Nelson Ugwuagbo

The World Bank is set to approve three major loan projects for Nigeria in 2025, totaling $1.65 billion, aimed at addressing critical development challenges in the country. The loans, which are currently in the pipeline, will focus on internally displaced persons (IDPs), education, and nutrition enhancement.

According to the World Bank’s official website, the financing package is designed to support Nigeria’s social and economic recovery, particularly in vulnerable sectors requiring urgent intervention.

The first project, Solutions for the Internally Displaced and Host Communities Project, is set to receive $300 million. The project, which is still in the concept review phase, seeks to provide sustainable solutions for the social and economic challenges faced by internally displaced persons and their host communities. Approval for this project is scheduled for April 8, 2025.

The second project, HOPE for Quality Basic Education for All, is expected to secure $553.8 million. Also in the concept review stage, this initiative aims to enhance the quality of basic education in Nigeria and is slated for approval on March 20, 2025.

The largest share of the proposed financing, $800 million, is allocated to the Accelerating Nutrition Results in Nigeria 2.0 project. The World Bank is scheduled to make a decision on this project by February 20, 2025.

The $1.65 billion in loans forms part of the World Bank’s ongoing commitment to supporting Nigeria’s development efforts. The loans will help address long-standing issues in key sectors and are expected to play a pivotal role in the country’s recovery and growth.

In total, Nigeria has secured loans worth $6.95 billion from the World Bank under President Bola Tinubu’s administration. This amount includes a recent $500 million loan approved on December 13, 2024, for the Rural Access and Agricultural Marketing Project—Scale Up. This initiative aims to improve access to markets, schools, and healthcare in rural communities, fostering social cohesion.

This loan is the 10th approved for Nigeria since President Tinubu took office. Previous loans have supported sectors ranging from power to women’s empowerment. Notably, the Power Sector Recovery Performance-Based Operation received $750 million in the early months of the administration, and a $500 million loan for women’s empowerment was approved in June 2023.

The World Bank also approved several large-scale projects in September 2024, including a $500 million loan for governance reforms in the education and health sectors, a $570 million loan for primary healthcare improvements, and $500 million for a sustainable power and irrigation project aimed at mitigating climate-related challenges.

The World Bank currently holds $16.32 billion of Nigeria’s external debt, primarily through its concessional arm, the International Development Association (IDA), which accounts for 38% of Nigeria’s total external debt. The remaining portion of the debt is owed to the International Bank for Reconstruction and Development (IBRD), which represents 1.13% of the total external debt.

Data from the Debt Management Office reveals that Nigeria spent $3.58 billion servicing its foreign debt in the first nine months of 2024, a 39.77% increase from the previous year. The World Bank’s continued financial support underscores its role in Nigeria’s development, as the country works to stabilize its economy and address critical issues in sectors such as education, healthcare, and infrastructure.

The Federal Government of Nigeria on Tuesday reiterated its dedication to maintaining peace and stability in West Africa, following accusations from Niger’s President of the National Council for the Safeguard of the Homeland, Abdourahman Tchiani.

Tchiani had earlier accused Nigeria of conspiring with France to destabilize the military junta-led government in Niger. In a Christmas Day interview, he alleged that France, with Nigeria’s knowledge, had been supporting militant groups in the Lake Chad region to undermine Niger’s security. Tchiani claimed that Nigerian authorities were aware of these activities, which he described as part of a broader destabilization effort.

In response to these allegations, the Nigerian government stressed the importance of regional cooperation, highlighting the long-standing historical, cultural, and economic ties between Nigeria and Niger. A statement from the Ministry of Foreign Affairs emphasized that such accusations could create unnecessary tensions that might hinder the collective progress of the region.

“As brothers and neighbours, Nigeria and Niger share deep historical and cultural ties, underscored by trade and economic interdependence. These enduring connections remind us of our shared destinies. Unfounded allegations only serve to create needless tensions that could disrupt our regional stability,” the statement read.

The Nigerian government called for calm and stressed the need for open, constructive dialogue between both nations. It outlined key steps to address the concerns raised, including fostering diplomatic engagement, exploring measures to alleviate the humanitarian impact on border communities, and working with regional and international partners to promote reconciliation and unity.

“Nigeria remains committed to diplomacy, mutual respect, and the pursuit of peace,” the statement continued. “We are confident that through constructive engagement, we can work together to achieve a more stable and prosperous future for both nations and the entire West African region.”

