International
FG in Advanced Talks With World Bank for Fresh $1.25bn Loan Facility
FG in Advanced Talks With World Bank for Fresh $1.25bn Loan Facility
The Federal Government is currently in advanced negotiations with the World Bank over a proposed $1.25 billion loan facility aimed at supporting economic reforms, investment growth, job creation, and improved competitiveness in Nigeria.
Details of the proposed financing were contained in a World Bank project document titled “Nigeria Actions for Investment and Jobs Acceleration,” which showed that discussions have moved into the critical decision-meeting stage of the lender’s approval process ahead of possible Board consideration on June 26, 2026.
The project has already progressed beyond the initial concept, appraisal, and negotiation stages, indicating that major policy reforms, financing terms, and implementation conditions have largely been agreed upon between Nigerian authorities and the World Bank team.
According to the document, the loan is designed “to support the government’s efforts to expand access to finance, digital, and electricity services, and strengthen competitiveness through tax, trade, and agriculture reforms.”
If approved, the facility would become one of the largest loans secured by President Bola Tinubu’s administration and the second-largest World Bank financing package obtained by Nigeria since the approval of the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing in June 2024.
The borrower is officially listed as the Federal Republic of Nigeria, while the Federal Ministry of Finance will serve as the implementing agency for the programme.
Under the World Bank approval system, the decision-meeting phase represents one of the final internal stages before projects are forwarded to the institution’s Board of Executive Directors for formal approval.
The World Bank document stated: “The review did authorise the team to appraise and negotiate,” indicating that the proposed facility has successfully passed key internal assessments and is moving closer to final approval.
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The fresh loan discussions come amid growing public scrutiny over Nigeria’s rising debt burden and increasing dependence on multilateral financing to support reforms and infrastructure development.
According to recent debt figures, Nigeria’s external debt stood at approximately $51.86 billion as of December 31, 2025, while the country’s total public debt profile has risen to about $110.97 billion.
Reports show that between June 2023 and May 2026, the World Bank approved approximately $9.35 billion in loans and credits for Nigeria across sectors including power, healthcare, education, agriculture, renewable energy, social protection, MSME financing, and fiscal reform support.
Some of the major financing packages approved during the period include the $2.25 billion RESET and ARMOR reform financing package approved in June 2024, $1.57 billion for the HOPE and SPIN programmes in September 2024, and $1.08 billion for education and resilience programmes approved in March 2025.
Analysts say the latest loan request reflects the Federal Government’s continued reliance on concessional multilateral financing to sustain ongoing reforms, support critical infrastructure, and stimulate economic growth amid declining revenues, inflationary pressures, and foreign exchange challenges.
The development also comes days after the Accountant-General of the Federation, Shamseldeen Ogunjimi, warned that Nigeria may reconsider future World Bank financing arrangements if approval and disbursement delays continue beyond six months.
Speaking in Abuja during a meeting with a World Bank delegation led by Mrs Treed Lane, Ogunjimi stressed that Nigeria expects faster processing timelines since the facilities are repayable loans and not grants.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said, according to a statement issued by the Office of the Accountant-General of the Federation.
He further argued that prolonged approval processes could disrupt project implementation schedules, fiscal planning, and broader development objectives, urging the World Bank to accelerate the approval and disbursement of funds tied to Nigeria’s priority projects.
Economists say while multilateral loans generally offer lower interest rates and longer repayment periods compared to commercial borrowing, concerns remain over Nigeria’s rising debt servicing obligations and the sustainability of continuous external borrowing.
FG in Advanced Talks With World Bank for Fresh $1.25bn Loan Facility
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International
UN Halts Strait of Hormuz Evacuation After Iran-Linked Attack on Cargo Ship
UN Halts Strait of Hormuz Evacuation After Iran-Linked Attack on Cargo Ship
- International Maritime Organization suspends rescue mission following projectile strike on Singapore-flagged vessel; US officials blame Tehran as fragile peace deal faces renewed strain
The UN’s International Maritime Organization (IMO) has paused its emergency evacuation of more than 11,000 sailors stranded in the Strait of Hormuz after a cargo ship passing through the strategic waterway was attacked on Thursday, dealing a blow to a fragile US-Iran interim peace deal. The British maritime security agency UKMTO reported that a vessel was struck approximately 7.5 nautical miles southeast of Oman’s port of Dahit by “an unknown projectile,” sustaining damage to its bridge. No casualties were reported, and the ship continued through the strait without requiring assistance. The vessel was identified as the Singapore-flagged container ship Ever Lovely, which had been stranded in the Persian Gulf for over 100 days before attempting its departure. Maritime risk management firm Vanguard confirmed the ship continued its journey and successfully exited on the eastern side of the strait at approximately 15:30 local time. Evergreen Shipping, the vessel’s operator, issued a statement confirming that the Ever Lovely sustained damage to the wheelhouse and bridge windows but reported the ship, crew, and cargo were all safe, with the main engine and navigation systems functioning normally. According to ship-tracking website MarineTraffic, the vessel entered the strait using the southern route on Thursday morning and exited on the east side.
