News
N121.67trn Debt: Hold World Bank Accountable, SERAP Tells Panel

The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank Inspection Panel to hold the global bank accountable for the huge debt incurred by Nigeria under successive administrations.
The organisation also urged the panel “to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and Nigeria’s 36 state governors and to review the implementation of all Bank-funded projects by successive governments since 1999.”
SERAP wants the Inspection Panel “to determine the extent to which Bank Management has followed or is following the World Bank’ s operational policies and procedures applicable to the design, appraisal and implementation of all Bank-financed projects in Nigeria.”
It also urged the Panel “to determine the effect of any failure by the Bank Management to effectively implement its operational policies and procedures in all Bank-funded projects in several states on the social and economic rights and well-being of millions of socially and economically vulnerable Nigerians.”
SERAP’s complaint followed the Debt Management Office (DMO)’s report last week, that Nigeria’s total public debt stock, including external and domestic debts, increased by ?24.33 trillion in three months alone, from ?97.34 trillion ($108.23 billion) in December 2023 to ?121.67 trillion ($91.46 billion) as of March 31, 2024.
In the letter dated 22 June 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The World Bank has over the years reportedly approved 197 projects for Nigeria, totalling over $36 billion in loans and other funding facilities [that is, $36,360,415,968.81], with little or no impact on Nigerians living in poverty.”
SERAP said, “Nigerians are rarely informed and meaningfully and effectively consulted about several of these loans, facilities and Bank-funded projects. Nigerians continue to be denied the benefits of the loans and facilities and access to basic public goods and services.”
According to SERAP, “Despite several loans and other funding facilities provided by the World Bank over many years, millions of socially and economically vulnerable Nigerians in several states and communities continue to lack access to regular electricity supply and have denied the benefit of renewable energy solutions.”
The complaint, addressed to the Chair of the Panel, read in part: “A recent report by the National Bureau of Statistics (NBS) revealed that over 133 million Nigerians are living in poverty, the majority of them women and children. We would therefore be grateful if the recommended measures are taken to hold the World Bank to account.
“The apparent failure by Bank Management to diligently follow the World Bank’s operational policies and procedures in Bank-funded projects have resulted in the alleged mismanagement of the loans and facilities and exposed millions of Nigerians to extreme poverty.
“We are concerned about the negative impact of the lack of transparency and accountability in the spending of loans and facilities obtained by the Federal Government and Nigeria’s 36 state governors on the social and economic well-being of millions of Nigerians and the enjoyment of their human rights.
“We are concerned that several of Nigeria’s 36 states and the FCT reportedly owe civil servants’ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians resident in these states and the FCT continue to be denied access to basic public goods and services.
“The Federal Government and several states are also reportedly spending public funds which may include the loans and facilities obtained from the World Bank to fund unnecessary travels, buy exotic and bulletproof cars and generally fund the lavish lifestyles of politicians.
‘The ?121.67 trillion ($91.46 billion) debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the Federal Capital Territory (FCT). .
“The World Bank reportedly currently has a portfolio of about $8.5 billion spread across the country. The Bank has also approved several loans and other funding facilities to the country’s 36 states including the recent $750 million credit line meant to the states to carry out reforms to attract investment and create jobs.
“The Bank recently approved a $2.25 billion loan for Nigeria ‘to shore up revenue and support economic reforms and address cost-of-living crisis in the country.”
SERAP listed several loan approvals made by the World Bank for Nigeria since 1999.
It said, “Many years of allegations of corruption and mismanagement of public funds including the spending of the loans and facilities obtained by the Federal Government and Nigeria’s 36 states have contributed to widespread poverty, underdevelopment and lack of access to public goods and services in the country.
“The allegations of corruption in the loans and facilities provided by the Bank calls into question the rigor with which the Bank undertook due diligence in assessing the social, economic and environmental risks of its financed-projects in the country.
“The apparent inadequacy of safeguards and accountability mechanisms for the loans, facilities and project implementation has resulted in the alleged diversion of public funds for other purposes other than those agreed with the Bank.
“The Bank has apparently failed and/or neglected to effectively apply its various operational policies and procedures to ensure the transparent and accountable spending of its 197 loans and facilities across several states in the country.
“SERAP has over the years sent several complaints to the World Bank about the lack of transparency and accountability in the loans and facilities and the projects financed by the World Bank loans but the Bank Management has consistently failed and/or neglected to take any concrete action on the complaints.”
SERAP said it has exhausted attempts to resolve its complaints through several communications with Bank Management.
News
Ibas Inaugurates RSIEC, Service Commissions, Healthcare Board In Rivers …Charges Appointees To Embrace Principles Of Service

