
News
Nigeria gets W’Bank $1.5bn loan for subsidy removal, tax reforms
The Washington-based World Bank has disbursed a $1.5 billion foreign loan to Nigeria as part of the federal government’s effort to implement fuel subsidy removal and tax reforms.
This is according to the World Bank’s recent document on the progress of the loan.
It was learnt that the loan had been spearheaded as part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative in six months.
The document showed that the loan was approved on June 13, 2024, with the first tranche of $750m disbursed on July 2, 2024, while the latest disbursement was done in November.
Accordingly, the second tranche disbursement was tied to the fulfilment of specific economic reform conditions and was disbursed in November 2024.

Consequently, this brought the total disbursement from the World Bank to Nigeria to about $1.88 million, representing less than one percent of the total approved $750 million for the ARMOUR project.
Further details indicated that the $1.5 billion loan disbursed to Nigeria was structured in two tranches with different maturity periods.
The first tranche was a $750 million credit from the International Development Association, featuring a 12-year maturity and a six-year grace period.
The second tranche, a $750 million loan from the International Bank for Reconstruction and Development, has a 24-year repayment period with an 11-year grace period.
According to the World Bank, Nigeria surpassed conditions for the loan approval with the implementation of sweeping reforms such as subsidy removal, exchange rate harmonisation, and tax policies.
Recall that in October 2024, the Federal Government submitted a tax reform bill to the National Assembly for passage, which had generated months-long controversies over its impact and opposition by Northern Nigerian leaders.
According to the World Bank document, “The borrower has prepared and submitted to the National Assembly on October 3, 2024, a comprehensive package of tax reforms, which not only reform the VAT regime but also simplify tax policy laws and tax administration.
“This document summarises the progress made under the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing for the Federal Republic of Nigeria (Borrower or Recipient), which was approved by the Executive Directors on June 13, 2024.
“The DPF is a standalone operation comprised of two tranches: (1) the first tranche comprising $750m credit from the International Development Association (Association) (shorter maturity loan terms with a 12-year maturity and grace period of 6 years, Credit No. 7567-NG); and (2) the second tranche comprising a $750m loan from the International Bank for Reconstruction and Development (Bank) (US dollar-denominated, commitment-linked loan with a 24-year maturity and grace period of 11 years, Loan No. 9683-NG).
“The Financing Agreement and Loan Agreement were signed and declared effective on June 19, 2024, and June 26, 2024, respectively. The first tranche was released on July 2, 2024.
“Reforms have also been implemented to fully deregulate the fuel market, ensuring that retail prices are determined by market conditions and opening the sector to competition. The authorities are following through on their commitment to cease deficit monetisation, relying instead on standard debt instruments to finance the deficit.”
Meanwhile, in the past months, the government’s twin policy of fuel subsidy removal and exchange unification has attracted both praise and condemnation.
Specifically, under the policies, fuel prices had increased fivefold, and the exchange rate had increased astronomically, impacting the cost of living for the majority of Nigerians.
Though FG introduced palliatives, such as the disbursement of N25,000 to households, only less than two million households had benefitted.
The Compressed Natural Gas Initiative, which is a cheaper alternative to fuel to cushion the impact of fuel subsidy removal, has not been fully implemented.
The resultant impact is a high headline and food inflation rate, which have skyrocketed to 34.60 percent and 39.93 percent, respectively.
News
Enugu ADC chairman allegedly murdered in his village
Tension and grief have enveloped the political community in Enugu State following the suspected murder of the African Democratic Congress (ADC) Chairman in Udenu Local Government Area, Chisimdiri Emmanuel Ngwu.
Ngwu, said to be one of the longest-serving members of the ADC in the state, was reportedly found dead in the early hours of Wednesday, August 19, 2026, in circumstances suspected to be suspicious.
A family source, who spoke to our correspondent, said Ngwu left the house shortly after waking up on Wednesday morning but never returned alive.
“He woke up early in the morning on Wednesday and walked out and that was the last we heard of him,” the source said.
According to the source, the family became worried after discovering that Ngwu was missing, before his lifeless body was later found outside the compound.

“When we woke up, we didn’t see him only to discover his lifeless body in front of our compound. We saw scratches on his neck which was twisted backwards,” the source added.
The circumstances surrounding his death have continued to generate concern among family members, friends and political associates.
Meanwhile, two persons have reportedly been arrested in connection with the incident.
However, their identities and the circumstances surrounding their arrest were not immediately disclosed as of press time.
The development has reportedly sent shock waves through the ADC in Udenu and the wider political community in the state, with calls for a thorough investigation into the circumstances surrounding Ngwu’s death.
News
2027: Tinubu’ll relocate Nigeria’s capital to Lagos if he wins – Primate Ayodele
Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele has claimed that President Bola Tinubu will relocate the capital of Nigeria to Lagos if he is declared the winner of the 2027 general elections.
Primate Ayodele made this statement in a video posted on X.
President Tinubu is seeking re-election under the platform of the ruling All Progressives Congress, APC.
Speaking about Tinubu’s re-election, the cleric said, “Lagos architecture will change. You may not see this one very seriously, but if Tinubu wins the second time, the capital of Nigeria will be relocated to Lagos.
“When this happens, the capital can be in Epe or Lekki or anywhere at all in Lagos.”

News
Police arrest four over alleged murder of 56-year-old man in Anambra
The Anambra State Police Command has uncovered the circumstances surrounding the alleged murder of a 56-year-old man, Mr Kelechi Madu, in Awkuzu, Oyi Local Government Area, two days after he was reported missing.
The development was disclosed in a statement issued on Friday, August 21, 2026, by the Police Public Relations Officer, SP Tochukwu Ikenga, who said the breakthrough followed a coordinated search and investigation by police operatives, local vigilantes and members of the deceased’s family.
Madu was reported missing by his wife on August 18, after he reportedly left home on the evening of August 17 and failed to return.
According to the Command, the search for the missing man took a grim turn later that day when his wife returned to the police station to report that he had been found dead in a nearby bush at Umuobi, Awkuzu.
Police operatives immediately mobilised to the scene, where they found Madu’s lifeless body with a deep axe wound to his head. His remains were subsequently evacuated and deposited at a hospital mortuary for preservation.

Following the discovery, detectives intensified their investigation and arrested the deceased’s 32-year-old friend, Mr Ifeanyi Nwankwo, who allegedly confessed to being involved in the planning of the killing.
Preliminary findings by the Command indicated that Nwankwo allegedly obtained money from Madu through fraudulent means, claiming he would assist him in acquiring a piece of land.
Police alleged that the suspect subsequently engaged two other persons to eliminate Madu in an attempt to conceal the alleged fraudulent transaction and prevent the victim from recovering the money.
The Command said two other suspects linked to the alleged plot were also arrested, bringing the number of persons apprehended in connection with the case to four.
The Commissioner of Police, Anambra State Command, CP Nnanna Oji Ama, psc, mnips, has directed investigators to intensify the probe and identify every person involved in the alleged conspiracy and murder.
The CP vowed that all persons found culpable would be brought to justice.
The Command, through Ikenga, assured residents that it would continue to strengthen intelligence-led policing and community partnerships to prevent violent crimes, uncover criminal networks and ensure that perpetrators face the full weight of the law.
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