News
Nigeria to lose $4m from World Bank loan
Nigeria to lose $4m from World Bank loan
The federal government is set to lose $4 million from a World Bank loan for failing to meet auditing standards on a crucial revenue reform affecting the Federal Inland Revenue Service and the Nigeria Customs Service.
The fund was part of the Fiscal Governance and Institutions Project, a $103 million public financial management programme funded by the International Development Association’s credit facility.
According to the World Bank’s restructuring paper dated June 2025, the revenue assurance audit encompassing the FIRS and Customs for the fiscal years 2018-2021 was deemed unsuccessful because the papers submitted did not match international auditing standards.
A World Bank document obtained by Chronicle NG reads, “Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018 – 2021 with an allocation of $4m.
“These intermediate results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”
The failed audit was one of ten performance-based requirements under the project that the government was unable to complete by the project’s deadline of June 30, 2025. As a result, the Federal Ministry of Finance officially demanded the cancellation of $10.4 million in project money.
READ ALSO:
- Seven alternative courses you can study with low JAMB score 2025
- Tinubu’s aide Aliyu Audu resigns
- No evidence Abacha stashed public funds abroad – Wife
“The FMF has requested cancellation of $0.9m of unused funds for Technical Assistance and $9.5m, which is the amount allocated to 10 Performance-Based Conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.
The breakdown also reveals that $4.5 million was earmarked for the unfinished Revenue Assurance and Billing System, while $1 million was dedicated to the creation of a National Budget Portal.
According to the paper, the Federation’s Budget Office, which was in charge of the portal, failed to produce any evidence of achievement. In addition, $0.9 million in technical assistance funds was left uncommitted and has been terminated.
The document read, “The proposed change is to cancel the $10.4m, constituting $9.5m for PBCs that will not be achieved and verified by the closing date and $0.9m uncommitted funds from the technical assistance component.”
This new change follows a previous reorganisation in June 2024, when $22 million was removed from the initial $125 million budget, reducing the project to $103 million. With the current cancellation, the total funding now stands at $92.6 million.
The Fiscal Governance and Institutions Project, approved in June 2018 and implemented in May 2019, aimed to strengthen the credibility of public finance and national statistics by reforming revenue administration, budget transparency, and data systems.
READ ALSO:
- Cristiano Ronaldo set to extend Al Nassr stay
- Gunmen murder businessman in Anambra
- Troops gun down ISWAP commander in Borno
Although the government missed critical benchmarks, the project made improvements in other areas, such as revenue performance. According to the World Bank, non-oil revenue in 2024 was 153% of the planned objective, up from 64.9% in 2018.
The bank ascribed the gain to the unification of Nigeria’s exchange rate, better tax administration through the TaxProMax system, and reforms that automated revenue flows from ministries and agencies.
Furthermore, the government outperformed expectations in terms of publishing reconciled economic and fiscal information, with ten publications compared to the project’s aim of six.
However, capital expenditure execution continues below expectations at 50%, falling short of the target of 65%, and project monitoring and evaluation were rated moderately unsatisfactory.
Other developments include the Corporate Affairs Commission’s launch of the Electronic Register of Beneficial Owners, which now includes around 40% of registered enterprises, and the Ministry of Finance Incorporated’s release of a National Asset Registry and financial reports.
The project’s final distribution is expected to be $96.04 million, accounting for 93% of the $103 million pre-cancellation total.
Nigeria to lose $4m from World Bank loan
![]()
News
Ex-CSU Lecturer Reopens Tinubu’s Certificate Controversy, Says President Never Attended University
Ex-CSU Lecturer Reopens Tinubu’s Certificate Controversy, Says President Never Attended University
A fresh controversy has emerged over President Bola Ahmed Tinubu’s educational background after a former lecturer at Chicago State University (CSU), Dr Adetokunbo Pearse, claimed that the Nigerian leader never attended the American institution.
Pearse made the allegation during an interview on News Central Television on Sunday, November 8, 2026, insisting that he had personal knowledge of the university’s academic programme and Tinubu’s alleged attendance.
The former lecturer, who said he worked at Chicago State University between 1985 and 1990, claimed he was the director of the programme Tinubu reportedly attended.
According to him, he was familiar with the institution’s records and maintained that the President never enrolled there.
“The fact of the matter is, I know he never attended Chicago State University. He knows that I know. So the man (Mr Tinubu) has no integrity,” Pearse said.
