FG seeks fresh $1bn World Bank loan - Newstrends
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FG seeks fresh $1bn World Bank loan

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Nigeria’s Minister of Finance, Mr Wale Edun

FG seeks fresh $1bn World Bank loan

Nigeria has formally requested a $1 billion loan from the World Bank under a new programme aimed at accelerating private investment, job creation, and economic diversification. The initiative, titled Nigeria Actions for Investment and Jobs Acceleration (P512892), falls within the Bank’s Development Policy Financing (DPF) framework and is scheduled for board review on December 16, 2025.

Loan Structure and Debt Concerns The proposed facility comprises $500 million in International Development Association (IDA) credit and $500 million from the International Bank for Reconstruction and Development (IBRD). If approved, it would mark Nigeria’s second-largest loan under President Bola Tinubu, following the $1.5 billion RESET programme secured in June 2024.

However, the move has sparked debate among analysts, who warn of a potential debt trap if repayment strategies are not clearly defined. As of June 2025, Nigeria’s external debt stood at $46.98 billion, with the World Bank Group accounting for $19.39 billion—41.3% of the total—making it Nigeria’s largest creditor.

Reform-Driven Growth Agenda According to the World Bank, the new operation is designed to shift Nigeria from short-term macroeconomic stabilisation to long-term, private-sector-led growth. Key reform targets include:

  • Expanding access to credit
  • Strengthening digital financial systems
  • Boosting productivity in agricultural value chains
  • Deepening capital markets
  • Easing inflationary pressures
  • Promoting export diversification

The loan will also support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and a new Central Bank of Nigeria rulebook focused on consumer protection and risk-based regulation.

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Digital and Trade Reforms Digital transformation is a central pillar of the programme, with backing for the National Digital Economy and E-Governance Bill 2025. This legislation aims to formalise electronic transactions, authentication services, and data governance.

To reduce production and living costs, the World Bank recommends reforms to Nigeria’s trade regime, including:

  • AfCFTA tariff concessions
  • Simplified import procedures
  • Streamlined certification for strategic crops like maize, rice, and soybeans

These measures are expected to lower food inflation and enhance export competitiveness.

Complementary Programmes and Impact The $1 billion loan will be implemented alongside three complementary World Bank initiatives—FINCLUDE, BRIDGE, and AGROW—focused on inclusive finance, digital infrastructure, and sustainable agriculture.

The Bank projects that the combined reforms will:

  • Create jobs
  • Lower living costs
  • Expand credit access for MSMEs
  • Improve agricultural productivity
  • Raise rural incomes
  • Strengthen food security

Progress and Challenges The report commended Nigeria’s recent reforms, including the removal of fuel subsidies, forex unification, and improved revenue administration, noting their role in stabilising the economy and restoring investor confidence.

Nonetheless, challenges persist. Nigeria’s per-capita income remains below pre-2015 levels, and over 130 million citizens still live in poverty. The new facility aims to bridge this gap by unlocking inclusive, private-sector-driven development.

FG seeks fresh $1bn World Bank loan

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Kaduna Troops Rescue Two-Year-Old Boy From Kidnappers, Search for Mother Continues

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Kaduna Troops Rescue Two-Year-Old Boy From Kidnappers, Search for Mother Continues

A two-year-old boy is back with his family after troops rescued him from suspected kidnappers in Kaduna State.

Jafaru Baba was abducted with his mother from Ungwan Nungu village in Sanga Local Government Area. Troops later recovered the child after tracking the kidnappers to an area around Tayu Village.

The rescue followed intelligence received by security forces about the movement of the abductors and their victims.

According to security sources cited by security analyst Zagazola Makama, troops launched the operation at about 4pm on Wednesday, September 16.

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They searched Tayu High Grounds, Tayu Village and surrounding parts of Sanga LGA. The operation later brought the troops into contact with the suspected kidnappers.

A gunfight followed, forcing the abductors to retreat into the bush. In the process, they left the toddler behind.

The troops quickly secured Jafaru and later handed him over to his father.

Security sources said the troops fired 17 rounds of 7.62mm ammunition during the confrontation.

Meanwhile, the search has not ended. Security personnel are still combing the area for the child’s mother, who remains in the kidnappers’ custody.

They are also pursuing the suspects who fled after the encounter, as efforts continue to rescue the woman and bring those responsible for the abduction into custody.

Kaduna Troops Rescue Two-Year-Old Boy From Kidnappers, Search for Mother Continues

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Niger Mosque Abductions: Terrorists Execute 30 of 500 Captive Muslim Worshippers

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Niger Mosque Abductions: Terrorists Execute 30 of 500 Captive Muslim Worshippers
Inspector-General of Police, Olatunji Disu

Niger Mosque Abductions: Terrorists Execute 30 of 500 Captive Muslim Worshippers

MINNA, NIGERIA – The mass abduction of worshippers from mosques in Niger State has escalated dramatically, with armed terrorists reportedly executing some of the hundreds of captives seized during Friday prayers. The Inspector-General of Police, Olatunji Disu, travelled to Niger State on Saturday to assess the security situation and ordered reinforced rescue operations.

