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The World Bank is set to approve fresh loans totalling $632m to Nigeria today (Monday) amid mounting concerns over the country’s rising debt profile, The PUNCH reports.

 

The loans are to support critical areas, including nutrition improvement and quality basic education.

 

Information obtained from the World Bank’s website on Sunday showed that the two loans expected to be approved today include $80m for the Accelerating Nutrition Results in Nigeria 2.0 project and $552m for the HOPE for Quality Basic Education for All programme.

 

Both projects are currently in the negotiation stage and are expected to receive final approval later today. These new loans form part of a broader strategy by the World Bank to support Nigeria’s development agenda, focusing on healthcare, education, and community resilience.

 

The loans are expected to boost the government’s efforts to improve nutrition outcomes and enhance access to quality education for Nigerian children.

 

Meanwhile, the World Bank had already approved a $500m loan to Nigeria last Friday to support the country’s Community Action for Resilience and Economic Stimulus Programme.

 

The approval, which took place on March 28, 2025, marked a significant step towards addressing Nigeria’s economic challenges through expanded access to livelihood support, food security services, and grants for poor and vulnerable households and firms.

 

The programme, officially titled the NIGERIA: Community Action (for) Resilience and Economic Stimulus Programme, is designed to provide essential support to households affected by economic downturns and bolster community resilience.

 

The initiative targets vulnerable populations by offering grants to households and small businesses to mitigate the economic hardships they face.

 

The loan approval is expected to significantly enhance Nigeria’s efforts to stimulate the economy through grassroots support, particularly amid ongoing challenges such as inflation and high living costs. The stimulus package will focus on improving food security and creating economic opportunities for communities hardest hit by recent economic fluctuations.

 

This approval occurred amid a delay in releasing funds for a previous loan targeted at poor and vulnerable Nigerians.

 

Further checks by The PUNCH showed that the World Bank disbursed to Nigeria about $315m out of the $800m approved for the National Social Safety-Net Program Scale Up.

 

For over a year, Nigeria has yet to get any further funds from the World Bank on this loan project, which was approved in December 2021. The delay in funds disbursement is likely linked to the issues of fraud detected under the programme.

 

President Bola Tinubu launched a social safety net programme that will distribute N25,000 to 15 million homes for three months in observance of the 2023 International Day for the Eradication of Poverty. The Federal Ministry of Humanitarian Affairs and Poverty Alleviation was tasked with carrying out the $800m World Bank loan project.

However, the Federal Government had to suspend the cash transfer programme for further investigation and revamping following alleged misappropriations within the programme.

 

Former humanitarian minister, Betta Edu, was earlier suspended due to the misappropriation of N585m earmarked for palliative distribution.

 

Also, Edu’s predecessor, Sadiya Umar-Farouq, was being investigated by the EFCC. The ex-minister is being probed over an alleged laundering of N37.1bn during her tenure as a minister.

 

The World Bank also issued sanctions to individuals and businesses found committing fraud under the programmes.

 

Earlier, The PUNCH reported that the Federal Government would likely secure six new loans totalling $2.23bn from the World Bank in 2025 as the international financial institution continues to support the country’s economic and structural reforms.

 

Data from the World Bank’s official website indicates that this will bring Nigeria’s total approved loans to $9.25bn over three years, reflecting a growing reliance on multilateral funding to support critical sectors of the economy, including infrastructure, healthcare, education, and economic resilience.

 

An analysis of Nigeria’s loan approvals from the World Bank since 2023 under the administration of President Bola Tinubu shows a significant increase in funding commitments.

 

In 2023, the World Bank approved loans amounting to $2.7bn, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector.

 

The funding approvals recorded in 2024 significantly surpassed those of the previous year, with a total of $4.32bn allocated to various projects. This increase was largely due to Nigeria’s growing need for financial assistance to stabilise the economy amid mounting fiscal pressures and rising public debt.

For 2025, Nigeria is looking to secure six new loans from the World Bank, with a combined value of $2.23bn. The planned loans cover key sectors, such as digital infrastructure, healthcare, education, nutrition, and community resilience.

