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FG Denies Seeking Additional $800m World Bank Loan

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The Nigerian government has stated that it is not requesting an additional $800 million loan from the World Bank to mitigate the effects of removing petroleum subsidies on the country’s vulnerable population.

 

Mrs. Zainab Ahmed, the Minister of Finance, Budget and National Planning, issued a statement yesterday to clarify that the reports claiming that the Nigerian government is seeking new loans to offset the impact of removing fuel subsidies were inaccurate.

 

She explained that she had noticed the reports and wanted to set the record straight.

 

The letter sent by President Muhammadu Buhari to the Senate last Thursday, in which he requested approval for an “additional” loan of $800 million from the World Bank for the National Social Safety Net Programme, sparked outrage among numerous Nigerians.

 

Many individuals interpreted this request as a separate $800 million loan, distinct from the one previously reported to have been secured by the administration.

 

During the Federal Executive Council (FEC) meeting on April 5, 2023, the Minister of Finance had made an announcement regarding Nigeria’s successful acquisition of a $800 million loan from the World Bank.

 

The purpose of this loan was to assist in offering support to approximately 50 million impoverished Nigerians following the removal of fuel subsidies.

 

In a statement titled “Nigeria Seeks No New World Bank Loan-Ahmed,” issued by her Special Adviser, Media, and Communications, Yunusa Tanko Abdullahi, the Minister clarified that the $800 million mentioned earlier was the same loan recently obtained from the World Bank.

 

The Minister emphasized that there was no request for an additional loan from the World Bank.

 

The statement reads “The news story is not correct. This is the same loan that the Honourable Minister had explained on several occasions that the $800 million facility the country recently got from the World Bank for post-petrol subsidy removal palliative was awaiting parliamentary approval for the federal government to commence disbursement.

 

“The government is therefore not seeking another loan for the pending fuel subsidy removal. It is the same.“It will be recalled that the facility would be deployed to provide succor to 10 million households, who are expected to get N5,000 each for six months.

 

“The minister had explained that the initial duration of the palliatives meant to cushion the effects of the planned subsidy removal on vulnerable Nigerians was for six months, but would be reviewed upon extensive consultation with stakeholders.”

 

The statement further quoted the minister as having recently explained that “the $800 million has been negotiated and approved by the Federal Executive Council (FEC) and we now have a request before the parliament for approval. And once the parliament approves it, the next administration can decide on the utilisation.

 

“We’ve also been doing preparatory work side by side along the approval process. This includes expanding the committee to include members of the transition team of the President-elect.

 

“The process will include the verification of the social register which will be used for electronic transfers of the funds.” it added.

Politics

‘You Can’t Fool Nigerians Anymore’ — Wike Blasts ADC, NDC

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has launched a fresh attack on opposition political parties, accusing them of deceiving Nigerians and failing to live up to the democratic standards they claim to represent.

Speaking during his monthly media briefing in Abuja on Monday, Wike said recent controversies surrounding the primaries of the African Democratic Congress (ADC) and the Nigeria Democratic Congress (NDC) have exposed what he described as the hypocrisy and lack of credibility within the opposition camp.

SEE ALSO: ‘PDP Can’t Unseat Tinubu with Wike in Charge’ — Ulasi Blows Hot, Threatens Exit

According to the former Rivers State governor, parties that have consistently presented themselves as the “new face of democracy” and a credible alternative to the ruling All Progressives Congress (APC) are now grappling with the same internal crises they often criticize in other political parties.

“You can’t fool Nigerians anymore,” Wike declared, insisting that the opposition’s claims of being different from the established political parties have been undermined by disputes and protests that trailed their internal elections.

He questioned the ability of the parties to provide effective leadership if they could not successfully conduct transparent and peaceful primaries.

Wike specifically pointed to complaints raised by some presidential aspirants during the parties’ congresses, arguing that the allegations of irregularities and unfair practices showed that the opposition was not immune to the political shortcomings it frequently condemns.

The FCT minister said Nigerians are increasingly becoming aware of what he called inconsistencies in the opposition’s messaging, stressing that parties cannot market themselves as political “messiahs” while struggling with internal democratic processes.

He further argued that the developments reinforce the relevance of older political parties that have spent years navigating Nigeria’s political landscape.

While noting that both the Peoples Democratic Party (PDP) and the APC have faced criticism in the past, Wike maintained that experience remains an important factor in sustaining democratic institutions and managing political competition.

