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World Bank approves Tinubu’s $632m loan request

World Bank approves Tinubu’s $632m loan request
The World Bank is poised to approve $632 million in new loans to Nigeria today (Monday), amid growing concerns over the country’s expanding debt profile.
The loans are intended to support important sectors such as nutrition enhancement and quality basic education.
According to data obtained from the World Bank’s website on Sunday, the two loans scheduled to be approved today are $80 million for the Accelerating Nutrition Results in Nigeria 2.0 initiative and $552 million for the HOPE for Quality Basic Education for All programme.
Both projects are now in the negotiating phase and are likely to gain final clearance later today.
These new loans are part of the World Bank’s overall strategy to support Nigeria’s development agenda, which focuses on healthcare, education, and community resilience.
The loans will support the government’s efforts to improve nutrition and education for Nigerian children.
Additionally, the World Bank approved a $500 million loan for Nigeria’s Community Action for Resilience and Economic Stimulus Programme on March 28, 2025, a significant step towards addressing the country’s economic challenges through expanded access.
The initiative, formally known as the NIGERIA: Community Action (for) Resilience and Economic Stimulus Programme, is intended to give critical support to households impacted by economic downturns while also strengthening community resilience.
The initiative focuses on vulnerable populations, providing assistance to households and small companies to help them cope with economic difficulties.
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The loan clearance is likely to considerably boost Nigeria’s efforts to revive the economy through grassroots backing, especially given current issues such as inflation and high living costs.
The stimulus plan will prioritise enhancing food security and developing economic possibilities for the populations most affected by recent economic changes.
This decision came after a delay in distributing funds for a previous loan aimed at poor and vulnerable Nigerians.
Further investigation by The PUNCH revealed that the World Bank disbursed around $315 million to Nigeria from the $800 million allocated for the National Social Safety-net Program Scale Up.
Nigeria is yet to receive further funding from the World Bank for this loan project, which was approved in December 2021. The delay in grant release is most likely due to fraud detected under the initiative.
In honour of the 2023 International Day for the Eradication of Poverty, President Bola Tinubu unveiled a social safety net programme that will distribute N25,000 to 15 million households over the course of three months.
The Federal Ministry of Humanitarian Affairs and Poverty Alleviation was responsible for managing the $800 million World Bank loan initiative.
However, due to allegations of embezzlement, the federal government was forced to stop the cash transfer program for further investigation and reform.
Betta Edu, a former humanitarian minister, was previously suspended for misappropriating N585 million set aside for palliative care distribution.
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Furthermore, Sadiya Umar-Farouq, Edu’s predecessor, was under investigation by the EFCC. The former minister is being investigated for allegedly laundering N37.1 billion during her stint as minister.
The World Bank also imposed sanctions on people and businesses discovered to be engaging in fraud under the initiatives.
According to the World Bank’s official website, this will bring Nigeria’s total approved loans to $9.25 billion over three years, indicating a growing reliance on multilateral funding to support critical sectors of the economy such as infrastructure, healthcare, education, and financial resilience.
A review of Nigeria’s World Bank loan approvals since 2023, under President Bola Tinubu’s government, reveals a huge rise in funding commitments.
In 2023, the World Bank approved $2.7 billion in loans for renewable energy, women’s empowerment, education, and the power sector. In 2024, funding approvals totalled $4.32 billion for various projects.
This increase was largely due to Nigeria’s growing need for financial assistance to stabilise the economy amid fiscal pressures and rising public debt.
Under President Bola Tinubu’s administration, the World Bank granted around 11 different credit projects for Nigeria.
In less than two years, the federal government has acquired loans from the World Bank totalling $7.45 billion, raising concerns about the mounting debt burden. According to data from the Debt Management Office, the World Bank’s portion of Nigeria’s external debt is $17.32 billion as of the third quarter of 2024.
The International Development Association is owing the majority of this debt, which amounts to $16.84 billion, or 39.14 per cent of Nigeria’s total external debt.
The International Bank for Reconstruction and Development, another World Bank subsidiary, is owing $485.08 million, or 1.13 per cent.
While the planned World Bank loans may give much-needed budgetary relief, concerns persist about the country’s mounting debt burden.
According to recent data from the Central Bank of Nigeria, the country has spent $5.47 billion servicing external debt in the last 14 months, underscoring the strain on its foreign reserves.
World Bank approves Tinubu’s $632m loan request
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Libya nabs three Nigerians over drug trafficking