Two US officials told Reuters and CNN that Iran was responsible for the attack, with a security source suggesting the vessel was likely targeted by a drone. Iran has not claimed responsibility for the incident. The attack came hours after Iran’s Islamic Revolutionary Guard Corps (IRGC) issued a stark warning requiring ships to travel only along designated routes and coordinate with Iranian authorities when passing through the Strait of Hormuz. Iran’s Persian Gulf Strait Authority (PGSA) posted on X that vessels traveling outside designated routes would not be guaranteed safe passage. The authority also warned that “any consequences arising from the use of unauthorised routes shall be the responsibility of the vessel’s owner, operator and master.”
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IMO Secretary-General Arsenio Dominguez announced the suspension in a statement on Thursday, emphasizing that safety remains paramount. Dominguez stated that following the launch of the IMO’s evacuation plan, through which several vessels have already been successfully evacuated, he had decided to temporarily pause its implementation in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on the evacuation list and all those in the region. He noted that the Ever Lovely did not transit under the IMO’s evacuation framework at the time of the attack. He also highlighted that Thursday marked the Day of the Seafarer, stressing the need to ensure that thousands of stranded mariners do not become “collateral victims in this geopolitical conflict.” Dominguez reiterated that he has always emphasized that the safety of the seafarers remains paramount, and therefore, to ensure a coordinated approach and navigational safety, the evacuation plan would be paused until further clarity is obtained.
Hundreds of ships and thousands of sailors have been stranded in the Gulf since February due to the US-Israel war against Iran. The UN evacuation effort was only announced on Tuesday, June 23, following the reopening of the strait after a US-Iran interim agreement. Dominguez described the initiative as a “large-scale operation” with cooperation from Iran, Oman, the US, other coastal states in the region, and the maritime industry. The program offered ships two voluntary routes to leave the Gulf: one via Iranian waters and another through Omani waters with US oversight. Before the suspension, the IMO reported that 57 vessels with approximately 1,100 crew members had successfully left the Strait of Hormuz between June 23 and the early hours of June 25.
Last week, the US and Iran signed a Memorandum of Understanding (MOU) to end hostilities and reopen the strait, which included a commitment from Iran to use its “best efforts for the safe passage of commercial vessels with no charge for 60 days.” President Donald Trump warned earlier this month that if Iran did not honor the agreement, the US would “probably go back to bombing the country again.” Despite the agreement, Tehran has repeatedly signaled it plans to assert control over the waterway and charge what it calls maritime service fees for crossing, which the US has fiercely opposed. US Secretary of State Marco Rubio, currently on a tour of Gulf states to reassure partners about the interim pact, warned that if Iran threatened or blocked ships in the strait, “then we’re going to have a problem.” Rubio emphasized that no country is allowed to impose tolls on the Strait of Hormuz, which he called “an international waterway.”
Following the attack, the IRGC ordered two Panama-flagged ships to change course, according to British maritime security company Ambrey. The IRGC also posted on its official Telegram channel that three vessels using the IMO-approved southern route were ordered to turn back. Maritime intelligence company Windward reported that a total of five ships reversed course following the incident. The IRGC stated that attempts to cross the strait along the IMO-designated routes were “unacceptable and extremely dangerous” and that all vessels should coordinate with Iranian authorities.
Benchmark oil prices rose 1.9% following the reported attack, with analysts warning the incident could delay the resumption of normal Gulf oil flows and refocus attention on Iran’s future control over the strategic waterway. Before the conflict, the Strait of Hormuz handled approximately one-fifth of the world’s daily oil and liquefied natural gas supplies. Data from maritime tracking firm Kpler showed that 70 ships passed through the strait on June 24, more than double the previous day’s count, indicating a tentative recovery in traffic following the interim agreement. However, earlier on Thursday, the price of oil briefly fell below $72.48 per barrel—the level it was at before the US and Israel launched attacks on Iran in February—before edging up to $73.23.
The IMO has indicated the evacuation plan will remain paused “until further clarity is obtained” regarding safety guarantees for ships in the region. The attack has raised renewed questions about the enforceability of the US-Iran interim agreement and the extent of Iran’s future control over the Strait of Hormuz. Secretary of State Marco Rubio, while acknowledging that the US wants a deal, emphasized that Washington seeks “a deal, not a deal at any price.” The international community will be watching closely to see whether the pause in evacuation operations proves temporary or signals a broader unraveling of the fragile peace agreement.
