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Nigeria’s Debt To World Bank Rises By $660m

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Despite lamentations by Nigerians, the total debt owed to the World Bank Group by Nigeria has risen by $660million in the first six months of 2022.
This is, according to data from both the Debt Management Office and the financial statements of the World Bank.
According to data from the DMO, Nigeria debt to the Washington-based bank was $12.38billion as of December 31, 2021.
The financial statements of the World Bank for fiscal year 2022 show that Nigeria owes the lending institution $13.04billion as of June 30, 2022.
The International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank, has over the years, advanced loans to Nigeria.
The IBRD lends to governments of middle-income and creditworthy low-income countries while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries.
Nigeria’s debt to the IDA and IBRD stood at $12.55billion and $486million, respectively, as of June 30, 2022, compared to $11.97billion and $410.60million in December 32, 2021.
According to reports, rising debt has pushed Nigeria up the World Bank’s top 10 IDA borrowers’ list.
The World Bank Fiscal Year 2021 audited financial statements for IDA showed that Nigeria was rated fifth on the list with $11.7billion IDA debt stock as of June 30, 2021.
However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13billion IDA debt stock as of June 30, 2022.
This shows that Nigeria accumulated about $1.3billion IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.
This debt is different from the outstanding loan of $486million from World Bank’s International Bank for Reconstruction and Development.
The top five countries on the list slightly reduced their IDA debt stock except Nigeria.
Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia.
The World Bank disclosed recently that Nigeria’s debt, which might be considered sustainable for now, was vulnerable and costly.
The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”
However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.
The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

 

 

 

 

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Odu Advocates Women’s Empowerment, Mentorship For Sustainable Development

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The Deputy Governor of Rivers State, Prof. Ngozi Odu, has stressed the need to amplify women’s voices, strengthen mentorship, and promote collaboration across generations and sectors as key drivers of gender equality and sustainable development.
Prof. Odu made the call on Tuesday, March 24, 2026, during the “Mentoring the Next Generation” programme and joint commemoration of International Women’s Day and World Water Day, organized by the International Training Centre for Authorities and Leaders (CIFAL) at Rivers State University.
She described the Women Elders Forum as a critical platform for dialogue, mentorship, and advocacy, noting that such initiatives play a vital role in equipping young advocates with the guidance, inspiration, and confidence needed to champion inclusive development.
According to the Deputy Governor, mentorship remains an essential tool for societal progress, as it bridges generational gaps and fosters leadership capacity among emerging changemakers.
Highlighting the significance of collaboration, Prof. Odu commended the convergence of government, academia, and civil society at the event, emphasising that strong partnerships are necessary for inclusive governance and sustainable impact.
“You can see that today all three sectors are here under one roof. Such partnerships are essential in promoting inclusive governance and achieving meaningful long-term impact,” she said.
She urged stakeholders to remain committed to nurturing future leaders and creating opportunities that are accessible to all, while also commending UNITAR and CIFAL for their contributions to development initiatives.
In his remarks, the Vice Chancellor of Rivers State University, Prof. Isaac Zeb-Obipi, noted that the joint celebration of International Women’s Day and World Water Day serves to highlight the resilience and contributions of women, particularly in water management and conservation.
He said the occasion provides a platform to amplify Nigerian voices while promoting sustainable access to clean water through women’s active participation in governance and resource management.
Delivering a keynote address titled “Inclusive Leadership: Building Institutions that Reflect All Voices,” Chairman of the occasion, Dame Ibim Semenitari, described mentorship as a vital pathway to inclusive leadership.
She explained that effective mentorship goes beyond guidance to include access, exposure, and the transfer of opportunities, stressing the need for a shift from traditional hierarchical models to more collaborative and structured engagements.
“Where mentorship flows, leadership grows. Where mentorship is blocked, inequality deepens,” she said.
Also speaking, the Director of CIFAL Nigeria, Mrs. Ihuoma Njemanze, explained that the CIFAL Global Initiative, established in 2003 and coordinated by UNITAR, focuses on training and multi-stakeholder collaboration in support of the United Nations Sustainable Development Goals.
She added that CIFAL centres are spread across Africa, Asia, and the Middle East, with the Port Harcourt Centre established through an agreement signed by Prof. Odu.
The event brought together stakeholders from various sectors to promote dialogue and collective action toward gender equality, inclusive leadership, and sustainable development.

