News

Nigeria Owes World Bank N3.96trn -DMO

Published

5 years ago

September 14, 2020

Nigeria’s highest external debt stock to a single multilateral or bilateral financial institution in history now stands at $10.46billion (N3.965trillion at the official rate of N379/$).
Giving this revelation in its latest indebtedness figures in Abuja, at the weekend, the Debt Management Office of the Federal Ministry of Finance disclosed that the Federal Government was owing the total sum to the World Bank Group.
An analysis of the country’s external debt stock as of June 30, 2020, showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05billion and $409.51million, respectively, the DMO said.
The International Bank for Reconstruction and Development and the International Development Association are both organisations of the World Bank Group.
Other organisations of the multilateral financial institution include the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.
The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.
Nigeria’s total indebtedness to the multilateral institutions during the period under review was put at $16.36billion, representing 51.97 per cent of the country’s total external debt stock.
The DMO put the country’s indebtedness to the AfDB Group at $5.896billion.
The external debts of Nigeria to African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325billion, $140,000, and $921.91million, respectively.
Nigeria’s debt to other organisations of the AfDB Group such as the Arab Bank for Economic Development in Africa, European Development Fund, Islamic Development Bank and International Fund for Agricultural Development, are $5.88million, $52.52million, $30.22million and $201.68million, respectively.
Further analysis of the country’s external debts showed that Nigeria’s total indebtedness to bilateral organisations, which in this case include foreign nations, was $3.948billionn as of June 30.
This represents 12.54 per cent of the country’s entire $31.477billionn external debt stock during the period under review.
For the bilateral organisations, the country’s indebtedness to China (Exim Bank of China) was $3.24billionn, while its debt to France (Agence Francaise Development) was $403.65million.
The country’s debt to Japan (Japan International Corporation Agency) was $76.69million, while Nigeria owes India (Exim Bank of India) $34.87million.
Nigeria also owes Germany the sum of $192.7million.
Still under Nigeria’s external debt stock as of June 30, the DMO put the country’s Eurobonds at $10.87billion, while its Diaspora Bond was $300million.
Eurobond and Diaspora Bond are commercial external debt stock and account for $11.168billion, representing 35.48 per cent of the country’s external debt stock.

News

HoS Hails Fubara Over Provision of Accommodation for Permanent Secretaries

Published

3 days ago

February 2, 2026

The Tide

The Head of Service (HoS) of Rivers State, Dr. Mrs. Inyingi S. I. Brown, has commended Governor Sir Siminalayi Fubara, GSSRS, for approving befitting accommodation for Permanent Secretaries in the state.

This commendation was contained in a press release made available to newsmen in Port Harcourt.

According to the Head of Service, Governor Fubara has continued to demonstrate uncommon commitment to the welfare of civil servants in Rivers State, stressing that such gestures underscore his people-oriented leadership style. She urged civil servants across the state to remain supportive of the governor’s administration in order to sustain good governance and effective public service delivery.

Speaking on behalf of the Body of Permanent Secretaries, Dr. Brown congratulated Governor Fubara on the occasion of his 51st birthday, describing him as “a Governor who leads by serving.”

She further praised the governor’s service-driven and people-centred leadership approach, noting that it has significantly contributed to institutional stability and improved efficiency within the state’s public service. Special appreciation was expressed for the approval of a befitting accommodation complex for Permanent Secretaries, which she said reflects the governor’s commitment to staff welfare and enhanced productivity.

As part of activities to mark the governor’s birthday, the Body of Permanent Secretaries announced the sponsorship of 329 Joint Admissions and Matriculation Board (JAMB) forms for indigent students across the state.

A breakdown of the initiative shows that 319 forms will be distributed across the 319 political wards in Rivers State, while five forms are allocated to non-indigenes and five forms to persons living with disabilities.

Interested applicants are advised to contact the Office of the Permanent Secretary, Ministry of Education, for further details.

The Body of Permanent Secretaries wished Governor Fubara continued good health, divine wisdom, and greater accomplishments in his service to the people of Rivers State.

