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Nigeria gets World Bank $1.5bn loan

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FG in Advanced Talks With World Bank for Fresh $1.25bn Loan Facility

Nigeria gets World Bank $1.5bn loan

The World Bank has disbursed a $1.5 billion loan to Nigeria under the Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing initiative.

The loan, approved on June 13, 2024, was released in record time following Nigeria’s implementation of critical reforms, including the removal of fuel subsidies and comprehensive tax policies.

This fast disbursement contrasts with other loan programmes, which typically experience delays due to slow or partial implementation of conditions.

For instance, the World Bank has also disbursed $1.88 million of a $750 million loan for the Accelerating Resource Mobilization Reforms (ARMOR) project, approved alongside the RESET programme.

Loan disbursement timeline 

  • The first tranche of $750 million, a credit facility under the International Development Association (IDA) with a 12-year maturity and six-year grace period, was disbursed on July 2, 2024.
  • The second tranche of $750 million, issued by the International Bank for Reconstruction and Development (IBRD) with a 24-year maturity and 11-year grace period, followed in November 2024.

The World Bank document read: “This document summarizes the progress made under the Reforms for Economic Stabilization to Enable Transformation Development Policy Financing for the Federal Republic of Nigeria (Borrower or Recipient), which was approved by the Executive Directors on June 13, 2024.

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“The DPF is a standalone operation comprised of two tranches: (1) first tranche comprising US$750 million credit from the International Development Association (Association) (Shorter Maturity Loan terms with 12-year maturity and grace period of 6 years, Credit No. 7567-NG); and (2) second tranche comprising US$750million loan from the International Bank for Reconstruction and Development (Bank) (US dollar-denominated, commitment-linked loan with 24-year maturity and grace period of 11 years, Loan No.9683-NG). The Financing Agreement and Loan Agreement were signed and declared effective on June 19, 2024 and June 26, 2024, respectively. The first tranche was released on July 2, 2024.” 

Key reform conditions 

A major trigger for the second tranche was the removal of fuel subsidies. The reforms allowed petrol prices to reflect international market rates and exchange rates, effectively ending implicit subsidies that strained public finances.

The deregulation, which began in mid-2023, saw petrol prices increase more than fivefold, drawing praise for fiscal discipline but sparking criticism over the rising cost of living.

The World Bank commended the government for not only meeting the condition but exceeding expectations by fully deregulating the fuel market.

The document noted: “In terms of implementation, while the TRC [Tranche Release Conditions] formulation required introducing the change over a specified time-bound implementation period, the Borrower has moved ahead and made the change immediately, thereby overachieving the TRC in this respect.

“Effective October 2024, the price of PMS has been determined by the international market and the exchange rate set by the Central Bank of Nigeria.” 

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Additional reforms included the introduction of the Nigeria Tax Bill 2024, proposing a gradual increase in Value Added Tax (VAT) to 10% by 2025 and streamlining tax compliance processes.

The document read: “The Borrower has successfully carried out the program as outlined in the Letter of Development Policy, with progress along all areas supported by the DPF. Following the implementation of the reforms that constituted prior actions for the first tranche of the RESET DPF (disbursed on June 28, 2024), the Borrower continues to carry out the program as planned. 

“The Borrower has prepared and submitted to the National Assembly on October 3, 2024, a comprehensive package of tax reforms, which not only reform the VAT regime but also simplify tax policy laws and tax administration. 

“Reforms have also been implemented to fully deregulate the fuel market, ensuring that retail prices are determined by market conditions and opening the sector to competition. The authorities are following through on their commitment to cease deficit monetization, relying instead on standard debt instruments to finance the deficit.” 

The government also submitted amendments mandating the use of the National Social Registry for social investment programmes.

Socioeconomic impact and relief measures 

Despite commendations from the World Bank for exceeding reform targets, the impact of these changes has sparked public dissent. Fuel subsidy removal has led to surging transportation and living costs, triggering protests in major cities like Lagos, Kano, and Abuja.

To cushion the effects, the Federal Government introduced N25,000 monthly cash transfers for 15 million vulnerable households.

However, only about four million households have benefited so far, falling significantly short of the target. Efforts are also underway to promote compressed natural gas (CNG) as a cheaper fuel alternative, with plans to convert over one million vehicles in three years.

Nigeria gets World Bank $1.5bn loan

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Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm

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Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm
Ondo State Police Public Relations Officer, Jimoh Abayomi

Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm

A routine trip to a family farm in Akure, Ondo State, has ended in unimaginable tragedy after three siblings—including a set of 11-year-old twins—were found dead near the bank of a small river on the property, plunging their community into mourning.

