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FG To Borrow $750m From World Bank For States To Stimulate Local Economy, Support Vulnerable Household Consumption

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The federal government is planning to borrow $750 million on behalf of states to stimulate local economies in Nigeria.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made this disclosure in Abuja on Friday at the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES).

According to the Finance Minister, the Nigerian Government “is in the process of accessing a World Bank loan of $750 million on behalf of the states to stimulate the local economy and support vulnerable household consumption”.

In going to borrow the money, the federal government is considering the causes and consequences of civil unrest and COVID-19 in the country.

Zainab Ahmed stated that: “the consequences will be too high if we ignore the root cause of rising civil unrest in our country. We must, therefore, fashion out ways of ensuring that post-Covid-19 is not injurious to the Nigerian people and the economy.”

The Finance Minister noted that “the federal government has created several windows of interventions as captured in the Economic Sustainability Plan (ESP) to, among other things, respond robustly and appropriately to the challenges posed by the COVID-19 pandemic, identify fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending”.

Speaking on the need for proper implementation, Ahmed stated that “to ensure that the implementation of the N-CARES is in line with the federal government priorities as outlined in the ESP, the Federal Steering Committee, made up of ministers and permanent secretaries as well as a Technical Committee, made up of directors of key ministries, departments and Agencies (MDAs) has to be in place”.

According to her, the government has carefully selected the “members of the Federal Steering and Technical Committees because of the important role your MDAs play in the recovery of the Nigerian economy as well as the fulfilment of lifting 100 million people out of poverty.”

On the expediency of the inauguration of the committee, the Finance Minister said, “the inauguration of the committees “is expedient given the nature of this emergency intervention; Nigeria as the biggest economy in Africa cannot afford to remain in recession; the survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace”.

Members of the Federal Steering Committee will provide an overall policy direction for the implementation of this programme and advise Mr. President appropriately, while the Federal Technical Committee will be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the Federal CARES Support Unit (FCSU).

The members of the Steering Committee of the Nigeria CARES Programme, are: Minister of State, Budget and National Planning (BNP) FMFBNP- Chairman; Minister of State-Federal Ministry of Agriculture and Rural Development (FMARD); Minister of State-Federal Ministry of Industry, Trade and Investment (FMITI); Minister of State-Federal Ministry of Labour and Employment (FMLE); Minister of State-Federal Ministry of Environment (FMEnv); Minister of State-Federal Ministry of Education (FME); Permanent Secretary, Budget & National Planning (BNP); Permanent Secretary, Federal Ministry of Finance (BNP); Permanent Secretary, Ministry of Humanitarian Affairs (MHDMSD); Permanent Secretary, Federal Ministry of Water Resources (FMWR); Executive Director NGF Secretariat; Chairman Federal CARES Technical Team (FMFBNP) – Secretariat.

BIG STORY

Road To 2027:  Tensions In APC As Buhari’s CPC Bloc May Dump Party

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The passing of former President Muhammadu Buhari has stirred renewed discussions about the future of his political loyalists, particularly those who belonged to the now-defunct Congress for Progressive Change, which he established in 2009.

Since President Bola Tinubu assumed office in 2023, the influence of Buhari’s CPC allies has diminished. Prominent figures like former Kaduna State Governor Nasir El-Rufai and ex-SGF Babachir Lawal have publicly criticized Tinubu’s potential reelection bid.

Analysts suggest that Buhari’s death could present new challenges for the APC, especially given his significant support base, long estimated to exceed 12 million people.

Signs of friction are emerging between the APC and the African Democratic Congress, as both parties attempt to court Buhari’s base. This shift comes after comments by former military Head of State, General Abdulsalami Abubakar, who remarked that Buhari’s death might redefine Nigeria’s political future.

“That shows the magnitude of what has befallen Nigeria,” Abdulsalami stated. “With the passing away of Buhari, politics in Nigeria will certainly change — I hope for the better.”

The ADC’s interim National Publicity Secretary, Bolaji Abdullahi, claimed during a PUNCH interview that many of Buhari’s key allies had already aligned with their coalition.

“Most of the Buhari loyalists are already with us,” Abdullahi said. “The majority of them, the entire North is already with our party. We are very confident. The passing of the former President will only cement that for us because that was his wish when he was alive — that his members should join the coalition.”

He added, “As you can see, there is a strong representation of CPC and Buhari loyalists in the senior ranks of the coalition — the likes of Babachir Lawal, Abubakar Malami, Isah Pantami, Emeka Nwajuba, Nasir El-Rufai, Rotimi Amaechi, Rauf Aregbesola and the rest of them. Those are Buhari people. And their presence in the leadership of the coalition indicates that that’s where Buhari stood.”

Abdullahi also emphasized that the coalition is determined to uphold Buhari’s legacy, arguing that the APC had sidelined and criticized the late President during his life.

“Why would they remain part of the APC?” he asked. “Is it because they enjoy the humiliation and the exclusion they have suffered? Or is it because they’ve watched the government demonise the legacy of Buhari while he was alive?”

He also blamed the Tinubu administration for attributing Nigeria’s economic problems to Buhari. “President Tinubu’s government has blamed Buhari for almost every economic woe. So, why would Buhari followers or loyalists remain with the APC?”

Some CPC figures still in the APC include former Nasarawa Governor, Senator Tanko Al-Makura; Babale Ila; Ibrahim Gobir; Senator Ibrahim Musa; Sanusi Aliyu; Mohammed Tukur; Senator Ahmed Sani; Ibrahim Chachangi; Yusuf Bala; and the party’s current North West National Vice Chairman, Garuba Datti.

