Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports
    • Petrol Tanker Explodes In Ibadan
    • Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer
    • The Constitution Debate: Same Old Wine In New Bottles – By Jonathan Nda-Isaiah
    • WAFCON: Nigeria Trounce Zambia 5-0, Soar Into Semi-Final
    • Manchester United Agree £65m Deal To Sign Brentford’s Mbeumo
    • Palestinian Child Shot Dead In West Bank By Israeli Forces Amid Land Grabs
    • Brazil’s Supreme Court Says Ex-President, Bolsonaro Must Wear Monitoring Device
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports

      July 19, 2025

      Petrol Tanker Explodes In Ibadan

      July 19, 2025

      Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer

      July 19, 2025

      ‘I Cannot Guarantee Your Safety’, Edo Governor Warns Peter Obi Over Unannounced Visits

      July 18, 2025

      In Kano, Tinubu Mourns Dantata, Hails His Integrity, Lifelong Philanthropy

      July 18, 2025
    • COLUMN

      The Constitution Debate: Same Old Wine In New Bottles – By Jonathan Nda-Isaiah

      July 19, 2025

      Musings On Muhammadu Buhari – By Azu Ishiekwene

      July 17, 2025

      Today, We Give Way To Our Readers To React – By Dr Hassan Gimba

      July 14, 2025

      Is The World Shutting Its Door To Nigeria? – By Dr Dakuku Peterside

      July 14, 2025

      The Salvo From Boss Mustapha – By Kazeem Akintunde

      July 14, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      Palestinian Child Shot Dead In West Bank By Israeli Forces Amid Land Grabs

      July 19, 2025

      Brazil’s Supreme Court Says Ex-President, Bolsonaro Must Wear Monitoring Device

      July 19, 2025

      Israel Kills Three In Gaza Catholic Church Sheltering Elderly, Children

      July 17, 2025

      Iraq Shopping Mall Fire Kills Over 60 Persons, Mostly Women, Children

      July 17, 2025

      Three Killed As Israel Bombs Syrian Defence Ministry, Near Presidential Palace

      July 16, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      WAFCON: Nigeria Trounce Zambia 5-0, Soar Into Semi-Final

      July 19, 2025

      Manchester United Agree £65m Deal To Sign Brentford’s Mbeumo

      July 19, 2025

      Liverpool Close In On Bundesliga Star, Ekitike In £70m-Plus Deal

      July 17, 2025

      Super Falcons, Zambia Clash Friday In WAFCON Quarter-Final

      July 16, 2025

      Real Madrid’s Bellingham To Miss 12 Weeks After Shoulder Surgery

      July 16, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - Federal Government Seeks $4.4bn New Loans As Debt Hits N101tn

    Federal Government Seeks $4.4bn New Loans As Debt Hits N101tn

    By Hamza RufaiJune 20, 2024
    Edun

    THE Federal Government has borrowed a total of $4.95bn in loans from the World Bank in the past 12 months, pushing the total public debt to N101tn amidst worries about the increasing costs of servicing external debt.

    The nation’s public debt was put at approximately N97tn as of December 2023, according to the Debt Management Office data.

    This came as the government still expects fresh loan approval worth $4.4bn from the international lender and the Africa Development Bank over the next one year.

    UBA

    An analysis by our correspondent showed that the bank approved funding for six projects including $750m for power sector financing, $500m for women empowerment, $700m for girl child education, $750m for renewable energy solutions, $750m on resource mobilisation reforms and $1.5bn for economic stabilisation reforms.

    Findings by this newspaper showed that on June 9, 2023, the World Bank board approved a loan of $750m to boost Nigeria’s power sector. The bank said the loan would serve as additional financing for the power sector recovery performance-based operation.

    WIDGET ADS

    It also announced the approval of a loan of $500m on June 27, 2023to help Nigeria drive women’s empowerment. This was the second loan approved by the bank under the current administration. It provided a scale-up financing for the Nigeria for Women Programme.

