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Nigeria, three others top World Bank debtors’ list

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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.

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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)

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Final-year female varsity student found dead in Kogi

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The deceased student, Sarah Ojodomo Idoko
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The lifeless body of a final-year female student of the Federal University Lokoja has been discovered along the Felele–Lokoja Road in Kogi State.

The deceased, identified as Sarah Ojodomo Idoko, was a final-year student of the Federal University Lokoja. Her body was reportedly found on Saturday night near the Crusher area along the busy Felele axis after she was allegedly dumped there by unknown assailants.

Eyewitness accounts indicate that a vehicle was seen stopping briefly near the location at about 8 p.m. before speeding away. Shortly afterwards, passers-by reportedly discovered the victim’s body by the roadside and alerted authorities.

Initial reports suggested that Sarah was a student of Kogi State Polytechnic, Lokoja, after an identity card bearing her name and academic details was recovered at the scene.

The card indicated that she was enrolled in the Higher National Diploma (HND) programme in the Department of Office Technology Management for the 2024/2025 academic session.

However, the Kogi State Police Command later clarified that the deceased was actually a student of the Federal University Lokoja.

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Confirming the incident, the Commissioner of Police in Kogi State, CP Naziru Kankarofi, said investigations had commenced.

He noted that the police were working to establish the circumstances surrounding the death and track down those responsible.

According to the police commissioner, details of the investigation would be made public at the appropriate time, while assuring residents that the command remains committed to ensuring justice for the deceased.

The tragic death of Sarah Ojodomo Idoko has once again raised concerns about the safety and security of students and residents along the Felele corridor, a major gateway to Lokoja that has witnessed several security-related incidents in recent years.

Meanwhile, the Association of Nigeria Female Students (ANFS), Kogi State Chapter, described the killing as cruel, unfortunate, and unacceptable.

In a statement issued by its State Coordinator, Comrade Celina Ojoniko James, the association expressed deep sorrow over the loss and called on security agencies to conduct a thorough investigation to ensure that those responsible are identified and prosecuted.

The group also urged government authorities and security agencies to strengthen safety measures around campuses and student communities to prevent similar tragedies in the future. (TRIBUNE)

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Gunmen kidnap ex-minister Adelabu’s sister, children in Ibadan

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Former Minister of Power, Adebayo Adelabu
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The sister of the former Minister of Power and All Progressives Congress 2027 governorship aspirant in Oyo State, Bayo Adelabu, and her twin children have been kidnapped in Ibadan, the state capital.

An eyewitness told PUNCH Online that the incident occurred on Wednesday in the Challenge area of Ibadan South West Local Government Area of the state.

Confirming the incident in a statement, one of the media aides to Adelabu, Femi Awogboro, said, “The family of Adebayo Adelabu, former Minister of Power and leading governorship aspirant of APC in Oyo State, wishes to formally confirm the unfortunate kidnapping of his younger sister, Olaide Busayo Adegoke John-Paul, alongside her twin sons, Peter and Paul, in the early hours of Wednesday, June 3, 2026.

“Mrs. Olaide Busayo Adegoke John-Paul, aged 43, was reportedly abducted by armed gunmen at about 7:30 a.m. while on her way to drop her children at school in Ibadan. The abductors also forcefully took away her 12-year-old twin sons, who were with her at the time of the incident.

“Mrs. Adegoke John-Paul is the youngest of the five children of Mrs. Olufunmilayo Aduke Adegoke Adelabu. Until her voluntary retirement last year, she had served meritoriously at both the Central Bank of Nigeria and First Bank Pension Custodian.

“Following her retirement, she relocated to Ibadan with her children while making preparations to eventually join her husband, Mr. John Paul, who had earlier relocated to the United States of America.”

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“Mrs. John-Paul, aged 43, was reportedly abducted by armed gunmen at about 7:30 a.m. while on her way to drop her children at school in Ibadan. The abductors also forcefully took away her 12-year-old twin sons, who were with her at the time of the incident.

