
News
Nigeria, three others top World Bank debtors’ list
Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.
The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.
However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.
This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.
This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.
The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.
It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.
Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.
The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”
However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.
The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.
Economists have also raised concerns over the rising debt profile of the Federal Government.
The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.
He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.
“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.
“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”
A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country.
According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development.
In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.
According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.” (PUNCH)

News
UK-based Nigerian divorces wife after viral cheating allegation
A United Kingdom-based Nigerian man, identified on X as Ugo (@heismric), has confirmed the end of his marriage after publicly alleging that his wife was involved in infidelity while he was working abroad and funding her education and family life.
Ugo, who shared a series of emotional posts that later went viral, said the marriage has now been officially dissolved, adding that he received confirmation of the final order from the UK courts.
The couple’s relationship had previously been widely admired online.
According to him, the relationship began with a proposal in January 2023, followed by marriage in December 2023. They later welcomed a child in 2024, after which he relocated his wife to the United Kingdom.
He claimed he took full responsibility for the family’s financial needs, including paying her school fees and supporting her throughout pregnancy and childbirth.
He also said he went as far as developing digital applications to support her well-being and their child, describing his efforts as part of his commitment to building a stable home.

After the birth of their child, he reportedly bought her a car as a “push gift,” a gesture that was widely shared online at the time as a sign of affection.
However, the relationship later deteriorated following allegations of infidelity. In now-deleted posts, Ugo accused his wife of bringing another man into their home while he was working in the United Kingdom.
In one of the viral tweets, he wrote, ”It’s crazy you’re in my house, sleeping with another man, but I’m in London working my ass out to pay your school fees in GBP. No! Send your tuition to that man. He’s man enough to sleep with another man’s wife; he should match it with his funds. Divorce finalised, gtf.”
He also alleged that members of his wife’s family did not condemn the situation, but instead continued to demand financial support for her education.
“Because her family didn’t see anything wrong in it, but have the audacity to ask me about her tuition. Also I know the man, and his stupid ass is on my Instagram and X viewing my posts. Talking about, ‘I miss you, when am I seeing you again’ while she responds ‘as you should,’” he further wrote.
As the story gained traction online, reactions were divided, with some users sympathising with him while others criticised him for airing private marital issues on social media.
Some also revisited his earlier posts showing public displays of affection, noting that he had frequently expressed love for his wife online, while she maintained a relatively low public profile.
In a follow-up post on Monday confirming the separation, Ugo wrote,”UGO’s wife. Divorce is finalised. It’s ex-wife.”
He later shared a screenshot of an official divorce notification from the UK HM Courts and Tribunals Service, confirming that the final order had been granted, thereby legally ending the marriage.

News
Three senators, 16 Reps members who betrayed Obi and should be rejected by NDC — Obi’s aide
The Special Adviser to the National Democratic Congress (NDC) presidential hopeful, Peter Obi, on Media and Publicity, Valentine Obienyem, has argued that politicians who allegedly benefited from Obi’s political popularity in 2023 before defecting to other parties should not be allowed back into the NDC ahead of the 2027 general elections.
Obienyem, in an opinion article titled “Why Political Opportunists Must Not Be Allowed to Run Again,” said some politicians secured elective positions during the “Peter Obi wave” of 2022 despite having little independent electoral prospects, only to abandon the political movement shortly after assuming office.
According to him, a number of elected officials rode on Obi’s political momentum to win elections before defecting to the ruling party, while a few others remained loyal and moved alongside the former presidential candidate through successive political transitions.
“During the Peter Obi wave in 2022, many individuals — some of whom never realistically had prospects of electoral victory — secured positions largely on the strength of his popularity and political momentum,” Obienyem stated.
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He added: “Shortly after settling into offices, several of them defected to other political parties. A few, however, recognizing the pivotal role Obi played in their electoral success remained with him. This explains why some have consistently moved with him from the Labour Party to the ADC and subsequently to the NDC. This pattern is often described as ‘following your leader.’”
The presidential aide argued that some of those who defected to the ruling party were now seeking a return to the NDC as another election cycle approaches, alleging that their interest was driven by the desire to benefit again from Obi’s political influence.
“Now, as another election cycle approaches, some of those who previously defected to the APC are either returning to the NDC or signaling intentions to return. Their primary motivation is the desire to once again ride on Obi’s political influence,” he said.

Describing such actions as political opportunism, Obienyem maintained that the NDC should resist granting party tickets to politicians who had previously abandoned the movement.
“This behaviour suggests a tendency to treat Obi as a mere political instrument — useful when advantageous and discarded when convenient. That is not a principled way to follow a leader,” he stated.
He further argued that defectors who left previous political platforms should not be allowed to displace longstanding party members, warning that repeated defections could weaken party cohesion and ideological consistency.
“We cannot continue to indulge opportunism in the name of political strategy,” he said, adding that individuals who felt “betrayed” by their former parties should seek alternative platforms if they believed they retained electoral value independently.
Obienyem listed three senators — Ezenwa Onyewuchi, Kelvin Chukwu and Neda Imasuen — among lawmakers he said defected after benefiting from Obi’s support base.
He also named 16 members of the House of Representatives, including Joshua Chinedu Obika, Chinedu Tochukwu Okere, Bassey Akiba, Ngozi Okolie and others, as politicians who should not be considered for return tickets under the NDC.
The comments signal growing internal debate over loyalty, defections and candidate selection within opposition politics as preparations for the 2027 general elections gather momentum.

News
10 feared dead as gunmen attack convoy in Zamfara
At least 10 people have been killed after suspected bandits ambushed a convoy along the Gusau–Magami–Dansadau Road in Zamfara State.
Several others are injured in the attack, while an unspecified number of passengers are reportedly abducted by the gunmen.
Eyewitnesses say the incident occurs between 4pm and 5pm as vigilante operatives escort residents travelling through the route, considered one of the state’s most dangerous highways.
The attackers reportedly open fire on the convoy, triggering panic among travellers and security volunteers.
Those killed include five traders, three local hunters and a member of the Zamfara Community Protection Guards (CPG).
The injured victims are initially taken to Magami General Hospital for treatment before arrangements are made for their referral to Gusau for further medical care.

However, hospital sources say the victims remain stranded in Magami because there is no available security escort to facilitate their movement safely.
Authorities are yet to issue an official statement on the incident as insecurity continues to plague several communities across Zamfara State.

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