long-term development, could deepen fiscal pressures if not matched with stronger domestic revenue mobilisation and prudent expenditure management.
Lagos-based economist, Adewale Abimbola, reacting to the rising World Bank commitments to Nigeria, said loans from multilateral institutions such as the World Bank are largely concessionary, with interest rates typically below market levels and longer repayment tenors.
He noted that the critical question is not whether Nigeria should be borrowing, but whether the loans are structured and deployed effectively. “If it’s concessionary and tied to viable projects with medium-term revenue prospects, I don’t think it’s a bad idea,” Abimbola explained. “Borrowing isn’t bad; what matters is utilisation.”
While acknowledging that borrowing is not inherently bad for an economy, he questioned the rationale for taking on more debt at a time when the government claims to have higher revenues. Ilias pointed out that following the removal of fuel subsidy, Tinubu had announced increased revenue inflows.
He added that both the Federal Inland Revenue Service and the Nigeria Customs Service had declared revenue surpluses, further suggesting the government should be able to fund projects without resorting to heavy borrowing.
According to him, the impact of the current borrowing spree is being felt in reduced public service delivery, particularly in capital expenditure, as debt servicing now consumes a significant portion of available revenue.
He warned that this crowding-out effect limits job creation, fuels inflation, and worsens Nigeria’s foreign-exchange imbalance, with the naira trading at historically low levels.
He argued that given the claimed revenue surpluses, the Tinubu administration should not have needed to borrow within its first two years in office, let alone at the scale currently being witnessed.
Economist and CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the rising World Bank commitments to Nigeria should be examined within the context of the country’s Medium-Term Expenditure Framework and annual budgets, which already provide for both domestic and foreign borrowing.
He noted that deficit financing is a common feature of budgets worldwide and is not inherently wrong, as it allows governments to make critical investments without waiting to generate all the required revenue upfront.
However, he stressed that borrowing should always be backed by sound economic reasoning and clear development priorities. Yusuf emphasised that the key issue is debt sustainability, which depends primarily on the country’s revenue capacity to service its obligations.
Without strong cash flow to meet repayment schedules, he warned, Nigeria risks falling into a vicious cycle of borrowing to service existing loans, thereby perpetuating fiscal vulnerability. He said it is essential that projects funded by loans directly support the economy’s capacity to repay.
According to him, Nigeria should be cautious with foreign loans due to the exchange rate risks they pose, noting that domestic debt is generally easier to manage. Excessive foreign borrowing, he warned, could put pressure on the country’s reserves and further weaken the exchange rate. He stressed that a disciplined approach to debt sustainability will be crucial for Nigeria to avoid long-term fiscal distress.
Meanwhile, data from the Debt Management Office showed Nigeria’s external debt stood at $46.98bn as of June 30, 2025. Of this amount, the World Bank Group accounted for $19.39bn—comprising $18.04bn from the International Development Association and $1.35bn from the International Bank for Reconstruction and Development.
This means the World Bank holds 41.3 per cent of the total, reinforcing its outsized role in funding Nigeria’s development programmes.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, recently called on the World Bank to support Nigeria’s Renewed Hope Ward Development Programme, a grassroots initiative he described as central to achieving President Bola Tinubu’s target of building a $1tn economy by 2030.
The minister praised the World Bank for its consistent backing of Nigeria’s reforms, describing the last 28 months of partnership as both challenging and transformative. “The World Bank team has collaborated with us not just as partners but as members of the same team. We could not have achieved the results we have today without your support,” he said.
Speaking with the minister in August 2025, the World Bank Country Director, Matthew Verghis, commended Nigeria for making bold decisions that could reset its development trajectory.
“Nigeria’s recent decisions represent a critical moment. Such choices are not easy, but they create opportunities for a new path,” Verghis said. “The World Bank stands ready to continue supporting Nigeria in maintaining these reforms and increasing their impact.”
Source: PUNCH
By Chinedu Sabastine
The Nigeria Union of Journalists (NUJ), Enugu State Council, South-East, will on November 5, 2026 induct renowned businessman, Engr. Arthur Eze, into its Hall of Fame during its annual Press Week celebration in Enugu.
The union will also honour the Minister of Works, Senator David Umahi, with the Pillar of the South-East Bridge Builder Award in recognition of his contributions to the region.
The event, scheduled to hold at the International Conference Centre (ICC), Enugu, is expected to attract more than 500 journalists and media executives, government officials, business leaders, traditional rulers, political stakeholders and other distinguished personalities.
