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Nigeria still servicing 69 loans incurred by Obasanjo, Yar’Adua, Jonathan – World Bank
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.
News
EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud
EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud
The Economic and Financial Crimes Commission (EFCC) has arrested an Abuja-based real estate agent, Hajia Adama Ahmed Adamu, in connection with an alleged ₦288 million property fraud, the agency confirmed on Wednesday.
According to the EFCC, operatives of its Ilorin Zonal Directorate apprehended Adamu following a petition from a complainant, Alhaji Tanko Yawale, who alleged that the agent collected the funds under the pretext of facilitating the purchase of a property at House 31, Haile Selassie Street, Asokoro, Abuja.
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“Following the payment, Hajia Adamu allegedly failed to provide valid property documents and became evasive, raising suspicion and prompting a formal petition to the EFCC,” the commission stated on its official X handle.
Property-related fraud continues to be a recurring concern in Nigeria’s real estate sector, particularly in major cities like Abuja, where unsuspecting buyers often fall victim to agents posing as legitimate intermediaries. In response, the EFCC has intensified enforcement against land and housing scams, urging Nigerians to verify ownership and documentation before making payments.
The suspect is currently in EFCC custody as investigations continue. The commission also reiterated a warning to the public to remain vigilant against fraudulent property schemes and to report any suspected cases promptly.
EFCC Arrests Abuja House Agent Over ₦288 Million Property Fraud
News
Alkali resigns as Transport minister to chase Gombe governor’s seat
Alkali resigns as Transport minister to chase Gombe governor’s seat
The race for Gombe State’s Government House has officially claimed its latest heavyweight contender. Saidu Ahmed Alkali has stepped down from his role as the Minister of Transportation to focus entirely on his 2027 governorship bid.
Alkali’s exit follows a high-profile meeting with President Bola Tinubu at the Presidential Villa on Tuesday.
His departure was formalized via a circular from the Office of the Secretary to the Government of the Federation (SGF), Senator George Akume.
The move is not just about personal timing; it’s about legal compliance. Alkali is adhering to:
* Section 88(1) of the Electoral Act, 2026: Which mandates officials to vacate office before seeking elective posts.
* The INEC Timetable: With party primaries for the 2027 elections looming, the window for transition is closing.
* Presidential Directive: President Tinubu has been firm that any cabinet member eyeing an elective seat must resign before the primary process begins.
Alkali, a veteran politician and former Senator for Gombe North, is now the third member of the Federal Executive Council (FEC) to trade their ministerial portfolio for a campaign trail.
His resignation leaves a vacancy in the Ministry of Transportation at a critical time for the nation’s infrastructure projects, but signals a tightening of the political battlefield in Gombe.
The circular confirming the development was issued by the Permanent Secretary, General Services Office, Ibrahim Kana.
The circular stated that the directive “followed the provisions of Section 88(1) of the Electoral Act, 2026, as well as the timetable released by the Independent National Electoral Commission (INEC) for party primaries ahead of the 2027 election.”
News
US Senator Ted Cruz Alleges Nigerian Officials Behind Christian Killings
US Senator Ted Cruz Alleges Nigerian Officials Behind Christian Killings
United States Senator Ted Cruz has alleged that some Nigerian officials are complicit in attacks on Christians, warning that the United States could impose sanctions on those found responsible.
Cruz made the claim while reacting to the recent Plateau killings, particularly the deadly attack in Jos North area of Plateau State.
In a post on X, the lawmaker stated that American authorities are aware of those allegedly enabling the violence. He accused certain officials of creating an environment where Christians are “routinely persecuted and slaughtered,” adding that the U.S. has the tools to hold such individuals accountable.
The remarks followed a Palm Sunday attack on Angwan Rukuba, where gunmen invaded the community around 8:30 p.m., killing at least 12 people. Police confirmed the victims included 10 men and two women, with additional bodies later recovered during search operations.
The timing of the attack, coinciding with a major Christian observance, has heightened concerns about religious violence in Nigeria, particularly in the Middle Belt region.
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Governor Caleb Mutfwang visited the affected community, expressing sympathy to victims’ families and vowing justice.
“Your pain is my pain, and the pain of Plateau State. My administration will pursue justice relentlessly until the perpetrators are brought to book,” he said.
The state government also announced emergency measures, including free medical treatment for the injured and dignified burials for the deceased.
To prevent further breakdown of law and order, authorities imposed a 48-hour curfew in Jos North, which lasted from midnight March 29 to April 1, 2026. Security presence was also reinforced, with additional personnel deployed to stabilise the area.
Security agencies have since intensified operations to track down those responsible for the attack, while residents remain on edge.
Cruz’s comments have reignited international scrutiny over Nigeria’s security situation, especially recurring violence in the Middle Belt.
However, the Federal Government of Nigeria has consistently rejected claims of targeted religious persecution, maintaining that the violence is driven by criminality, insurgency, and communal conflicts rather than a coordinated campaign against Christians.
President Bola Tinubu has also dismissed allegations of religious genocide, stating that Nigeria’s challenges stem from terrorism and extremism, not faith-based targeting.
Similarly, National Security Adviser Nuhu Ribadu has engaged with U.S. officials in past diplomatic efforts to clarify the country’s security realities.
Despite these assurances, incidents like the Plateau attack continue to raise both local and global concerns, with growing calls for stronger action to curb violence and ensure accountability.
US Senator Ted Cruz Alleges Nigerian Officials Behind Christian Killings
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