He also questioned the educational institutions Tinubu listed in documents submitted to the Independent National Electoral Commission (INEC), arguing that the President had identified schools he allegedly never attended.
Pearse further claimed that he was approached in 1999 by individuals seeking information about Tinubu’s academic records when the late Funsho Williams was reportedly making inquiries into the matter.
The allegation has reopened public debate over Tinubu’s educational qualifications, which generated considerable controversy during the 2023 presidential election and subsequent legal proceedings.
However, Pearse’s assertion contradicts Chicago State University’s official position. In September 2023, the institution confirmed that Tinubu attended the university and graduated in 1979 with a bachelor’s degree.
The university subsequently released academic records following legal proceedings initiated in the United States by former Vice-President Atiku Abubakar.
The records indicated that Tinubu attended the institution between August 1977 and June 1979 and was awarded a Bachelor of Science degree in Business Administration.
Although questions were raised during the legal proceedings about the authenticity of the particular diploma submitted to INEC, Chicago State University maintained that its records confirmed Tinubu’s attendance and graduation.
Pearse’s latest comments therefore introduce a fresh personal challenge to the university’s previously stated position, although his assertion does not, on its own, invalidate the institution’s official records.
As of the time of filing this report, the Presidency had yet to publicly respond to the latest allegations, according to reports on the interview.
The renewed controversy is likely to attract further political attention as Nigerians continue to debate questions surrounding transparency, public accountability and the President’s educational background.
Ex-CSU Lecturer Reopens Tinubu’s Certificate Controversy, Says President Never Attended University
![]()
News
One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta
One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta
One person has been killed and five others injured following a violent clash that disrupted a political procession organised by supporters of the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, and his running mate, Rabiu Kwankwaso, in Asaba, Delta State.
The incident occurred at about 12:15 p.m. on Saturday, November 7, 2026, along Nnebisi Road, during a one-million-man march organised by supporters of the Obi-Kwankwaso Movement.
The Delta State Police Command confirmed the casualties, disclosing that the identities of the deceased and injured persons had yet to be established as investigations commenced.
In a statement issued by the Police Public Relations Officer, SP Bright Edafe, the command said it had received intelligence indicating the possibility of violence ahead of the procession.
According to the police, organisers of the rally were invited to a security meeting, where they were briefed about the identified threats and advised against holding an open-road procession.
The command said the organisers were encouraged to conduct their political activities at a designated venue where adequate security arrangements could be provided.
However, the police alleged that the organisers ignored the advice and proceeded with the procession.
READ ALSO:
- ‘Stop Blaming Us’, APC Tells Atiku, ADC Over Court Judgment
- Atiku to Tinubu: You Cannot Use Courts to Escape Nigerians’ Verdict
- University Funding Crisis: States Beg FG to Take Over Cash-Strapped Institutions
Following a distress call, police operatives were deployed to the scene and evacuated the injured victims to hospital for medical attention.
Security was subsequently reinforced in the affected area to prevent further breakdown of law and order.
The police said investigations were ongoing to establish the circumstances surrounding the violence and identify those responsible.
Commissioner of Police, Samuel Erale, condemned the incident and reiterated that political parties were free to conduct lawful campaigns and other political activities across the state.
He, however, urged political parties and their supporters to avoid road processions in the interest of public safety and liaise with the police ahead of political gatherings to facilitate adequate security arrangements.
The command also appealed to members of the public with useful information about the incident to contact the police through 09155570008 or 09155570007.
Meanwhile, the NDC has accused the ruling All Progressives Congress (APC) of being behind the attack, alleging that the incident was an attempt to intimidate opposition supporters and disrupt its political activities.
Former Speaker of the Delta State House of Assembly and NDC senatorial candidate for Delta North, Victor Ochei, called on Governor Sheriff Oborevwori to order an immediate investigation and ensure that those responsible were arrested and prosecuted.
Ochei alleged that more than 30 campaign buses were destroyed during the attack, accusing suspected attackers of being mobilised by individuals allegedly connected to the ruling party.
However, Delta APC spokesperson, Valentine Onojeghghuo, dismissed the allegation, insisting that the NDC had provided no evidence linking APC members to the incident.
He described the accusation as baseless and urged the opposition party to embrace peaceful political engagement.