The deceased children have been identified as 11-year-old twins Joshua Jonah and Jacob Jonah, and their five-year-old younger sister, Blessing Jonah. The devastating discovery was made on Saturday, September 5, 2026, less than 24 hours after the children were reported missing from their father’s farm located around the Owena Army Barracks area on the outskirts of Akure, the Ondo State capital.

According to family sources, the three children had accompanied their father, Samuel Jonah, to the farm on Friday, September 4, 2026. At some point, they reportedly left the farm ahead of their father to return home. However, when Samuel later returned home and could not find them, he immediately raised the alarm, prompting an extensive search by family members and neighbours around the farm, bushes, and adjoining paths. The search ended in sorrow on Saturday morning when the bodies of the three siblings were discovered near the bank of a small river within the farm.

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The tragic incident has thrown the Jonah family’s residence at Oke Ogba, Akure, into deep grief. When journalists visited the family home, the compound was filled with grieving relatives, friends and neighbours offering condolences, while the atmosphere remained tense and sorrowful as many struggled to come to terms with the loss of three young children from the same household in a single incident. One neighbour was quoted as saying, “It is too painful. Twins and their little sister. All gone together.”

The Ondo State Police Command confirmed the tragic incident. The command’s spokesman, DSP Jimoh Abayomi, stated that the children had gone to the farm with their father before their disappearance was discovered upon his return home. He added that a search operation was subsequently conducted, leading to the discovery of their bodies near the riverbank within the farm. “The Command is documenting the incident and investigation is ongoing to ascertain what led to their death,” Abayomi said. He confirmed that the bodies had since been released to their father, Samuel Jonah, for burial.

The police spokesperson also used the opportunity to advise parents and guardians to exercise greater vigilance over children, particularly when they are near rivers, streams, ponds, and other potentially dangerous bodies of water. He expressed the command’s condolences to the bereaved family and assured the public that the investigation would continue until the exact circumstances surrounding the deaths are established.

As of press time, the police had yet to establish the circumstances surrounding the children’s deaths. While the family prepares for their burial, the community continues to await answers over the tragedy that claimed three young lives from the same household. The incident has also renewed concerns in Akure over child safety on farms and around water bodies.

Ondo Tragedy: 3 Siblings, Including Twins, Found Dead Near River on Family Farm

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Three killed, 20 injured in Ife-Ilesa Expressway crash

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Three killed, 20 injured in Ife-Ilesa Expressway crash
An accident Scene (File photo)

Three killed, 20 injured in Ife-Ilesa Expressway crash

Three people have been killed and 20 others injured in a road crash in Osun State involving a Toyota Hiace bus and a Volkswagen Golf car.

The fatal accident occurred on Saturday at Tonkere town, along the Ife-Ilesa Expressway, according to the Osun State Sector Command of the Federal Road Safety Corps (FRSC).

The Osun Sector Commander, Sunday Adebayo, disclosed the casualties in a statement issued in Osogbo, saying preliminary findings indicated that speeding and dangerous driving contributed to the crash.

Adebayo said a total of 23 people were involved in the accident, comprising 11 females, nine males and three children — two boys and one girl.

He said the three people who died were two females and one male, while the remaining 20 victims sustained varying degrees of injuries.

“Three people died. We have about 20 others who were injured in the accident.

“The accident happened due to speeding and dangerous driving,” Adebayo said.

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Following reports of the crash, FRSC patrol teams from Ile-Ife and Ilesa were deployed to the scene to carry out rescue operations and manage the aftermath.

The injured victims were evacuated to hospitals for medical attention, although the FRSC did not immediately disclose the names of the medical facilities where they were treated.

The crash occurred along one of the major routes connecting Ile-Ife and Ilesa, a busy corridor frequently used by commercial and private motorists travelling through Osun State.

The FRSC commander urged motorists to exercise greater caution while driving, particularly on highways where excessive speed can significantly increase the severity of crashes.

Adebayo said driving at a safer speed gives motorists more time to react to unexpected situations and can reduce the severity of injuries when collisions occur.

He also appealed to motorists to recognise their responsibility towards other road users, stressing that road safety is a shared responsibility.

According to him, the FRSC will continue its public enlightenment campaigns and road safety initiatives across Osun State as part of efforts to reduce road crashes and prevent avoidable deaths.