UN Halts Strait of Hormuz Evacuation After Iran-Linked Attack on Cargo Ship
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International
Venezuela earthquakes: Death toll hits 235 as rescuers race to save survivors from rubble
Venezuela earthquakes: Death toll hits 235 as rescuers race to save survivors from rubble
Rescue teams are battling against time to find survivors after two devastating Venezuela earthquakes struck near the capital, Caracas, killing at least 235 people, injuring more than 4,300, and leaving thousands displaced.
The twin earthquakes, which struck within seconds of each other on Wednesday evening, have flattened homes, hotels, office buildings and public infrastructure across Caracas, the coastal state of La Guaira, and several other northern regions. Emergency workers say the number of casualties is expected to rise as search operations continue in the hardest-hit communities.
According to the U.S. Geological Survey (USGS), the first earthquake measured 7.2 magnitude, followed just moments later by a stronger 7.5-magnitude tremor. Both quakes occurred at relatively shallow depths, significantly increasing the intensity of ground shaking and the scale of destruction.
Search-and-rescue teams, supported by soldiers, firefighters, police officers and volunteers, are combing through collapsed buildings using heavy machinery, rescue dogs and thermal imaging equipment in a race to locate survivors trapped beneath the debris.
Across Caracas and La Guaira, families gathered outside destroyed residential buildings and hospitals anxiously awaiting news of missing relatives. Authorities said rescue operations would continue around the clock despite repeated aftershocks.
Officials estimate that about 250 buildings have either collapsed or sustained severe structural damage, including residential apartments, hotels, hospitals, schools and government facilities.
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Venezuela’s interim President Delcy Rodríguez has declared a nationwide state of emergency, mobilising the military and emergency agencies to coordinate rescue efforts and humanitarian assistance.
Thousands of residents who lost their homes have been moved into temporary shelters, while schools, sports centres and public buildings have been converted into emergency accommodation.
Authorities also confirmed that more than 30 aftershocks have been recorded since the initial earthquakes, forcing many residents to remain outdoors for fear of further building collapses.
The powerful earthquakes caused widespread disruption to essential services, damaging roads, bridges, electricity networks, water systems and telecommunications infrastructure.
Operations at Simón Bolívar International Airport in Maiquetía were temporarily suspended after parts of the terminal sustained structural damage. Several roads linking Caracas to surrounding communities were also affected, slowing rescue operations.
Hospitals across the capital continue treating thousands of injured victims, with emergency medical teams working under pressure to cope with the rising number of casualties.
Scenes of grief unfolded across the affected areas as families searched hospitals, emergency shelters and collapsed buildings for missing relatives.
Medical student Juan Ortiz said one of his close friends had been confirmed dead, while another remained trapped beneath the rubble.
“I’m in shock and confusion, and frustrated that I can’t help,” he said.
Authorities have urged residents to avoid damaged buildings and cooperate with emergency officials as rescue efforts continue.
Several countries have pledged support for Venezuela’s emergency response.
The United States announced an initial $150 million humanitarian assistance package and deployed military transport aircraft, specialist search-and-rescue teams, medical personnel and emergency supplies.
Emergency assistance has also been offered by Mexico, Colombia, El Salvador, the Dominican Republic, Qatar, and several international humanitarian organisations.
Technology company SpaceX has also activated Starlink satellite internet services to help restore communications in disaster-hit areas where mobile and internet networks have failed.
The USGS warned that the humanitarian crisis could worsen considerably.
Its earthquake impact assessment indicates there is a 42 per cent probability that fatalities could exceed 10,000, while there is a 33 per cent chance the disaster could ultimately affect more than 100,000 people, based on historical earthquake data, population density and the severity of the tremors.
Officials stressed that the estimates are intended to guide emergency response planning and do not represent confirmed casualty forecasts.
Experts say the earthquakes were triggered by movement along the boundary between the Caribbean and South American tectonic plates.
The 7.5-magnitude earthquake is believed to be the strongest recorded in Venezuela since 1900, making it one of the country’s worst natural disasters in modern history.
Authorities say their immediate priorities remain rescuing survivors, providing emergency medical treatment, restoring essential services and delivering humanitarian assistance to thousands of displaced families.
Venezuela earthquakes: Death toll hits 235 as rescuers race to save survivors from rubble
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International
US Senate Passes Historic War Powers Resolution Rebuking Trump Over Iran Conflict
US Senate Passes Historic War Powers Resolution Rebuking Trump Over Iran Conflict
Bipartisan vote marks first time both chambers have approved measure directing president to end military action since 1973
The Republican-controlled US Senate has approved a war powers resolution demanding that President Donald Trump halt military action against Iran or seek congressional authorization to continue hostilities, delivering the most significant bipartisan rebuke of the president since his return to office. The resolution passed by a 50-48 vote on Tuesday, with four Republicans joining Democrats in support of the measure. The same measure was passed by the US House of Representatives earlier this month by a 215-208 vote, with four Republicans crossing party lines.