By John Bibor

News

Allegation of Disrespect to President Tinubu Unfounded — Rivers Government

Published

3 days ago

February 2, 2026

The Tide

The attention of the Rivers State Government has been drawn to a statement credited to an acclaimed Rivers State chapter of the National Youth Council of Nigeria (NYCN), purportedly authored by one Bestman Innocent Amadi, alleging that the Governor of Rivers State, His Excellency Sir Siminalayi Fubara, GSSRS, removed the official portrait of the President of the Federal Republic of Nigeria, President Asiwaju Bola Ahmed Tinubu, from the Government House, Port Harcourt.

For the avoidance of doubt, the Rivers State Government wishes to categorically state that there is no policy, directive, or intention on the part of the government or the Governor that disrespects the President of the Federal Republic of Nigeria or undermines the authority of the Federal Government.

On the contrary, the Rivers State Government, under the leadership of Governor Siminalayi Fubara, currently enjoys a robust, cordial, and collaborative relationship with the Federal Government, President Bola Ahmed Tinubu, and the Renewed Hope Agenda—a partnership that is already yielding positive and tangible benefits for the people of Rivers State.

Consequently, the insinuation that the Governor acted out of “ingratitude” or “disrespect” is misleading, irresponsible, inflammatory, and entirely unsupported by verifiable facts, and should therefore be disregarded by the public.

It is regrettable that a body expected to promote youth unity, peace, and responsible engagement would resort to incendiary language, personal attacks, and unsubstantiated claims capable of overheating the polity at a time when Rivers State requires calm, dialogue, and mature leadership.

The Rivers State Government therefore calls on well-meaning members of the public, particularly its esteemed and hardworking youths, to disregard and dissociate themselves from individuals or groups bent on advancing divisive rhetoric and falsehoods for political purposes.

Rivers State belongs to all of us. Political differences must never be allowed to override truth, civility, peace, and the collective pursuit of progress.

Members of the public are further urged to remain vigilant and avoid lending credence to inflammatory statements or the activities of fifth columnists pursuing dubious agendas aimed at sowing discord.

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News

Rivers Government Dismisses Allegations of Disrespect to President Tinubu

Published

3 days ago

February 2, 2026

The Tide

The Rivers State Government has dismissed as unfounded and misleading allegations that Governor Sir Siminalayi Fubara removed the official portrait of President Asiwaju Bola Ahmed Tinubu from the Government House in Port Harcourt.

In a statement issued on Tuesday, the state government reacted to claims credited to an acclaimed Rivers State chapter of the National Youth Council of Nigeria (NYCN), describing the allegation as false, irresponsible, and unsupported by any verifiable facts.

The government clarified that it has no policy, directive, or intention that disrespects the President of the Federal Republic of Nigeria or undermines the authority of the Federal Government. It emphasized that Governor Fubara maintains a cordial, respectful, and collaborative relationship with President Tinubu and the Federal Government.

According to the statement, the relationship between Rivers State and the Federal Government has grown stronger under the Renewed Hope Agenda, with tangible benefits and positive impacts already being felt by residents of the state.

The Rivers State Government described insinuations that the governor acted out of “ingratitude” or “disrespect” as deliberately provocative, noting that such claims are capable of misleading the public and unnecessarily heating up the polity.

It further expressed concern that an organization expected to promote youth unity and peace would engage in what it termed incendiary language, personal attacks, and unsubstantiated accusations at a time when the state requires calm, dialogue, and responsible leadership.

The government called on well-meaning members of the public, especially the youths of Rivers State, to disregard the claims and dissociate themselves from individuals or groups spreading divisive rhetoric and falsehoods for political purposes.

Reaffirming its commitment to peace, unity, and progress, the state government stressed that political differences must never be allowed to override truth, civility, and the collective interest of the people.

Members of the public were also urged to remain vigilant and not give attention to inflammatory statements or individuals described as fifth columnists bent on causing division within the state.