    In September 2023, the World Bank approved a loan of $700m to bolster educational opportunities and empowerment for adolescent girls in Nigeria. The loan was to support the ongoing ‘Adolescent Girls Initiative for Learning and Empowerment project. It aimed to encourage secondary education accessibility for girls residing in specific target states within Nigeria.

    Thomas Sankara African Leadership Prize

    While $750m was authorised on December 14, 2023, for the Distributed Access through Renewable Energy Scale-up project in Nigeria, the project aims to provide over 17.5 million Nigerians with better access to electricity via distributed renewable energy solutions and tackle the electricity access deficit.

    The latest was a sum of $2.25bn comprising $1.5bn for reforms on Economic Stabilisation to Enable Transformation Development Policy Financing Programme. It is meant to increase fiscal oil revenues to 2.7 per cent by 2025, boost non-oil fiscal revenues, expand social safety nets to assist 67 million vulnerable Nigerians and raise the import value of previously banned products. $750m was also apportioned to enhance non-oil revenues and protect oil and gas revenue.

    Nigerian TAX Reform - Federal Goverment

    Meanwhile, the government is expecting about $4.4bn in new loans from the World Bank and the AfDB. The government is pursuing a $500m loan to address the need for better connectivity in rural road infrastructure and agricultural marketing, a $750m loan if it reintroduces previously suspended telecom tax and other fiscal measures, and a $500m to address the challenges faced by Internally Displaced Persons nationwide. The government is also expecting about $2.7bn economic and budget support loan from the African Development Bank.

    The AfDB President Akinwumi Adesina, in an interview with journalists in March said its Board of Directors approved $134m for Nigeria to implement an emergency food production plan, while talks are also ongoing for a $1.7bn economic and budget support loan as well as the launch of a $1bn agro-industrial processes in 28 states.

    The World Bank, a prominent international financial institution dedicated to reducing global poverty provides loans and grants to developing countries for a wide range of projects, including infrastructure development, education, healthcare, and environmental sustainability.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    However, for many Nigerians, long years of infrastructure decay and increased unemployment have triggered an increased feeling of bitterness whenever they hear the government’s intention to borrow with past borrowings is not justifiable.

    Nigeria has been a top recipient of fresh loans from multilateral lenders, borrowing $2.7bn in 2023 from about $2.9bn released to the country in 2022.

    Last week, the Bretton Woods Institution said its technical advisory and financing to support economic growth in Nigeria currently stands at over US$15bn affirming data from the external debt stock report of the Debt Management Office shows that Nigeria owes the World Bank a total of $15.45bn as of December 31, 2023.

    President Bola Tinubu had expressed his resolute commitment to breaking the vicious cycle of overreliance on borrowing for public spending, and the resulting burden of debt servicing it places on the management of Nigeria’s limited government revenueHoweververr ver the president may not have matched his words with actions as they have sought to obtain credit facilities from both domestic and external lenders.

    The soaring costs of servicing foreign debt have significant implications for Nigeria’s economy. The increased debt burden could potentially divert resources away from critical sectors such as healthcare, education, and infrastructure, exacerbating socio-economic challenges.

    Debt FG Loans
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports

    July 19, 2025

    Petrol Tanker Explodes In Ibadan

    July 19, 2025

    Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer

    July 19, 2025

    ‘I Cannot Guarantee Your Safety’, Edo Governor Warns Peter Obi Over Unannounced Visits

    July 18, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    Customs Intercept Containers Of Codeine, Tramadol Worth N20.5bn At Onne Ports

    July 19, 2025

    Petrol Tanker Explodes In Ibadan

    July 19, 2025

    Ex-Kogi Senator, Dino Melaye Makes First Court Appearance As Lawyer

    July 19, 2025

    The Constitution Debate: Same Old Wine In New Bottles – By Jonathan Nda-Isaiah

    July 19, 2025

    WAFCON: Nigeria Trounce Zambia 5-0, Soar Into Semi-Final

    July 19, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp