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$16.5bn debt: Nigeria is third largest debtor to World Bank’s IDA

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Nigeria is the third-largest debtor to the World Bank’s International Development Association (IDA) as of June 30.

According to the World Bank, Nigeria’s loan exposure from the IDA rose to $16.5 billion as of June.

This was published in a financial statement dated June 30 2024, recently released by the World Bank.

The IDA, a key arm of the World Bank, provides concessional loans and grants to the world’s poorest countries.

These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations.

The loans to Nigeria increased by $2.2 billion compared to the $14.3 billion recorded at the end of 2023.

Ahead of Nigeria on the IDA debt list are Bangladesh, with $20.5 billion, followed by Pakistan with $17.5 billion exposure.

India occupies the fourth spot with $15.9 billion, while Ethiopia, Kenya and Vietnam followed with $12.2 billion, $12.0 billion, and $12.0 billion, respectively.

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The three countries at the bottom of the list are Tanzania ($11.7 billion), Ghana ($6.7 billion) and Uganda ($4.8 billion).

“As of June 30, 2024, the ten countries with the highest exposures accounted for 63% of IDA’s total exposure,” the World Bank said.

“Monitoring these exposures relative to the SBL requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees.”

The Debt Management Office (DMO), on June 20, said Nigeria’s total public debt increased to N121.67 trillion in the first quarter (Q1) of 2024, compared to the N97 trillion recorded in December 2023.

According to the DMO, the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.

The debt office said total domestic debt was N65.65 trillion ($46.29 billion), while total external debt was N56.02 trillion ($42.12 billion).

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Edo Election: Quasi-security outfits not allowed – IGP

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With days to the September 21 Governorship Election in Edo State, the Inspector General of Police (IGP) Kayode Egbetokun says quasi-security outfits won’t be allowed to intervene in election security in the South-South state.

He stated this Sunday during the Edo Election Security Townhall, a programme organised by Channels Television in partnership with the Kimpact Development Initiative and the UK International Development.

Egbetokun said, “We will be impartial, we will be professional, and we will be vigilant whilst providing a level playing ground for all the political parties and their candidates.

“Quasi-security organisations would not be allowed to take part in this election. They will not be allowed to intervene in the election security. Just as we have done in previous elections, only the police and other security agencies will be lawfully deployed for this exercise.

“For those who may be thinking of using violence to disrupt the election, I have a warning for them. Any person or persons found bearing any offensive weapon on the day of election will be treated instantly as an armed criminal.”

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Egbetokun assured citizens of the state of “peaceful outcomes”.

With the IGP’s comment, the Edo State Security Network and other state-run and private-run outfits are banned from election security next Saturday.

The political temperature in the state has been turbocharged in the last year. Of note, 95 cases of violence including 35 incidents of electoral violence have been recorded since January this year in the state. Last week, the Peoples Democratic Party declined to sign a peace pact signed by 16 other parties fielding candidates in the poll.

Analysts have described the forthcoming poll as a three-horse race involving Asue Ighodalo of the People Democratic Party (PDP), Monday Okpebholo of the All Progressives Congress (APC) and Olumide Akpata of the Labour Party (LP).

Akpata is a former president of the Nigerian Bar Association (NBA); while Ighodalo, former Chairman of the Nigerian Economic Summit Group (NESG); secured the endorsement of the incumbent governor, Godwin Obaseki, who shunned his deputy and party man, Philip Shaibu. Shaibu and former governor Adams Oshiomhole have pledged their support for Okpebholo.

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Over 2.6 million registered voters from 18 local government areas are to decide the next governor of the South-South state.

Edo is one of the eight states where governorship elections are held off-season due to litigations and court judgements. Others are Anambra, Bayelsa, Ekiti, Imo, Kogi, Osun and Ondo.

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BREAKING: 281 inmates missing from custodial centre after Maiduguri flood – NCoS

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The Nigerian Correctional Service has declared 281 inmates missing from the Medium Security Custodial Centre, Maiduguri, the Borno State capital.

The service noted that this followed an evacuation process in the aftermath of the flood incident in the state, as seven inmates were returned to the centre.

 

In a statement on Sunday in Abuja by its spokesman, Umar Abubakar, the service released the details of the inmates, including their biometrics.

Abubakar said, “The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

“The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre, Maiduguri (MSCC), as well as the staff quarters in the City.

 

“Upon the evacuation of inmates by officers of the service with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.”

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He, however, added that “it is important to note that the service is in custody of their details, including their biometrics, which is being made available to the public below.

 

“The service is working in synergy with other security agencies as both covert and overt deployments have been activated to look out for them.

 

“Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on ground to track down the rest and bring them back to safe custody.”

 

“While this effort is on, the public is assured that the incidence does not impede or affect public safety.”

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BREAKING: NNPC trucks begin petrol loading at Dangote refinery

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A fleet of trucks at the Dangote Refinery, located in the Ibeju-Lekki area of Lagos State, began lifting Premium Motor Spirit, known as petrol, on Sunday.

The trucks, belonging to the Nigerian National Petroleum Corporation Limited, were seen in videos posted on the X handle of the Dangote Group.

The tweet read, “First set of trucks set for loading of PMS at the Dangote Petroleum Refinery.”

Meanwhile, the national oil firm, in a tweet on Saturday, noted that hundreds of trucks would be deployed to the refinery today (Sunday) for PMS loading.

The NNPC stated, “In preparation for the Dangote Refinery’s scheduled petrol loading on Sunday, 15th September 2024, NNPC Ltd has been mobilising trucks to the refinery’s fuel loading gantry in Ibeju-Lekki. As of Saturday afternoon, NNPC Ltd had deployed over 100 trucks, with hundreds more en route.”

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