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Nigeria Unlocks $1.5 Billion World Bank Loan For Key Economic Reforms

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Nigeria has successfully secured a $1.5 billion loan from the World Bank to support its efforts in removing fuel subsidies and implementing tax reforms. The loan, part of the “Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing” initiative, was approved under the institution’s strategy to aid the country’s economic stabilization.....KINDLY READ THE FULL STORY HERE▶

The loan was formally approved on June 13, 2024, with an initial disbursement of $750 million made on July 2, 2024. The second installment of the loan, amounting to $750 million, was released in November 2024 after Nigeria met key reform targets. This brings the total loan amount to $1.88 billion, which is contributing to the government’s stabilization efforts.

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The loan is divided into two tranches, with distinct repayment terms. The first tranche, a $750 million credit from the International Development Association, has a 12-year maturity and a 6-year grace period. The second tranche, also valued at $750 million, comes from the International Bank for Reconstruction and Development, with a 24-year repayment period and an 11-year grace period.

The World Bank noted that Nigeria met the conditions for the loan by making significant progress in implementing reforms, such as eliminating fuel subsidies, harmonizing exchange rates, and introducing changes in the tax system. A pivotal moment in these reforms was the submission of a comprehensive tax reform bill by President Bola Tinubu to the National Assembly in October 2024, despite some opposition from northern leaders.

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The reforms also include the full deregulation of the fuel market, allowing retail prices to be determined by market conditions and fostering competition. The government has committed to ending deficit monetization and financing the deficit through standard debt instruments instead.

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Don’t Burn Tyres On New Roads — FERMA Begs Abia Residents.

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The Federal Road Maintenance Agency (FERMA) has appealed to residents of Abia State and other road users along the Aba–Azumini highway to protect the newly completed road from activities that could damage it.....KINDLY READ THE FULL STORY HERE▶

FERMA’s South-East 2 Zonal Director, Suleiman Mohammed Omonowo, issued the warning during an inspection of the project, cautioning against the burning of tyres during celebrations, which he said could damage the road surface.

He noted that destructive practices by some youths and community members often contribute to the early failure of road projects across the country.

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“Our advice to road users, especially indigenes, is to protect the road from destruction. Let nobody come and destroy it or burn tyres in the name of celebration,” he said.

Omonowo said the Aba–Azumini highway was previously in a very bad condition before FERMA intervened, describing it as a death trap for commuters and residents.

He also expressed satisfaction with the quality of work done on the project, adding that drainage structures such as catch pits would help prevent flooding and extend the lifespan of the road.

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According to him, the highway serves as a major link between Aba, several Abia communities, and Cross River State, carrying heavy traffic daily.

He urged local construction firms to improve on quality delivery to compete effectively with foreign contractors.

Meanwhile, the Federal Roads Maintenance Engineer in Abia State, Festus Okafor, said FERMA workers have not faced harassment or violence from residents during operations in the state.

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Correctional Service Declares Escaped Yobe Inmate Wanted Nationwide.

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The Nigerian Correctional Service (NCS), Yobe State Command, has declared a 30-year-old inmate wanted after he escaped following a road accident involving a prison transport vehicle.....KINDLY READ THE FULL STORY HERE▶

The incident reportedly occurred on April 13, 2026, while inmates were being conveyed from the Medium Security Custodial Centre in Potiskum to Damaturu.

In a statement issued in Damaturu, the Command’s Public Relations Officer, DSC Abdullahi Adamu, said the vehicle conveying the inmates was involved in a crash during the journey.

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He said the accident happened while efforts were ongoing to rescue those affected.

The escaped inmate was identified as Dahiru Mohammed, with prison number J/1539/24, who was admitted into custody on November 29, 2024.

The Correctional Service described him as dangerous and warned members of the public not to have any form of contact with him.

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It urged residents to report any useful information that could lead to his re-arrest to the nearest security agency.

Authorities also cautioned that harbouring a fugitive is a criminal offence punishable under the law.

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Court Orders UI To Reinstate Students Suspended Over Fee Hike Protest.

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The Federal High Court sitting in Ibadan, Oyo State, has ordered the University of Ibadan (UI) to reinstate three students suspended over their participation in a protest against tuition fee hikes.....KINDLY READ THE FULL STORY HERE▶

Delivering judgment on Wednesday, Justice Nkeonye Maha set aside the decision of the university’s Central Student Disciplinary Committee, ruling that the students were denied fair hearing during the disciplinary process.

The court held that the failure to allow the students call witnesses and present evidence violated their constitutional right to fair hearing, rendering the sanctions against them invalid.

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The affected students — Aduwo Ayodele, Mide Gbadegesin, and Nice Linus — were suspended on July 14, 2025, after taking part in a protest against increased school fees approved by the university’s governing council.

Dissatisfied with the suspension, they approached the court, arguing that the disciplinary proceedings breached their fundamental rights and due process.

They asked the court to quash the suspension, reinstate their studentship, and award damages for alleged rights violations.

In her ruling, Justice Maha agreed with their arguments, stating that the university’s actions failed to meet the standards of natural justice.

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Following the judgment, rights group CAPPA hailed the decision, urging the university to comply fully, reinstate the students, and issue an apology.

The group said the ruling reinforces constitutional protections for freedom of expression and serves as a warning against the suppression of student protests in tertiary institutions.

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