
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
Atiku breaks silence on FBI’s refusal to make Tinubu records public
Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has reacted to the United States Federal Bureau of Investigation’s refusal to publicly release certain records relating to President Bola Tinubu, arguing that citing “danger to lives” cannot justify withholding potentially disclosable information from public scrutiny.
The FBI had filed a motion seeking permission to submit ex parte and in camera declarations explaining why it withheld some investigative records concerning allegations of drug trafficking involving Tinubu.
In an application dated August 20, the agency told the US District Court for the District of Columbia that it could not publicly disclose all the reasons for withholding certain records, hence its request to make the declarations privately before the court.
Reacting in a statement issued on Saturday in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned the FBI’s justification for secrecy, arguing that Nigerians were already bearing the consequences of the government’s economic policies.
“The FBI says disclosure could endanger lives. Which lives? Nigerians are already dying,” he said.

Atiku linked the hardship to the removal of fuel subsidy, arguing that the policy had triggered increases in transportation costs, food prices and production expenses while putting pressure on jobs and household incomes.
“Fuel affects transportation. Transportation affects food prices. Energy affects production. Production affects jobs. All of them determine whether an ordinary Nigerian family can survive until the end of the month,” he said.
The former Vice President also reiterated his pledge to reverse the fuel subsidy removal if elected, describing his proposed approach as one that would be accountable and protected against abuse.
On the FBI records, Atiku said he was not demanding the release of sensitive information that could compromise investigations, including the identities of undercover agents, confidential sources or investigative techniques.
“Protect your agents. Protect your sources. Protect legitimate investigative methods. Redact whatever American law genuinely requires you to redact. But do not stretch those protections until they become a bulletproof vest for Tinubu,” he said.
Atiku described his position as a democratic appeal rather than an attempt to interfere in Nigeria’s internal affairs, insisting that Nigerians had a right to know the background and character of the person leading the country. (Saturday Tribune)
News
Four family members, dog die after eating Amala meal in Kogi
Four members of the same family have reportedly died after consuming amala in Ihima, Okehi Local Government Area of Kogi State.
The family’s dog was also reported to have died after consuming the same food.
Following the incident, the Kogi State Government has ordered an immediate investigation into the circumstances surrounding the deaths.
The state Commissioner for Information and Communications, Kingsley Fanwo, disclosed this in a statement on Saturday, saying the Governor of Kogi State, Ahmed Ododo, had directed the Commissioner for Health to commence a comprehensive investigation into the incident.
“The Chief Servant is deeply concerned by this tragic incident and has directed the Commissioner for Health to immediately investigate the circumstances surrounding the deaths, with particular attention to the possibility of food poisoning or food contamination.

“The investigation must establish the facts and determine whether the food consumed by the deceased was contaminated or whether any other medical or environmental factor contributed to the deaths.
“Relevant samples and available evidence should be properly examined in accordance with established public health procedures,” Fanwo quoted the governor as directing.
Fanwo said the state government was also concerned by reports that the family’s dog died after consuming the same food, adding that the development would form part of the investigation.
He said the governor had directed the Ministry of Health to work with relevant agencies and stakeholders to ensure that the investigation was thorough and that appropriate public health measures were taken based on its findings.
“The government urges members of the public to remain calm and avoid drawing conclusions about the cause of the deaths until the investigation is concluded and the facts are established by the relevant authorities,” the commissioner said.
Fanwo said the governor commiserated with the bereaved family and the people of Ihima over the incident, praying that God would grant the family the strength and comfort to bear the loss.
He assured the people of Kogi State that the government would make further information available as soon as verified facts emerge from the investigation.
News
1,844 killed in South-East in two years — Amnesty International reports
…Demands probe into alleged rights abuse
Amnesty International has re-launched two reports documenting alleged human rights violations in the South-East and called on governments and security agencies to end impunity, unlawful abductions, torture and killings.
The reports, “A Decade of Impunity: Attacks and Unlawful Killings in South-East Nigeria” and “Tiger Base of Atrocities: Human Rights Violations by Nigeria Police Anti-Kidnapping Unit in Owerri,” were unveiled in Umuahia on Wednesday.
Benedicta Ofili, Finance and Office Manager at Amnesty International Nigeria, said the organisation documented at least 1,844 deaths between 2021 and mid-2023 involving non-state armed groups, state-backed outfits and security operations.
Ofili also highlighted allegations of arbitrary detention, enforced disappearances, extortion and deaths in custody, particularly at the Anti-Kidnapping Unit popularly known as Tiger Base in Imo State.
She said Amnesty interviewed 23 former detainees, including 14 women, and recorded cases of torture and poor detention conditions.

Three of those interviewed reportedly died after detention.
The organisation said insecurity has caused displacement, disruption of education, loss of livelihoods and restrictions on movement due to sit-at-home orders.
Amnesty demanded independent investigations, prosecution of perpetrators, reparations for victims, and stronger accountability by state and federal authorities.
The presentation was followed by emotional testimonies from tearful relatives of persons allegedly abducted by security operatives as they chorused, “we don’t know where they are.”
Miriam Onyema, weeping, said her husband, Kingsley Chinedu, was arrested on April 25, 2021, at Hospital Junction, Imo State, and labelled an IPOB member. She said all efforts to locate him failed.
Esther Chinedu told the gathering that her husband, Pastor Godspower Chinedu, was arrested in 2022 and has not been seen since despite repeated searches at police detention facilities.
Caroline Chukwuma said her husband, Chukwuma Nwokike, was allegedly abducted in 2021 at St. Paul Junction, Aba, and detained at CPS Aba. She said lawyers were denied access before he was allegedly transferred to Abuja.
Chinwendu Chidiebere said her husband, Chidiebere Ekwe, was arrested at his workshop in Aba on June 22, 2021, and taken to CPS Aba where the family was denied access.
Nicolas Ejekwu, an elderly man, tearfully recounted how soldiers arrested his sons, Obinna and Onyebuchi, at home. He said he was later told they were tortured and killed, with their bodies deposited at FMC Umuahia mortuary.
He added that over 50 bodies of youths allegedly killed by security agencies on suspicion of IPOB membership were found at the mortuary.
Cecilia Nmaoche said her son, Christian Ifeanyi, was allegedly abducted in 2022 and has not been seen or heard from since.
The families appealed to Amnesty and the government to help locate their loved ones and ensure those arrested are charged to court instead of being detained indefinitely.
The Attorney General of Abia, represented by Chinenye Onyemanonu, said the state has zero tolerance for abuses and forwards complaints to the Citizens’ Rights Department.
He cited a case where a family detained for six months was rescued.
Human rights activist Samuel Agwu urged rights groups to ensure victims get justice and legal representation, calling for an end to what he described as a culture of impunity in the region. (Arise News)
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