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Philanthropist Bags Honorary Doctorate For Community Development

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A community developer and philanthropist, Engr. Sunday Nicodemus Etete, has been awarded an Honorary Doctorate Degree by British Standard University, Cotonou, Benin Republic, in conjunction with the Institute for Peace, Conflict Resolution and Entrepreneurial Research.
The award, according to the institute, is in recognition of Etete’s outstanding contributions to community development, particularly in the area of education.
Etete is the founder of Community Secondary School, Okoloile-an initiative widely regarded as a landmark project that continues to impact the lives of young people within and beyond the community. He has also championed several other development projects across Okoloile and other communities in Andoni Local Government Area.
President of the institute, Professor Alex Eseimokumo, commended the awardee for his philanthropic efforts, noting that his contributions would stand the test of time. He added that the institute has been actively involved in conflict resolution efforts in Bayelsa and Delta States.
“We are an organisation committed to meeting people at their point of need. We go wherever there is conflict to ensure peace and resolution,” he said.
Also speaking, Apostle Chris Ajaere, Deputy Registrar (Administration) of the institute and Acting Registrar, described Etete as a renowned community developer who has paid his dues in service to humanity. He urged him not to relent in his efforts.
Similarly, Archbishop Dr. James Egbe, the Rivers State representative of British Standard University and General Overseer of Home of God Vineyard Mission, Port Harcourt, said the awardee was found worthy based on his notable contributions to society.
In his response, Engr. Etete expressed gratitude to the institute for the honour and pledged to continue his efforts toward uplifting humanity.

By: John Bibor

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NDLEA Seizes Cocaine Hidden In Dry Fish, Arrests Grandpa With Meth

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The National Drug Law Enforcement Agency (NDLEA) has intercepted a large consignment of cocaine concealed in heads of imported dry stock fish and arrested a key member of the syndicate responsible for shipping the drugs abroad.

The agency disclosed this in a statement issued yesterday by its Director of Media and Advocacy, Femi Babafemi.

He said the arrest and seizure followed intelligence on trans-border criminal activities.

Babafemi said the intelligence led to a sting operation by operatives of the Murtala Muhammed International Airport Strategic Command of the Agency at the Ojo area of Lagos on Thursday, March 19, 2026.

“In the course of the operation, three jumbo size bags were found in possession of the kingpin 36-year-old Akputa Dickson Ejike.

“A search of the bags led to the recovery of Two Hundred and Thirty-Seven (237) wraps of cocaine buried in the heads of imported dry stock fish locally known as ‘Okporoko.’

“The cocaine pellets have a gross weight of 5.80 kilograms. The consignment was intended for export to Delhi, India,” the statement read.

In a separate operation on Wednesday, March 25, NDLEA operatives from the Directorate of Operations and General Investigation (DOGI) intercepted two consignments bound for the United Kingdom at a courier company in Lagos.

“In one of the shipments that originated from Cotonou, Benin Republic, 1.9 kilograms of methamphetamine were found concealed in automobile filters while the second parcel contains 40 ampoules of Morphine Sulphate and nine ampoules of Fentanyl,” the statement said.

Babafemi added that on March 26, a Special Operations Unit (SOU) raided the home of 46-year-old Omolade Abigail Jolayemi, known as “Iya Ghana,” at 13 Carter Street, Yaba, Lagos.

According to him, she and her associate, 31-year-old Sarah Zainab Agbabiaka, were arrested after operatives recovered 135 blocks of cannabis weighing 76.30 kilograms.

“Same day, the SOU operatives also arrested Anayo Lucky Ohabiro, 39, at Doyin bus stop, Surulere, Lagos following credible intelligence. A total of 78 blocks of Ghana Loud weighing 41kg were seized from him,” he said.

In Ekiti State, the statement added that “an 80-year-old grandpa, Oke Samuel, was on Thursday 26th March arrested by NDLEA operatives during a special raid operation at Mosafuneto camp, Erinmo road, Efon-Alaaye Ekiti. A total of 2.2kg skunk and 1.8grams of methamphetamine were recovered from him.”

Another suspect, 37-year-old Enuwa Kehinde Kingsley, had 894.72 kilograms of skunk seized from an uncompleted building in Ogbese, Akure North, Ondo State.

Elsewhere, 35-year-old Saater Nyam was apprehended at Pevi village, Guma LGA, Benue State, with 116.7 kilograms of skunk on Tuesday, March 24.

In Edo State, a warehouse raid in Ekpoma town, Esan West LGA, on Monday, March 23, led to the arrest of 25-year-old Felix Donald and the seizure of 576.5 kilograms of skunk and 33 bottles of codeine-based syrup.

In Taraba State, Babafemi said NDLEA officers intercepted a truck carrying 100 blocks of compressed skunk weighing 135 kilograms concealed in animal feed bags from Garbachede to Gombe State on Tuesday, March 24.

Two suspects, 21-year-old Osama Mamuda and 22-year-old Auwal Umar, were arrested in connection with the seizure.

Babafemi noted that the agency has also continued its War Against Drug Abuse social advocacy, conducting sensitisation lectures in schools across Cross River, Adamawa, Oyo, Kano, and Lagos states.

Chairman and Chief Executive Officer of NDLEA, Brig. Gen. Mohammed Marwa (Rtd), commended operatives from MMIA, SOU, DOGI, Ekiti, Ondo, Benue, Edo, and Taraba Commands for their efforts and praised all commands nationwide for balancing drug supply reduction with drug demand reduction initiatives.

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