 

Under the administration of President Bola Tinubu, the World Bank has approved around 11 different loan projects for Nigeria.

 

In less than two years, the Federal Government has secured loans worth $7.45bn from the World Bank, raising concerns about the growing debt burden. According to data from the Debt Management Office, the World Bank’s share of Nigeria’s external debt amounts to $17.32bn, as of the third quarter of 2024.

 

The bulk of this debt is owed to the International Development Association, which accounts for $16.84bn, representing 39.14 per cent of Nigeria’s total external debt. The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.

 

While the proposed World Bank loans could provide much-needed fiscal relief, concerns remain over the country’s rising debt burden. Recent data from the Central Bank of Nigeria indicate that the country has spent $5.47bn on external debt servicing in the past 14 months, highlighting the strain on its foreign reserves.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier said that rather than accumulating more debt, the government is prioritising alternative funding sources such as revenue generation, concessional loans, and strategic investments.

 

“We are at that optimisation stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimising assets and attracting private sector investment, whether domestic or foreign,” Edun said.

 

However, the consistent growth in the World Bank’s financial commitments to Nigeria, from $2.7bn in 2023 to $4.32bn in 2024, and the anticipated $2.23bn in 2025, highlights the country’s increasing dependence on concessional financing to drive structural reforms and public sector investments.

 

As Nigeria continues to navigate its debt challenges, experts emphasise the importance of efficient fund utilisation and transparent project execution to ensure that these loans yield meaningful economic and social benefits.

 

Speaking with PUNCH on Sunday, development economist Dr Aliyu Ilias expressed concerns about Nigeria’s borrowing approach, stating that while borrowing itself is not inherently bad, it has become problematic given the country’s current economic situation.

 

“I think borrowing itself is not bad, but at the point Nigeria is now, borrowing is becoming a bad thing,” he said.

 

Ilias noted that during the administration of former President Muhammadu Buhari, borrowing was widely criticised, and many had hoped that the current government would avoid taking on new debt.

 

He pointed out that the Tinubu administration has generated more revenue compared to previous governments since the Fourth Republic in 1999.

 

He highlighted various revenue-generating measures undertaken by the current government, such as the removal of fuel subsidies, increased electricity tariffs for Band A, and the proposed tax reforms.

 

He also recalled that the Federal Government announced a significant increase in revenue for the Federal Inland Revenue Service earlier this year, leading to an upward adjustment of the national budget.

 

Ilias questioned the rationale behind further borrowing despite these revenue gains, suggesting that the government should focus on managing existing resources more efficiently.

 

He also criticised the reliance on the debt-to-GDP ratio as a measure of debt sustainability, warning that the proposed rebasing of the GDP could encourage more borrowing.

 

“I was expecting that in the first four years of President Bola Tinubu’s administration, the government would not embark on borrowing,” he said.

 

In a related development, during a media interactive session in Abuja over the weekend, the Chief Executive Officer of the Nigerian Economic Summit Group, Dr Tayo Aduloju, called for a more strategic approach to borrowing.

He said, “We need to be creative about the borrowing plan. How much domestic borrowing we need to do. How much external borrowing we need to do, and at what price.”

 

Aduloju emphasised the importance of balancing domestic and external borrowing while ensuring that critical infrastructure projects are prioritised and tied to disciplined financing.

 

He noted that a well-planned borrowing strategy could enhance project implementation and public perception.

 

He also advocated for a shift towards an economy driven by foreign direct investment rather than excessive borrowing as a more sustainable economic model.

 

The Special Assistant to the suspended Rivers State Governor on Electronic Media, Jerry Omotsegunwa, has stated that Governor Siminalayi Fubara has yet to be informed by his predecessor, Nyesom Wike, about the cause of their ongoing political hostilities.

 

Fubara and Wike have been embroiled in a political crisis since late 2023, culminating in President Bola Tinubu declaring a state of emergency in Rivers State on March 18, 2025, which led to the suspension of Governor Fubara and members of the state’s House of Assembly.

 

Former Transport Minister, Rotimi Amaechi, in a recent interview with DW, suggested that the rift between Wike and Fubara was centered around money sharing.

