World Bank has confirmed that Nigeria’s $500 million Distribution Sector Recovery Programme (DISREP) will continue as planned, alleviating concerns about the future of critical electricity sector reforms following the cancellation of part of the broader Power Sector Recovery Programme (PSRP) financing. According to a report by BusinessDay on Wednesday,...
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Nigerian Government has officially cancelled $717.7 million in undisbursed World Bank financing aimed at reviving the country’s electricity sector. According to the report on Channels TV attributed to the World Bank, this decision follows delays in meeting key reform milestones and significant shifts in the sector’s operating environment, leading...
In response to a recent surge of online protests urging the World Bank to stop issuing loans to Nigeria, the Presidency has addressed the concerns raised by Nigerians flooding the international lender’s social media platforms. The online campaign, marked by widespread appeals from citizens frustrated with government borrowing, called...
The Independent Media and Policy Initiative (IMPI) has defended President Bola Tinubu’s debt-for-infrastructure policy, insisting that strategic borrowing remains critical to addressing Nigeria’s huge infrastructure deficit and stimulating long-term economic growth. In a policy statement issued by its Chairman, Dr. Omoniyi Akinsiju, the group argued that criticisms against the...
ADC slams Tinubu’s fresh $1.25bn World Bank loan, says Nigerians are paying price of ‘ponzi economy’
ADC slams Tinubu’s fresh $1.25bn World Bank loan, says Nigerians are paying price of ‘ponzi economy’
African Democratic Congress (ADC) has condemned the Federal Government’s move to secure another $1.25 billion loan from the World Bank, describing the Tinubu administration’s borrowing pattern as dangerous and unsustainable. In a statement issued by the party’s National Publicity Secretary, Bolaji Abdullahi, the ADC expressed concern over what it...
Nigerians have taken to the World Bank’s official social media platforms especially Instagram and X (twitter) with comments to urge the lender to halt further approving new loans for President Bola Tinubu’s administration, citing rising debt and concerns over how borrowed funds are used. The outpouring followed reports that...
President Bola Ahmed Tinubu led federal government is asking the World Bank for another $1.25 billion loan to fund investment and job creation. The loan, called Nigeria Actions for Investment and Jobs Acceleration, is close to approval and could be presented to the World Bank board on June 26,...
No fewer than 24,000 additional Nigerians are expected to benefit from the next phase of the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project being implemented by the Federal Government in partnership with the World Bank. The initiative, which is coordinated by the National Universities Commission (NUC), received...
Federal Ministry of Finance has dismissed recent claims suggesting that Nigeria is diverting federation revenue, describing such interpretations as inaccurate and based on a misreading of the World Bank’s latest Nigeria Development Update. In a statement issued on Saturday, the Honourable Minister of State for Finance, Taiwo Oyedele, said...
Former Labour Party presidential candidate, Peter Obi, has raised serious concerns over what he described as massive financial leakages in Nigeria, warning that the country is “bleeding from within” despite rising revenues. In a statement shared on his official X handle on Saturday, Obi cited recent World Bank reports...
Nigeria Police Force has recorded major breakthroughs in cybercrime investigations, dismantling a cross-border fraud syndicate, arresting a fake World Bank official, and apprehending two suspects over an ₦85 million Business Email Compromise (BEC) scheme. Force spokesman, DCP Anthony Placid, disclosed the developments, noting that the operations were carried out...
By TOM CHIAHEMEN – Officials of the West African Health Organisation (WAHO), are currently participating in the technical Experts’ Meeting taking place in Banjul, Republic of The Gambia, ahead of the Forum of First Ladies of SWEDD+ countries on zero tolerance of gender-based violence. The meeting brings together...
The Independent Media and Policy Initiative (IMPI) wants the President Bola Tinubu administration to use benefits that would accrue to the country from the current surge in global crude price in the aftermath of the ongoing Middle East conflict to continue to build a more resilient economy. This is...
By AMOS MATHEW, Kaduna Kaduna State has been recognised as a leading state in land administration and selected as one of the pilot states for the Nigeria Land Titling, Registration and Documentation Programme (NLTRDP). The Deputy Governor, Dr Hadiza Balarabe, disclosed this on Monday when officials from the Federal...
Global Director for the Water Global Practice at the World Bank Group, Mr.Saroj Kumar Jha, has called on universities and young researchers to play a more active role in tackling the global water crisis through innovation, research and technology. Jha made the call while delivering the 1st Sustainable Urban...
World Bank Country Director for Nigeria, Dr Mathew Verghis, has commissioned seven legacy projects executed by the administration of Governor Babaganda Umara Zulum of Borno State. The projects, comprising a flyover bridge, three state-of-the-art mega schools and three dual-carriageway road projects, represent Zulum’s giant strides in Borno’s post-insurgency urban...
Former Anambra State Governor and Labour Party presidential candidate, Peter Obi, has raised fresh concerns over Nigeria’s worsening poverty crisis, warning that the country is sliding deeper into hardship while political actors remain preoccupied with power struggles. In a post on his verified X (formerly Twitter) handle titled “While...
World Bank has commended the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE), Environmental Node for commencing professional certification examinations. The bank described the development as a critical milestone that marks the transition of the SPESSE Project from theoretical capacity building to standards-based certification in practice. It noted that...