Nelson Ugwuagbo

The Federal Government is currently in advanced discussions with the World Bank over a proposed $1.25 billion loan aimed at supporting economic reforms, job creation, and investment growth, according to a document obtained by Leading Reporters.

The document, titled Nigeria Actions for Investment and Jobs Acceleration, revealed that negotiations for the facility have reached a critical stage ahead of its expected presentation for approval on June 26, 2026.

According to the report, the loan has moved beyond the initial concept and appraisal phases, indicating significant progress in the approval process.

If approved, the facility would rank as Nigeria’s second-largest World Bank loan after the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

The document identified the Federal Republic of Nigeria as the borrower, while the Federal Ministry of Finance is expected to serve as the implementing agency for the programme.

The Senate and House of Representatives has on Tuesday passed the N1.75 trillion 2026 budget of the Niger Delta Development Commission (NDDC).

They also approved the N2.285 trillion 2026 budget of the Federal Capital Territory Administration (FCTA), with the Senate increasing the proposal by N84 billion from the N2.201 trillion initially submitted by President Bola Ahmed Tinubu in March.

A breakdown of the approved budget shows that N165.775 billion was earmarked for personnel costs, N378.231 billion for overhead expenses, while N1.741 trillion was allocated to capital projects.

The House of Representatives also passed the N1.75 trillion 2026 budget of the Niger Delta Development Commission (NDDC).

Presenting the report of the Senate Committee on the FCT, Senator Austin Akobondu of Abia Central said the committee engaged with the FCT Minister, Nyesom Wike, and other relevant officials to finalise the budget framework and spending plans.

According to the report, capital expenditure accounts for 76.19 per cent of the total budget, overhead costs represent 16.55 per cent, while personnel costs make up 7.25 per cent.

The budget was approved during plenary at the Committee of Supply after lawmakers overwhelmingly supported it through voice votes.

However, some senators expressed concern over the absence of a detailed revenue profile to support the proposed expenditure for the 2026 fiscal year, which is expected to run from January 1 to December 31, 2026.

Senate President Godswill Akpabio subsequently announced the passage of the appropriation bill following majority approval by lawmakers.

No fewer than 17 members of the House of Representatives have defected from the African Democratic Congress (ADC) to the Nigerian Democratic Congress (NDC).

The defections were formally announced during plenary on Tuesday, marking a significant shift in party alignment within the lower chamber.

In a related development, Leke Abejide also defected from the ADC to the All Progressives Congress (APC), adding to the growing list of lawmakers changing political platforms.

Those who moved to the NDC include Yusuf Datti, Uchenna Okonkwo, Adamu Wakili, Thaddeus Attah, George Ozodinobi, Lilian Orogbu, Oluwaseyi Sowunmi, Peter Aniekwe, Mukhtar Zakari, George Oluwande, and Munachim Umezuruike.