Nigeria still servicing 69 loans incurred by Obasanjo, Yar’Adua, Jonathan – World Bank – Newstrends
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Nigeria still servicing 69 loans incurred by Obasanjo, Yar’Adua, Jonathan – World Bank

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Former Presidents Olusegun Obasanjo, Goodluck Jonathan and late Umaru Musa Yar’Adua

Nigeria still servicing 69 loans incurred by Obasanjo, Yar’Adua, Jonathan – World Bank

The World Bank has disclosed that the Government of Nigeria is still servicing $10.6 billion loans acquired during the administrations of former Presidents Olusegun Obasanjo, the late Umaru Musa Yar’Adua, and Goodluck Jonathan.

As of March 31, 2024, the Debt Management Office reported that Nigeria’s total domestic and external debt had reached N121.67 trillion ($91.46 billion).

Of this amount, domestic debt accounted for N65.65 trillion ($46.29 billion), while external debt stood at N56.02 trillion ($42.12 billion).

A report by Saturday PUNCH said the current administration borrowed $4.95 billion in its first year alone, contributing to the external debt burden.

The Central Bank of Nigeria further revealed that $15.55 billion had been allocated to debt servicing between 2019 and 2024.

However, according to the World Bank Group’s digital finance platform, the Nigerian government is still in the process of repaying at least 69 loans that were taken between 2000 and 2014.

The platform, which provides public access to financial data and portfolio information across all World Bank Group entities, detailed several of these loans.

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Among the loans still being repaid are those from 2000, such as the Community-Based Poverty Reduction Project ($60 million), the Second Primary Education Project ($55 million), the Economic Management Capacity Building Project ($20 million), and the Small Town Water Supply and Sanitation Programme Pilot Project ($5 million).

In 2001, the government took on loans including $100 million for the Transmission Development Project, $114 million for the Privatisation Support Project, and $90.3 million for the HIV/AIDS Programme Development.

By 2002, the Federal Government had secured $438 million through four loans, including the Second Health System Development ($127 million), the Community-Based Urban Development Project ($110 million), the Lagos Urban Transport Project ($100 million), and the Universal Basic Education Project ($101 million).

Between 2003 and 2005, the government obtained WB loans worth $1.1bn, and they are all still being repaid. Some of the loan titles include the Local Empowerment and Environmental Management Project ($70m), Second FADAMA Development Project ($100m), Micro, Small and Medium Enterprises Project ($32m), Federal Government Economic Reform and Governance Project ($140m), and Sustainable Management of Mineral Resources ($120m).

Similarly, the government secured a total loan of $4bn between 2006 and 2010 and $4.3bn in other loans between 2011 and 2014. But they are all still being repaid as of June 30, 2024, when the platform was last updated.

Some of the loans obtained during this period are the Lagos Metropolitan Development and Governance ($200m), Avian Influenza Control and Human Pandemic Preparedness and Response Project for Nigeria ($50m), and Malaria Control Booster Project ($180m), all secured in 2006.

As revealed on the platform, the loans are categorised under the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank.

While IBRD lends to governments of middle-income and creditworthy low-income countries, IDA provides interest-free loans – called credits – and grants to governments of the poorest countries.

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Tinubu extremely wealthy, can’t loot Nigeria’s treasury, says minister

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September 16, 2024

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President Bola Ahmed Tinubu

Tinubu extremely wealthy, can’t loot Nigeria’s treasury, says minister

The Minister of State for Youth Development, Ayodele Olawande, has described President Bola Tinubu as an epitome of wealth with no interest to loot Nigeria’s resources.

Olawande stated this while speaking at the Joint Union Negotiating Council’s week of the Federal Ministry of Youth Development branch in Abuja.

The minister also appealed to Nigerians to be patient with the president, noting that in no distant time there will be positive changes.

He said, “I urge you to be patient with this administration. In no distant time, the country will take good shape and the lives of the citizens will be transformed.

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“President Bola Ahmed Tinubu is not a pauper; he is an acknowledged epitome of wealth and so it cannot be said of him that he desires to loot the treasury of Nigeria.”

Olawande continued, “He has seen money and as a result of this, he is not interested in looting the nation’s treasury.”

