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“Shock Wave! Tinubu Administration Suddenly Cancels Massive $717.7 Million World Bank Loan”.

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6 months ago

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The Federal Government of Nigeria and the World Bank have jointly cancelled $717.7 million in undisbursed financing originally meant to revive the country’s struggling electricity sector.....KINDLY READ THE FULL STORY HERE▶

The decision abruptly halts the remaining portion of a massive $1.52 billion Power Sector Recovery Programme (PSRP) aimed at boosting electricity supply and reducing the fiscal strain on public funds.

According to official World Bank restructuring documents, the project’s closing date has been aggressively pulled forward from June 30, 2027, to May 31, 2026.

Why the $1.52 Billion Programme Collapsed

The PSRP was structured in two distinct phases, but major macroeconomic shocks caused the second phase to derail completely:

  • Phase 1 (The Parent Operation): A Success Story Approved in June 2020 with $752.5 million, this phase achieved substantial results. Tariff shortfalls plummeted by 71% (from ₦581bn to ₦166bn) between 2019 and 2022, grid supply increased by 13%, and nearly 95% of the funds were successfully disbursed.

  • Phase 2 (Additional Financing): The Derailment To consolidate these gains, a $763.5 million additional package was approved in June 2023. However, this phase hit a brick wall, with the World Bank labeling its implementation progress as “Moderately Unsatisfactory.” Only about 9% of these new funds were ever released.

The Forex Shock and the ₦1.9 Trillion Tariff Gap

The World Bank attributed the failure of the extended reforms to severe macroeconomic shifts in Nigeria, primarily driven by the June 2023 liberalisation of the foreign exchange market:

1. Skyrocketing Generation Costs

Over 70% of Nigeria’s grid electricity is generated from natural gas, which is priced in US dollars. The sharp depreciation of the Naira caused gas prices—and subsequently, electricity production costs—to skyrocket.

2. The Tariff Freeze

While production costs surged, electricity tariffs for the vast majority of Nigerian consumers remained frozen. The sole exception was Band A customers, who only saw cost-reflective adjustments in April 2024.

3. Ballooning Shortfalls

This severe mismatch caused annual sector tariff shortfalls to explode from a modest ₦140 billion in 2022 to a staggering ₦1.9 trillion per year in both 2024 and 2025, suffocating the Federal Government’s fiscal space.

World Bank Statement: “Recent financing plans have not fully identified sufficient sources of funding to cover tariff shortfalls, nor established a credible trajectory for their reduction.”

Deep-Rooted Structural Bottlenecks

Beyond macroeconomic shocks, the World Bank noted that the design of the loan became heavily misaligned with current realities due to persistent institutional hurdles:

  • High Losses: Severe technical, commercial, and collection losses continue to plague electricity distribution companies (DisCos).

  • Grid Infrastructure: Persistent transmission bottlenecks and the underutilisation of available generation capacity remain unresolved.

  • Bureaucracy: Delays in aligning performance improvement plans and stringent verification requirements—particularly involving the Transmission Company of Nigeria (TCN)—severely restricted the trigger of fund disbursements.

Timeline of the Loan Breakdown

Date Event Financial Impact
June 23, 2020 Parent PSRP Loan Approved ~$752.5 Million
June 9, 2023 Additional Financing Approved ~$763.5 Million
June 19, 2024 Additional Financing Becomes Effective Total Package: ~$1.52 Billion
May 2026 Joint Cancellation & Early Project Closure $717.7 Million Forfeited

AGF Warns: Nigeria Won’t Tolerate World Bank Delays

This massive loan termination comes closely on the heels of a stern warning from the Accountant-General of the Federation (AGF), Dr. Shamseldeen Ogunjimi.

Speaking during a recent courtesy visit by a World Bank delegation in Abuja, Dr. Ogunjimi cautioned that Nigeria would begin rejecting facilities if bureaucratic bottlenecks continued to stall project execution.

