Tag: LOAN

CNPP, CSOs kick against Tinubu’s $1.75bn World Bank loan plan

Aminu Imam
CNPP, CSOs kick

…Warn of rising public anger In a strongly worded joint statement, the Conference of Nigeria Political Parties (CNPP) and the Coalition of National Civil Society Organisations (CNCSOs) have condemned the Federal Government’s plan to contract a fresh $1.75 billion loan from the World Bank, describing it as reckless, insensitive, and a betrayal of the Nigerian people. The two groups, representing political stakeholders and over seventy-five civil society organisations nationwide, expressed shock that President Bola Ahmed Tinubu’s administration is seeking additional loans despite what they described as “unprecedented revenue collections within…

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Senate approves Tinubu’s $21bn foreign loan 

Aminu Imam
Senate approves3

The 10th Senate yesterday approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, paving the way for the full implementation of the 2025 Appropriation Act. The comprehensive borrowing package includes $21.19bn in direct foreign loans, €4bn, Â¥15bn, a $65m grant and domestic borrowing through government bonds totalling approximately ₦757bn. Also included was a provision to raise up to $2bn through a foreign-currency-denominated instrument in the domestic market. The approval followed the presentation of a report by the Chairman of the Senate Committee on…

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FG secures fresh ₦1.2tr ($747m) loan for Lagos-Calabar highway

Aminu Imam
World Bank allocates

The  President Bola Ahmed Tinubu administration has secured a $747 million (roughly ₦1.2 trillion) World Bank loan facility to finance Phase-1 Section-1 of the Lagos-Calabar highway. According to a statement issued on Wednesday by the Director of Information and Public Relations at the Ministry of Finance, Mohammad Manga, the loan will finance Phase-1 Section-1 of the project, stretching 47 kilometres from Victoria Island to Eleko Village in Lagos. The project is a flagship under the ‘Renewed Hope Infrastructure Development Agenda’ of the Tinubu administration, and is expected to boost regional…

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FG secures $1.1bn AfDB loan to power 5m Africans by 2026

Aminu Imam
FG secures AfDB loan

The Federal Government has secured a $1.1 billion loan, (approximately ₦1.71trillion) from the African Development Bank (AfDB) for the provision of electricity for 5 million Africans by the end of 2026. According to President Bola Tinubu’s Special Adviser to the President, (Information & Strategy), the President made this known in a speech presented by Minister of Power, Adebayo Adelabu, at the just-concluded two-day ‘Mission 300 Africa Energy Summit’, which was held in Dar-es-Salaam, Tanzania. Tinubu also stated that the AfDB’s $200 million in the Nigeria Electrification Project will provide electricity…

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Port rehabilitation delayed, despite $700m loan

Aminu Imam
Port rehabilitation2

Despite securing a $700 million loan for the rehabilitation of Lagos’ Apapa and Tin-Can Island Ports, the Federal Government has yet to start work on these vital projects. Recall that in April, it was reported that the NPA secured a $700m loan from Citibank for the rehabilitation of the Apapa and Tin-Can Island Ports in Lagos. It had announced plans for reconstruction with the loan funded by UK Export Finance, an export credit agency. Announcing this in a statement, the NPA had said it also opened discussions with another funding…

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Nigeria receives $1.5bn W’Bank loan over Tinubu’s subsidy removal, tax reforms Bills

Aminu Imam
FG on W'Bank loan

The World Bank has released a $1.5billion loan to Nigeria, following the implementation of a few of its economic reforms, including fuel subsidies removal and introducing tax policies by the Tinubu-led administration. This is according to the World Bank’s recent document on the progress of the loan. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months. The document showed that the loan was approved on June…

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Senate approves Tinubu’s fresh $2.2bn loan request

Aminu Imam
Senate approves

The Senate, yesterday, approved the $2.2 billion fresh loan request by President Bola Ahmed Tinubu. The decision was sequel to the consideration and adoption of a report of its Committee on local and foreign debts, chaired by Senator Aliyu Wamakko (Sokoto-North). Recall that the President had written to the 10th National Assembly requesting the Senate and House of Representatives to approve a fresh $2.2 billion as external borrowing plan in the 2024 Appropriation Act. The President’s request was contained in a letter read by the Speaker of the House of…

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FG obtains over $751m from $1.5bn recently approved World Bank loan

Aminu Imam
FG on W'Bank loan

The Federal Government has obtained $751.88m out of the recently approved $1.5bn World Bank facility under the ‘Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing (DPF) Programme” project. The loan was disbursed on June 28, 2024, according to documents from the Bretton Wood’s institution. This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations. The $1.5bn loan comprises two separate agreements between Nigeria and the World…

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FG secures $5bn Afreximbank funds to boost economy

Aminu Imam
FG Afreximbank2

The Federal Government says it has secured $5 billion from Afreximbank to strengthen the economy, including a $3 billion targeted at de-risking the economy. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, revealed this while delivering her address at the Manufacturing Association of Nigeria (MAN) summit at the Presidential Villa, Abuja on Thursday. “The Ministry secured $5billion funds, including a $3b for de-risking Nigeria’s business environment with AFREXIM bank at an event in the Bahamas in June”, the minister said. Uzoka-Anite, who delivered her address at the concluding session of…

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Nigeria’s foreign loans push capital inflow up by 19%

Aminu Imam
DMO3

Higher loan inflows in to Nigeria increased capital importation into the country in January 2024 by 19 percent month-on-month, MoM, to $330 million from $280 million in December 2023, according to the Central Bank of Nigeria (CBN). The apex bank which disclosed this in its ‘Monthly Economic Report for January 2024‘, said: “Higher inflow of loans boosted foreign capital inflow in the review month”. Providing further details on the capital importation during the period, the CBN report stated: “New investments to the economy increased by 17.9 per cent to $0.33…

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