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FG Pays $598.59m Debts To World Bank, China, DMO Clarifies

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4 years ago

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Nigeria spent $598.59million on servicing the debts owed to the World Bank and the Exim Bank of China in 2021, according to an analysis of data on actual external debt service payments from the Debt Management Office (DMO).
The country paid the World Bank a total of $390.92million, which included $384.28million to the International Development Association (IDA) and $6.46million to the International Bank for Reconstruction and Development (IBRD).
A total of $207.67million was paid to the Exim Bank of China, for different projects for which loans were taken.
The Federal Government had sought loan facilities from Chinese lenders to implement several infrastructural projects.
In a new document titled ‘Status of Chinese loans as of September 30, 2021’ published last week, the DMO disclosed that 15 projects were funded with the acquired loans.
These projects range from the water supply, power generation, railways, airport terminals, and communication to agricultural processing.
The document also showed that there are varying interest rates, which range from 2.5per cent to 3per cent, and are not solely fixed on 2.5per cent as the DMO claimed in its statement in June, 2020.
Most of the loans from the World Bank were also tied to a programme or an infrastructure project.
On December 14, 2020, for instance, the World Bank approved a $1.5billion loan for Nigeria, earmarked for two projects, namely the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme and the State Fiscal Transparency, Accountability, and Sustainability Programme.
The bank had on June 27, 2018, approved a loan of $775million for the Fiscal Governance and Institutions Project, Nigeria Erosion and Watershed Management Project (additional financing), Nigeria Polio Eradication Support Project (additional financing), Nigeria Electrification Project and the State Fiscal Transparency, Accountability and Sustainability scheme.
On March 23, 2017, the bank approved a $200million credit for the implementation of the Agro-Processing, Agricultural Productivity Enhancement and Livelihood Improvement Support Project, while a $150million credit was offered for Mineral Sector Support for Economic Diversification Project on April 14 the same year.
On June 7, 2016, the bank approved a $1.1billion credit as additional finance to fund the State Education Programme Investment Project, Community and Social Development Project, Nigeria Youth Employment and Social Support Project, State Health Investment Project, Third National Fadama Development Project, NG-Polio Eradication Support Project and the National Social Safety Nets Project.
Earlier reports had indicated that Nigeria spent $1.79billion in five years on servicing the debts owed to the World Bank and the Exim Bank of China.
As of December 2021, Nigeria still owes World Bank and China $12.38billion and $3.63billion, respectively.

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Cleric Predicts Breakthrough, Warns of Political and Security Challenges in 2026

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6 days ago

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January 12, 2026

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The Founder and Senior Pastor of Liberty Hour Ministry, Port Harcourt, Apostle Chikadibia John Wodo, has expressed optimism that 2026 will usher in uncommon breakthroughs and good fortune for Nigeria, particularly in the areas of political, economic, and spiritual development, with Rivers State playing a key role.
Apostle Wodo made this declaration in his special New Year message, where he stated that individuals and forces standing as obstacles to the manifestation of God’s will in the new year would face bitter consequences. He cautioned that corrupt political leaders risk backlash from the very people they govern if they fail to change their ways.
The cleric warned against the escalation of political tension in Rivers State and called on residents and religious leaders to intensify prayers for lasting peace. He also urged Governor Siminalayi Fubara to remain resolute in leadership, reminding him to uphold his vows to God by continually seeking divine guidance in decision-making and governance amid evolving challenges.
Assessing the broader national situation, Apostle Wodo called on Nigerian leaders to repent and govern with a heightened sense of responsibility, noting that the cries and supplications of the masses have drawn divine attention. He further warned of alleged plots to disrupt a smooth democratic transition in 2027 and appealed for prayers to avert such an agenda.
According to him, Nigerians are yearning for genuine socio-economic transformation and freedom from political oppression. He challenged the Independent National Electoral Commission (INEC) to redeem its credibility by ensuring free, fair, and credible elections devoid of undue political interference.
The cleric also predicted that insecurity could worsen in the coming year and warned of the possible emergence of a strange ailment, stressing that Nigeria’s political challenges can only be resolved through equity, fairness, and justice, especially in the treatment of minorities, the vulnerable, and the disadvantaged.
Apostle Wodo further claimed that some clerics and General Overseers have compromised their faith and incurred divine displeasure, calling for sincere repentance to restore their relationship with God. He also advised early preparedness to mitigate natural disasters such as fire outbreaks and flooding, particularly in rural communities.
He concluded by urging Nigerians to remain prayerful, vigilant, and united as the nation navigates the opportunities and challenges of 2026.
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Ado Royal Family Disowns Alleged Installation of Amanyanabo of Okrika

