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Tinubu Administration Secures $6.45 Billion in World Bank Loans

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The Federal Government, led by President Bola Tinubu, has borrowed $6.45 billion from the World Bank within just 16 months. This figure reflects the recent approval of three new loans totaling $1.57 billion for various development projects in Nigeria.

The new loans contribute to a staggering total of $24.088 billion approved by the World Bank over the past five years for the Nigerian government, aimed at financing critical development projects. However, this surge in borrowing has raised concerns about the sustainability of Nigeria’s increasing debt profile and its long-term economic effects.

Key projects funded by these loans include:

– Power sector: $750 million
– Women empowerment: $500 million
– Girl’s education: $700 million
– Renewable energy: $750 million
– Economic stabilization reforms: $1.5 billion
– Resource mobilization reforms: $750 million

The growing trend of borrowing has caused frustration among many Nigerians, who associate government loans with prolonged infrastructure decay and rising unemployment. While some acknowledge the need for resources in a country with a large population, they question the justification for past borrowings.

Since 2020, the World Bank has maintained an annual credit approval to Nigeria. In 2020, it approved 15 loan requests worth $6.36 billion for projects like the Nigeria Rural Access and Agricultural Marketing Project and the Nigeria Digital Identification for Development project. In subsequent years, loan requests decreased to six projects worth $3.2 billion in 2021 and $1.26 billion for six projects in 2022.

In 2023, loan requests surged to $2.7 billion for four projects, while in 2024, the World Bank has already approved $3.82 billion for five projects, including a grant of $70 million.

These loans target crucial sectors such as economic reforms, resource mobilization, adolescent girls’ education, and renewable energy expansion. Recent approvals include a $2.25 billion package aimed at supporting Nigeria’s economic stability and vulnerable populations.

The World Bank has emphasized its commitment to strengthening Nigeria’s human capital and resilience against climate change, with new financing supporting healthcare and education improvements.

Data from the Debt Management Office indicates that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024. Additionally, the government’s debt servicing expenses reached ₦6.04 trillion in the first half of 2024, a 68.8% increase from the previous year, highlighting the growing burden of debt repayment on the nation’s financial resources.

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TCN Acknowledges 7th Grid Collapse in 2024

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The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.

Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.

An investigation into the cause of the collapse will commence once full grid restoration is achieved.

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Jigawa Tanker Tragedy: Shettima, First Lady Mourn Victims, Pledge Federal Support

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Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.

Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.

In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.

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Nigeria Customs Intercepts Arms, Ammunition Worth N9.5bn Over Six Years

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The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.

Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.

In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.

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