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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.

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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)

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Enugu Air Lands in Douala, Opens New Air Corridor Between South-East Nigeria, Cameroon

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DOUALA, CAMEROON — A new chapter in air connectivity between Nigeria and Cameroon was opened on Wednesday, September 23, 2026, as Enugu Air touched down at Douala International Airport on its maiden international flight.

The historic arrival established a direct air link between South-East Nigeria and Central Africa, bringing together Nigerian and Cameroonian government officials, aviation stakeholders, business leaders and members of the Nigerian community in Douala.

The new route is expected to strengthen trade, tourism, investment, sports and cultural exchanges while making the movement of people and goods between Enugu and Cameroon easier and faster.

Representing Enugu State Governor, Dr. Peter Ndubuisi Mbah, the Secretary to the State Government, Professor Chidiebere Onyia, said the international route was part of the governor’s deliberate effort to reposition Enugu as a major economic and tourism hub.

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According to Onyia, Governor Mbah has set a target of attracting three million visitors to Enugu annually, making improved connectivity and a conducive business environment critical to achieving the goal.

“Enugu Air is a product of that vision,” he said, adding that the direct connection would deepen tourism, commerce, sports and cultural exchanges between Enugu and Cameroon.

Onyia noted that passengers could now travel from Douala to Enugu in about an hour, while residents of Enugu would have easier access to Cameroon’s commercial and economic opportunities.

He also assured travellers that the new international service would be sustained, stressing that Enugu Air was not established for a temporary operation.

“Enugu Air is consistent,” he said, assuring that the airline would not launch a route only to discontinue it shortly afterwards.

Cameroon Welcomes New Partnership

The Governor of Cameroon’s Littoral Region, Samuel Dieudonné Ivaha Diboua, described Enugu Air’s arrival as the beginning of a fresh partnership between Cameroon and Enugu State.

Diboua recalled the longstanding relationship between Enugu and Cameroon, particularly in the area of sports, but said the new direct flight had created an opportunity to expand the relationship into stronger economic cooperation.

He noted that a significant number of Nigerian businessmen live and operate in Douala, saying the new air connection would facilitate the movement of people and goods between the two destinations.

“With these new flights, we think that the economy will grow,” he said.

Douala Airport Records Strong Passenger, Cargo Traffic

The Director of Douala International Airport, Jacob Bahayang Mbargaso, described the inaugural Enugu-Douala flight as an event of “triple significance”—diplomatic, economic and commercial.

Mbargaso said the new route was made possible through collaboration among Cameroon Airports, the Cameroon Civil Aviation Authority, ASECNA, Enugu Air and other aviation stakeholders.

He described Enugu Air’s arrival as a sign of confidence in Douala’s growing importance as a gateway and Central African aviation hub.

According to him, Douala International Airport recorded 8,500 aircraft movements, 595,971 passengers and 6,200 tonnes of freight during the first half of 2026.

He added that Enugu Air had become the airport’s 20th regular airline for the Summer 2026 season.

“Aviation indeed constitutes a powerful lever for regional integration,” Mbargaso said.

Nigerian High Commissioner Hails New Connection

The Nigerian High Commissioner to Cameroon, Sani Umar Jibrilla, described the occasion as more than the arrival of an aircraft on Cameroonian soil, saying it represented the beginning of a new chapter in relations between Nigeria and Cameroon.

Jibrilla said the Enugu-Douala connection would be particularly beneficial to traders and entrepreneurs from South-East Nigeria by providing a faster and more structured link to one of Central Africa’s major commercial centres.

He said the route would facilitate business, tourism and cultural exchanges while contributing to broader African integration.

The envoy commended Enugu Air and the Cameroonian authorities for making the new connection possible.

Enugu Air Promises Continuity

For the Chief Executive Officer of Enugu Air, Captain Tolu Ita, the inaugural landing was evidence that the airline’s ambitious expansion plans were rapidly becoming reality.

Ita disclosed that Enugu Air had joined the African Airlines Association (AFRAA) within six months, despite the association’s usual one-year expectation, saying the airline’s performance had attracted recognition.

She assured passengers that the airline was committed to maintaining the Douala service.

“We are not like one of the airlines that will start and stop,” Ita said. “We go and we see and we are committed to make sure that this connectivity that we promised today continues.”

