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SINKING COUNTRY: Nigeria Emerges Third-largest Debtor To World Bank’s IDA, Gets $2.2 billion Under Tinubu

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As of June 30, 2024, under President Bola Tinubu’s administration, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), marking a notable rise in the country’s borrowing from the institution.

World Bank financial statements reveal that Nigeria’s debt exposure to the IDA increased by 14.4%, growing from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024. This $2.2 billion increase has elevated Nigeria to the position of the third-largest IDA debtor, up from fourth place in 2023.

The fiscal year for 2024 spans from July 2023 to June 2024, indicating that Nigeria has borrowed at least $2.2 billion from the World Bank during President Tinubu’s term. This debt is separate from any loans received from the World Bank’s International Bank for Reconstruction and Development (IBRD).

Other Major Debtors:

  • Bangladesh remains the largest IDA debtor, with its debt increasing from $19.3 billion in 2023 to $20.5 billion in 2024.
  • Pakistan holds the second spot, with its debt steady at $17.9 billion over the same period.
  • India, previously the third-largest borrower with $17.9 billion in 2023, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.

Other significant IDA borrowers include:

  • Ethiopia, with an increase from $11.6 billion in 2023 to $12.2 billion in 2024.
  • Kenya and Vietnam, both with $12.0 billion in 2024.

These countries, along with Tanzania, Ghana, and Uganda, make up the top ten IDA debtors, collectively representing 63% of the IDA’s total exposure as of June 30, 2024.

Additional Information:

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The International Development Association (IDA) is a key branch of the World Bank, focusing on providing concessional loans and grants to the world’s poorest nations. These loans, which feature low interest rates and extended repayment terms, aim to drive economic growth, reduce inequalities, and enhance living conditions in developing countries. However, in Nigeria, concerns have been raised that these loans may be used more for government benefits rather than national economic growth.

It was previously reported that Nigeria secured $4.95 billion in World Bank loans under President Tinubu amidst worries about rising external debt servicing costs. Despite this, only about 16% of these new loans have been disbursed.

The Debt Management Office (DMO) reports that as of March 31, 2024, Nigeria owes the World Bank a total of $15.59 billion.

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Nigerian Govt shuts Eko Bridge, ramps for 8-week repairs

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The Federal Government has announced the closure of the Eko Bridge and Ramps for eight weeks to carry out essential asphalt resurfacing work.

Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos, shared this information in a statement on Saturday. She noted that the resurfacing project is set to begin on Friday, September 20, at 7:00 a.m., and will continue until November 20.

Due to the closure, drivers will need to follow detours and alternative routes. Kesha advised that motorists traveling to the Island from Funsho Williams Avenue should utilize the service lane at Alaka to connect to Costain and access the Eko Bridge.

She explained that some sections of the bridge will be fully closed while others will have partial access.

“This important project aims to enhance road safety and improve the driving experience for motorists,” she stated. The work will involve milling the existing asphalt and laying down new asphalt on both the bridge and ramps to address wear and tear and create a smoother, safer roadway.

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Gov Adeleke appoints new Governing Council Chairman for Osun College of Education

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Osun State Governor, Ademola Adeleke, has appointed Akinwale Sarafadeen Adeyemi as the new Chairman of the Governing Council for Osun State College of Education in Ila-Orangun.

The announcement was made in a statement on Friday by Governor Adeleke’s spokesperson, Olawale Rasheed. The statement described Adeyemi as an experienced educationist and noted that he will succeed Peter Babalola, the former chairman, who was dismissed by the state government earlier this month.

Babalola, who was also a member of the Peoples Democratic Party (PDP) in the state, faced suspension from his local ward in Irewole due to public criticism over alleged financial misconduct before his removal.

The statement highlighted, “Governor Ademola Adeleke has approved the appointment of Mr. Akinwale Sarafa Adeyemi, a seasoned educationist, as the new Chairman of the Governing Council of Osun State College of Education, Ila-Orangun. Mr. Adeyemi replaces Dr. Peter Babalola, who resigned following a controversial term at the college.”

Adeyemi holds both a bachelor’s and a master’s degree in Education from the University of Ibadan and is a retired principal of the Federal Girls College in Ipetumodu. His swearing-in ceremony is scheduled for 10 a.m. on Monday at the EXCO lounge.

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Edo Decides: Police arrest armed political thugs ahead of election

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The police have reported that their operatives apprehended political thugs and seized firearms during overnight operations in Edo State, where the governorship election is taking place today, Saturday.

They also vowed to address illegal weapons possession and prevent any disruptions to the electoral process in the state.

Prince Olumuyiwa Adejobi, the Force Public Relations Officer, shared this information in a statement on Friday night, along with images of the recovered firearms.

He identified the arrested individuals as Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member from Ugbogbo quarters in Igara Akoko, Edo.

“The Nigeria Police Force has made a significant breakthrough in combating electoral violence in Edo State with the arrests of Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member,” the statement noted.

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According to DAILY POST, residents of Edo State will be voting for a new governor today, September 21, 2024, who will succeed Governor Godwin Obaseki after his eight-year term ends.

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