The attacks occurred on Friday, 21 August 2026, at approximately 2pm. Police spokesperson Wasiu Abiodun confirmed that armed men simultaneously attacked mosques in four communities – Dekara, Kpenya, Sabon-Gida and Gidan-Zana – in the Borgu Local Government Area, while Muslims were observing Friday prayers. Witnesses described scenes of chaos. A Dekara resident, speaking on condition of anonymity, said the terrorists surrounded the mosque shortly after prayers began. “As soon as the imam said ‘Assalamualaikum’, the bandits surrounded the mosque and took people away.” Local residents estimate that more than 60 people were abducted from Dekara Central Mosque alone. In Gbezhin community, no fewer than 100 people remained unaccounted for as of Sunday evening. The terrorists later released a video claiming to hold approximately 500 captives, including women and children, with the sound of children crying audible in the footage.

On Saturday, the terrorists issued a warning to surrounding communities, ordering residents to vacate their homes within 30 minutes and threatening: “We will kill anyone we meet when we return.” Those threats appear to have been carried out. A Dekara resident told Daily Trust: “We received information that some of the abducted worshippers have been killed, but we do not know the exact number. Soldiers and vigilantes have moved to recover the bodies, but all routes accessible to security personnel have been planted with improvised explosive devices.” The Niger State chapter of the Christian Association of Nigeria (CAN), through its chairman, Bishop Bulus Dauwa Yohanna, confirmed that approximately 30 worshippers who attempted to flee were shot dead by the gunmen. This figure corresponds with reporting by NPO Reports.

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The continuing violence and execution threats have triggered mass displacement. Resident Usman Musa told journalists that more than 200 residents from Gbezin had fled to neighbouring Benin Republic for safety. Another resident added that approximately 230 residents from Gidan-Zana and Sabon-Gida were taking refuge in Gawungi, inside Benin, while others had fled to Kwara State to stay with relatives.

Among those abducted are several prominent community figures. According to Ismaila Yahaya, the 90-year-old village head of Ka’ada was among those taken. He is the biological father of the District Head of Dekara and had only recently been released from a previous kidnapping. The violence in Borgu Emirate has not been confined to the mosque attacks. The Niger State Government confirmed that Alhaji Ahmed Yusuf, the village head of Galla, was killed by armed men at his residence. Governor Mohammed Umaru Bago expressed condolences, describing the killing as evidence of the bandits’ “extreme arrogance”.

Amid the escalating crisis, Inspector-General of Police Olatunji Disu visited Niger State on Saturday, 29 August, meeting with Deputy Governor Yakubu Garba at the Government House in Minna. He conveyed his condolences to the families of the victims and pledged that “the safe rescue of the kidnapped victims and bringing the perpetrators to justice remains the focus of current operations”. Disu has ordered the deployment of elite reinforcements to Niger State, including counter-terrorism units, tactical squads and the police air wing. Assistant Inspector-General of Police Victor Olaiya of Zone 7 has been dispatched to coordinate rescue efforts. Addressing officers at the Niger State Police Command, the Inspector-General said: “Nigerians are watching to see the police do what is right. I am not here for ceremony, but to bring a strong message of support to officers and soldiers working under difficult conditions.”

The Nigerian Supreme Council for Islamic Affairs (NSCIA) described the attacks as “heinous and barbaric”, calling on the Federal Government to “move beyond sporadic rescue operations” and establish a permanent, intelligence-driven and community-centred security architecture. The Christian Association of Nigeria’s Niger State chapter urged the government to provide adequate security at places of worship nationwide, stressing that “an attack on any place of worship is an attack on the sanctity of worship and a threat to the wider community”. Amnesty International also urged Nigerian authorities to secure the safe release of the abducted worshippers, noting that at least 1,100 people were abducted in the country between January and April 2026, with the actual figure likely to be far higher.

As of press time, the Niger State Government said it had not received any contact or demands from the kidnappers. Information Commissioner Obed Nuhu, speaking in a television interview, said the attacks were suspected to have been carried out by Lakurawa and Boko Haram elements, though the exact number of victims remained unverified.

Niger Mosque Abductions: Terrorists Execute 30 of 500 Captive Muslim Worshippers

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Kano Police Trace 12 Stolen Vehicles, Arrest 10 Suspects

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Kano Police Trace 12 Stolen Vehicles, Arrest 10 Suspects

The Kano State Police Command has arrested 10 suspected members of an alleged interstate car theft syndicate and recovered 12 vehicles linked to the group.

Commissioner of Police Ibrahim Adamu Bakori disclosed this on Wednesday during a briefing at the Tarauni Area Command.

According to him, five suspects were first arrested in Adamawa on September 7, leading to the recovery of a Mercedes-Benz GLK 350. Further investigation resulted in the recovery of 10 additional vehicles from Kano and neighbouring states.

Five more suspects were arrested on September 12 at Kwankwasiyya City Quarters, Tarauni, where police allegedly recovered a stolen Toyota Hilux.

Bakori said preliminary findings showed that the suspects allegedly operated across Kano, Katsina, Bauchi, Gombe and other states. He said the group allegedly stole vehicles, hid them at different locations and moved them across state borders for resale.

The commissioner noted that 11 of the 12 recovered vehicles were unregistered, making it difficult to trace their owners.

He urged vehicle owners to register their vehicles and display valid number plates, while warning that unregistered vehicles could make criminal investigations more difficult.

Bakori said investigations were ongoing and efforts were underway to arrest other suspected members of the syndicate.

 

Kano Police Trace 12 Stolen Vehicles, Arrest 10 Suspects

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