CBN’s $10.50m funding not loan but grant – World Bank

The World Bank has clarified that the planned $10.50m financing to the Central Bank of Nigeria is a grant, not a loan. According to a source at the World Bank who spoke to our correspondent under the condition of anonymity on Friday, the amount is being provided under the Finance for Development Multi-Donor Trust Fund as part of a partnership between the World Bank and the CBN. It was earlier reported that Nigeria had approached the World Bank for a $10.50m loan to enhance the CBN’s technical capacity and modernise the…

Nigeria’s public debt hits N144.67tn

Nigeria’s total public debt rose to N144.67tn ($94.23bn) as of December 31, 2024, representing a 48.58 per cent increase compared to N97.34tn ($108.23bn) recorded at the end of December 2023. The Debt Management Office disclosed this in its latest report on the country’s public debt profile. The report also revealed a quarter-on-quarter rise of 1.65 per cent from the N142.32tn ($88.89bn) recorded at the end of September 2024, highlighting the continuous increase in the nation’s debt burden during the final quarter of the year. An analysis of Nigeria’s public debt on…

Stolen jewellery: NBA engages Patience Jonathan over ex-workers six years’ detention

The Nigerian Bar Association has waded into the lingering case involving 15 former domestic workers of ex-first lady, Dame Patience Jonathan, who have remained in detention for six years over alleged theft of jewellery and other valuables. A top official of the association said the NBA was also engaging with Mrs Jonathan to resolve the matter. Our correspondents had reported that 15 aides of the former first lady were held in the Okaka Custodial Centre, Bayelsa State, for allegedly stealing jewellery from Mrs Jonathan. Those affected are Williams Alami, Vincent Olabiyi, Ebuka…

2027: Atiku, Obi, coalition leaders advocate electoral reforms

The 2023 presidential candidates of the Peoples Democratic Party, Atiku Abubakar, Labour Party’s Peter Obi, and the National Secretary of the Coalition of United Political Parties, Peter Ahmeh, have called for electoral reform ahead of the 2027 elections. They said electoral reform was a crucial element that would aid the ongoing national coalition negotiations in achieving its objectives. As the election approaches and coalition talks among opposition leaders gain momentum, there have been numerous calls for the amendment or reform of electoral laws. Atiku, through his media aide, Paul Ibe, stated…