Economy
World Bank Approves Nigeria’s $1.13bn Loan Request
World Bank Approves Nigeria’s $1.13bn Loan Request
World Bank approves Nigeria’s $1.13bn loan request. The World Bank says a total of $1.13 billion loan request from Nigeria has been approved.
According to details from the bank’s website on Wednesday, three different financing requests were approved in March, for projects targeting quality education, household and community resilience, and improved nutrition.
The World Bank said $80 million was approved for the ‘Accelerating Nutrition Results in Nigeria 2.0’ project, and $552 million for the ‘HOPE for Quality Basic Education for All programme’, on March 31.
Further checks by TheCable showed that on March 28, the lender also approved a $500 million loan for Nigeria’s ‘Community Action for Resilience and Economic Stimulus Programme’.
On February 28, the federal government said it was expecting to receive new loans from the World Bank, totalling $2.2 billion in 2025.
According to the Washington-based financial institution’s project list, the $2.2 billion will cut across six different projects.
The multilateral lender gave Nigeria $1.5 billion in 2024 for a number of significant development initiatives meant to strengthen the country’s ability to mobilise resources and maintain economic stability.
World Bank Approves
Nigeria’s loan exposure from the World Bank’s International Development Association (IDA) reportedly rose to $17.1 billion as at September 30, 2024.
According to the IDA’s financial statement for September 2024, Nigeria maintained the third spot in its top 10 borrowers’ list.
Although Nigeria’s exposure dropped to $16.8 billion as at December 31, 2024, the West African nation retained its position as the third-largest debtor to the World Bank’s IDA.
Sole Administrator: New 2025 Budget In The Works To Tackle Key Development Areas In Rivers
Sole Administrator: New 2025 budget in the works to tackle key development areas in Rivers. The Sole Administrator of Rivers State, Vice Admiral Ibok Ete Ibas (retd.), has revealed that a fresh 2025 appropriation bill is being prepared to address pressing developmental needs.
Speaking during a meeting with the Rivers National Assembly caucus on Thursday at the Government House in Port Harcourt, Ibas said the proposed budget will prioritize improvements in healthcare, education, agriculture, and infrastructure.
Sole Administrator Ibas
He also noted that the budget will emphasize job creation and the integration of technology across essential public sectors. The delegation was led by Senator Barinada Mpigi, representing Rivers South-East.
Governor Alia Launches Probe Into Destruction Of LG Secretariat, Traditional Palace In Benue
Governor Alia launches probe into destruction of LG secretariat, traditional palace in Benue. Benue State Governor Hyacinth Alia has set up a committee to investigate the destruction of the Gwer West Local Government Secretariat, the Ter-Tyoshin palace, and several private properties in Naka town.
During a visit to the affected areas on Thursday, Alia condemned the violence—allegedly triggered by protests over repeated herdsmen attacks—and urged residents to support government efforts to restore peace.
He warned that anyone found colluding with external attackers would face the full weight of the law.
Ter-Tyoshin, Chief Daniel Abomtse, described the attack on his palace as a calculated sabotage, questioning the authenticity of the protest. He praised the governor’s visit and called for the perpetrators to be brought to justice.
Governor Alia Launches Probe
Meanwhile, local government staff Christiana Gbagbul and Civil Protection Guard Commander Nyiuma Nicholas accused the military of complicity and called for their redeployment, urging that the police take over internal security in the area.
Government Amends 2025 Budget By N14bn For Key Projects In Adamawa
Government amends 2025 budget by N14bn for Key projects in Adamawa. Adamawa State has revised its 2025 budget, adding N14 billion to fund new priority projects, including an international conference centre, upgrades to a key agricultural college, and rural infrastructure.
The State Executive Council approved the amendment to reallocate funds from less urgent areas, ensuring immediate execution of the projects, according to Commissioners Iliya James and Emmanuel Piridimso.
Adamawa
The original N486 billion budget, signed in December, remains unchanged in total size, with the adjustment focused on internal realignment.
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