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Nigeria’s $2.25bn World Bank Loan Expected June 13

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The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.

The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

Recall that The PUNCH had indicated that the government might reintroduce previously suspended telecom tax and other fiscal measures in pursuit of securing the $750m loan.

A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.

However, the latest information suggests that the administration may have nearly guaranteed the loan.

The Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.

The package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”

According to programme information documents posted on the international lender website, the two projects aim to enhance Nigeria’s economic stability and resource mobilisation capabilities.

It is expected that the funds will bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilisation, essential for the country’s long-term financial sustainability and economic resilience.

The document stated that the primary aim of the PforR programme is to boost non-oil revenues and safeguard oil and gas revenues from 2024 to 2028 at the federal level, emphasising substantial tax, excise, and administrative reforms.

The programme includes three main result areas: implementing tax and excise reforms to increase VAT collections and excise rates on health and environmentally friendly products, strengthening tax and customs administrations to enhance VAT compliance and effectiveness of audits, and safeguarding oil and gas revenues by increasing transparency and net revenue contributions.

The PforR programme includes technical assistance, supporting the Federal Inland Revenue Service and the Nigeria Customs Service to enhance taxpayer and trader compliance.

“The principal programme development objective is to raise non-oil revenues and safeguard oil and gas revenues. This result area aims to increase the transparency of NNPCL’s financial and operational performance through audits and regular production of enhanced reports submitted to FAAC, including all relevant information; and increase net oil and gas revenues transferred to the Federation,” the report read.

Also, the proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilization and recovery priorities.

This operation is structured around four key results distributed across two pillars: increasing fiscal oil revenues from 1.8 per cent of Gross Domestic Product in 2022 to 2.7 per cent by 2025, boosting non-oil fiscal revenues from 5.3 per cent to 7.3 per cent over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3m to $54.6mby 2025.

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Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju

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Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.

Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.

He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.

“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.

“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?

“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.

“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.

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Beyond My Wildest Dreams: Disu Opens Up During Handover From Egbetokun

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The Inspector-General of Police, Olatunji Disu, on Thursday paid glowing tribute to his predecessor, Kayode Egbetokun, recalling their early professional relationship while serving under President Bola Tinubu during his tenure as governor of Lagos State.

During the pulling-out ceremony held in honour of Egbetokun at the Force Headquarters in Abuja, marking the retirement of the former police chief, the new Inspector-General of Police (IGP), Olatunji Disu, reflected on his unexpected rise to the position, stating that he “never dreamed” of becoming the IG.

In his remarks, Disu described Egbetokun’s career as one marked by dedication, professionalism and strong leadership, noting that a defining chapter in the former IG’s career was his service as Chief Security Officer to the Lagos State Governor at a time when Tinubu was in office.

He said it was during that period that their professional paths first intersected.

“A defining chapter in his professional life was his service in Lagos State Government House, where he served as Chief Security Officer to the Governor of Lagos State, at a time when His Excellency, Senator Bola Tinubu, now President of the Federal Republic of Nigeria, was Governor.

“It was during that period that our professional paths intersected in a most memorable way.

“While IGP Egbetokun (retd.) served as Chief Security Officer to the governor, I had the honour of serving as Aide-de-Camp to the same governor.

“Working together under demanding circumstances, we shared the responsibility of ensuring the safety and security of the Governor and the Government of Lagos State,” Disu said.

The police chief said neither of them could have imagined at the time that years later, Egbetokun would rise to become the Inspector General of Police and that he would eventually succeed him in the same office.

According to him, the development reflected how years of service and dedication sometimes align in unexpected ways.

“At that time, neither of us could have imagined that years later, destiny would place him at the helm of the Nigeria Police Force as Inspector General of Police, and that I would have the honour of succeeding him in that office.

“It is indeed one of those remarkable coincidences of history that reminds us how the threads of service sometimes weave themselves across time in unexpected ways,” he said.

Disu noted that throughout his career, Egbetokun rose steadily through the ranks, serving in various command, operational and training capacities across the country.

He highlighted Egbetokun’s leadership roles, including commanding the Rapid Response Squad in Lagos, Police Mobile Force operations, and serving as Area Commander in Osogbo and Gusau.

