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“Shock Wave! Tinubu Administration Suddenly Cancels Massive $717.7 Million World Bank Loan”.
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:
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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.
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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:
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High Losses: Severe technical, commercial, and collection losses continue to plague electricity distribution companies (DisCos).
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Grid Infrastructure: Persistent transmission bottlenecks and the underutilisation of available generation capacity remain unresolved.
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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
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.
latest
“Put Some Respect On My Name!” Kiddwaya Boasts, Says His Dad Is The Reason Nigeria Enjoys Democracy Today.
Nigerian reality TV star and billionaire heir, Kiddwaya, has dropped a historical bombshell that is sparking heavy debate online. The former Big Brother Naija housemate boldly claimed that his billionaire father, Terry Waya, is one of the foundational pillars of modern Nigerian democracy, having personally convinced a military Head of State to hand over power to a civilian government.....KINDLY READ THE FULL STORY HERE▶
Kiddwaya revealed that his father is notoriously private about his massive political achievements, only sharing historic details when specifically questioned.
The Secret Transition Meeting That Changed Nigeria’s History
According to Kiddwaya, the pivotal moment happened immediately after the sudden death of military dictator General Sani Abacha in 1998. He disclosed that his father’s close associate, who was second-in-command, ascended to the presidency and immediately sought the billionaire’s counsel:
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The Presidential Visit: The newly sworn-in military leader allegedly visited Terry Waya’s residence, expressing uncertainty about how to steer the nation forward.
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The Billionaire’s Advice: Terry Waya explicitly advised the military ruler to step aside and transition Nigeria into a democratic state, allowing citizens the right to vote.
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The Hidden Truth: Kiddwaya expressed shock that his father had kept such an monumental piece of Nigerian history a secret from the general public.
Kiddwaya Statement: “When Sani Abacha died, my dad’s close friend was the second in command, so his friend became president. He came to the house and said look, Terry, I’m president now, I don’t really know what to do, what should we do. And my dad said, give it to democracy. Like, make it a democracy so the people can vote. When he told me that, I was like, ‘dad you should tell people this.’ He is one of the reasons Nigeria has a democracy…”
Terry Waya’s Unspoken Legacy: Discovering Banana Island
The reality star also noted that his father never “blows his own trumpet,” citing another massive revelation he only recently discovered through an international media broadcast.
Kiddwaya confessed he had no idea his father was deeply involved in the development and recognition of Banana Island—widely regarded as the most expensive and luxurious piece of real estate across the African continent—until Terry Waya casually mentioned it during an interview with the BBC.
“Put Some Respect on Our Name”
| Asset / Legacy | Terry Waya’s Hidden Footprint (According to Kiddwaya) |
| Banana Island, Lagos | Discovered and championed its recognition as Africa’s premier luxury real estate. |
| Nigerian Fourth Republic | Personally counselled post-Abacha military leadership to adopt a democratic system. |
| Political Influence | Maintained deep, influential ties with top-ranking military top brass to steer national policy. |
Kiddwaya concluded by stating that learning about these hidden chapters of his father’s life completely changed how he views his family’s legacy, urging Nigerians to recognize the quiet but massive impact Terry Waya has had on the nation’s history.
entertainment
Double Whammy! Phyna Suffers Devastating Loss Amid Fierce Online War With VeryDarkMan.
Reality TV star and Big Brother Naija Season 7 winner, Ijeoma Otabor (popularly known as Phyna), has been hit by a double dose of misfortune. Just hours after dragging controversial social media critic VeryDarkMan (VDM) into an explosive exposé, the star’s official Instagram account was completely suspended.....KINDLY READ THE FULL STORY HERE▶
The digital wipeout comes during an incredibly emotional week for Phyna, who is also battling online trolls over the tragic death of her younger sister.
The Receipt That Blew Up Phyna’s Instagram
The bad blood escalated after Phyna publicly accused VeryDarkMan of orchestrating a targeted smear campaign against her. According to Phyna, VDM’s hostility stemmed from bitterness after she allegedly rejected his sexual advances.