The annual Press Week provides a platform for stakeholders to deliberate on issues affecting the media, governance and society.
Engr. Eze was the first person to renovate the NUJ Secretariat at No 4, Rangers Avenue Independence Layout, Enugu to ensure that media practitioners are being safe in a good environment.
He has contributed to the development of media practitioners, individual, institutions, churches and families across the Nation, his human capital development is massive.
Your nomination is a recognition of the remarkable legacy you have built over the years through your outstanding contributions to human empowerment, media practitioner empowerment, philanthropy, enterprise development, mentorship, capacity building, community advancement and the creation of opportunities for individuals and communities to prosper.
Your life and accomplishments stand as a compelling testimony to the power of vision, resilience, enterprise and service. Through your initiatives and interventions, you have demonstrated an uncommon commitment to lifting people, strengthening communities and opening pathways of opportunity for generations.
At a time when societies require individuals with the courage and capacity to transform dreams into possibilities, your remarkable journey continues to distinguish you as an outstanding builder of people, creator of opportunities and philanthropist of enduring impact.
The NUJ Enugu State Council considers this recognition particularly significant because your contributions go beyond material philanthropy. They represent a profound philosophy of investing in humanity, empowering the less privileged, nurturing enterprise, supporting communities and creating platforms through which individuals can achieve their potential.
This year’s press week celebration is expected to bring together key figures from different sectors to celebrate outstanding contributions and promote dialogue on the role of the media in society.
A Federal High Court sitting in Enugu has dismissed a suit challenging the candidacy of Hon. Barr. Sir OAU Onyema as the African Democratic Congress (ADC) candidate for Enugu West Senatorial District in the 2027 National Assembly election.
The suit, marked No. FHC/SKC/EN/CS/218/2026, was instituted by Evangelist Mrs Juliet Ani against the Independent National Electoral Commission (INEC), the ADC and Onyema, with the plaintiff laying claim to the party’s senatorial ticket.
However, the court, presided over by Justice Ogubanjo, reportedly dismissed the suit on Thursday, October 30, 2026, bringing to an end the legal challenge to Onyema’s emergence as the party’s candidate.
Sources familiar with the dispute said the plaintiff had indicated an intention to discontinue the case after the ADC national secretariat reaffirmed Onyema’s candidacy. However, proceedings reportedly continued before the court eventually dismissed the suit.
Speaking with journalists shortly after the court proceedings at his chambers, Akpagu Chambers, Presidential Road, Enugu, Onyema described the legal challenge as a temporary distraction that had slowed down his campaign activities but insisted that it would not derail his senatorial ambition.
He expressed confidence that his political experience, longstanding relationships and record of service across Enugu West would give him the needed advantage in the election.
“We are moving into the field for campaigns. Sir OAU Onyema has networked his person into families across Enugu West Senatorial District.
“The network I have built will sell. I have served as Secretary of Ohanaeze Ndigbo in Enugu State, Deputy Chairman and Vice President-General of Ohanaeze Ndigbo Worldwide. I have also served under three successive administrations in Enugu State.
“I will rely on my records of service, relationships and what I have done for the people to win this election,” he said.
Onyema further declared that, with the legal distraction now over, he would intensify his participation in the ADC’s statewide campaigns, working to promote not only his senatorial ambition but also other candidates of the party.
He said his immediate priority was to reconnect with the grassroots, consolidate existing political structures and take the ADC’s message to communities across the district.
Also speaking, the Enugu State Chairman of ADC, Major General Chris Ezeh (retd.), reaffirmed that Onyema emerged as the party’s candidate through a substituted primary election.
Ezeh alleged that external forces had attempted to frustrate the party’s decision but expressed satisfaction that the legal challenge had finally been resolved.
He described Onyema as a major political asset to the ADC in Enugu State, noting that his longstanding involvement in the party and experience in public service would strengthen its electoral fortunes.
The party chairman also identified Onyema as one of the founding members of ADC in Enugu State and said his emergence as the Enugu West senatorial candidate was a significant development for the party.
Checks by TCM further indicated that Onyema’s political ambition has consistently centred on representing Enugu West in the Senate, having reportedly never sought election to any other political office since venturing into partisan politics.
With the legal challenge dismissed, Onyema is expected to intensify his grassroots mobilisation and join other ADC leaders in building support for the party ahead of the 2027 general election.