The minister’s remarks come amid heightened political activities and realignments ahead of the 2027 general elections, with opposition parties seeking to position themselves as strong contenders against the ruling APC.

 

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Fresh ADC Twist: Faction Rejects Atiku Camp, Picks Chris Uba for 2027 Presidency

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A fresh twist has emerged within the African Democratic Congress (ADC) ahead of the 2027 general elections, as a faction of the party has rejected the camp backing former Vice President Atiku Abubakar and instead unveiled businessman and academic, Prof. Chris Uba, as its presidential candidate.

The development comes days after another wing of the party reportedly produced Atiku as its presidential flagbearer following a nationwide primary election, deepening the leadership and candidate dispute within the ADC.

SEE ALSO: Atiku Floors Amaechi, Hayatu-Deen to Clinch ADC 2027 Presidential Ticket

Speaking during the formal presentation of candidates in Abuja on Sunday, the faction’s National Chairman, Bala Gombe, said the presidential ticket was zoned to Southern Nigeria in line with the principles of equity, fairness, inclusiveness, and federal character.

According to Gombe, three aspirants initially purchased the party’s Expression of Interest and Nomination Forms to contest for the presidential ticket.

They included Dr. Bashir Sani, Prince Williams Charles, and Prof. Chris Uba.

He explained that the party adopted the consensus option provided under the Electoral Act, leading to the emergence of Uba as the sole presidential candidate after the withdrawal of the other aspirants.

Gombe stated that the decision was taken in the interest of party unity and in compliance with relevant provisions of the Electoral Act, which recognize consensus as a lawful method of candidate selection.

He further announced the unveiling of 29 governorship candidates across the six geopolitical zones, saying they emerged through the party’s internal democratic processes.

Among those presented were Muhammad Usman Shuwa (Adamawa), Idris Adamu Yanoko (Kano), Shamsudin Muhammad (Kaduna), Ibrahim Al-Ameen Gumi (Zamfara), Babagana Mala (Borno), Musliu Babadele (Lagos), Rukayya Salami (Osun), Gbenga Gbenga (Oyo), Gada Suswan (Benue), Dijatu Abdul Salam (Nasarawa), and Christopher Benjo (Delta), among others.

The faction maintained that it had successfully concluded its governorship, National Assembly, and State House of Assembly primaries nationwide in accordance with the Constitution, the Electoral Act, and the party’s electoral guidelines.

The latest development signals growing internal divisions within the ADC as political parties intensify preparations, coalition talks, and strategic realignments ahead of the 2027 general elections.

Founded in 2005, the ADC has continued to position itself as an alternative political platform while seeking to strengthen its structures and expand its influence across Nigeria.

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Kano 2027: Ex-Deputy Gov Gwarzo Lands NDC Gov Ticket

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Former Kano State Deputy Governor, Aminu Abdussalam Gwarzo, has emerged as the governorship candidate of the Nigeria Democratic Congress ahead of the 2027 general elections.

The announcement was made by the leader of the Kwankwasiyya movement and former Kano State governor, Rabiu Musa Kwankwaso, in a statement released on Friday.

Kwankwaso also confirmed that former Kano deputy governor, Dr. Nasiru Yusuf Gawuna, would contest for the Kano Central Senatorial seat under the platform of the NDC.

SEE ALSO: Kano Gov Orders Appointees to Resign Before March 31 Ahead of Elections

According to him, the decision followed wide consultations within the party and was guided by the principles of equity, fairness, loyalty, and competence.

“I am delighted to announce that His Excellency, Comrade Aminu Abdussalam Gwarzo, has been selected as our Kano NDC gubernatorial candidate for the upcoming elections,” Kwankwaso said.

He added that the party remained committed to unity and progress as preparations intensify ahead of the 2027 polls.

Kwankwaso also expressed optimism about the party’s chances in the elections while praying for a peaceful and successful affirmation process.

Gwarzo, a close ally of Kwankwaso, previously served as Deputy Governor under Governor Abba Yusuf before resigning following Yusuf’s defection to the All Progressives Congress.

Before his tenure as deputy governor, Gwarzo served as Commissioner for State Affairs during Kwankwaso’s administration and also held office as Chairman of Gwarzo Local Government Area.

Meanwhile, Gawuna served as Deputy Governor under former Kano State Governor Abdullahi Umar Ganduje and was the APC governorship candidate in the 2023 election before recently aligning with the NDC.

 

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