The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.
The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.
The second project, NG Accelerating Resource Mobilisation Reforms Programme-for-Results, has proposed funding of $750million.
There were reports that the government might reintroduce previously suspended telecom tax and other fiscal measures in pursuit of securing the $750million loan.
A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.
However, the latest information suggests that the administration may have nearly guaranteed the loan.
The Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.
The package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.
He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”
According to programme information documents posted on the international lender website, the two projects aim to enhance Nigeria’s economic stability and resource mobilisation capabilities.
It is expected that the funds will bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilisation, essential for the country’s long-term financial sustainability and economic resilience.
The document stated that the primary aim of the PforR programme is to boost non-oil revenues and safeguard oil and gas revenues from 2024 to 2028 at the federal level, emphasising substantial tax, excise, and administrative reforms.
The programme includes three main result areas: implementing tax and excise reforms to increase VAT collections and excise rates on health and environmentally friendly products, strengthening tax and customs administrations to enhance VAT compliance and effectiveness of audits, and safeguarding oil and gas revenues by increasing transparency and net revenue contributionsThe PforR programme includes technical assistance, supporting the Federal Inland Revenue Service and the Nigeria Customs Service to enhance taxpayer and trader compliance.
“The principal programme development objective is to raise non-oil revenues and safeguard oil and gas revenues. This result area aims to increase the transparency of NNPCL’s financial and operational performance through audits and regular production of enhanced reports submitted to FAAC, including all relevant information; and increase net oil and gas revenues transferred to the Federation,” the report read.
Also, the proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilisation and recovery priorities.
This operation is structured around four key results distributed across two pillars: increasing fiscal oil revenues from 1.8 per cent of Gross Domestic Product in 2022 to 2.7 per cent by 2025, boosting non-oil fiscal revenues from 5.3 per cent to 7.3 per cent over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3m to $54.6mby 2025.

The Nigeria Labour Congress (NLC) has instructed all its affiliates and state councils to mobilise members for picketing Nigerian Electricity Regulations Commission (NERC) offices and electricity distribution companies (DisCos) today.
This action is in response to NERC’s recent approval of a 240 percent electricity tariff increase for Band A consumers.
The directive was issued in a memo signed by the NLC acting Ag. General Secretary, Chris Uyot, over the weekend.
The document read: “In furtherance of CWC directive, we urge each affiliate to mobilise at least 150 members for the picketing of the Nigerian Electricity Regulatory Commission (NERC) and
“Further, affiliates are expected to direct state councils to mobilise members for effective participation at the state level.
The nationwide picketing is slated for Monday, 13th May 2024 and the convergence point is Labour House, Abuja. The time is 7:00 am prompt.”
In a recent letter dated May 3, whick was seen by DailySun, the Organised Labour asked NERC to immediately revert the tariff increase to N65/kwh and stop the practice of dividing electricity consumers into arbitrary bands.
They also called for the reinstatement of the authority of the statutes regulating operators in the electricity industry. Signed by NLC President Joe Ajaero and TUC President Festus Osifo, the letter was also sent to the Secretary to the Government of the Federation (SGF), the Federal Minister of Labour and Employment, the Federal Minister of Power, and Electricity Distribution Companies (DISCOs).
The letter read: “This is to refer you to our May Day address where we expressed grave concerns regarding the recent announcement of an astronomical hike in electricity tariff across the nation from N65/kwh to N225/Kwh by your Commission.
“We believe that this decision is not just morally reprehensible considering the difficulties Nigerians are faced with currently, but it blatantly disregards fundamental principles and statutory obligations. It is a slap in the face of justice and fairness, and we will not stand idly by as the masses and workers are subjected to such unacceptable exploitation.
“As the Regulator of the Electricity sector, it is imperative that your Commission grasps the weight of its responsibilities. NERC’s role entails the regulation of electricity tariffs in the country, a duty outlined in explicit detail within the statutes governing the Commission. Yet, with this recent tariff hike which you have acquiesced, it is evident that the Commission has forsaken its duty and abandoned the people it was meant to protect to the fat cats in the electricity industry.
“We are miffed that NERC has become a tacit collaborator in crafting the oppressive pricing regime being perpetuated against Nigerian workers and people. The Laws that set up the Commission mandates it to act as an unbiased ombudsman in the electricity industry. Unfortunately, the reverse is the case as it has acted in cahoots with the Distribution Companies (DISCOs) and the Generating Companies (GENCOs) to promote their nefarious market practices.
”The announced tariff hike not only defies the established procedure mandated by law but also tramples upon the rights of Nigerian citizens. It is a flagrant abuse of power and a clear violation of the trust bestowed upon your Commission by Nigerian people. Such actions will not be “We give you until Sunday, the 12th day of May, 2024, to comply. Failure to do so will result in swift and decisive action on our part as we will not hesitate to mobilize our members and occupy all NERC’s offices and those of the DISCOs nationwide until justice is served.” tolerated, and we refuse to accept them as the new norm.

The Chief of Army Staff (COAS), Lt.-Gen. Taoreed Legbaja, has ordered an investigation into the state of all Nigerian Army detention facilities across the nation.
A statement by the Director, Army Public Relations, Maj.-Gen. Onyema Nwachukwu, said that the order was in response to the recent protest by some detained personnel at the 8 Div. Garrison detention facility in Sokoto State.
He described the Sokoto incident as “quite unfortunate and an embarrassment to the sound administrative efforts of the COAS”.
“The COAS wants to determine whether it was an isolated incident or widespread situation in similar detention facilities,” the statement said.
Nwachukwu said that while the service regretted and had gleaned some lessons from the incident, it would not condone the manner the inmates expressed their purported grievance.
He added that mutiny and conduct prejudicial to service order were grievous misconducts, adding that the Sokoto incident epitomised such.
“The army will go ahead to implement the COAS directive to look into the state of all army detention facilities as detainees’ lives also matter.
“The service shall not shy away from appropriately sanctioning the soldiers involved in the unruly behaviour in its Sokoto detention facility, for failing to exhaust all available options to channel their complaints to the appropriate authorities.
“If it is discovered they did and nothing was done, necessary administrative actions will be taken against anyone found to have failed to discharge his/her duties effectively.
“While the Service is mindful of its subjective oversight engagements by statutory bodies, it remains primarily a responsible, self-regulating professional body.
“The army wants to ensure that every detainee, including those found guilty of aiding terrorists, kidnappers, and bandits, and awaiting confirmation of their sentences, is accorded a decent life until judgment is confirmed and executed.”
This commitment, according to him, underscores army’s dedication to upholding professional standards and maintaining a just and fair system.
“The Nigerian army appreciates all Nigerians for their concern and support. We pledge to remain focused on the drive to defeat security challenges facing the nation in conjunction with sister services and other security agencies,” he added.