“Immediately the incident was reported, all relevant security and law enforcement agencies were duly contacted. We are pleased to confirm that security operatives have swung into action and preliminary investigations have commenced in earnest. Efforts are currently ongoing to ensure the safe rescue of the victims and the apprehension of those responsible for this heinous crime.

“Adebayo Adelabu and the entire family are deeply distressed by this tragic development but remain hopeful and confident in the capacity of the security agencies to secure the safe release of Mrs. John-Paul and her children,” the statement read.

The family, therefore, appealed to members of the public to remain calm, avoid speculation, and refrain from circulating unverified information that may jeopardise ongoing security operations.

It also solicited prayers and support from well-meaning Nigerians during this difficult period.

The family further urged anyone with useful information that may assist security agencies in their investigation to promptly report such information through the appropriate channels.

The statement added, “The family will continue to cooperate fully with security authorities and will provide further updates as events unfold.

No fewer than 40 teachers and students were kidnapped on Friday, May 15, 2026, during a coordinated attack at Ahoro-Esiele in Oriire Local Government Area of the state.

It will also be recalled that a chieftain of APC in the state, Wale Oriade, was abducted by armed men in Ibadan, the state capital, in December, 2025.

It was gathered that the incident occurred around 7:06 pm at his office located at PJ Square Shopping Complex, beside the Nigerian National Petroleum Company Limited station, Elewure, along Iyana Ajanla, Akala Expressway, New Garage, Ibadan.

Eyewitnesses said the attackers arrived in a blue Micra vehicle with two occupants—a driver and an armed man—who forcibly seized Oriade and whisked him away in the same vehicle.

“The nature of the attack and the precision with which it was carried out have caused deep concern within his community,” the eyewitness

Reacting in a text sent to Crime Reporters Oyo platform, the state Police Public Relations Officer, Olayinka Ayanlade, said, “I can not independently verify this for now, but please hold on.”

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Pastor beats 14-year old girl to death over alleged theft in Cross River

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Tragedy truck in Wula, in Eastern Boki, Boki local government area of Cross River state when a pastor allegedly beat a 14-year-old girl, Nancy Peter to death.

The Incident sparked outrage after allegations that she was first beaten by her mother and later flogged by a pastor over claims of theft.

In a statement by the Cross River State Police Relations Officer, ASP Sunday Eitokpah, he disclosed that preliminary findings indicate that the victim, identified as Miss Nancy Peter, was first assaulted by her mother, Mrs. Agnes Peter, 45, before being taken to Pastor Samson Roman Dago, 43, who allegedly subjected her to further corporal punishment with a cane.

He said a full-scale investigation has begun to really establish the exact circumstances surrounding the incident and determine the involvement of all those linked to the tragedy.

The command also dismissed, for now, social media claims that the girl was sexually assaulted, saying no evidence had been found to support such allegations.

It added that medical examinations and other investigative steps were ongoing.

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Some village sources said the teenager became unconscious after the beating and was rushed to a medical facility in Wula Community, where doctors confirmed her dead on arrival.

Vanguard gathered that the community has now been left in shock, as the death has revived painful concerns about the dangers of corporal punishment and the need for greater child protection.

A child rights advocates, James Ibor esq, and principal Counsel at Basic Rights Counsel Initiative, ( BRCI)said that physical punishment does not correct children; it scars them, deepens fear, and can lead to irreversible harm.

“It is reprehensible and heartbreaking , that in 2026 this kind of barbaric act will still be happening, after the child rights act was passed since 2023.

“I’m calling on the Commissioner for police not to allow this girl’s murder to go unpunished , neither should it be forgotten like other murders of this nature.

“A child should never be disciplined to the point of collapse. This is a tragedy that should never have happened, the police must do everything possible to ensure the girl get’s justice , it is a sad development, ibor said.

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