The Administrator of Rivers State, Vice Admiral (Rtd) Ibok-Ete Ibas, has charged newly appointed Board members to uphold the highest standards of discipline, competence, integrity, and unwavering dedication in their service to the State.
He emphasized that such commitment is critical to stabilizing governance, restoring democratic institutions, and advancing the principles of good governance in the State.
This was contained in a statement by the Administrator’s Senior Special Adviser on Media, Hector Igbikiowubo on Monday.
Ibas issued the charge on Monday while inaugurating the reconstituted Rivers State Independent Electoral Commission (RSIEC), Rivers State Civil Service Commission, Rivers State Local Government Service Commission, and the Rivers State Primary Health Care Management Board at Government House, Port Harcourt.
The Administrator urged the new appointees to embrace their roles with diligence, patriotism, and a commitment to transforming Rivers State through excellent service.
Addressing the Chairman and members of RSIEC, Ibas underscored their pivotal role in ensuring credible local government elections that reflect the will of the people.
“Your task is clear but demanding: to conduct free, fair, transparent, and credible elections at the grassroots level. You must resist bias, favoritism, and external interference while restoring public confidence in the electoral process,” he stated.
“The independence of your actions is crucial to sustaining peace, stability, and grassroots governance. I urge you to act with fairness, impartiality, and professionalism—even in the face of difficult choices,” Ibas added.
The Sole Administrator also charged the Rivers State Civil Service Commission on the need to eliminate mediocrity and foster a culture of excellence through merit-based recruitment, training, and promotions.
“The civil service must transition from favoritism to competence, integrity, and accountability. Your commission will lead reforms, including digital transformation and standardized practices across ministries, departments, and agencies,” he said.
He disclosed that extensive training programmes are underway, with a committee set up to overhaul the public service framework for greater efficiency.
Meanwhile, Ibas urged the Rivers State Local Government Service Commission to ensure professionalism and discipline in local government administration.
“As the closest tier of government to the people, you must drive reforms that insulate the system from politics and mediocrity. Your mandate includes merit-based recruitment, training, and enforcing standards for effective service delivery,” he stated.
In the same vein, the Administrator charged the Rivers State Primary Health Care Management Board with revitalizing healthcare delivery across the state’s 23 local government areas.
“Primary healthcare is the foundation of a sustainable health system. Your board must ensure facilities are adequately staffed, equipped, and operational focusing on maternal health, immunization, malaria control, and community health services,” he said.
He emphasized data-driven operations, incentives for rural health workers, and restoring the referral system to improve healthcare access.
He also assured the Board of sustained government support, including funding, for the effective discharge of their mandates but warned that board members would be held accountable for their performance.
The newly inaugurated members include: RSIEC: Dr. Michael Ekpai Odey (Chairman) with Prof. Arthur Nwafor, Prof. Joyce Akaninwor, and others as members.
Civil Service Commission: Dr. Livinus Bariki (Chairman), Amb. Lot Egopija, Mrs. Maeve Bestman, and others.
Local Govt. Service Commission: Mr. Isreal Amadi (Chairman), Rear Adm. Emmanuel Ofik (Rtd), Dr. Tonye Pepple, and others.
Primary Health Care Board: Dr. Dawari George (Chairman), Dr. Chituru Adiele (Executive Director), Prof. Kaladada Korubo, and representatives from key ministries.
News
Rivers PDP Debunks Sale Of LGA Election Forms

The Publicity Secretary of the Peoples Democratic Party (PDP) in Rivers State, Dr. Kenneth Yowika, has debunked claims that the party has commenced sale of forms for chairmanship and councillorship elections across the 23 local government areas of the state.
Yowika made the rebuttal in a statement made available to newsmen on Wednesday, describing the publication on the social media as baseless and untrue.
He urged members of the PDP to disregard the claim, saying that official communication regarding the sale of forms would be disclosed through the appropriate channels.
“With reference to information trending on social media, it has been falsely claimed that the sale of forms for Chairmanship and Councillorship elections in the 23 Local Government Areas (LGAs) of Rivers State will begin soon.
“However, the party has firmly denied these rumours, stating that they are baseless and untrue.
“The party has its own established methods of reaching out to its numerous supporters.
“The People’s Democratic Party, a law-abiding organisation, will patiently await the release of guidelines from the recently inaugurated Rivers State Independent Electoral Commission (RSIEC) before considering any sale of election forms.
“The PDP is urging its members to remain calm as official communication regarding the sale of forms will be disclosed through appropriate channels,” the statement read.
Enoch Epelle
News
South-South contributes N34trn to Nigeria’s economy in 2024 – Institute
Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He, however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
-
Rivers3 days ago
NDDC Inaugurates Ultra-Modern Market In Rivers Community
-
Opinion3 days ago
Why Reduce Cut-Off Mark for C.O.E ?
-
News3 days ago
Nigeria’s Inflation Rate Dropped To 22.22% In June -NBS
-
Niger Delta3 days ago
Adopt African System Against Crime, Don Urges Security Agencies
-
Politics3 days ago
2027: Group Vows To Prevail On Diri To Dump PDP For APC
-
Features3 days ago
25 Years After: NDDC Celebrates Milestones Of Impactful Development
-
Politics3 days ago
Atiku’s Exit No Problem To PDP – Makinde
-
News3 days ago
Rivers Police Arrest Notorious Cultist, Recover Sophisticated Ammunition