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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
News
INEC Warns ADC Against Holding Convention Without Supervision
INEC Warns ADC Against Holding Convention Without Supervision
The Independent National Electoral Commission (INEC) has cautioned the African Democratic Congress (ADC) against proceeding with its planned congresses and national convention without proper supervision and in defiance of an existing court order.
Chairman Joash Amupitan issued the warning during an interview on Arise TV on Friday, after the ADC insisted on going ahead with its convention despite INEC’s derecognition of the leadership faction linked to David Mark and Rauf Aregbesola.
Amupitan stressed that INEC’s actions were guided by legal considerations, particularly a subsisting court order restraining the ADC from taking steps that could undermine ongoing legal proceedings. “Don’t do anything. Don’t take any step that will render any proceeding before the court nugatory,” he said.
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He explained that the ADC’s plan to conduct congresses and a national convention is already part of a pending legal process, with motions related to the activities yet to be determined by the court. Ignoring the court’s directive, he warned, could result in invalidated elections or nullified internal party decisions, citing precedents in Zamfara and Plateau states where failure to comply with court orders affected electoral outcomes.
Amupitan highlighted the risks of repeating past mistakes, stressing that while the ADC is free to act as it chooses, INEC would not risk supervising illegal or unauthorized party activities. He reinforced the importance of adhering to the Electoral Act and judicial directives to ensure that party events are legally recognised and free from future challenges.
The INEC Chairman’s warning comes amid heightened tension within the ADC, with the faction led by David Mark facing derecognition and ongoing litigation over the party’s legitimate leadership. Analysts note that the statement underscores INEC’s commitment to rule of law, legal compliance, and internal party democracy, especially as Nigeria approaches the 2027 general elections.
INEC Warns ADC Against Holding Convention Without Supervision
News
Presidency Clarifies Why Tinubu Met Plateau Victims Only at Airport
Presidency Clarifies Why Tinubu Met Plateau Victims Only at Airport
The Presidency has clarified why President Bola Tinubu did not leave the airport during his recent visit to Jos, amid public criticism. Officials said the decision was driven by tight scheduling, logistical constraints, and aviation safety concerns.
President Tinubu visited Jos North Local Government Area, where he met with families of victims killed in the Angwan Rukuba attack. Speaking to the bereaved, he said, “You have no light at the airport, and I have to fly back within the next 10 minutes. To the victims, there’s nothing I can give you, whether it’s money in millions, but console you and promise you that this experience will not repeat itself.”
The visit was attended by political supporters, traditional rulers, security operatives, and other stakeholders. However, Tinubu’s airport-only engagement drew criticism, with some accusing him of insensitivity toward grieving families.
In response, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that Tinubu’s schedule on Thursday included receiving Chadian President Mahamat Idriss Déby Itno at the Presidential Villa before traveling to Iperu in Ogun State. Following a security briefing by Plateau Governor Caleb Mutfwang, the Ogun trip was canceled, and an emergency visit to Jos was arranged overnight.
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Officials said logistical challenges made a town visit impractical. The airport runway does not support night flights, and the road distance from the airport to Jos township is about 40 minutes. These factors made it unfeasible for the President to visit the conflict site, meet victims in town, and return to the airport safely before dusk.
To ensure engagement, representatives of affected communities were brought to a hall adjoining the airport, allowing Tinubu to meet directly with victims, local leaders, and security officials. Among attendees were the Minister of Defence, the Chief of Army Staff, and the Inspector General of Police, who had visited Rukuba to assess security operations.
During the meeting, the President consoled victims, listened to their concerns, and assured justice would be delivered. He also promised the deployment of 5,000 AI-enabled surveillance cameras to monitor the city and enhance the identification and arrest of troublemakers. Furthermore, he invited community leaders to Abuja for additional talks on long-term solutions to recurring violence in Plateau State.
The Presidency described the visit as a strategic, high-level engagement aimed at addressing the root causes of conflict, rather than a symbolic gesture. Officials emphasized that Tinubu’s approach prioritized safety, efficiency, and direct interaction with key stakeholders while adhering to flight and logistical constraints.
Despite the criticisms, the televised meeting was seen as reassuring by residents, signaling the President’s commitment to peace, security, and community-driven solutions in Plateau State.
Presidency Clarifies Why Tinubu Met Plateau Victims Only at Airport
News
Heavy Security Deployed at INEC Headquarters Abuja Amid Planned ADC Protest
Heavy Security Deployed at INEC Headquarters Abuja Amid Planned ADC Protest
Armed security forces on Thursday surrounded the Independent National Electoral Commission (INEC) headquarters in Abuja as tensions escalated over a planned protest by supporters of the African Democratic Congress (ADC). The move comes amid a deepening leadership crisis within the party, which has split into rival factions, prompting agitation and nationwide attention.
Eyewitnesses reported a strong presence of Nigeria Army personnel, with armoured vehicles stationed at strategic points around the INEC complex in the Maitama district. The Nigeria Police Force, Department of State Services (DSS), and Nigeria Security and Civil Defence Corps (NSCDC) also reinforced security, restricting movement and monitoring activities closely to prevent potential clashes.
The heightened security follows INEC’s decision to remove the names of Senator David Mark and former Osun State Governor Rauf Aregbesola as National Chairman and National Secretary of the ADC from its official portal. The commission said this action complied with preservatory orders issued by the Court of Appeal, directing all parties to maintain the status quo until the Federal High Court delivers a final judgment.
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The ADC dispute has created two competing camps: one backing David Mark and the other supporting Nafiu Bala Gombe as acting chairman. Both sides have sent conflicting communications to INEC, further complicating the situation and sparking the threat of protests at the commission’s headquarters.
“The names of the current National Working Committee members led by Senator David Mark… would be removed from the INEC portal pursuant to the order of the Court of Appeal to maintain the status quo ante bellum,” INEC stated, clarifying that it would suspend recognition of any faction until judicial resolution.
Supporters of the ADC have accused INEC of bias and interference in the party’s internal affairs. Civil society groups and political commentators have urged restraint and neutrality from the electoral commission to prevent further escalation of tensions.
Security operatives set up checkpoints and roadblocks around INEC headquarters, with armed personnel maintaining a visible presence. The deployment is viewed as a preventive measure to avert potential clashes or breakdown of law and order while the legal dispute unfolds.
Political observers note that the heavy security presence at INEC highlights the growing intersection of party politics and public order in Nigeria, as the ADC leadership tussle remains unresolved and could influence upcoming electoral processes.
Heavy Security Deployed at INEC Headquarters Abuja Amid Planned ADC Protest
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