The Delta State Coordinator of the Obi-Kwankwaso Movement, Favour Emerue, also alleged that the gathering was peaceful before suspected hoodlums disrupted the procession, leaving some participants injured.
In a separate reaction, Peter Obi condemned the reported attacks on his supporters and NDC members in Delta State, calling on the state government and security agencies to investigate the incidents and bring those responsible to justice.
The latest violence has renewed concerns about the safety of political activities ahead of the 2027 general elections.
The police have assured residents that a thorough and impartial investigation will be conducted to establish the circumstances surrounding the clash and ensure that anyone found culpable faces the law.
One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta
![]()
News
Power Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity
Power Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity
ABUJA – Minister of Power, Joseph Tegbe, has assured Nigerians that electricity supply will begin to improve within the next 48 to 72 hours as the Federal Government intensifies efforts to address the challenges responsible for the recent power outages across parts of the country.
Tegbe gave the assurance in an update on the country’s power situation amid growing complaints from electricity consumers over prolonged blackouts, particularly in Lagos and the Federal Capital Territory.
The minister attributed the worsening electricity supply to a combination of planned maintenance at Egbin Power Station, inadequate gas supply to some thermal power plants and sabotage of critical transmission lines.
According to him, the challenges have reduced the volume of electricity available on the national grid, forcing grid operators to implement load shedding in some areas to manage the shortfall.
He explained that maintenance activities at Egbin Power Station, one of Nigeria’s major electricity-generating facilities, had contributed significantly to the reduction in power generation.
The minister also identified gas supply constraints affecting some thermal power stations as another factor responsible for the decline in electricity generation.
READ ALSO:
- One Killed, Five Injured as Violence Disrupts Obi-Kwankwaso Rally in Delta
- BREAKING: Flamingos Make History, Defeat Japan 2–1 to Win First FIFA U-17 Women’s World Cup
- White House Reaffirms US Policy Recognising Only Two Genders
Tegbe further alleged that sabotage of key transmission lines had restricted the use of alternative routes for supplying electricity to some locations, particularly Lagos.
He said the Federal Government was working with relevant operators to address the challenges and restore the affected generating units in phases.
“My team and I are working to return the affected generating units to service in phases, with the first units coming back online within the next 48 to 72 hours.
“We are also working with operators to improve gas supply and accelerate repairs to the damaged infrastructure,” he said.
The minister acknowledged the hardship caused by the outages, noting that the disruptions had placed considerable pressure on households and businesses in the affected states.
He apologised to electricity consumers experiencing the interruptions and thanked them for their patience, promising to provide further updates as efforts to restore supply progress.
The latest assurance follows growing public complaints over worsening electricity supply, with residents and businesses in several locations struggling to cope with prolonged outages.
The power crisis has also triggered disagreements between the Transmission Company of Nigeria (TCN) and Ikeja Electric over the causes of recent supply interruptions.
While Ikeja Electric had cited grid instability in explaining its inability to meet electricity supply obligations to some Band A customers, TCN disputed the explanation, attributing the decline largely to inadequate gas supply and reduced electricity generation.
Tegbe had earlier directed TCN, the Nigerian Independent System Operator (NISO) and electricity distribution companies (DisCos) to address operational challenges contributing to the decline in power supply.
Nigerians will now be watching closely to see whether the promised improvement materialises within the 48-to-72-hour timeframe.
Power Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity
![]()
-
Sports2 days agoBREAKING: Flamingos Make History, Defeat Japan 2–1 to Win First FIFA U-17 Women’s World Cup
-
Entertainment2 days agoMohbad: Court-Supervised DNA Samples Collected From Singer’s Remains, Son Liam
-
News2 days agoPower Outage: Tegbe Gives Nigerians 72-Hour Timeline as FG Moves to Restore Electricity
-
metro3 days agoADC Leadership Crisis: Why Two Federal High Court Judgments Do Not Conflict – Obono-Obla
-
Politics2 days ago‘Stop Blaming Us’, APC Tells Atiku, ADC Over Court Judgment
-
News2 days agoNDLEA Arraigns Two Mexicans, Four Nigerians Over Secret Meth Lab in Oyo Forest
-
Africa2 days agoShakahola Massacre: Kenyan Court Jails Doomsday Pastor 200 Years Over 191 Deaths
-
International2 days agoUS Offers $20m Reward, Relocation for Information on Iran’s Nuclear Programme
