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World Bank approves Tinubu’s $632m loan request

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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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Akpabio sues Natasha for ₦200bn over sexual harassment allegations

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Senator Natasha Uduaghan and Senate President Godswill Akpabio

Akpabio sues Natasha for ₦200bn over sexual harassment allegations

Senate President Godswill Obot Akpabio has instituted a ₦200 billion defamation lawsuit against Senator Natasha Akpoti-Uduaghan, accusing her of spreading malicious sexual harassment allegations that he says have severely damaged his public image.

According to documents filed before the High Court of the Federal Capital Territory, Abuja, Akpabio is seeking substantial damages, public retractions, and nationwide broadcast apologies. He argues that Senator Akpoti-Uduaghan’s televised, radio, and online interviews portrayed him as a sexual predator who abused his office for personal gratification—claims he insists subjected him to widespread ridicule and reputational harm.

The lawsuit includes a comprehensive statement of claims and a list of witnesses. Akpabio is also asking the court to compel the removal of all online materials containing the disputed allegations and to order repeated public apologies across major media outlets.

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A court order issued on 6 November 2025 granted permission for substituted service through the Clerk of the National Assembly after initial attempts to reach Senator Akpoti-Uduaghan directly were unsuccessful. The case is now moving forward and is expected to become one of the most closely watched political legal battles in Nigeria.

Responding on 5 December 2025, Senator Natasha Akpoti-Uduaghan confirmed receipt of the suit and expressed readiness to defend her allegations before a competent court. She stated that she had previously been prevented from presenting a petition before the Senate Committee on Ethics and Privileges due to claims that a related case was already in court—an action she believes protected the Senate President from legislative scrutiny.

In a strongly worded response, the Kogi Central senator maintained that the court proceedings will finally provide the platform to substantiate her claims. She reiterated her stance that she experienced sexual harassment and that her refusal to comply with the alleged advances prompted sustained political retaliation.

See you in court, Godswill Akpabio,” she declared.

Akpabio sues Natasha for ₦200bn over sexual harassment allegations

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NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party

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NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party

The Nigeria Labour Congress (NLC) has warned that it will no longer remain passive as criminal gangs intensify violent attacks across the country, declaring its readiness to hold a national day of mourning and mobilise nationwide protests over the escalating insecurity in Nigeria.

Speaking at the opening of the NLC’s National Executive Council (NEC) meeting in Lagos, NLC President Joe Ajaero said the country was “under siege,” condemning the latest school kidnapping and the reported withdrawal of security personnel before the attack. He demanded a full investigation to expose any possible compromise within the nation’s security architecture.

“The NLC cannot stand idly by and allow criminals to take over our country—never again. We want to know who ordered the withdrawal of security operatives from that school. We will not allow kidnappers and bandits to overrun our nation,” Ajaero said.

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He stressed that the labour movement would soon announce details of the planned protests and national mourning, insisting the lives of teachers, students and workers were in grave danger. “It is getting out of hand. We can no longer bear this,” he added.

Ajaero also revealed that the NLC had withdrawn its representatives from the Labour Party, accusing them of pursuing personal interests rather than representing workers.

Human rights lawyer Femi Falana, SAN, who addressed the meeting, warned that the country was in “serious trouble” over rising kidnappings and attacks. He rejected calls for foreign military intervention, cautioning that such a move would undermine Nigeria’s sovereignty.

Falana criticised recent statements by former U.S. President Donald Trump, describing them as unacceptable. He urged President Bola Tinubu to take decisive action to protect citizens, saying: “We want to let the world know that we are not a conquered people.”

He called on labour unions, civil society organisations and Nigerians to prepare to resist any further decline in national security.

NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party

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Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria

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Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria

Former British Prime Minister Boris Johnson has praised UK Conservative Party leader Kemi Badenoch, describing her as a “future Prime Minister of the United Kingdom” during his visit to Nigeria for the Imo State Economic Summit 2025.

Speaking in Owerri, Imo State, on Thursday, Johnson commended Governor Hope Uzodimma for his efforts to boost economic development and improve security, noting that he felt “perfectly safe” despite earlier warnings about Nigeria’s security situation.

Johnson highlighted the state government’s push to deliver 24-hour electricity, stressing that reliable power and clean, sustainable energy are essential for economic growth as the world moves into an Artificial Intelligence (AI)-driven future.

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He also emphasized the strong historical and economic ties between Nigeria and the United Kingdom, praising the exchange of goods, services, and highly skilled professionals between both countries.

In a humorous remark that sparked applause, Johnson said: “We send you former UK prime ministers, and you send us future UK prime ministers in the form of Kemi Badenoch.”

The summit, attended by Vice President Kashim Shettima, former UN Secretary-General Ban Ki-moon, business mogul Aliko Dangote, and other top government and private-sector leaders, focused on strategies to accelerate Imo State’s economic transformation.

Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria

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