The IGP also commended Egbetokun’s contributions to police training and capacity development, citing his service as Commandant of the Police Training School, Ikeja, and later as Deputy Commandant of the Police College, Ikeja.

He said Egbetokun’s tenure as Inspector General was guided by a vision to build a professionally competent, service-driven, rule-of-law-compliant and people-friendly police force.

According to him, the former police chief implemented reforms to strengthen operational efficiency, enhance professionalism, improve personnel development, and deepen public trust in policing.

Disu added that Egbetokun emphasised intelligence-driven policing, strengthened training and reinforced institutional values such as discipline, accountability and service.

He further noted that Egbetokun’s leadership style, characterised by calmness, intellectual depth, and strategic foresight, helped guide the Nigeria Police Force through complex security challenges during his tenure.

In his speech, Egbetokun highlighted key reforms and institutional improvements achieved during his tenure as the Inspector-General of Police.

According to him, his administration pursued reforms to reinforce professionalism, promote merit-based advancement, and strengthen intelligence-led policing.

He noted that as part of the reforms, the Intelligence Bureau was expanded and upgraded to a full department headed by a Deputy Inspector-General of Police, while the Legal and Medical units were elevated to directorate status to improve institutional efficiency and service delivery.

Egbetokun also said the Force further developed its cybercrime centre into a sophisticated facility capable of monitoring Nigeria’s cyberspace and supporting modern investigations.

He added that investigative and operational capacity was strengthened through improvements to the National Criminal Database and enhanced professional training for operators across commands up to the divisional level.

The former police chief said operational presence was expanded through the establishment of additional Police Mobile Force squadrons, new Area Commands and Divisions, as well as the creation of the Special Intervention Squad, which he said had recorded notable successes across the country.

He also said progress was made in improving police infrastructure, including the completion of barracks redevelopment projects in Kano and Kaduna and the commissioning of modern state command headquarters in Ogun and Adamawa states.

Egbetokun, who was appointed on June 19, 2023, by President Tinubu, resigned on February 24, paving the way for the appointment of Disu.

In 2024, the IG’s continued stay in office sparked widespread controversy after Egbetokun officially reached the mandatory retirement age of 60 on September 4.

However, his stay in office was extended following the amendment to the Police Act.

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Terror Surge: Tinubu Demands Results from Security Chiefs

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President Bola Tinubu met with security chiefs, including Tunji Disu, the inspector-general of police (IGP) in a closed-door session on Thursday to address a series of “rising terror attacks” across the country.

The meeting followed an escalation in violence, including recent deadly raids in Benue, Plateau, and Borno states.

The nearly two-hour meeting, held at the State House in Abuja, began in the afternoon after the security chiefs arrived discreetly and ended around 5:10 p.m.

Those in attendance included Christopher Musa, minister of defence; Nuhu Ribadu, national security adviser (NSA); Adeola Ajayi, the director-general of the Department of State Services (DSS); and Olufemi Oluyede, chief of defence staff (CDS).

Others were Waidi Shaibu, the chief of army staff; Kelvin Aneke, chief of air staff; and Idi Abbas, chief of naval staff.

As of the time of filing this report, details of the meeting had yet to be issued by the presidency.

However, there are indications that the sit-down may centre around the rising terror attacks and intensified assaults on military outposts across Nigeria, particularly in the north-east, which culminated in the recent killing of several high-ranking officers.

On Monday, a commanding officer of the Nigerian Army was killed following an attack by suspected fighters of the Islamic State West Africa Province (ISWAP) on a military base in Kukawa, Borno state.

The attack came about a week after suspected Boko Haram and ISWAP fighters attempted to attack military positions in Ngoshe, Gwoza LGA of Borno.

On Tuesday, Nigerian troops repelled an early-morning attack by suspected ISWAP fighters on a military base in Doron Baga, Kukawa LGA of the state.

Speaking during an interfaith breaking of the fast with members of the Nigerian Armed Forces at the presidential villa in Abuja last Friday, Tinubu said the country would “ultimately prevail against all forms” of insecurity.

The president said the efforts of the security forces had continued to weaken terrorist groups and bandits operating in different parts of the country.

He assured the armed forces of continued investment in modern equipment, intelligence, and logistics to strengthen their operational effectiveness.

 

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