The Federal Government expressed hope that these efforts would help build stronger relations and contribute to the broader goal of peace and stability in West Africa.

Despite the availability of local refineries, petrol remains unaffordable for ordinary Nigerians, spiking inflation and deepening economic hardship. Over the years, Nigerians were led to believe that refining crude oil locally would result in cheaper petroleum products, especially petrol. However, this has not been the case, and the situation has worsened since the government ended fuel subsidies in 2023.

In 2012, former President Goodluck Jonathan faced widespread opposition when he attempted to remove petrol subsidies, leading to violent protests under the banner of ‘Occupy Nigeria.’ Protesters argued that locally refined petrol would be cheaper, so removing the subsidy would not increase prices. While Jonathan reduced the petrol price to N97 per litre, he failed to revamp the nation’s refineries in response to the protests.

When Muhammadu Buhari assumed office in 2015, he promised to fix the refineries before removing the fuel subsidy. However, under his leadership, petrol prices soared close to N200 per litre, and the refineries remained dysfunctional. Buhari secured a $1.5 billion loan to rehabilitate the Port Harcourt refinery, but it was not ready by the time he left office. In 2023, President Bola Tinubu wasted no time removing fuel subsidies, triggering an immediate surge in petrol prices. The price of petrol quickly surpassed N500 per litre at many filling stations, including those operated by the Nigerian National Petroleum Company Limited (NNPC). Despite assurances from the president that the country would benefit in the long run, many Nigerians were left struggling with higher transport fares and skyrocketing prices for essential goods.

The high cost of petrol has profound implications for Nigeria’s daily life. Over 85 million Nigerians have no access to electricity, making petrol essential for powering generators and other appliances. In rural areas, the cost of petrol has further limited access to electricity. According to Power Minister Adebayo Adelabu, generating 1 kilowatt-hour of electricity now costs N750 due to the high price of petrol.

The public transport sector has also been hit hard. Commercial drivers have raised fares in response to the rising fuel costs, causing additional strain on families already grappling with inflation. The cost of goods in markets has also spiked, deepening the nation’s economic crisis.

Two weeks after Tinubu’s inauguration, the naira was floated, further driving up fuel prices following the devaluation of the currency. In response, the NNPC introduced a subsidy payment through the back door, keeping the pump price at N600 per litre despite a landing cost of around N1,200. However, the NNPC soon acknowledged significant debt to fuel suppliers, forcing it to increase the pump price to N855 per litre in September 2024. By October, the price had risen to N1,100 per litre, exacerbating the already dire situation for Nigerians.

Earlier this year, local refineries, including the Dangote refinery, were touted as key solutions to reduce petrol prices. The Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN), Eche Idoko, had stated that petrol could drop to N300 per litre if local refineries processed the product in large volumes. He criticized the reliance on imported refined products, suggesting that local refining could lower prices significantly.

However, the Dangote refinery faced challenges in sourcing sufficient crude oil. Aliko Dangote and his company accused international oil companies (IOCs) of refusing to sell crude to the refinery, hindering its ability to produce cheaper petrol. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was also criticized for not enforcing the domestic crude supply obligation, allowing IOCs to sell crude at a premium. In response to these challenges, the federal government intervened in July, approving the sale of crude to Dangote in naira, hoping to reduce the price of petrol. However, the promised exchange rate fix for the naira-for-crude deal was never implemented, meaning Dangote continued to purchase crude at international prices, albeit in naira.

By September 2024, the Dangote refinery had started producing petrol, and the NNPC’s Port Harcourt refinery also resumed crude processing in November. However, these efforts have not brought the anticipated price reductions. Currently, Nigeria’s petrol prices remain among the highest in Africa. According to GlobalPetrolPrices.com, as of December 2024, Nigeria’s petrol price stood at $0.768 per litre, far above other major African oil producers like Libya, Angola, and Egypt, whose prices range from $0.031 to $0.335 per litre.

The situation has prompted criticism from many Nigerians, who feel the removal of subsidies has only worsened their plight. Senior officials from the Nigeria Labour Congress (NLC), such as Chris Onyeka, have condemned the high petrol prices, arguing that they do not reflect the cost of locally refined products. Onyeka pointed out that the price mechanism still includes costs associated with imported products, even though Nigeria produces its own crude oil and refined products.

