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FG Seeks $1.5bn Loans To Shore Up Naira, Boost Budget — Finance Minister Olawale Edun

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Nigeria is currently seeking $1.5bn aid from the World Bank to tackle the severe dollar shortage contributing to the decline of the naira.

“We’re hoping to get $1bn or $1.5bn from the World Bank” for budgetary support, Finance Minister Wale Edun said to Bloomberg on Wednesday.

Africa’s largest economy, according to the minister, may also issue a Eurobond in late 2024, adding that with the current economic reforms, the country deserves support.

Eurobonds, denominated in foreign currencies, offer Nigeria a mechanism to navigate its financial landscape amidst challenging economic conditions.

The minister said, “It is a matter of discussion at the moment, but we think we will get the support because we are continuing with our reforms.”

Nigeria has issued Eurobonds in the past to raise debt to fund infrastructure and boost its economy

In 2022, Nigeria entered the international debt markets with a $1.25bn Eurobond issuance, marking its eighth venture into this financial arena, according to the Debt Management Office.

Subsequently, in the following year, the country redeemed a $500m Eurobond issued in July 2013 as part of a dual-tranche of $1bn, held for a tenor of ten years at a coupon of 6.375 per cent per annum.

During a press conference in October 2023, at the World Bank/International Monetary Fund Annual meeting in Marrakech, Morocco, the minister mentioned that the $1.5bn World Bank loan would be coming with zero interest rate.

Nigeria is currently battling with about N87tn debt, which the International Monetary Fund said was “manageable,” but noted that the interest payment was high for the country.

The minister said the new World Bank loan would be used to finance development, disclosing that the facility would be disbursed to Nigeria very soon.

He said, “On the talks with the World Bank on $1.5bn budget support, that is correct. The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects programs, and sectors.

“It has free money through the International Development Association. It is for the poorer countries and right now, I think we qualify as one of the countries that can borrow from the normal window of the World Bank funding, but also some concessionary IDA funding; and that means that effectively, the interest rate will be zero.”

Nigeria has nearly $7bn in forex forwards that have matured, a major concern for investors, but the Central Bank of Nigeria has promised to pay up to boost confidence in the foreign exchange market.

But the apex bank recently disbursed $2bn to settle a backlog of outstanding foreign exchange forwards, emphasizing its commitment to enhancing liquidity and stability in the foreign exchange market.

In the face of mounting economic challenges, Nigeria grapples with a budget deficit fueled by factors including soaring fuel subsidy costs, burdensome debt servicing, and restrained public spending.

The 2024 fiscal year budget stands at a hefty N28.7tn, accompanied by a deficit of N9.18tn, equivalent to 3.88 percent of the nation’s Gross Domestic Product.

President Bola Tinubu emphasised that the current deficit is an improvement from the N13.78tn recorded in 2023, representing 6.11 percent of GDP.

To address the deficit, President Tinubu outlined a multifaceted financing approach. This includes new borrowings totaling N7.83tn, N298.49bn sourced from privatisation proceeds, and a N1.05tn drawdown on multilateral and bilateral loans earmarked for specific development projects.

Africa’s largest economy is also confronted with persistent dollar shortages, increased demand for dollars, and speculative activities that have exerted pressure on the naira, leading to its devaluation.

The shortage of dollars has widened the gap between the official exchange rate and the parallel market rate, further impacting the street value of the naira.

Naira on Wednesday fell to a record low of N1,320 per dollar following strong demand on the parallel market.

The domestic currency depreciated 4.72 per cent to close at N878.57 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.

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BIG STORY

Road To 2027: We’re Ready To Join APC, Says Kwankwaso, Gives Condition

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The presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 elections, Senator Rabiu Musa Kwankwaso, has expressed readiness to return to the All Progressives Congress (APC), but only on what he described as a “strong condition.”

Kwankwaso’s declaration ends months of speculation about his political future and has heightened tension within the ruling party and the wider political space.

The former Kano State governor made the remarks on Thursday while receiving Buhari Bakwana, a former political aide to ex-Governor Abdullahi Ganduje, who visited him alongside APC members from the 44 local government areas of Kano State.

He insisted that any talks of returning to APC or merging with it must clearly define what the NNPP stands to gain.
“If you are asking us to join APC, you must tell us what NNPP will gain,” he said.

Kwankwaso maintained that while the NNPP was open to discussions, it would not accept being “used and dumped.” He reminded the delegation of his role in establishing APC in 2013, saying he and his allies endured political persecution at the time.