However, the resolution is largely symbolic—it is a concurrent resolution expressing the sentiment of Congress rather than legislation that carries the full force of law, and it will not be sent to the president for his signature or veto. Middle East analyst Laura Blumenfeld described it as “more of a slap on a wrist than a handcuff” because it has no legal binding effect. In practice, the vote is unlikely to have much impact on the currently frozen conflict with Iran. Experts believe Trump is likely to ignore it—as has every US president since the War Powers Resolution was enacted—and any legal challenges would likely produce no result. Scott Anderson, a senior fellow at the Brookings Institution, noted: “The executive branch will likely ignore it on constitutional grounds, and it’s not clear who might have standing to sue to enforce it.”
The vote marks the first time since the War Powers Resolution of 1973 that both chambers of Congress have approved a concurrent resolution instructing a president to end a military action. The law was born out of a clash between Congress and President Richard Nixon over the Vietnam War, with lawmakers overriding his veto in an effort to reclaim authority over decisions of war. Michael Glennon, a professor of international law at Tufts University, called the vote “almost unprecedented,” noting that “You have both houses of Congress, which are under the control of the Republican Party, standing up to the president and saying no.” He added that Trump has been “very effective” in exacting retribution against dissident Republicans who oppose him, making this “a watershed event.”
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Senate Democratic Leader Chuck Schumer blasted the war on the Senate floor, declaring: “Time after time, the vast majority of Senate Republicans sided with Trump and his war instead of the American people. The American people have paid the price for Trump’s historic blunder in Iran. It’ll go down in the history books as one of the worst foreign policy forays America has ever made.” The vote reflects growing unease among Republicans over both the war and the ceasefire deal Trump struck with Iran. The conflict has become deeply unpopular with the American public amid skyrocketing petrol prices and enormous financial costs, with the Pentagon seeking approximately $80 billion from Congress to pay for the war.
The four Republican senators who voted with Democrats were Rand Paul of Kentucky, Lisa Murkowski of Alaska, Susan Collins of Maine, and Bill Cassidy of Louisiana. Senator John Fetterman of Pennsylvania was the only Democrat to vote against the measure. The vote was aided by the absence of two Republican senators who have consistently opposed such efforts: former Senate Republican leader Mitch McConnell, who was recently hospitalized for an undisclosed matter, and Senator Dave McCormick of Pennsylvania. A White House official told the BBC that the measure only passed because of these absences, and noted that with the ceasefire agreed on 7 April, there are “no hostilities from which to withdraw American forces.”
President Trump sharply criticized the resolution on his Truth Social platform, calling it “poorly timed and meaningless.” “So, I have Iran on the ‘ropes,’ ready to go down for the fall, willing to give us practically anything, and for the first time in decades, respecting the hell out of the United States and its President, ME, and the U.S. Senate decides to have a poorly timed and meaningless War Powers Act Vote,” Trump wrote. He added: “These Senators have just made my job more difficult, but I will get it done, one way or the other, because I always get it done!” Trump also labeled the four Republican senators who voted in favor as “Republican Losers.”
Federal law requires congressional approval to continue military actions for more than 60 days. The US-Israel strikes on Iran began on 28 February, although the Trump administration has argued April’s ceasefire reset the clock. The White House can also extend the deadline for another 30 days, citing national security. Currently, the US and Iran have agreed to continue a ceasefire and are working towards an end of hostilities under a memorandum of understanding signed by both presidents last week. Under that memo, Washington and Tehran have 60 days to negotiate a broader agreement on ending Iran’s nuclear programme, with Vice President JD Vance leading the American delegation in talks in Switzerland.
Whether the vote represents a harbinger of more opposition to the president remains unclear. Jonathan Entin, a constitutional law professor at Case Western Reserve University, cautioned: “I wouldn’t overreact to the significance of this vote. It’s important… but I’m not sure that we should view it as a sign of consistent conflict, or additional conflict, with the president.” According to Entin, the upcoming November midterm elections in the US mean that while a handful of Republicans may wish to signal independence from Trump to bring in independent voters, many others will be hoping to avoid drawing his ire. “There are constraints,” he said. “The president has overwhelming support among Republicans. A candidate who pushes back too much might risk alienating strong Republican voters who think they aren’t committed enough.”
The vote exposes deepening divisions among Republicans ahead of November’s midterm elections, where control of both chambers of Congress hangs in the balance. It was the latest sign of division among Trump’s fellow Republicans, who have recently resisted the president on other fronts, including by rejecting his plans to create a $1.8 billion “anti-weaponisation” fund and approving Ukraine aid. The Tuesday vote was the 10th time Senate Democrats have forced a war powers vote since the start of the conflict.
US Senate Passes Historic War Powers Resolution Rebuking Trump Over Iran Conflict
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