 

However, Amaechi, who is also a former governor of Rivers State, condemned President Tinubu’s imposition of emergency rule in the state, calling it an unconstitutional act.

 

In response to Amaechi’s claim, Omotsegunwa told The PUNCH on Sunday that Wike had not clarified the reason behind his anger towards Fubara. He described Amaechi’s statement as a personal opinion, noting that the issue had remained unresolved for nearly two years.

 

Omotsegunwa stated, “As it stands right now, I will not dispute Amaechi’s position even though he has the right to his own opinion. This crisis has dragged on for almost two years now, and nobody has told us what the actual problem is.”

He continued, “The FCT minister has not told us anything that led to the crisis, and the governor too has not provided any clarity.”

 

The other day, when they talked about impeaching the governor, he asked, ‘What is my offence?’ and the FCT minister said the governor tried to destroy his structure and all. These matters put together, we’ve not been able to decipher.”

 

Omotsegunwa concluded by acknowledging Amaechi’s right to express his opinion but reiterated that, until Wike provides a clear explanation, the true cause of the conflict remains unknown.

 

“So, as much as I don’t want to say he has lied, I also say he has the right to his own opinion, and that is his personal opinion,” Omotsegunwa stated.

 

When contacted on Sunday for a reaction, Wike’s media aide, Lere Olayinka, declined comment on the matter.

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has expressed confidence that Nigerians have the capacity to defeat corruption through collective determination and commitment.

 

Olukoyede made this statement in Abuja on Sunday in his goodwill message to Muslims celebrating Eid-el-Fitr across the country.

 

“Tackling economic and financial crimes and other acts of corruption is achievable through courageous readiness and corporate commitments of Nigerians,” he stated.

 

Reaffirming the nation’s ability to overcome corruption, Olukoyede stated: “Nigerians are stronger than corruption. No corrupt act can break our common resolve and determination. We have all it takes to confront and conquer economic and financial crimes.”

 

He urged Muslims to internalise the lessons of Ramadan—self-denial, discipline, sacrifice, love, and purity—and channel them into a renewed commitment to shun corrupt practices.

“I congratulate Muslims and charge them to allow lessons of self-denial, discipline, sacrifice, love and purity of the Ramadan season imbued in them greater readiness and commitment to shun corrupt practices.

 

“At Eid-el-Fitr, Allah’s benevolence and sacrifice are greatly magnified. May the lessons of love, peace, joy, and celebration of the festival abide in us and imbue in us a greater desire to reject corruption,” he added.

 

Olukoyede also assured Nigerians that the anti-corruption war remains on course, stating that the EFCC is gaining momentum in its efforts to curb economic and financial crimes.

 

“The anti-corruption war is on course, maintaining that the EFCC is gaining more strength and speed in bringing economic and financial crimes to a halt, “ he said.

 

Former Oyo State governor and the Otun Olubadan of Ibadanland, Rashidi Ladoja, on Sunday, said the declaration of emergency rule in Rivers State has ensured relative peace in the state.

 

The PUNCH reports that President Bola Tinubu, on March 18, 2025, declared emergency rule in Rivers State over the protracted political crisis between Governor Siminalayi Fubara and the Rivers State House of Assembly loyal to ex-governor Nyesom Wike.

 

Tinubu suspended the governor and the lawmakers for six months and appointed a sole administration to run the state.

 

Tinubu’s decision has generated a lot of controversies, with many asserting that the president breached the country’s constitution.

But Ladoja, while speaking with journalists at his private residence in Ondo Street, Bodija, Ibadan, after Eid-el-Fitri prayer on Tuesday, said the emergency rule was a wise decision by President Tinubu to douse tension and restore normalcy in Rivers State.

 

Ladoja said, “The emergency rule declared by the President in Rivers is a welcomed development if that is what will restore peace back to the state.”

 

The former governor advised suspended Governor Siminialayi Fubara and the Minister of Federal Capital Territory, Nyesom Wike, to come together and resolve their differences if their intention is actually to serve the state.

 

“Some of them have approached the court; even the PDP governors had gone to the Supreme Court. The judgment will be faster. So, whatever the court says will bind both parties,” Ladoja added.

