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

News

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

Published

on

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.

READ ALSO:

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.

News

UK deports 43 to Nigeria, Ghana over immigration offences

Published

on

UK deports 43 to Nigeria, Ghana over immigration offences

The United Kingdom has deported 43 individuals to Nigeria and Ghana, citing immigration offences, including failed asylum applications and criminal convictions.

In a joint statement released by the Home Office and the Foreign, Commonwealth and Development Office (FCDO) on Friday, UK authorities confirmed the removal but did not specify the exact date of the deportations.

According to the statement, the deportees included 15 failed asylum seekers and 11 foreign nationals who had completed prison sentences. An additional seven individuals reportedly returned to their home countries voluntarily.

“Those removed had no right to be in the UK and included 15 failed asylum seekers and 11 foreign national offenders who had served their sentences. Seven people returned voluntarily,” the statement noted.

READ ALSO:

However, the government did not clarify how many were sent to each country or confirm if all were nationals of Nigeria and Ghana.

Since Prime Minister Keir Starmer took office, the UK has organized two charter deportation flights to Nigeria and Ghana, removing a total of 87 people. In October, a record 44 individuals were deported in a single flight to both countries.

This shift comes after the collapse of the controversial UK-Rwanda migration deal, which was ruled unlawful by the UK Supreme Court in 2023. The deal aimed to relocate asylum seekers to Rwanda for processing and resettlement.

In response, the UK reportedly signed a deportation agreement with Nigeria to facilitate the return of undocumented migrants.

Following the latest flight, UK Border Security and Asylum Minister Angela Eagle expressed gratitude to the Nigerian and Ghanaian governments for their cooperation, calling the operation an example of strong international collaboration.

The UK government also noted that over 24,000 individuals have been removed from the country over the past year—an 11% increase compared to the previous year.

UK deports 43 to Nigeria, Ghana over immigration offences

Continue Reading

News

Zamfara okays 100% increase in NYSC members’ state allowances

Published

on

Zamfara okays 100% increase in NYSC members’ state allowances

National Youth Service Corps (NYSC) members posted to Zamfara State are set to receive double their previous state allowances following a directive by Governor Dauda Lawal.

The governor made this known on Friday during the opening ceremony of the 2025 Batch ‘A’ Stream I orientation course in Gusau. Represented by the Secretary to the State Government, Malam Abubakar Nakwada, Lawal reaffirmed his administration’s dedication to corps members’ security and welfare.

“I am happy to inform you that I have directed the resumption of payment of state allowances to all corps members in the state.“I have also directed the upward increments of corps members’ allowances by 100 percent.“My administration is also willing to pay special allowances to the medical corps members serving in the state,” he stated.

READ ALSO:

He also encouraged the 550 corps members deployed to Zamfara to embrace the state’s cultural heritage and traditions.

“I assure corps members of adequate security and warm hospitality throughout their year of service in the state.“I wish to reiterate that we will pay full attention to your security and welfare.“We will give you all the necessary support to carry out your duties and will provide everything necessary to make your stay here a memorable one,” the governor added.

In his remarks, NYSC State Coordinator Mohammad Ahmad expressed gratitude for the state government’s ongoing backing of the scheme.

“We appreciate the state government for adequate provision of additional facilities as well as approval for the payment of state allowances to corps members,” Ahmad said.

Zamfara okays 100% increase in NYSC members’ state allowances

Continue Reading

News

Just in: Factional Zamfara assembly leaders want governor to represent budget

Published

on

Just in: Factional Zamfara assembly leaders want governor to represent budget

A factional House of Assembly has emerged in Zamfara state with members demanding the re-presentation of the 2025 Appropriation Bill by Governor Dauda Lawal.

The group, made up of nine lawmakers who were suspended in February 2024 over allegations of misconduct, conspiracy, and illegal sitting, convened in Gusau, the state capital, and declared the formation of a parallel legislative body.

At the session, the lawmakers elected Hon. Bashir Aliyu Gummi as Speaker of the factional assembly.

During the sitting, the faction addressed several issues, including the state’s deteriorating security situation, economic challenges, and the recent reports of mass sackings within the state civil service allegedly carried out by the Lawal administration.

READ ALSO:

The group further demanded that Governor Lawal re-present the 2025 budget, arguing that the process followed in its initial passage was flawed. The governor had originally submitted the N545 billion Appropriation Bill to the widely-known State House of Assembly led by Speaker Bilyaminu Ismail Moriki in December 2024. The bill was passed and signed into law that same month.

Present at Wednesday’s session were Hon. Aliyu Ango Kagara (Talata Mafara South), Ibrahim Tudu Tukur (Bakura), Nasiru Abdullahi Maru (Maru North), and Faruk Musa Dosara (Maradun 1). Others included Bashar Aliyu (Gummi 1), Bashir Abubakar Masama (Bukkuyum North), Amiru Ahmed (Tsafe West), Basiru Bello (Bungudu West), and Mukhtaru Nasiru (Kaura Namoda North).

 

Just in: Factional Zamfara assembly leaders want governor to represent budget

Continue Reading

Trending