The command urged drivers to avoid speeding, dangerous driving and other behaviours capable of putting passengers and other road users at risk.

The Osun road crash is the latest fatal accident to raise concerns about road safety on major highways in the state, with authorities continuing to call for greater compliance with traffic regulations and safer driving practices.

Three killed, 20 injured in Ife-Ilesa Expressway crash

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Uba Sani’s aide defends Musa, urges critics to respond with facts

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Uba Sani’s aide defends Musa, urges critics to respond with facts
Minister of Defence, General Christopher Musa (rtd)

Uba Sani’s aide defends Musa, urges critics to respond with facts

The Senior Special Adviser to Kaduna State Governor Uba Sani on Public Affairs, Victor Mathew Bobai, has defended Minister of Defence Christopher Musa over his recent comments concerning former Kaduna State Governor Nasir El-Rufai, urging critics to challenge the minister with facts rather than resort to personal attacks.

Bobai said it was unfair to interpret Musa’s remarks during a recent Channels Television interview as a politically motivated or personal attack on the former governor.

The governor’s aide made the statement amid controversy surrounding Musa’s assessment of events in Kaduna State during El-Rufai’s administration.

During the interview, Musa criticised aspects of El-Rufai’s eight-year administration, alleging that some of the former governor’s policies and actions contributed to divisions between communities in Kaduna.

The Defence Minister also spoke about grievances in parts of Southern Kaduna, including killings recorded during the period, and said some residents remained unhappy over how the situation was handled.

Musa further praised Governor Uba Sani for what he described as efforts to promote greater unity and improve relations among communities across the state.

Despite his criticism of the former governor, Musa said he did not regard El-Rufai as an enemy, describing him instead as “misguided.”

Reacting to the controversy, Bobai argued that Musa’s comments should be understood as part of public discourse and should not be interpreted as an official military position or directive.

“We must distinguish between an official directive and a political opinion. General Musa did not issue a military order, announce a defence policy or instruct the Armed Forces to support any political party.

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“He participated in a public conversation and expressed his assessment of the political environment,” Bobai said.

The aide acknowledged the responsibilities attached to Musa’s position as Minister of Defence, but argued that holding a senior public office does not prevent an official from participating in discussions on issues of national importance.

He urged those who disagreed with Musa’s assessment to focus on the substance of his claims and provide evidence to counter them.

“Challenge General Musa’s facts if you disagree with them. Produce evidence. Correct him where necessary. But don’t replace argument with insults,” Bobai said.

Bobai also highlighted Musa’s military career, noting that he served in several command positions before becoming Chief of Defence Staff and later Minister of Defence.

“This is a man whose professional life was built around the Nigerian flag before any political party became relevant to his present position,” he said.

The governor’s aide further urged journalists, political commentators and other stakeholders to examine the public record when assessing the claims made during the interview.

He specifically called for scrutiny of El-Rufai’s speeches, interviews and public statements, alongside Musa’s comments, saying the issues raised had been subjects of public debate in Kaduna for several years.

Bobai also cautioned media organisations against presenting allegations or disputed political claims as established facts without supporting evidence or an authoritative finding.

The controversy followed Musa’s remarks about the political and security situation in Kaduna under El-Rufai, who governed the state between 2015 and 2023.

Musa alleged that Kaduna became deeply divided during the former governor’s tenure and referred to tensions between northern and southern parts of the state.

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He also claimed that some residents of Southern Kaduna faced insecurity and restrictions during the period, while others moved away from certain areas because of the tension.

The minister maintained that his comments were not driven by his Kaduna background but by his concern about national unity and the need for political leaders to bring Nigerians together.

Musa also called for political leadership that would reduce ethnic and religious divisions rather than exploit them for political advantage.

However, some of the claims made during the interview remain allegations and should not be treated as established facts without supporting evidence or findings from relevant authorities.

Bobai said defending the Defence Minister did not require attacking those who disagreed with him, stressing that evidence should form the basis of any response.

“Defending General Musa does not require attacking his critics. Our strongest defence is evidence, his record of service and the truth,” he said.

The intervention by Uba Sani’s aide comes as political debate intensifies around the legacy of the former Kaduna governor and the direction of the state ahead of the 2027 general elections.

Bobai called for continued public debate on contentious issues affecting Kaduna State and Nigeria, but urged political actors, journalists and members of the public to engage one another through evidence-based arguments, responsible journalism and respect for the rule of law.

Uba Sani’s aide defends Musa, urges critics to respond with facts

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