 

Adron Homes Celebrates Eid-al-Fitr, Wishes Nigerians Peace and Prosperit

 

Adron Homes and Properties extends warm greetings to the Muslim community across Nigeria and beyond as we celebrate the joyous occasion of Eid-al-Fitr.

 

As we mark the end of Ramadan, a season of faith, sacrifice, and devotion, we reflect on the values of unity, gratitude, and generosity that define this celebration. The blessings of fasting and prayers bring peace, progress, and abundance to our beloved nation, and we pray for continued harmony, stability, and prosperity for Nigeria and its people.

 

At Adron Homes, this season is also a time to express our heartfelt appreciation to our esteemed customers. Your trust, loyalty, and commitment to choosing Adron Homes as your partner in the journey to homeownership mean everything to us. Your belief in our vision inspires us to continue providing affordable, luxurious, and accessible housing solutions, making homeownership a reality for all.

 

As you celebrate Eid with your loved ones, may your homes be filled with peace, joy, and countless blessings. We remain dedicated to building vibrant communities where families can thrive and create lasting memories.

 

Eid Mubarak! Thank you for being part of the Adron Homes family.

 

The Leader of the Senate, Opeyemi Bamidele, on Saturday, defended the decision of the National Assembly to ratify the proclamation of the state of emergency in Rivers State by President Bola Tinubu, saying lawmakers deserve commendation and not the backlash they got.

 

He said instead of being vilified, National Assembly members should be commended for approving the emergency rule.

 

Bamidele clarified this at the 29th convocation of Ekiti State University in Ado Ekiti, Ekiti State, where he bagged an honorary doctorate degree.

 

The convocation was attended by the President of the Senate, Senator Godswill Akpabio; Deputy President of the Senate, Senator Jubril Barau; Deputy Leader of the Senate, Senator Lola Ashiru; Deputy Whip of the Senate, Senator Onyekachi Nwaebonyi; and Chairman, Senate Committee on Appropriation, Senator Olamilekan Adeola, among others.

 

The Senate leader received the honour alongside the Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji and the Chairman of the Governing Board, Bank of Industry, Dr Mansur Muhtar

 

While defending their intervention on the emergency rule, Bamidele argued that as a responsible and responsive parliament, they treated the matter as an extraordinary measure in the interest of peace and without giving room for parochial interests.

 

He said, “What exactly do we want as a people? A federation that functions for all? Or a federation that relapses into an intractable crisis?

 

“We must recognise that emergency rule is an extraordinary measure, and it must be treated as such in the interest of peace and security.

 

“As stipulated in Section 305 of the 1999 Constitution (as amended), the National Assembly is required to provide its details. The provisions of the 1999 Constitution cannot be interpreted casually without a proper understanding of the Nigeria Interpretation Act 2004.

 

“As a responsible and responsive parliament that sees peace and stability as a catalyst of growth and development, we were inaugurated into office to promote a nation that works for all and that guarantees the peaceful coexistence of all.”

 

Speaking further, the chieftain of the ruling All Progressives Congress observed that the ratification of the emergency rule by the National Assembly significantly eased political tension in the state.

The senate leader, however, lamented that rather than applaud the National Assembly for preventing anarchy, lawmakers were ‘subjected to all forms of toxic criticism’ that do not portray their image well before the comity of nations.

 

According to him, the barrage of attacks, especially from opposition parties, are viciously launched based on emotion and not reason.

 

“We should be commended for this laudable initiative and not be vilified by some political actors who do not bother about what happens to our national security but about their parochial interest. Regardless of their unpatriotic moves, we firmly stand for the peace and stability of Nigeria.

“We shall continue to leverage the authority of the National Assembly to guarantee her peaceful co-existence. Our decision, as an institution, is taken purely in the national interest. If any interest is unsatisfied with it, they can also seek redress in the law court.

 

“Regardless of the baseless attacks our critics are throwing at the National Assembly, we are undeterred because we are truly on a rescue mission. This does not suggest we are afraid of criticism. But such criticisms must be constructive and well structured to provide alternative, credible and patriotic initiatives, “Bamidele said.