He emphasized that the administration is putting in efforts to transform the lives of Nigerians through various policies of the federal government.

Olawande thanked the staff of the ministry for being supportive of the government policies and assured them that their welfare will not be compromised.

Tinubu extremely wealthy, can’t loot Nigeria’s treasury, says minister

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BREAKING: Nigeria’s inflation rate slows for second consecutive month to 32.15% – NBS

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September 16, 2024

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BREAKING: Nigeria’s inflation rate slows for second consecutive month to 32.15% – NBS

Nigeria’s headline inflation rate eased to 32.15% in August 2024 down from the 33.40% recorded in July 2024, reflecting a decrease of 1.25 percentage points.

This represents the second consecutive monthly slowdown in inflation after easing in the previous month.

This is according to the Consumer Price Index (CPI) report published by the National Bureau of Statistics (NBS).

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However, on a year-on-year basis, the August 2024 inflation rate was 6.35 percentage points higher than the 25.80% rate recorded in August 2023, indicating a significant increase over the past year.

On a month-on-month basis, the inflation rate in August 2024 stood at 2.22%, slightly lower than July’s rate of 2.28%, signaling a slower pace in the increase of the average price level compared to the previous month.

BREAKING: Nigeria’s inflation rate slows for second consecutive month to 32.15% – NBS

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Edo poll: Six persons arrested in Benin hotel with fake PDP letterheads, forged signatures

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September 16, 2024

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Edo poll: Six persons arrested in Benin hotel with fake PDP letterheads, forged signatures

Operatives of the Nigeria Police Force have arrested six young men in a hotel located in the Government Reserved Area (GRA) of Benin City with fake letterheads, stamps, and forged signatures belonging to the Peoples Democratic Party (PDP) and its chieftains.

The young men, who were apprehended with incriminating materials such as printers, mobile phones, power banks, laptops, and a photocopy machine, are believed to have been involved in drafting and circulating fake PDP letters and statements.

Their objective was to paint the PDP as instigators of unrest ahead of the forthcoming Edo governorship election, scheduled for Saturday, September 21, 2024.

The arrest, which was made following a tip-off, uncovered an elaborate scheme allegedly designed to discredit the PDP and its leaders by sending fabricated documents to unsuspecting journalists.

These fake letters and statements, according to police sources, were intended to portray the party as warmongers and troublemakers in the run-up to the critical election.

A police officer involved in the operation, who asked to remain anonymous, revealed that the suspects had been using the hotel as their base of operations for weeks.

“We found that these individuals were using forged PDP letterheads, stamps, and signatures to create fake documents.

“Their goal was to send out these documents to journalists in an attempt to misrepresent the PDP and create an atmosphere of tension ahead of the elections,” the officer said.

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In addition to the counterfeit materials, the police discovered that the young men had several technological devices, including laptops and printers, which they used to produce and disseminate the fraudulent documents.

“Their setup was sophisticated. They had everything they needed to make the documents appear legitimate, from forged letterheads to printers.

“We also found power banks, mobile phones, and a photocopy machine, which they used to mass-produce the fake letters,” the officer added.

Further investigation has revealed that the six young men were funded by a chieftain of the All Progressives Congress (APC) in the state.

Meanwhile, another police source disclosed that the Nigeria Police Force, Edo State Command, has come under intense pressure from senior APC figures, who are reportedly pushing for the release of the arrested men.

“Since the arrest, there has been immense pressure on us from certain chieftains within the APC, urging the command to release these individuals.

“We believe that their involvement with these young men is being covered up, and they are worried about the potential fallout from this arrest,” the source noted.

A journalist with one of the prominent national newspapers, who had been unknowingly receiving fake statements from the group, expressed shock upon hearing about the arrests.

“It’s alarming to think that we’ve been receiving statements from people who were impersonating the PDP. This shows how low some people will go to try and sabotage the other party. The integrity of this election is now under serious question,” the journalist stated.

The Edo State Police Command has yet to issue an official statement on the matter, but sources within the command say investigations are ongoing, and the suspects remain in custody.

Edo poll: Six persons arrested in Benin hotel with fake PDP letterheads, forged signatures

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