Libya nabs three Nigerians over drug trafficking
The Samnu Police Department in southern Libya detained three Nigerians for drug trafficking.
According to a statement issued by Migrant Rescue Watch on X (previously Twitter) on Sunday, the suspects were apprehended carrying a quantity of hashish that officials believe was meant for sale.
The arrests were made during a targeted operation in the town of Samnu, Murzuq region, which is known for smuggling and human trafficking due to its proximity to Libya’s southern borders.
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This operation is part of a larger security effort to combat drug-related crimes and cross-border trafficking of migrants.
The suspects’ identities have not yet been made public. Authorities acknowledged that the case had been turned over to the public prosecutor for further investigation and judicial action.
The statement said. “Samnu Police Dept. arrested 3 #migrants of Nigerian nationality on charges of drug trafficking. The trio were found in possession of a quantity of hashish earmarked for sale. The case was referred to public prosecution.”
Libya nabs three Nigerians over drug trafficking
News
NIS expands contactless passport renewal to United States, others

NIS expands contactless passport renewal to United States, others
The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.
In a recent statement by ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.
The contactless system, which enables Nigerians living abroad to renew their travel document without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.
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“This expansion represents our commitment to innovative and efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.
The application system is currently available on the Google Play Store as “NIS Mobile” and allows passport renewal without in-person biometric enrollment. An iOS version for Apple devices is under development and will be released soon, alongside an enhanced version of the Android app to improve user experience and accessibility.
The NIS further confirmed that the Contactless Passport App is now operational in Canada, the USA, Mexico, Jamaica, Brazil, Europe, and Asia. Australia and Nigeria itself remain pending, with implementation dates to be announced in the future.
NIS expands contactless passport renewal to United States, others
News
Tariff: NACCIMA warns against economic instability, job losses

Tariff: NACCIMA warns against economic instability, job losses
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed fear that unless the Federal Government takes deliberate steps to increase Nigeria’s non-export earnings, the current global tariff war may lead to job losses, low foreign exchange inflow, and economic instability.
This was the position of the President of NACCIMA, Dele Oye, as the chairman at the Vanguard Economic Discourse 2025 with the theme, “Nigeria’s Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery”, held last week in Lagos.
Among other things, Oye who is also the Chairman of the Organised Private Sector of Nigeria (OPSN), emphasized the need for a viable and affordable homegrown democracy.
His words: “In this pivotal moment, we must recognize and confront the significant challenges before us—challenges that have been magnified by the advent of America’s “America First” policy.
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“This paradigm shift in global trade, driven by protectionism and tariffs, presents a unique and formidable array of obstacles for developing nations such as ours.
“The world we once knew, one characterized by cooperative, rules-based trading systems under the World Trade Organization, has given way to an environment fraught with uncertainty. This transformation not only disrupts global markets and supply chains but poses an acute threat to our competitive standing in international trade.
“The recent implementation of a 14% tariff on Nigerian exports to the United States directly jeopardizes what has historically been a critical market for our key goods, including crude oil, liquefied natural gas, and agricultural products. “The ripple effects of reduced demand could precipitate job losses, economic instability, and a decline in vital foreign exchange inflows, particularly for our non-oil sectors”.
“Indeed, the ramifications of current U.S. policies go beyond tariffs. We are witnessing a significant decrease in funding for initiatives that empower Africa’s burgeoning start-ups. The $51 million cut from the United States Development Fund, which affects countries like Nigeria and Kenya, exemplifies the broader challenges we face. The grants previously allotted to our SMEs are critical for nurturing innovation and entrepreneurship within our local economies”.
In the face of these challenges, Oye said Nigeria must act decisively and strategically to reshape its economic destiny where adversity can give rise to opportunity.
Tariff: NACCIMA warns against economic instability, job losses
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