 

Earlier in his address, Pro-Chancellor of the Institution, Prof Akin Oyebode, acknowledged the contribution of alumni of the institution toward its development, saying it plays significant roles in giving support to their alma mater, which also included the donation of two medical hostels (male and female) facilitated through Senator Bamidele.

 

According to him, the Senate leader also saw to the construction of two additional medical hostels, a mini stadium in the university and the construction of a two-kilometre road linking the alumni village with the College of Medicine, as well as the 500 capacities of CBE Centre and FM Radio Station.

 

Similarly, the Vice-chancellor of the university, Prof Joseph Ayodele said he was elated about the recent ranking of the institution as Nigeria’s best state varsity by the Times Higher Education.

 

Ayodele also noted that the success of the institution could be linked to improvement in the monthly subvention of the university from N260 million to N410 million monthly.

 

He commended the contribution of the alumni association to the rapid development of the institution through strategic collaboration with the leader of the Senate.

 

The Federal Road Safety Corps in Ogun State has warned motorists against carrying inflammable substances, such as gas, that may ignite fire explosions during the Eid-el-Fitr celebration.

 

Ota Unit Commander of FRSC, Mr Wasiu Ogunmefun, issued the warning while speaking with the News Agency of Nigeria on Saturday in Ota, Ogun.

 

He emphasised that the warning was necessary to promote safety during the festival.

 

He explained that the primary goal of the warning was to reduce the risk of fire and explosions on the road, which could lead to loss of lives and property.

 

Ogunmefun also advised motorists to exercise patience and drive safely on the Lagos-Abeokuta Expressway, as the road was still under construction.

 

“We urge motorists not to carry anything that has the potential to ignite a fire to prevent mishaps on the highway during this period.

”Additionally, they should avoid overspeeding and refrain from driving against traffic to ensure the safety of all road users,” he said.

 

Ogunmefun also cautioned against overloading vehicles, as it could make them more fragile, increasing the risk of road crashes.

 

He further advised against carrying humans with animals, warning that anyone caught doing so would be arrested by FRSC personnel.

 

He underscored the importance of motorists cooperating with FRSC personnel, who had been deployed to ensure traffic safety, ease congestion, and respond to emergencies on the Lagos-Abeokuta Expressway.

 

NAN reports that the Federal Government has declared March 31 and April 1 as public holidays for the Muslim faithful to celebrate Eid-el-Fitr across the country.

 

Abdullahi Safiyanu, father of the late Shuaibu, a seven-year-old boy who was kidnapped and killed in Bauchi State, speaks to AYOOLA OLASUPO and UMAR SANI about how he found the lifeless body of his son in the bush after

 

How old are you?

 

I am 42 years old. I am the father of the late Shuaibu Safiyanu. I am a livestock trader.

 

How old was Shuaibu?

 

He was seven years old.

 

When was your son abducted?

 

It was on Thursday, March 20, 2025.

 

How did you receive the news of the abduction of your child?

 

When we were at the livestock market, a group of young men who usually visited the market were said to be heading towards my house. They were coming to my house together with my son’s friend, who was a little bit older than him.

 

It seemed they were invited by someone. The person is still unknown to me. Before reaching my place, they met with the person who had called them. He then told my child, Shuaibu, who was in my compound, to come with him, claiming he wanted to send him on an errand. After speaking with my son, he wrote a phone number on a sheet of paper and asked my son’s friend to take it home.

 

Since they were not familiar with such matters, when he (my son’s friend) got home, he forgot to deliver the message and continued with his normal activities. It was later that he remembered and gave me the sheet of paper where the kidnappers had written the phone number.

 

It was obviously sent to me so that I could contact them. I then called the number and told the person who responded that a boy had been sent to bring the phone number home. The receiver (kidnapper) said, “Yes, I was the one who gave them the phone number.”

 

What did he say afterwards?

 

He then told me that they had taken a boy with them. I then asked, “What for?” The person on the other end said they only wanted money and had to seize my son. When I asked again why they had taken my son and held him hostage, they responded that if I wanted to see my son, I should send them money.