The drama unfolded rapidly:
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The Denial: VeryDarkMan vehemently denied the allegations, arguing that asking an adult for consensual sex is standard practice and dared her to provide concrete evidence.
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The Receipt Drop: Phyna fired back by leaking a purported WhatsApp chat between herself and the critic directly onto her Instagram grid.
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The Suspension: Within hours of posting the private chats, Instagram clamped down on Phyna’s account, pulling it offline for violating community guidelines.
Taking to her handle on X (formerly Twitter) to clear the air, Phyna confirmed the platform’s intervention:
Phyna on X: “I didn’t deactivate my IG. Deactivate say wetin happen na? It got suspended.”
“I Will Never Forgive Myself” — Phyna Weeps Over Sister’s Tragic Death
Compounding her online woes, Phyna recently broke down in tears during an emotional live broadcast while addressing cruel allegations regarding her late younger sister, who was crushed to death by a Dangote truck driver.
Insensitive critics had attacked the reality star, accusing her of financial greed and neglecting her family’s welfare during the tragedy. One comment read:
The Critic: “It was ur greed, nobody lied against u, stop all this emotional blackmail, u were too greedy u didnt care about ur sister’s welfare.”
Responding through heavy tears, Phyna revealed that her family has faced relentless judgment from the public. She expressed deep agony over the justice system’s failure to hold the truck driver accountable, stating that she will never forgive herself for how the legal case turned out and the malicious falsehoods being spread about her grief.
latest
Terror In The Highlands! Presidency Declares Mountain Prayer Grounds “Bandit Zones,” Bans Fellowships.
The Presidency has issued an urgent security warning to residents and religious organizations in Kwara and Kogi states, advising an immediate and temporary suspension of all mountain-top prayer gatherings, popularly known as “Ori Oke.”....KINDLY READ THE FULL STORY HERE▶
The directive was issued on Monday by Abiodun Essiet, the Senior Special Assistant (SSA) to President Bola Tinubu on Community Engagement for the North Central region. The sudden warning comes on the heels of a dangerous surge in violent attacks, mass abductions, and killings by heavily armed gangs across the two states.
Sacred Peaks Turned Into Criminal Hideouts
For decades, thousands of Christian worshippers and spiritual seekers have frequented isolated mountain tops and dense forests for fasting and intense prayer retreats, seeking quietude.
However, the Presidency has revealed that these once-sacred locations have now been heavily compromised:
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Strategic Kidnap Zones: Strategic hilltops and forests have increasingly been seized by bandits and terrorist elements to use as operational hideouts.
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Soft Targets: Worshippers gathering in these remote, isolated areas face an extreme risk of being ambushed, killed, or kidnapped for multi-million Naira ransoms.
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No Security Presence: The far-flung nature of these terrains makes immediate rescue operations by security agencies nearly impossible during an attack.
“God Is Everywhere” — Presidency Pleads for Caution
In the official statement, the Office of the SSA emphasized that spiritual devotion should not come at the cost of human lives, reminding the public that God’s presence is not limited to geographical heights.
Official Presidential Statement: “The Office noted that God is omnipotent and can be worshipped anywhere, stressing that mountains and forests have increasingly become hideouts for bandits and criminal elements, thereby posing security risks to worshippers and communities. We appeal to residents and religious groups in Kwara and Kogi States to temporarily suspend Ori Oke prayer gatherings until the security situation in the affected areas stabilises.”
Growing Insecurity in North Central Nigeria
The security advisory follows a string of deadly incursions by armed bandits in both Kwara and Kogi states over recent months. Entire communities have been raided, dozens of citizens murdered, and travelers abducted along major transit routes.
The Presidency has strongly advised the public to remain highly vigilant, avoid lonely or isolated terrains, and restrict all religious fellowships to secure, well-populated urban areas until normal security is restored to the region’s highlands.
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