Dr. Shamseldeen Ogunjimi: “We expect timely processing of funding requests… These are loans, not grants, and they carry repayment obligations. If approvals take more than six months, the Nigerian Government may no longer honour such arrangements.”

With the remaining $717.7 million officially wiped off the table, fresh anxieties are mounting over how Nigeria will navigate its persistent liquidity crises, infrastructural deficits, and the widening financial black hole in its electricity market.

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Federal High Court Declares Christmas Break, Names Judges To Handle Cases – Full List.

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November 9, 2026

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The Federal High Court has announced that its 2026 Christmas vacation will begin on Monday, December 21, and end on Tuesday, January 5, 2027.....KINDLY READ THE FULL STORY HERE▶

The court is expected to resume regular sittings on Wednesday, January 6, 2027.

The announcement was contained in a statement issued on Monday by the Director of Information of the Federal High Court of Nigeria, Dr Catherine Oby Christopher.

According to the statement, the Chief Judge of the Federal High Court, Justice John Terhemba Tsoho, approved the vacation arrangement and the appointment of judges who will handle cases during the period.

Christopher explained that only designated judicial divisions would remain operational throughout the vacation to provide essential judicial services.

She added that the vacation judges would handle only matters involving the enforcement of fundamental human rights, the arrest or release of vessels, and other issues of urgent national importance, including the trial of pre-election cases.

The statement read:

“Pursuant to the provisions of Order 46, Rule 4(c) of the Federal High Court (Civil) Procedure Rules, 2019, the Chief Judge of the Federal High Court of Nigeria, Hon. Justice John Terhemba Tsoho, KSS, OFR, FCIArb. (UK), has approved the Christmas Vacation of the Court for the year 2026 and the roster of Judges designated to sit during the vacation period.

“The Christmas Vacation shall commence on Monday, 21st December 2026, and end on Tuesday, 5th January, 2027.

“Regular court sittings shall resume on Wednesday, 6th January 2027.

“During the vacation period, only the designated Judicial Divisions shall remain operational to provide judicial services to the litigating public.

“It is important to note that, during the vacation period, the Vacation Judges shall entertain only matters relating to the enforcement of fundamental rights, the arrest or release of vessels, and other matters of urgent national importance such as trial of pre-election cases.”

Full List Of Federal High Court Vacation Judges

The judges designated to handle cases during the Christmas vacation are as follows:

Abuja Judicial Division

  1. Justice I. E. Ekwo

  2. Justice O. A. Egwuatu

Lagos Judicial Division

  1. Justice Akintayo Aluko

  2. Justice Ogazi F. Nkemakonam

Port Harcourt Judicial Division

  1. Justice P. M. Ayua

  2. Justice A. T. Mohammed

Enugu Judicial Division

  1. Justice F. O. G. Ogunbanjo

  2. Justice M. T. Segun-Bello

The statement added that the Chief Judge extended Christmas and New Year greetings to all judges and members of the court.

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Eric Chelle Makes Surprise Exit From Nigeria U-23 Camp Ahead Of Tanzania Clash.

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6 hours ago

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November 9, 2026

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Super Eagles head coach Eric Chelle has departed Nigeria’s U-23 team camp to concentrate on the senior national team’s 2027 Africa Cup of Nations (AFCON) qualifying fixtures against Tanzania.....KINDLY READ THE FULL STORY HERE▶

Chelle, who also supervises the Olympic Eagles, will be unavailable for Nigeria’s two-legged U-23 AFCON qualifying tie against the Democratic Republic of Congo (DR Congo) because both teams have matches scheduled during the same international window.

The Olympic Eagles are scheduled to travel to Lubumbashi for the first leg against DR Congo on Friday, November 13. The encounter will take place on the same day the Super Eagles host Tanzania at the Godswill Akpabio International Stadium in Uyo.

The return leg is slated for Tuesday, November 17, in Ikenne, coinciding with Nigeria’s second meeting with Tanzania.