Nigerian Community in Douala Celebrates

For Lady Love Arum, an indigene of Enugu State who has lived in Douala for more than 16 years, the arrival of Enugu Air represented the end of years of difficult journeys between Cameroon and home.

Arum said residents previously had to travel by road or route their journeys through Lagos, making trips particularly stressful for families.

“I am so happy. We are blessed,” she said, adding that residents could now travel home with their children “without fear of bad roads or bandits.”

She said she initially doubted that the direct flight would become a reality until she witnessed Enugu Air land in Douala.

Arum praised Governor Mbah for making what she described as an unlikely development possible.

Enugu Delegation

The Enugu delegation at the historic event included the Attorney-General and Commissioner for Justice, Barrister Osinachi Njeze; Commissioner for Information, Dr. Malachy Agbo; Commissioner for Tourism, Dame Ugochi Madueke; the Commissioner for Finance; and leading private-sector real estate developer, Dr. Ugo Chime, among other officials.

The landing marked Enugu Air’s first international operation and established a direct aviation corridor between South-East Nigeria and Cameroon.

Beyond its significance to aviation, the new route is expected to create easier access for traders, tourists, investors, families and other travellers, transforming what was previously a long and circuitous journey into a direct connection between Enugu and Douala.

For Enugu and Cameroon, the inaugural flight therefore represents not just a new airline route, but a new channel for expanding business, tourism, cultural exchange and people-to-people relations across the region.

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Senator Umeh commiserates with family of boy swept away by flood

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The Senator representing Anambra Central Senatorial District, Senator Dr. Victor Umeh, on Friday paid a condolence visit to the family of Engr. Christian Ezenwafor in Nibo, Awka South Local Government Area, following the tragic death of their six-year-old son, Master Success Ezenwafor.

The incident occurred earlier in the week when floodwaters swept away a vehicle conveying pupils of Nnamdi Azikiwe University Primary School, Awka. Among the victims was young Success, whose life was cut short in heartbreaking circumstances.

Senator Umeh, who was in Awka on an on-the-spot assessment of the growing menace of flooding and erosion in the area, made a stop at Nibo to personally console the bereaved family.

The victim, Master Success Ezenwafor

Expressing deep sadness over the loss, Senator Umeh offered words of solace to the grieving parents and family members during the visit.

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“It is heartbreaking that such a young and promising life was cut short in such tragic circumstances,” Senator Umeh said. “Words are insufficient to heal this kind of pain, but we pray that God Almighty grants your family the fortitude and strength to bear this irreparable loss.”

Senator Dr Umeh with the bereaved family

The senator also reiterated his commitment to working with relevant authorities to tackle the recurring flooding and erosion challenges in Anambra Central, stressing that urgent intervention is needed to prevent further loss of lives and property.

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Enugu Council Election: Residents comply with movement restriction directive, as roads, markets, shops closed

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Residents of Enugu metropolis on Saturday complied to the restriction of human and vehicular movement in the ongoing Local Government Election in the state.

It was observed that most roads remained empty of vehicular movement, while markets and shops were closed.

It was also observed that security men on election duties were seen in strategic locations within the metropolis.

Reacting, the Police Public Relations Officer in Enugu State, SP Daniel Ndukwe, noted that security agencies had maintained that the restriction of movement must work to ensure a smooth and hitch-free election.

Ndukwe said that security agencies had begun strict enforcement of the restriction order and would “definite close all shops and penalize motorist found wanting”.

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“So, far, the security situation has been generally peaceful and the election process is ongoing smoothly as anticipated.

“We are hopeful it will remain peaceful till 4p.m. when the process will be over.

“From our observation, the restriction of movement has been generally complied with and we will definitely deal with those that act in the contrary today.

“We call on all in the state to be calm, cast their votes peacefully and maintain decorum throughout the process,” he said.

It would be recalled that the police, on behalf of other security agencies, ordered the restriction of human and vehicular movements across the state from 8 a.m. to 4 p.m. on election day, except for persons on essential duties and duly accredited election officials.

The Enugu State Independent Electoral Commission,(ENSIEC) is conducting election into the 17 Chairmanship and 260 Ward Councillorship positions in the state.

Seven political parties, who signed the Peace Pact for the election on Monday, are currently participating at the election.

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