Nigeria got $1.25bn W'Bank, AfDB loans for electricity under Tinubu - Report – Newstrends
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Nigeria got $1.25bn W’Bank, AfDB loans for electricity under Tinubu – Report

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Nigeria got $1.25bn W’Bank, AfDB loans for electricity under Tinubu – Report

Nigeria has secured at least $1.25 billion in loans from the World Bank and the African Development Bank (AfDB) to boost electricity supply under the administration of President Bola Tinubu. 

On December 14, 2023, the World Bank approved the $750 million Distributed Access through Renewable Energy Scale-up (DARES) project in Nigeria. 

More recently, on July 31, 2024, the African Development Bank Group (AfDB) approved a loan of $500 million to the Federal Republic of Nigeria to help transform the country’s electricity infrastructure and improving access to cleaner energy sources.  

The loan from the World Bank is structured into three distinct segments, cumulatively forming the $750 million total financial package. This package is segmented into credits of $350 million, $250 million, and $150 million, each earmarked for different facets of the project and subject to currency conversions as necessary. 

The primary implementers of this project are the Rural Electrification Agency (REA) and the Lagos State Electricity Board (LSEB), with significant support from the Federal Ministry of Power, the Nigerian Electricity Management Services Agency (NEMSA), the Federal Ministry of Environment, the Nigerian Electrification Regulatory Commission (NERC), and the Federal Ministry of Finance. 

According to the press release announcing the loan approval, $750 million credit from the International Development Association (IDA), is being used to leverage more than $1 billion from private investors and additional funding from different partners. 

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Contributions include $100 million from the Global Energy Alliance for People and Planet and $200 million from the Japan International Cooperation Agency (JICA).   

Other collaborators in this initiative include the United States Agency for International Development (USAID), the German Development Agency (GIZ), Sustainable Energy for All (SEforAll), and the African Development Bank (AfDB).  

This ambitious DARES project aims to provide over 17.5 million Nigerians with better access to electricity through distributed renewable energy solutions. The goal is to tackle the electricity access deficit.  

The DARES program will assist the Federal Government of Nigeria in coordinating and finance off-grid electrification efforts. It will also aid states in developing capacity and policies to promote rooftop solar energy. 

Newstrends earlier reported that the federal government plans to provide subsidy to developers and operators of solar mini-grids in unserved and underserved areas in the country. The subsidy will be provided through a World Bank approved loan of $750 million under the Distributed Access through Renewable Energy Scale-up (DARES) project. 

According to a statement from the AfDB, this funding will finance the first phase of the Economic Governance and Energy Transition Support Program (EGET-SP), aimed at transforming the country’s electricity infrastructure and improving access to cleaner energy sources.  

The statement also noted that the loan will help close the financing gap in the Federal Budget for the 2024/25 fiscal year, specifically supporting the implementation of Nigeria’s new Electricity Act and the Nigeria Energy Transition Plan. These initiatives are designed to decentralize the electricity supply industry and attract investments from subnational governments and the private sector.  

Nigeria got $1.25bn W’Bank, AfDB loans for electricity under Tinubu – Report

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Yahaya Bello reports to EFCC office with lawyers

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Yahaya Bello reports to EFCC office with lawyers

 

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is  coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

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Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct 

 

Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.

Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.

The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.

Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency

The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.

Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.

“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively

“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.

Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.

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Why we’re borrowing despite surplus revenues – FG

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Nigeria’s Minister of Finance, Mr Wale Edun

Why we’re borrowing despite surplus revenues – FG

The Federal Government has defended its decision to borrow to address budget deficits, despite surpassing revenue targets in 2024.

Finance Minister Wale Edun and Budget Minister Atiku Bagudu clarified this position during a session with the National Assembly’s Joint Committee on Finance, Budget, and National Planning. The meeting focused on the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Last week, the National Assembly approved President Bola Tinubu’s $2.2 billion loan request to fund the N9.7 trillion deficit in the 2024 budget partially.

During the session, key agency heads, including Nigerian National Petroleum Company Limited (NNPCL) CEO Mele Kyari, Customs Comptroller-General Bashir Adeniyi, and Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, presented their revenue reports.

The agencies reported exceeding their 2024 targets.

  • Customs Service: Generated ₦5.352 trillion by September 30, surpassing its ₦5.09 trillion target for the year. For 2025, the agency projects ₦6.3 trillion, with a 10% increase planned for 2026.
  • NNPCL: Achieved ₦13.1 trillion in revenue, exceeding the ₦12.3 trillion projection for 2024. Kyari announced a ₦23.7 trillion revenue target for 2025.

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  • FIRS: Surpassed multiple tax collection goals, including ₦5.7 trillion from company income tax against a ₦4 trillion target. Education tax collections also exceeded expectations, reaching ₦1.5 trillion compared to a ₦70 billion target.

Overall, ₦18.5 trillion of the ₦19.4 trillion 2024 revenue target had been achieved by September, indicating the goal will be exceeded by year-end.

Despite these surpluses, the government insists borrowing remains essential to cover budget gaps and support vulnerable populations.

Bagudu explained, “Even with agencies exceeding revenue targets, borrowing is necessary to address deficits and boost productivity, particularly for the poorest. This aligns with Agenda 2050, which aims for a GDP per capita of $33,000.”

Edun also reiterated that loans were critical for adequately funding the budget.

The committee, led by Senator Sani Musa, questioned the rationale behind the borrowing and demanded further transparency. The Immigration Service was specifically asked to provide documents regarding an “unacceptable PPP arrangement” before the end of the week.

The session underscored the government’s balancing act between increased revenues and fiscal challenges requiring external borrowing.

Why we’re borrowing despite surplus revenues – FG

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