“We have gubernatorial candidates in all the states and full structures nationwide. What will you offer them if we join?” he asked.
“We are ready to join APC under strong conditions and promises. We will not allow anyone to use us and later dump us.”

The former defence minister also recalled his frustrations with both APC and PDP in past alliances, accusing the two parties of breaching agreements.

“Eight years of APC under the immediate past President Muhammadu Buhari gave us nothing, not even appreciation. In PDP, we asked for just a zonal party chairman, but they refused. We left peacefully, and today we are strong and have integrity,” he said.

His latest statement contrasts with his earlier remarks at the NNPP National Executive Council meeting, where he had pledged to remain with the party despite swirling rumours of his impending defection.

Reacting to Kwankwaso’s comments, the State Secretary of APC in Kano, Hon. Zakari Ibrahim Sarina, said the party would welcome him back if he abides by party principles.

“Kwankwaso can’t come to APC to control the party that has national spread. Remember, APC is not NNPP, which he established and controls,” Sarina said.

“We are ready to welcome Kwankwaso back to APC because his return is an added advantage to the ruling party. Another reason the party will be willing to have him is the peace and tranquillity in Kano. We need social and economic development in Kano,” he added.

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BIG STORY

Protest Rocks Lagos Over Alleged Killing Of Marwa Driver By NURTW Boss

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A 55-year-old transport union leader on Lagos Island, Shamsideen Oladiti, widely known as Shamelon, has been taken into custody over accusations of assault and murder.

The Lagos State Police Command confirmed his arrest in a statement on Friday, noting that Oladiti is being detained at the State Criminal Investigation Department (SCID), Panti-Yaba, where investigations into both incidents are ongoing.

Information made available indicates that on September 17, 2025, around 3 p.m., the suspect attacked a dispatch rider in Lagos Island, allegedly using his fists and a helmet to inflict serious injuries.

The rider was rushed to a hospital and is said to be receiving treatment on oxygen support.

It was gathered that Oladiti had earlier been accused in another case linked to an altercation on August 28, 2025.

In that encounter, he allegedly used a metallic ring to repeatedly strike a man on the head and face, causing severe wounds.

Despite medical attention, the man passed away on September 17, 2025, and his body has since been deposited in a mortuary for autopsy.

News of the victim’s death sparked protests at the suspect’s office in Sandgrouse Market, Lagos Island, where mourners of the deceased set two motorcycles ablaze, escalating tensions in the area.

Lagos State Commissioner of Police, CP Olohundare Jimoh, led a team of mobile policemen, tactical squads, and regular officers to the scene to restore calm.

He assured residents that the suspect remains in custody and would face charges once investigations are finalized.

The commissioner also appealed for calm, urging Lagos residents to remain peaceful and law-abiding while stressing the police command’s commitment to delivering justice.

Meanwhile, the command’s spokesperson, SP Abimbola Adebisi, clarified that the dispatch rider attacked on Wednesday is still alive, contrary to earlier reports of his death.

She said: “We have confirmed from the family that he is still alive. He is not dead, although he is currently breathing with the aid of oxygen.

“The one who died passed on September 17th. He was also beaten by Oladiti on August 28th but died on Wednesday, September 17th.”

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BIG STORY

Fubara To Address Rivers People At 6pm

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The reinstated governor of Rivers State, Siminalayi Fubara, resumed duty at the Government House, Port Harcourt, on Friday and announced plans to address residents of the state by 6 p.m.

His return comes after the expiration of the emergency rule imposed on the state by President Bola Tinubu on March 18.

Earlier on Friday, Fubara arrived at the Port Harcourt International Airport, Omagwa, accompanied by his wife, Deputy Governor Prof. Ngozi Nma Odu, Chief of Staff Edison Ehie, and other officials.

He was warmly received by former commissioners, local government chairmen, and other political leaders who gathered to welcome him.

Upon his arrival at the Government House, the governor expressed gratitude to Rivers people for their overwhelming show of support.

He said: “I know everybody wants to hear something from me. In fact, I expected it when I landed.

“Let me first of all appreciate the wonderful people of Rivers State. I am really humbled by what I saw at the Airport.

“I was thrilled by the photographs of what happened here yesterday. That reception really humbled me.

“It shows love, confidence and solidarity. I want to say that it is not just a celebration. It is a show of the reactivation of the bond between this government and the people of Rivers State.

“I want to assure you that we will, by the grace of God, continue to give those things that made you people love us. I want to thank everybody and to say that we love you, but God loves you more.”

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