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6 days ago

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January 12, 2026

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The Ado Royal Family of Okrika has firmly disassociated itself from the alleged self-enthronement of Hon. Godknows Tam George as the Amanyanabo of Okrika and Clan Head, describing the action as unlawful, illegitimate, and a threat to the peace of the ancient kingdom.
The family, which described itself as the sole legitimate custodian of the history, traditions, and stool of the Amanyanabo of Okrika, stated that it has not installed any king and has not commenced the formal process for such installation.
This position was contained in a statement jointly signed by Prof. Sotonye Fyneface-Ogan (Ogan Ado Royal House), Alabo Engr. Henry Semenitari Abam (Abam Ado Royal House), and Alabo Prince Oriyeorikabo Fibika (Fibika Ado Royal House). The statement was presented to journalists on Friday at the Nigeria Union of Journalists (NUJ) Press Centre, Moscow Road, Port Harcourt.
According to the statement, the purported action by Hon. Tam George amounts to “a blatant assault on the collective integrity of the Okrika people” and constitutes “a criminal act of impersonation with the potential to destabilize the peace and socio-political fabric of our ancient kingdom.”
The family stressed that Hon. Tam George was never presented as a candidate by the Ado Royal Family and did not undergo any of the mandatory rites, consultations, or confirmations required by Okrika customs.
“The Ado Royal Family has never presented him as a candidate, nor has he undergone any of the prerequisite rites, consultations, or confirmations. His actions are those of a lone interloper, operating in a vacuum of legitimacy,” the statement read.
It further emphasized that the stool of the Amanyanabo of Okrika and Clan Head is a sacred institution rooted in centuries-old traditions and spiritual heritage, not something to be claimed through academic qualifications, political ambition, or personal interest.
Speaking during the briefing, Prof. Sotonye Fyneface-Ogan reiterated that the process of crowning an Amanyanabo is clearly defined and has not yet begun.
“To crown a king, there is a process, and those processes have not taken place,” he said. “We are the chiefs; we are the ones that will be part of the selection. Honestly, we have not started the selection process; we have only begun discussions.”
He explained that during the proper selection process, chiefs supervise nominations from each constituent house, with each house expected to nominate two or three candidates—steps which, he noted, have not been carried out.
“I want to assure the public that none of the Ado family chiefs has given Hon. Tam George any sign of approval,” Prof. Fyneface-Ogan added.
Efforts to obtain the reaction of Hon. Godknows Tam George proved unsuccessful. Repeated attempts through phone calls, text messages, and WhatsApp messages were unsuccessful, as he did not respond as of the time of filing this report.
By: Tonye Orabere
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PH Traders Laud RSG’s Fire Safety Sensitisation Campaign

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6 days ago

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January 12, 2026

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Traders in Port Harcourt, Rivers State, have commended the Rivers State Government (RSG) for its ongoing fire emergency and safety sensitisation campaign across major markets in the state.
Speaking on behalf of traders at Nowa Market, Borikiri Old Port Harcourt Township, the market chairman, Mr. Innocent Chukwuma, praised Governor Sir Siminalayi Fubara for initiating the awareness programme in designated markets and public places.
Chukwuma described the exercise as timely and impactful, noting that it was the first time the Rivers State Government had carried out such a campaign in Nowa Market. According to him, the sensitisation would educate traders on fire emergencies and the necessary precautions to prevent outbreaks.
He urged traders to strictly apply the safety measures taught during the campaign, both during business hours and after closing their shops.
“I want to thank the Rivers State Governor, Sir Siminalayi Fubara, and the Ministry of Special Duties for coming to our aid, especially during this dry season,” Chukwuma said.
“This is the first time we are seeing government presence in our market in this manner. We lack words to thank our God-sent governor, particularly for providing us with fire extinguishers and other firefighting equipment.
“We will do exactly what we have been taught today to ensure there is no fire incident in our market. We will always switch off all electrical appliances before closing for the day,” he added.
Similarly, the Chairman of Mile 3 USTRE Modern Market, Mr. Gift Nkesi Benjamin, applauded the state government for the distribution of fire extinguishers and other fire safety equipment.
“We will adhere strictly to the safety guidelines and instructions given to us today to ensure there is no fire outbreak in our market,” Benjamin stated.
“On behalf of Mile 3 USTRE Modern Market, I sincerely thank the Rivers State Government and the Ministry of Special Duties for bringing this important campaign to our market.”
At Rumuwoji Market (popularly known as Mile 1 Market), the Chairman, Chief Hon. Godpower O. Wobo, also expressed gratitude to the state government for the sensitisation exercise. He assured that traders would comply fully with government directives to prevent future fire incidents.
Responding on behalf of Governor Siminalayi Fubara, the Permanent Secretary of the Ministry of Special Duties, Mr. Sokari D. P. George, thanked the traders for their cooperation and warm reception.
He emphasised that safety remains paramount, especially during the dry season, and urged traders to be cautious in their daily activities.
Mr. George disclosed that the theme of the 2025 fire safety campaign is “Controlled Fire Is a Friend, Uncontrolled Fire Is an Enemy.”
He cautioned against refuse and bush burning around buildings and warned traders not to store fuel in unauthorized places such as homes, offices, markets, or public buildings.
“Follow all fire safety guidelines and instructions,” he urged.
The permanent secretary also noted that Governor Fubara prefers a zero-fireworks approach during festive periods to ensure public safety, stressing that the government has invested heavily in markets and expects traders to take responsibility for protecting them.
By: Kiadum Edookor
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