“Why should Nigerians be paying such high prices for petrol when we have refineries in the country?” Onyeka asked. “The government is just shifting the burden onto the people.”

Meanwhile, the Chairman of the Centre for Accountability and Open Leadership (CAOL), Debo Adeniran, also criticized the current pricing, stating that a price of N935 per litre is still too high. Adeniran suggested that Nigeria could follow the example of oil-rich countries like Libya, which once provided petrol for free under former leader Muammar Gaddafi.

CORAN’s Eche Idoko, however, defended the price reduction as a step in the right direction. He stated that prices would likely continue to fall if crude prices remain stable and the naira strengthens against the dollar.

Experts like Professor Dayo Ayoade of the University of Lagos remain optimistic but caution that more competition is needed to bring down prices. According to Ayoade, the Dangote refinery is the only one currently operating optimally, while others like the Port Harcourt refinery are still not fully functional. He emphasized that more refineries would be needed to reduce prices through competition. He also pointed to the underutilization of the Warri and Kaduna refineries, which should be brought back online to increase production and drive down costs.

As for President Tinubu, while he has stood by his decision to remove the fuel subsidy, he has suggested that adopting compressed natural gas (CNG) could offer Nigerians cheaper and cleaner fuel alternatives. However, the cost of converting vehicles to CNG and the lack of refueling stations have posed significant barriers to widespread adoption.

In a bid to address some of these issues, local refiners have urged the federal government to peg the dollar at N1,000 for oil sector transactions, especially for the naira-for-crude sales. This move, they argue, would help stabilize prices and ensure energy security for the country.

For now, it appears that Nigerians will continue to face high petrol prices unless more drastic measures are taken to improve local refining capacity and stabilize the country’s economic conditions.

Senate President Godswill Akpabio has revealed the All Progressives Congress (APC)’s strategy to secure control of all six states in Nigeria’s South-South geopolitical zone during the 2027 general elections.

Speaking through his Special Assistant on Media and Communication, Mr. Anietie Ekong, Akpabio expressed confidence in the APC’s ability to expand its influence across the region, citing favorable political conditions and developmental plans aimed at improving the lives of the people.

He described the recent election of Edo State Governor Okpebholo as a “divine mandate” and a harbinger of significant positive changes for the state under the APC leadership.

“Under the APC administration, many of us recognized the need to shift the political dynamics to ensure we effectively represent our people at the national level and contribute to the governance of the country,” Akpabio stated.

He further noted that current political trends and available indicators suggest the ruling party is well-positioned to bring additional states in the South-South under its control.

The Senate President reiterated the APC’s commitment to fostering development and ensuring the region benefits from the party’s policies and programs as it works to consolidate its political standing ahead of the next general elections.

President Bola Ahmed Tinubu has approved the establishment of a federal university in Southern Kaduna to address the region’s educational and developmental challenges.

Vice President Kashim Shettima announced this during a condolence visit to the Kukah family in Ikulu Kingdom, Zangon Kataf Local Government Area of Kaduna State, following the death of His Highness Yohanna Sidi Kukah, the Agwom Akulu of Ikulu Chiefdom. The late traditional ruler was also a relative of Bishop Matthew Hassan Kukah of the Catholic Diocese of Sokoto.

According to a statement released on Monday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President, Vice President Shettima disclosed that the President’s approval followed discussions with Senator Sunday Katung and a member of the House of Representatives.

Shettima emphasized the Tinubu administration’s commitment to the development of Southern Kaduna, citing the appointment of General Christopher Musa as Chief of Defence Staff as evidence of the President’s focus on the region’s security and welfare.

“Be rest assured that President Bola Ahmed Tinubu has the people of Kaduna and Southern Kaduna at heart,” Shettima said.

He also revealed ongoing discussions to establish a Federal Medical Centre in Kafanchan, Kaduna State, and praised Kaduna State Governor, Senator Uba Sani, for his inclusive governance. Shettima affirmed that the federal government would collaborate with the state government to ensure developmental projects, particularly in road infrastructure, are implemented in Southern Kaduna.

During the visit, Bishop Kukah expressed gratitude on behalf of the Kukah family and the Ikulu community. He highlighted the poor state of infrastructure in the area, noting the long and challenging journey to the community.

