
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
‘Tinubu has called me, congratulated me,’ Adeleke says after Osun Re-election Victory
• Adeleke of the Accord Party, polled 511,067 votes to defeat APC’s Oyebamiji, who scored 444,815 votes
Osun State Governor, Ademola Adeleke, has revealed that President Bola Tinubu called and congratulated him shortly after he was declared winner of the August 15 governorship election.
Adeleke made the disclosure while speaking to journalists on Sunday after the Independent National Electoral Commission (INEC) declared him winner of the election.
He thanked President Tinubu for congratulating him, saying the president had contributed to the sustenance of democracy.
“I feel great. First of all, I thank the God Almighty for what has happened today. It’s a victory for democracy in Nigeria,” And, of course, I want to seize the opportunity to thank Mr President. Mr President has called me, and he has congratulated me, and I thank you, Mr President, for making sure democracy lives on because you fought for it, Mr President,” the governor said.
President Tinubu and Governor Adeleke have maintained a pragmatic relationship despite belonging to rival political parties. Despite their political differences, both leaders have maintained a cordial relationship, with Adeleke making high-profile visits to Tinubu and the President engaging with the Osun governor.

Victory for Osun people, Olive Branch
Speaking further, Adeleke said the result represented a victory for the people of Osun, who, according to him, had endorsed his administration’s performance in office.
“A victory for democracy. A victory for Osun people that stood by me and said, Imole, you have done a lot for us. You have given us the dividends of democracy in terms of infrastructure, improving our education, agriculture and so forth. So this is the Osun people saying, ‘Thank you, Mr Governor,’” he said.
The governor, who secured a second term after defeating his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), said his administration would focus on transforming Osun from a civil service-dependent state into an industrial hub.
“I will repay that thank you by making sure that I have a vision. My vision is to make sure that Osun State moves from a civil servant state to an industrial state. I will make sure, all across Osun State, development is on. I love you all, Osun State,” Adeleke said.
Adeleke also extended an olive branch to his opponents, describing the election as a contest without a victor or vanquished.
“Yes, this is no victor, no vanquished. I want them to come over. I’m expecting Oyebanji, even as a civilised person, to call me and congratulate me,” he said.
Asked whether he had ever feared that the election could go against him, Adeleke replied: “No. I have a God. I have a God who never fails.”
News
Osun: When the people stand, democracy wins, says Obi, congratulates Adeleke
The presidential candidate of the National Democratic Coalition (NDC), Peter Obi, has congratulated Osun State Governor, Ademola Adeleke, on his re-election, describing the outcome of the governorship poll as a victory for democracy and the people.
The Independent National Electoral Commission (INEC) on Sunday morning declared Adeleke of the Accord Party as the winner of the 2026 Osun State governorship election.
Announcing the final results, INEC Returning Officer, Prof. Joshua Ogunwole, the Vice- Chancellor of the Federal University, Oye-Ekiti declared Adeleke winner and returned him elected.
Ogunwole announced that the Accord Party candidate secured 511,067 while his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC) recorded 444,815 votes.
Adeleke trounced his major opponent with 66,252 votes amid wild jubilation by party supporters and other residents.

Reacting in a statement on his official X account, Obi said the people of Osun had spoken clearly through the ballot, while commending citizens, particularly youths, for defending their democratic mandate.
“I warmly congratulate Governor Ademola Adeleke on his re-election and the good people of Osun State on this important democratic victory,” Obi said.
“They, the people of Osun, have spoken with courage and clarity, reaffirming that the power to choose their leaders belongs to the people.
“Through his commitment to the people, compassion for their needs, and the strength of his work and achievements in office, Governor Ademola Adeleke has earned their renewed confidence and been entrusted once again with their mandate.
“I particularly commend the courageous youths of Osun who rose to the occasion and peacefully defended their democratic mandate.
“Their vigilance and determination demonstrate that when citizens stand firmly to protect their votes, the forces of good can overcome the forces of darkness.
“The lesson from Osun is clear: democracy is strongest when citizens are alert, conscious of their civic responsibility, and determined to ensure that their votes count.
“Every genuine vote must be respected, and every lawful mandate must be protected. This is also a clarion call as we approach 2027. Nigerians must remain informed, participate actively, vote, and protect their votes.
“The Nigerian people are the ones experiencing hunger, deprivation, insecurity, and hardship; therefore, they are also the ones with the power, through their votes, to bring about the change that will end these conditions.
“I urge all political actors to place the interests of the people above partisan considerations and to embrace peace, unity, and the rule of law.”
Obi warned that elections should never be battles of violence, but contests of ideas, competence, character, and service.
“May the Osun experience strengthen our confidence in the democratic process and inspire Nigerians everywhere to remain vigilant and committed to building a just, secure, prosperous, and truly people-centred nation. A New Nigeria is possible,” the former Governor of Anambra State added.
News
BREAKING: INEC declares Adeleke winner of Osun gov election
Osun State Governor, Ademola Adeleke, was on Sunday declared elected, having won 19 out of the 30 local government areas in the governorship election held across the state on Saturday.
The State Returning Officer, the Vice-Chancellor of the Federal University, Oye Ekiti, Prof Joshua Ogunwole, declared the result of the poll at about 7:24 am on Sunday.
Adeleke polled a total of 511067 votes to emerge victorious in the contest.
Ogunwole subsequently returned the governor to office for another term.
The incumbent Osun governor, who contested the poll on the platform of the Accord, defeated his closest challenger, Bola Oyebamiji of the All Progressives Congress, who won in 11 LG areas of the state.

While Adeleke won in Ede North, Ede South, Ejigbo, Iwo, Egbedore, Ife North, Ife East, Ife Central, Oriade, Ifelodun, Orolu, Ayedaade, Ayedire, Odo Otin, Boluwaduro, Ilesa West, Ifedayo, Osogbo and Ayedire local government areas.
Oyebamiji, however, won in Irewole, Isokan, Olorunda, Atakumosa East, Atakumosa West, Ilesa East, Boripe, Irepodun and Obokun local government areas.
Declaring the results, Ogunwole said, “Accredited voters, 1010684, total votes received by political parties, A, 511067, AA, 2308, AAC, 1458, ADC, 17180, ADP, 2946, APC, 444815, APGA, 1475, APM, 234, APP, 114, BP, 111, NNPP, 118, PRP, 83, SDP, 155, YPP, 534, ZLP, 2482, total valid votes, 985079, rejected votes, 207, total vote cast, 1,005,800.”
After agents of the political parties have signed the results of the election, the Returning Officer declared Adeleke of the Accord as the winner of the poll.
“That Ademola Nurudeen-Jackson Adeleke having satisfied the requirements of the law is hereby declare the winner of the August 15 Governorship election and returned elected,” Ogunwole said.
The candidate of the African Democratic Congress in the poll, Najeem Salaam, came third in the poll.
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