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Nigeria To Get Fresh $N500m World Bank Loan Amid Huge Debt Burden

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The loan is aimed at boosting agricultural productivity and strengthening key value chains across participating states.

The World Bank is expected to approve a new $500 million loan for Nigeria next month.

The loan is aimed at boosting agricultural productivity and strengthening key value chains across participating states.

According to official project documents at the weekend, the loan has an estimated approval date of March 30, 2026.

The project lists a “Total Operation Cost” of $500 million, with “Total Financing” also put at $500 million.

The entire funding will be provided by the World Bank’s concessional lending arm, the International Development Association, through an IDA credit facility valued at $500 million.

The borrower is listed as the Federal Republic of Nigeria, while implementation will be handled by the Federal Ministry of Agriculture and Food Security alongside participating state governments.

The project is designed to increase smallholder productivity and strengthen targeted agricultural value chains in selected states. The World Bank noted that creating more and better jobs, while tackling food and nutrition insecurity, remains one of Nigeria’s most pressing development challenges.

The facility will be deployed across four major components.

These include integrating smallholder farmers into competitive value chains, modernizing smallholder production systems, strengthening policy frameworks and the enabling environment to attract private investment in input markets, and ensuring effective project coordination and monitoring.

The planned loan comes amid a continued rise in Nigeria’s external debt profile. Data show that funding from the International Development Association increased by $1.9 billion within one year, reaching $18.7 billion as of December 31, 2025.

See also  ECOWAS condemns attempted coup in Benin, issues warning

According to the Debt Management Office, Nigeria’s total external debt stood at $46.98 billion as of June 30, 2025. Of that amount, the World Bank Group accounted for $19.39 billion.

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Public officers are stealing Nigeria’s money every minute – EFCC boss

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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says public officers steal funds every minute.

Olukoyede spoke in Abuja on Thursday at the 80th birthday celebration of former Attorney-General of the Federation, Kanu Agabi.

He stated that the anti-graft agency receives over 20,000 corruption petitions every year, describing the scale of the theft detailed in many cases as shocking.

“I receive over 20,000 petitions in a year in respect to public corruption, all terrible. What is going on? Like every minute, public officers take money, and if you go through some of our case files you will weep.

“The way people take national resources and Nigerians are victims of these fraudulent activities. And we must come together for once in our lifetime and say no to the activities of some of our leaders,” Olukoyede said.

The EFCC boss noted that some public officers assume office with less than ₦100,000 in their accounts, but within three years, the agency traces millions of dollars to them.

He added that some individuals acquire hundreds of houses while in office, warning that corruption is crippling the nation.

Olukoyede stressed that public officers must be held accountable for their time in office, emphasizing that transparency must remain the guiding standard in public service.

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VIDEO: Police identify officer in viral video saying Obi can never be President

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The Lagos State Police Command has arrested an officer who appeared in a viral video making inappropriate remarks about Peter Obi and Igbo people while travelling on public transport.

The officer who has been identified as INSP. Osumah Frank, was filmed saying Obi or any Igbo person can never become President of Nigeria.

In a statement released today September 25, the command’s spokesperson, SP Abimbola said the command has commenced appropriate disciplinary action against the officer in line with established regulations of the Nigeria Police Force.

Abimbola stated that the statements made by the officer were made in his personal capacity and do not represent the position, views or official disposition of the Lagos State Police Command or the Nigeria Police Force.

She added that the State Commissioner of Police, CP Tijani Fatai, has reiterated the position of the command that all its personnel are expected to maintain professionalism, civility, discipline and respect for members of the public at all times. She further reaffirmed that wearing the Police uniform comes with a responsibility to uphold the dignity and integrity of the Force, and that the Command will not condone any conduct capable of bringing the Force into disrepute or undermining public confidence in the Police.

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See also  UK backs reforms as Abbas, Bamidele list safeguards for State Police
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Court rejects suit seeking fresh police investigation into late singer Mohbad’s death

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The Federal High Court in Abuja has dismissed a suit seeking to compel the Nigeria Police Force to conduct a fresh investigation into the death of Nigerian singer Ilerioluwa Aloba, popularly known as Mohbad.

Justice James Omotosho dismissed the case filed by the Registered Trustees of Break the Silence Foundation in a judgment delivered on Thursday, ruling that the foundation lacked the legal capacity to institute the suit.

The judge also described the application as speculative and lacking sufficient merit, noting that the foundation failed to produce the original police investigation report to support its claim that the earlier investigation was inadequate.

Justice Omotosho further cautioned lawyers handling ongoing cases against discussing matters before the court during media interviews or on social media, describing such conduct as professional misconduct.

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