“You can see the nature of the place in which we live. It took you around three and a half hours to get here. The road is largely broken,” Bishop Kukah said. “We are honoured to have you here and appreciate your friendship with the Ikulu nation.”

The Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, has announced plans by the Nigerian Navy to deploy armed drones as part of efforts to combat illegal oil bunkering activities in the Niger Delta region.

Speaking in Port Harcourt on Monday during the inauguration of Operation Delta Sanity 2, Ogalla highlighted the challenging terrain of the creeks and the increasing sophistication of oil thieves as key reasons for adopting advanced technology.

Ogalla recalled the launch of the initial phase of Operation Delta Sanity in January 2024, aimed at curbing oil theft, pipeline vandalism, and other criminal activities in the maritime domain. He stated that the operation recorded significant successes but emphasized the need for a revamped approach in 2025.

“Notwithstanding the successes recorded in Operation Delta Sanity over the past year, numerous challenges persist,” Ogalla said. “To achieve greater results, we intend to enhance the operation with improved maritime domain awareness infrastructure, increased aerial surveillance, and the deployment of newly acquired air assets, including armed drones, which will join the service soon.”

The naval chief explained that the armed drones would be used to access difficult terrains where smaller drones cannot penetrate. “When we identify areas where these illegal activities are taking place, the armed drones will be deployed to neutralize them,” he added.

Ogalla noted that the initiative aligns with President Bola Ahmed Tinubu’s agenda for national economic growth and poverty eradication. He disclosed that the first phase of the operation had led to the arrests of numerous vessels and suspects involved in oil theft, the deactivation of several illegal refinery sites, and a boost in Nigeria’s daily crude oil production.

The operation, according to Ogalla, also strengthened collaborations with law enforcement, oil regulatory agencies, and other stakeholders under the framework of the Harmonized Standing Operating Procedure for Arrest, Detention, and Prosecution of Vessels and Persons.

Minister of State for Oil, Senator Henekin Lokpobiri, commended the Nigerian Navy for its efforts but raised concerns over persistent oil theft along the Trans Niger Pipeline. He urged the navy to intensify efforts to address the issue.

In his remarks, the Flag Officer Commanding Eastern Naval Command, Rear Admiral S.A. Akinwande, reported that since the inception of Operation Delta Sanity, 215 suspects had been arrested, and 468 illegal refinery sites deactivated. Additionally, 6.5 million liters of stolen crude oil and 7 million liters of illegally refined automotive gas oil (AGO) were recovered, while 361 wooden boats, 1,107 dugout pits, and 279 storage tanks were dismantled.

The Nigerian Navy has reaffirmed its commitment to ensuring maritime security and fostering economic prosperity through the continuation of the operation.

President Bola Tinubu has expressed condolences over the death of former United States President Jimmy Carter, who passed away at the age of 100.

In a statement issued by the State House on Monday, Tinubu extended his sympathies to the U.S. government and people, describing Carter as a global icon of leadership and humanitarian service.

“President Carter showed us all how to remain relevant and impactful after leaving the esteemed position of President of the United States,” Tinubu stated.

He praised Carter’s contributions to addressing global challenges, including combating diseases, mediating conflicts, and promoting democratic values, noting his exemplary post-presidency legacy.

“He embodied grace, dignity, and a deep respect for humanity,” Tinubu added. “President Carter, the 39th President of the United States, was a beacon of service to humanity, illustrating to leaders worldwide the significant impact of commitment beyond the highest office.”

Jimmy Carter served as the 39th U.S. President from 1977 to 1981 and was renowned for his dedication to peace, human rights, and development.

The Warri Refining and Petrochemicals Company (WRPC), with a processing capacity of 125,000 barrels per day, has resumed operations.

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), confirmed the development during a tour of the facility on Monday.

The announcement follows the recent rehabilitation of the Port Harcourt Refinery in Rivers State, completed last month.

Speaking during the tour, Kyari assured stakeholders of the progress made at the Warri refinery, despite ongoing rehabilitation efforts.

“This plant is running. Although it is not 100 per cent complete, we are still in the process,” Kyari said. “Many people doubt that such achievements are possible in this country, but we want to show that this is real and achievable.”

The resumption of operations at WRPC is expected to boost Nigeria’s domestic refining capacity and reduce reliance on imported petroleum products.