In Chelle’s absence, assistant coach Deniran Ortega will oversee the Olympic Eagles, working alongside Ikorodu City head coach Bright Ozebagbe.

Ortega reportedly conducted most of the team’s training sessions on Thursday and led the technical crew during their friendly victory over Grassrunners on Friday, ahead of the squad’s departure for the first leg.

Meanwhile, Chelle has selected 23 players for the Super Eagles’ AFCON qualifying matches against Tanzania. Among the notable inclusions are Brighton forward Zadok Yohanna and Molde FC midfielder Daniel Daga.

Goalkeeper Michael Atata and junior international Abdulmuiz Adeleke have also earned places in the squad. Atata will compete for the goalkeeping position alongside Samuel James of SJK FC and Clinton Andy.

Other notable selections include defenders Victory Akpe, Vince Osuji and Emmanuel Ochobi, as well as midfielders Chibuzor Nwoko and Aderemi Adeoye.

The attacking options also feature Peter Edokpolor and Umar Abubakar.

The seven home-based players in the squad are expected to depart Nigeria on Tuesday for the Olympic Eagles’ first-leg encounter against DR Congo at the Stade TP Mazembe in Lubumbashi.

Full Nigeria U-23 Squad

Goalkeepers: Samuel James (SJK FC, Finland); Clinton Andy (Rivers United); Michael Atata (Ikorodu City).

Defenders: Christian Akpan (Genk FC, Belgium); Victory Akpe (FC Basel, Switzerland); Vince Osuji (Tromsø IL FC, Norway); Emmanuel Godwin (Pardubice FC, Czechia); Odinaka Alfred (Nasarawa United); Emmanuel Ochobi (Rivers United); Aliu Sugau (Barau FC).

Midfielders: John Otomewo (Reims FC, France); Daniel Daga (Molde FC, Norway); Wilfred George (Kristiansund FC, Norway); Chibuzor Nwoko (Fulham FC, England); Aderemi Adeoye (Ikorodu City); Sadiq Saleh (FC Metta, Latvia); Victor Samuel (Pardubice FC, Czechia).

Forwards: Peter Edokpolor (SL Benfica, Portugal); Sulaiman Sani (Al-Qadsiah FC, Saudi Arabia); Umar Abubakar (FC Famalicao, Portugal); Zadok Yohanna (Brighton FC, England); Abdullahi Umar (Hradec Kralove, Czechia); Abdulmuiz Adeleke (Sporting Supreme).

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“Behave Yourself!” – Seyi Tinubu Fires Back At Isaac Fayose Over Port Harcourt ‘City Boy’ Walk.

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6 hours ago

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November 9, 2026

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Seyi Tinubu, son of President Bola Tinubu, has criticised political commentator Isaac Fayose over his remarks about the City Boy movement’s walk in Port Harcourt, Rivers State.....KINDLY READ THE FULL STORY HERE▶

Fayose had taken to social media to question the gathering, describing it as a waste of time and expressing doubts about the number of people who attended the event.

Responding in the comment section of the post, Seyi urged the businessman to conduct himself properly instead of criticising the group’s activities.

He defended the Port Harcourt walk, describing it as a successful and peaceful gathering organised by young Nigerians in support of President Tinubu and his administration.

Seyi wrote: “My content creator Egbon e behave ara yin o. You and I both know that those gallant men and women were there for the city boy walk in PH, which was a success by the way. Vote APC.”

In a related development, Fayose has alleged that he is being targeted with false accusations because of his support for the Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi.

The younger brother of former Ekiti State Governor, Ayodele Fayose, made the allegation in a video shared on his verified Facebook page on Sunday.

He was reacting to a post by an unnamed blogger linking him to a rape allegation, which he denied, describing it as a fabrication intended to damage his reputation because of his refusal to withdraw support for Obi.

Fayose further alleged that individuals who turn down offers from the All Progressives Congress (APC) are often subjected to smear campaigns.

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