Others include Katsina State Governor, Dikko Radda; Revenue Mobilisation Allocation and Fiscal Commission Chairman, M.B. Shehu; NDLEA Chairman, retired General Buba Marwa; former House of Representatives Speaker, Aminu Bello Masari; Adamu Farouk; Okoi Obono-Obla; former DG of the Voice of Nigeria, Osita Okechukwu; Senator Ibrahim Musa; and Nasiru Argungu.

Also still in the APC are former Katsina Governor Aminu Masari; Nasarawa Governor Abdullahi Sule; Adamu Adamu; Senator Mustafa Salihu; Almajiri Geidam; Waziri Bulama; Dr. Nasiru Argungu; Dr. Dominic Alancha; Ayuba Balami; Lucy Ajayi; Captain Bala Jibrin; Uche Ufearoh; Yusuf Salih; and Alkali Ajikolo, among others.

However, sources within the party told The PUNCH that although many of these individuals are presently supporting the APC in the lead-up to 2027, not all are expected to remain. Some disgruntled members, particularly those who feel marginalized since Buhari left office, may eventually exit.

Another member of the ADC coalition, former APC North-West Vice Chairman Salihu Lukman, said Buhari’s death signals the close of a political era where his endorsement could secure electoral wins.

During an appearance on Arise TV, Lukman noted, “What we must learn, most especially in the coalition, is that we don’t have somebody with the kind of intimidating profile like that of the late Buhari. Our leaders must have a kind of team spirit.”

He stressed that the goal isn’t only to defeat the APC or Tinubu, but to build a new political system that meets the people’s expectations.

“I know that many politicians look forward to him raising their hands and endorsing them. That translates almost into victory in many places in the North. Now we don’t have any figure like that. Politicians must relate to citizens with higher humility rather than the current arrogance,” he added.

APC pushes back

In reaction to the growing rumors of defections, APC Publicity Director Bala Ibrahim insisted that Buhari’s supporters remain ideologically committed to the APC.

“No, they will not support ADC, it’s not possible. They are people of different ideologies. They are more comfortable with and in APC,” he said.

While acknowledging that Buhari’s death leaves a void, Ibrahim believes it will spur the party to reflect and improve.

“Yes, political atmosphere will change for our party. But it is not a vacuum that will deform the party. It is a vacuum that will push the party into sobriety… The party is doing something to reconcile, reassess the situation, and see to it that there is a very good sense of mending,” he added.

Shittu dismisses claim

Former Communications Minister Adebayo Shittu, another CPC stalwart, denied claims that he’s leaving the APC for the ADC.

“No way, I am not leaving the APC. In fact, I am even planning to run for Oyo governorship seat on the platform of the party in 2027. And I have no doubt I will defeat any opponent to clinch it if I am given the APC ticket,” he stated.

On the broader impact of Buhari’s death, Shittu said, “No, the exit of Buhari can’t break up or divide the APC. Although you can’t rule out the fact that some elements of CPC may go… there are more people moving into the APC.”

Arewa leaders react

Reactions from northern political figures remain mixed.

Anthony Sani, former Secretary General of the Arewa Consultative Forum, believes the APC will remain on course.

“I do not think there will be any substantial change in direction by the APC after the death of former President Buhari. He said he would remain in the APC, which had made him President twice,” Sani said. “Given the attitude of his supporters, I do not see how they will betray Buhari, even in his grave.”

He also questioned the strength of the coalition, citing a lack of distinct policies and zoning disadvantages.

“The politics of zoning does not favour the coalition. President Tinubu is about the only one who has only one term to go, and northerners cannot trust Peter Obi, they cannot support Atiku Abubakar to dismantle the zoning,” he added.

On the other hand, Arewa Youth Consultative Forum President, Yerima Shettima, warned that Buhari’s death might result in a leadership vacuum within the APC.

“Buhari’s leadership was characterised by a blend of loyalty and divisiveness. His death could trigger a power vacuum. The APC would face a critical juncture in its trajectory,” Shettima stated.

He added that how the APC manages Buhari’s legacy would determine the party’s future.

“If the party fails to address the grievances of the populace, it risks losing credibility and support,” he warned.

Shettima said the CPC bloc could either rise as the custodian of Buhari’s values or transition into an entirely new political entity, depending on how it responds to ongoing internal shifts.

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BIG STORY

JUST IN: Dele Momodu Dumps PDP For ADC, Cites Hijack By ‘Antidemocratic Forces’

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Veteran journalist and former presidential aspirant, Dele Momodu, has officially left the Peoples Democratic Party, attributing his departure to what he called the party’s takeover by “antidemocratic forces.”

In a letter dated July 17, 2025, addressed to the Chairman of PDP Ward 4 in Ihievbe, Owan East Local Government Area of Edo State, Momodu confirmed that his resignation takes “immediate effect,” describing it as a move to preserve democratic values.

“My reason is simple and straightforward. Our party has been unarguably hijacked by antidemocratic forces, from within and outside, in broad daylight,” the letter stated.

He referred to the PDP as a “carcass” now controlled by those undermining internal democracy, adding that leaving the party at this time was the honourable course of action.

“It is, therefore, honourable to abandon the carcass of the party to them while the majority of us earnestly sign up with the new coalition party known as the African Democratic Congress,” he said.

Momodu, who vied for the PDP presidential ticket in the 2023 elections, also thanked party members for their support.

“I will forever treasure the kind support you gave me at all times,” he added.

This development comes amid growing defections within the PDP in recent months, with several members and leaders raising concerns over imposition and the erosion of internal democracy.

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BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

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Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

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