The Police Service Commission (PSC) has approved the promotion of thousands of senior police officers, including two Deputy Inspectors-General of Police (DIGs), 10 Assistant Inspectors-General of Police (AIGs) and 17 Commissioners of Police (CPs).
The promotions followed the successful completion of promotion examinations and oral interviews conducted by the commission.
According to a statement issued on Thursday, the approvals were granted during the commission’s plenary meeting in Abuja, presided over by its Chairman, retired DIG Hashimu Salihu Argungu.
The two officers elevated to the rank of Deputy Inspector-General of Police are Olaolu Adegbite, Head of the INTERPOL National Central Bureau, Abuja, and Dankombo F. Morris, who heads Zone 4 Headquarters, Makurdi.
Adegbite holds a Bachelor of Arts degree in Russian Language from the University of Lagos and a Master’s degree in Philology from the Pushkin Institute, Moscow.
A recipient of the national honour of Member of the Order of the Federal Republic (MFR), he is also a member of the FBI National Academy Associates and an alumnus of Harvard Kennedy School. He previously served as Director of Operations at the Economic and Financial Crimes Commission (EFCC).
Morris, an indigene of Gombe State, holds a degree in History from the University of Maiduguri and a Diploma in Police Science. He previously served as Commissioner of Police in Adamawa State.
The 10 officers promoted from Commissioner of Police to Assistant Inspector-General are Omosanyin Olusegun, Ogbodo Ugobueze, Ohagwu Felix Ndukwe, Taylor Lennox Olanrewaju, Regina Cosmas Udoette, Afolabi Wilfred Olutokunbo, Nwogoh Martin, Shetima Jauro Mohammed, Ibrahim D. Gotan and Danjuma I. Yahaya.
The commission also approved the elevation of 17 Deputy Commissioners of Police to the rank of Commissioner of Police.
They include Nache Bashir Liman, Sirajo Lawal Salihu, Ayeleye Adegboyega, Isiaka O. Salau, Usman Shaik Adamu, Aminu Maiwada Garba, Abdulkarim Musa Waziri, Muhammad Yusuf Adamu, Sani Adamu Nufawa, Bello M. Adamu, Okezie Chikezie, Aminu Usman Gusau, Abiodun Onuoha, Salisu Bello Fago, Adegoke A. Alani, Wuwa Auwal Muhammad and Benedict U. Agbo.
In another round of promotions, 85 Assistant Commissioners of Police were elevated to Deputy Commissioners of Police.
Among the beneficiaries are Dr Ruth Oyinmearelu Okunbo, Medical Director of MD Abubakar Police Hospital, Deidei, and ASR Police Reference Hospital, Utako, Abuja; Isah Adejoh of the Police Staff College, Jos; and Mannir Yusuf Gafai of the Kano State Command.
Similarly, 49 Chief Superintendents of Police were promoted to Assistant Commissioners of Police, while 245 Superintendents of Police advanced to Chief Superintendents.
Notable among those elevated to CSP are Josephine Adeh, Police Public Relations Officer of the Federal Capital Territory Command, and Suleiman Yahaya Nguroje, spokesperson of the Adamawa State Police Command.
Other beneficiaries include Abah James of Rivers State Command, Okere Romanus of Isiowulu Division in Anambra State, Ugochukwu Ozoude Alex of Zone 9, Umuahia, Vincent Elekwa of Rivers State Command, Umar Sani of FCT Command and Mustapha Mohammed.
The PSC further approved the promotion of 498 Deputy Superintendents of Police to Superintendents of Police, including Isa Osu of the Border Patrol Force Headquarters, Abuja; Samaila Amadu Bangajiya of the 12 Police Mobile Force Squadron, Minna; and Akadu Godwin of the Tactical Intelligence Unit, Force Headquarters.
Another 3,218 Assistant Superintendents of Police were elevated to Deputy Superintendents.
Among them are Frank Okafor, former Chief Security Officer of Jaiz Bank and Intelligence Coordinator at Government House, Uyo; Samson Sule, Chief Security Officer to the Executive Secretary of the Nigeria Police Trust Fund; Ibrahim Abuh of Force Headquarters; Dauda Yusuf Olatunji; Sarauta Mohammed Mohammed; and Yusuf Mukarram Ado of the Airport Police Command, Ikeja.
Congratulating the newly promoted officers, Argungu charged them to see their elevation as a call to greater responsibility, professionalism and dedication to duty.
