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Nigeria, three others top World Bank debtors’ list
Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.
The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.
However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.
This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.
This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.
The top five countries on the list slightly reduced their IDA debt stock except Nigeria.
India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.
It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.
Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.
The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”
However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.
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The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.
Economists have also raised concerns over the rising debt profile of the Federal Government.
The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.
He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.
“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.
“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”
A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country.
According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development.
In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.
According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.”
News
Osun Orders Weekly Sanitation, Directs Businesses to Clean Premises Every Thursday
Osun Orders Weekly Sanitation, Directs Businesses to Clean Premises Every Thursday
OSOGBO — The Osun State Government has introduced a weekly environmental sanitation exercise, directing traders, shop owners, artisans and other business operators to clean their premises every Thursday between 8am and 10am.
The directive, which takes immediate effect, is aimed at curbing indiscriminate refuse disposal, enforcing environmental regulations and preventing disease outbreaks across the state.
The government announced the measure in a press release dated October 14, 2026, issued by the Office of the Head of Service, Office of the Governor, Osogbo.
According to the statement, the state government recently constituted an Environmental Sanitation Task Force to tackle the dumping of refuse and other forms of environmental infractions in unauthorised locations.
Under the new arrangement, Thursdays have been designated as Environmental Sanitation Day, during which markets, shops, malls, offices and other business premises are expected to be cleaned.
The government directed market operators, shop owners, artisans and owners of business premises to be physically present during the exercise to ensure that their surroundings are properly cleaned and the directive is fully implemented.
The two-hour exercise is expected to promote environmental responsibility among residents and business operators while addressing poor waste disposal practices that could pose health risks to the public.
The government also clarified the role of law enforcement agents who would be present during the sanitation exercise, saying their deployment was intended to support the clean-up effort rather than arrest offenders.
It stressed that the presence of enforcement personnel was meant to complement the efforts of market operators, shop owners and other business stakeholders in maintaining a clean environment.
The government urged residents and business operators to cooperate with the Environmental Sanitation Task Force to ensure the success of the initiative.
The measure forms part of the state’s efforts to improve public hygiene, maintain cleaner communities and reduce the risk of diseases associated with poor environmental sanitation.
Business owners and other affected stakeholders are expected to comply with the directive every Thursday between 8am and 10am, beginning immediately.
Osun Orders Weekly Sanitation, Directs Businesses to Clean Premises Every Thursday
News
Terrorists Storm Borno Military Post in Fierce Gun Battle, Soldiers Feared Dead
Suspected Boko Haram terrorists have attacked a military post in Mairari community, Guzamala Local Government Area of Borno State, triggering a prolonged gun battle in which several soldiers were feared killed.
The attack reportedly occurred around midnight on Tuesday, October 13, 2026, when the insurgents launched an assault on the military formation. The confrontation was said to have lasted more than two hours, with heavy gunfire raising tension in the community.
Although reports indicated that the military suffered casualties, the exact number of soldiers killed or injured had not been officially confirmed at the time of reporting. Some local sources reportedly put the death toll at seven soldiers, but the figure remained unverified.
The Chairman of Guzamala Local Government Area, Umar Sheriff, confirmed the attack, saying the terrorists had targeted the military post. He disclosed that no civilian deaths had been reported and that troops had repelled the attackers.
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Sheriff described the incident as an unusually severe assault in the area in recent times. He also indicated plans to visit the community to assess the situation following the attack.
The latest incident underscores the continuing security challenges in Borno State, the epicentre of Nigeria’s more than decade-long insurgency involving Boko Haram and the Islamic State West Africa Province (ISWAP). Both groups have repeatedly attacked military formations and communities across the North-East, particularly in remote areas where security personnel face difficult operating conditions.
Military positions have remained targets for insurgents seeking to disrupt security operations, seize weapons and undermine the presence of government forces. Such attacks have also raised concerns about the safety of troops stationed in isolated communities.
However, as of the time of filing this report, the military had not publicly confirmed the casualty figures from the Mairari military post attack. The reported death toll should therefore be treated as unverified pending an official statement.
Further details are expected as security authorities assess the incident and provide information about casualties and the circumstances surrounding the assault.
Terrorists Storm Borno Military Post in Fierce Gun Battle, Soldiers Feared Dead
News
2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded
2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded
The Independent National Electoral Commission (INEC) has explained why some political parties and their governorship candidates were excluded from the final list for the 2027 elections, citing failure to comply with the statutory requirement to submit membership registers before conducting valid party primaries.
The commission said the decision followed a Supreme Court judgment delivered on September 24, 2026, which upheld the constitutionality of relevant provisions of the Electoral Act, 2026, requiring political parties to submit their membership registers within a prescribed period.
The explanation comes amid complaints from affected political parties and candidates following the publication of INEC’s final list of governorship candidates, which omitted several prominent opposition figures.
Among those affected are Isa Ali Pantami, the Peoples Democratic Party (PDP) governorship candidate in Gombe State, and Ladi Adebutu, the party’s candidate in Ogun State.
Pantami’s name was missing despite his emergence from a court-ordered rerun of the PDP governorship primary in Gombe, while Adebutu and his running mate were also absent from the list.
In a statement issued on Tuesday, October 13, INEC National Commissioner and Chairman of its Information and Voter Education Committee, Mohammed Kudu Haruna, said the commission applied the Supreme Court’s decision when finalising the list.
The judgment arose from an appeal filed by INEC against an earlier Court of Appeal decision that had nullified Sections 77(5)–(7) of the Electoral Act, 2026.
The Supreme Court upheld the provisions, which require political parties to submit their membership registers as a prerequisite for valid party primaries.
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It also upheld INEC’s timetable requiring parties to submit their registers between April 21 and May 10, 2026.
According to the commission, the apex court held that parties that failed to comply with the statutory requirements were ineligible to sponsor candidates for the elections.
INEC said it was consequently required to give effect to the judgment in accordance with Section 287(1) of the 1999 Constitution, as amended, which requires compliance with decisions of superior courts.
The commission added that the final lists of presidential and National Assembly candidates had already been published on September 12, 2026, before the Supreme Court delivered its judgment.
The omissions have triggered reactions from affected political parties, with the PDP saying it was engaging INEC over the absence of its candidates in Gombe and Ogun states.
The Nigeria Democratic Congress (NDC) has also raised concerns over the omission of some of its governorship candidates, while other affected political groups have indicated their intention to pursue available remedies.
The development has heightened concerns among opposition parties as preparations continue for the February 6, 2027, governorship elections.
INEC, however, said political parties that believe their candidates were wrongly omitted from the final list have 14 days from the date of publication to notify the commission.
It fixed October 24, 2026, as the deadline for such notifications under Section 32(2) of the Electoral Act, 2026.
The commission reaffirmed its commitment to transparency, adherence to the rule of law and the credibility of the electoral process.
The next steps by affected parties will determine whether the omissions can be resolved through the commission’s notification procedure or other legal avenues available to them.
2027 Elections: INEC Reveals Why Pantami, Adebutu, Others Were Excluded
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