They immediately asked if I didn’t want to see my son alive, and that was all. That was the last statement the man made before he suddenly ended the call. Since then, we never spoke again. Whenever I called the phone, it was unreachable.

 

What steps did you take when you realised that your child had been kidnapped?

 

First of all, I reported the matter to the police, saying that my son had been kidnapped. I also showed the police officers the phone number the kidnappers had provided. We then continued searching. However, when we (police officers, my relatives and I) tried to call that particular phone number again, it was still unreachable.

 

Later, when we managed to reach them (the kidnappers) through the phone number, we asked them what their problem was and why they had abducted my son. They said money was their issue; they needed money. We asked them why we should give them money since they were not known to us.

 

We then asked what they would do with my son if we didn’t give them money. They said they wouldn’t do anything to him. However, they added that their kidnapped victims would not be released just like that without their relatives paying a ransom.

 

My brother then suggested we ask them for the ransom amount. They said they needed N3m. After hearing this, my brother said we did not even have N100,000. They then said they didn’t care how we would get the money, and that we should go and look for it.

 

What did you do after you were instructed by the kidnappers to get N3m or risk losing your son?

 

We later bargained for N200,000, and they warned that if we didn’t send them the money, they would kill the boy. We pleaded with them not to kill him. The next day, we went back to the police station and the District Head of Gabas, Musa Isah.

 

The next step we took was to pay for the tracking of their location before calling them again. But before then, they directed us to a house in Darazo Local Government Area, saying my son was kept there and that we should take him along when we arrived. Unfortunately, when we got there, he was nowhere to be found. Since then, we became suspicious and began to doubt if Shuaibu was still alive.

Did you continue negotiations with the kidnappers after you discovered that they lied to you about the whereabouts of your abducted son?

 

A day later, we continued with the negotiation over the amount and agreed on N200,000. Then we asked them to send the account number to receive the money. The account number they later sent belonged to one of them.

 

They called again and said it shouldn’t be sent to the bank account. They then sent Point of Sale (PoS) account details belonging to a PoS operator in Darazo. Before this, the police were aware. We had provided them with the account details, and they had tracked the owner. The police then told the PoS operator that someone would come to collect money from the account.

 

They informed him that when the person arrived, he would be monitored. The PoS operator then informed the police that the person had come before the money was sent, had collected N5,000 on credit, and left his phone, saying he would return later. When he came back to collect the money, he was arrested. As soon as he was apprehended, he threw away his SIM card, and it couldn’t be found.

 

How did you discover the corpse of your son?

After two days, we went out in search of my son. We searched the house they had previously directed us to, but there was no sign of him. In the process, I went to a nearby bush and noticed a smell with many flies hovering around the area.

 

I immediately called those who were with me and asked if they could smell anything. They confirmed it. We kept searching and eventually found my son’s body there. For security purposes, we stopped and called the police to come and retrieve the body themselves.

 

When you saw the corpse, how did you feel?

 

I can’t explain how I felt when I discovered my son’s corpse. It is sad that they did not wait for the ransom before killing my child.

 

Based on what you saw on the corpse, did they use a knife on him or was he shot with a gun?

 

They used a rope to tie him around three times. We also saw blood on the sides of his two arms. After seeing the body, I left my brothers there and went home.

 

What about your late son’s kidneys that were said to be missing?

 

We cannot say anything about that. What we know is that we discovered blood by the two sides of his arms. That is all.

 

When you told your wife, the mother of the boy, what was her reaction?

 

She nearly collapsed. Until now, she is not herself. Till date, she doesn’t eat.

 

How many people were arrested? And what are their names?

 

Four people were arrested, including Rabi’u Muhammadu, Muhammad Sani, and Musa Usman.

 

Now that they have been arrested, what punishment do you want the government to inflict on them?

 

Like they did to me, I want the government to do the same to them. Everyone who has a child knows how it feels to have one. I want the government to pay them back for what they did to me.

If you were opportune to meet those who killed your son, what would you tell them?

 

If it were when I was still hot-tempered, I would have fought them. That was how I felt when I realised my son had been killed.

 

his abductors killed him