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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.

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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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Veteran Nollywood Actor, Victor Eriabie, Is De@d

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His body has been moved from Lagos to his hometown, Aghalope, in Delta State. Family members are expected to announce burial plans in the coming days.

Victor Eriabie, the veteran Nollywood actor, has passed away.

He passed away on the morning of February 17 at the age of 63. News of his de@th spread across the film industry, leaving colleagues and fans in mourning.

Eriabie became popular in the 1990s and early 2000s for his strong presence in Nigerian films. He gained wide attention through the movie series Izozo, a production that told the story of women trafficking and the struggles faced by victims. The film series was well-received at the time and brought him into the spotlight.

His body has been moved from Lagos to his hometown, Aghalope, in Delta State. Family members are expected to announce burial plans in the coming days.

The late actor was a graduate of the University of Port Harcourt. Over the years, he built a career that went beyond acting. He worked as a film producer, television host, and radio presenter.

He was also involved in media production and communications, serving as the chief executive officer of a media company and working as a playwright.

In recent years, he featured in films such as Love in a Pandemic and Unforgivable, both released in 2023. Despite being less active than in his early career days, he remained part of the entertainment space.

Throughout his time in Nollywood, Eriabie participated in numerous film and media projects. His early work, especially Izozo, drew public attention to social problems affecting women and young girls.

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As of now, his family has not made public the cause of his de@th. Further details about his funeral arrangements are expected to be made known soon.

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PHOTOS: Outrage over Aiyedatiwa’s commissioning of one ‘keke ambulance’, borehole in Ondo

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Residents of Ondo State have condemned the commissioning of a borehole and one tricycle ambulance by Governor Lucky Aiyedatiwa as part of activities marking his first-year anniversary in office.

According to some of the residents, the state, being one of the oil-producing states in the country, deserves better, particularly as it receives huge allocations from FAAC.

In commemoration of his first anniversary in office as governor, Aiyedatiwa, represented by his Deputy, Dr Olayide Adelami, a few days ago commissioned the tricycle ambulance and a 100,000-litre water supply scheme at the Federal University of Technology Akure Teaching Hospital complex.

Infuriated by the development, a human rights activist, Omoyele Sowore, described the situation as an affliction.

He said, “An oil-producing state reduced to using a Kéké as an ambulance? Hon. Lucky Orimisan Aiyedatiwa presides over a state that receives derivation funds from oil revenue. Ondo is not bankrupt. Ondo is not landlocked. Ondo is not a war zone. Yet, citizens in medical distress are transported in tricycles? It is finished!.

On his part, a resident, who simply gave his name as Odunayo, said the commissioning can best be described as a show of shame, stressing that “it is truly disheartening to see Ondo State gradually losing its place among leading states.

“Imagine the government publicly commissioning a renovated primary health centre and a tricycle ambulance; it says a lot about the priorities of the Ondo State Government under the leadership of Lucky Orimisan Aiyedatiwa.

“This should not be celebrated as a landmark achievement. It raises serious concerns about the scale of development and ambition in the state. One even wonders whether the funds spent on mobilising for the commissioning ceremony may rival or exceed the actual cost of the project itself.

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Oluwaseun Fashedemi: “This is so shameful for a governor to commission a Keke Maruwa ambulance. Ondo State citizens, how did you all get it wrong with bad governors?”

For Raphael Oyetogun, “What a shame. Local government chairmen are commissioning bigger projects far beyond these in Lagos State. While Wike built 13 flyovers, Alex Otti is working on bigger projects in Abia, and Zulum is doing greater works in Bornu State. Come to Delta State and see what Sheriff is doing in just 2 years.

“How did we get here in Ondo State? And some people are here applauding this government.”

Reacting to the development, Yomi Oyekan, an aide to Aiyedatiwa, stated that the tricycle ambulances are not a replacement for standard ambulances, disclosing that they are a strategic addition.

According to Oyekan, the ambulance tricycles were designed specifically for hard-to-reach rural communities, riverine areas, and narrow roads where conventional ambulances struggle to access quickly.

“Healthcare delivery is not about optics; it is about accessibility and saving lives. It is quite interesting to see some critics suddenly develop selective outrage over the recent distribution of modified tricycle ambulances.

“Were they blind when the administration of Lucky Orimisan Aiyedatiwa unveiled and distributed fully equipped conventional ambulances across the state? Were they silent when emergency medical services were strengthened, response systems upgraded, and healthcare facilities supported with life-saving equipment?

“Governance requires practical solutions tailored to real terrain and real people. Ondo State deserves both conventional ambulances for highways and advanced emergencies and agile tricycle units for interior communities. Selective criticism does not save lives; responsive leadership does.”

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PHOTOS: Troops rescue five kidnapped travellers in enugu

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Troops of the Joint Task Force Southeast (JTF SE) Operation UDO KA have rescued five kidnapped victims after repelling an attack on commuters by suspected armed criminals along the 9th Mile axis of Enugu State.

The incident occurred at about 6:55 p.m. on February 20, 2026 when the troops responded to a distress call indicating that assailants had attacked travellers heading towards Anambra State.

The Army in a statement on Saturday, said on arrival at the scene, the troops engaged the attackers in a gun duel, forcing them to abandon the victims and flee into nearby surroundings.

Five kidnapped persons were successfully rescued during the operation, while the vehicle used by the victims was also recovered.

“Troops of the Joint Task Force Southeast (JTF SE) Operation UDO KA have recorded another significant operational success following a rapid and coordinated response to a distress call received about the kidnap incident along the 9th Mile axis in 82 Division Area of Responsibility,” the statement read.

The distress call received at about 6:55pm on Friday 20 February 2026 indicated a suspected IPOB/ESN attack on commuters travelling towards Anambra State.

“The troops immediately mobilised to the scene and decisively engaged the armed elements with superior firepower and tactical manoeuvre.

“The swift and well-coordinated response compelled the criminals to abandon their captives and fled.

“Consequently, five kidnapped victims were rescued unharmed and their vehicle recovered intact.

“In the aftermath of the operation, troops intensified aggressive patrols and sustained area domination efforts to forestall any regrouping, track fleeing suspects and deny criminal elements freedom of action.

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“This proactive posture has reinforced public confidence, reassured commuters and further degraded the operational capabilities of hostile actors across the region.

“The Nigerian Army remains resolute and unwavering in its commitment to safeguarding lives, securing critical lines of communication and dismantling all terrorist and criminal networks in the Southeast.

“Members of the public are encouraged to continue providing timely and credible information to security agencies, as collective vigilance and cooperation remain vital to achieving enduring peace, stability and security across the region.”

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