He urged them to redouble their commitment to protecting lives and property, maintaining public order and enforcing the law.
The PSC chairman stressed that Nigerians expected improved performance, discipline and accountability from officers entrusted with higher responsibilities.
The Nigeria Security and Civil Defence Corps (NSCDC) has suspended Deputy Superintendent of Corps (DSC) Onoja Babayo Samuel over his alleged involvement in a shooting incident at Kubwa Market, Abuja, on October 25, 2026.
The Corps has also ordered an Orderly Room Trial and referred the officer to its disciplinary committee to determine his level of culpability.
In a statement issued on Thursday by its National Public Relations Officer, Babawale Afolabi, the NSCDC disclosed that Samuel was arrested by the Federal Capital Territory (FCT) Police Command after allegedly firing gunshots into the air during a confrontation with traders at the market.
The Corps described the alleged conduct as a gross violation of its rules of engagement and Standard Operating Procedures (SOP), particularly those regulating the use of firearms.
Consequently, the Commandant General of the NSCDC, Prof. Ahmed Abubakar Audi, directed the officer’s immediate suspension pending the conclusion of investigations and disciplinary proceedings.
Following the directive, Samuel has been relieved of all official duties and stripped of his responsibilities until the disciplinary process is concluded.
According to the statement, the disciplinary committee at the Corps’ National Headquarters in Abuja will examine the circumstances surrounding the incident alongside the Orderly Room Trial.
The NSCDC assured the public that the outcome of the proceedings would be made known upon conclusion.
Reaffirming his administration’s zero tolerance for professional misconduct and the misuse of firearms, Audi warned that no officer found culpable of violating operational guidelines would be shielded from appropriate sanctions.
He reiterated the Corps’ commitment to protecting lives, maintaining professionalism and ensuring public safety, stressing that personnel must conduct themselves within established operational procedures at all times.
News
C’Riiver Speaker Ayambem Opens 2027 Budget Retreat, Pledges Thorough Scrutiny of Appropriation Bill
The Speaker of the Cross River State House of Assembly, Rt. Hon. Elvert Ayambem, has opened the 2027 Budget Retreat in Obudu, pledging a thorough legislative review of the proposed budget to ensure prudent resource allocation and effective service delivery.
The retreat, themed “Consolidation and Renewed Hope,” is being held at Centurion Hotel, Obudu.
Ayambem said the retreat would enable lawmakers to critically examine the 2027 Appropriation Bill, assess government spending priorities and ensure that proposed expenditures reflect the needs and aspirations of the people.
He identified agriculture, healthcare, education, infrastructure and human capital development as key sectors requiring adequate attention in the budget.
The Speaker reaffirmed the Assembly’s commitment to a comprehensive and timely review of the budget estimates, emphasising the need for fiscal responsibility, transparency and accountability in the management of public funds.
He commended Governor Bassey Otu for maintaining a constructive relationship between the executive and legislative arms of government, noting that cooperation between both institutions was essential for effective governance.
Ayambem described the annual budget retreat, sustained by the 10th Assembly for four consecutive years, as evidence of the legislature’s commitment to strengthening budgetary oversight and improving its engagement with the state’s fiscal plans.
He expressed optimism that the deliberations would produce a responsive and people-centred budget that advances the gains of Governor Otu’s People First Administration, promotes sustainable development and translates government policies into tangible improvements in the lives of Cross River residents.
Matthew Okache
Chief Press Secretary to the Speaker
October 28, 2026
-
Education4 days agoCaleb British International School Wins Zenith Bank Young Innovators Challenge, Bags ₦5m Prize
-
Crime3 days agoPolitical Violence: PDP Chairmen Storm Ebonyi, Warn Nwifuru To Leave Opposition Alone Or…
-
Politics3 days agoTransport Allowance: Payment Begins November, Beneficiaries to receive N420,000
-
Politics4 days agoNnamani, Nwobodo, Chime, Ugwuanyi, Arthur Eze, Get Advisory Roles As Mbah Unveils Campaign Council
-
Crime3 days agoPolice Arrest Suspected Serial Rapist in Enugu, Recover Victims’ Nude Videos
-
News3 days agoTUC Rejects Tinubu’s N70,000 Transport Allowance
-
Crime3 days agoPolice Arrest Suspected Fake Lawyer After 11 Years of Practice in Ebonyi
-
Sports4 days agoHarry Kane Wins 2026 Ballon d’Or, Ends England’s 25-Year Wait