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SERAP Urges World Bank To Investigate Nigeria’s N121.67trn Debt—-Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank Inspection Panel to investigate alleged corruption in using loans and other funding obtained by the Federal Government and Nigeria’s 36 state governors.

SERAP is also seeking a review of all World Bank-funded projects implemented by successive governments since 1999.

The civil society organisation further urged the Inspection Panel to determine the extent to which Bank Management has followed or is following the World Bank’s operational policies and procedures applicable to the design, appraisal and implementation of all Bank-financed projects in Nigeria.

SERAP made the demand on June 22, 2024, in a letter signed by SERAP deputy director Kolawole Oluwadare.

It also urged the Panel to determine the effect of bank management’s failure to effectively implement its operational policies and procedures in several state-funded projects on the social and economic rights and well-being of millions of socially and economically vulnerable Nigerians.

The organisation maintained the World Bank has, over the years, reportedly approved 197 projects for Nigeria, totalling over $36 billion in loans and other funding facilities [that is, $36,360,415,968.81], with little or no impact on Nigerians living in poverty.

SERAP said Nigerians are rarely informed and effectively consulted about several of these loans, facilities, and bank-funded projects. Nigerians continue to be denied the benefits of loans and facilities and access to essential public goods and services.

Despite several loans and other funding facilities provided by the World Bank over many years, millions of socially and economically vulnerable Nigerians in several states and communities continue to lack access to regular electricity supply and have been denied the benefit of renewable energy solutions.

The complaint, addressed to the Chair of the Panel, reads in part: „A recent report by the National Bureau of Statistics (NBS) revealed that over 133 million Nigerians are living in poverty, the majority of them women and children. We would, therefore, be grateful if the recommended measures were taken to hold the World Bank accountable.

“The apparent failure by bank management to diligently follow the World Bank‘s operational policies and procedures in Bank-funded projects have resulted in the alleged mismanagement of the loans and facilities and exposed millions of Nigerians to extreme poverty.

“We are concerned about the negative impact of the lack of transparency and accountability in the spending of loans and facilities obtained by the Federal Government and Nigeria‘s 36 state governors on the social and economic well-being of millions of Nigerians and the enjoyment of their human rights.

“We are concerned that several of Nigeria‘s 36 states and the FCT reportedly owe civil servants‘ salaries and pensions. Several states are borrowing to pay salaries. Millions of Nigerians in these states and the FCT continue to be denied access to essential public goods and services.

“The federal government and several states are also reportedly spending public funds, which may include the loans and facilities obtained from the World Bank, to fund unnecessary travels, to buy exotic and bulletproof cars, and to fund the lavish lifestyles of politicians.

“The N121.67 trillion ($91.46 billion) debt represents external and domestic loans obtained by the Federal Government, the 36 state governments and the Federal Capital Territory (FCT),“ it said.

“The World Bank reportedly has a portfolio of about $8.5 billion spread across the country. The Bank has also approved several loans and other funding facilities to the country‘s 36 states, including the recent $750 million credit line meant for the states to carry out reforms to attract investment and create jobs.

“The Bank recently approved a $2.25 billion loan for Nigeria ‚to shore up revenue and, support economic reforms and address the cost-of-living crisis in the country.

“In September 2002, the Bank approved $129.00 million for a project titled ‚Universal Basic Education Project: P071494 ‚to increase the capacity of states and local governments to manage and implement the UBE program effectively and efficiently.

“In May 2007, the Bank approved $180.00 million for a project titled ‚Nigeria Federal Science & Technical Education at Post-Basic Levels (STEPB): P074132‘, ‚to produce more and better-qualified science and technology (S&T) graduates.

In May 2000, the Bank approved $55.00 million for a project titled ‚Second Primary Education Project: P066571‘, ‚to support the implementation of Universal Basic Education.

“In December 2000, the Bank approved $86.75 million for a project titled ‚Community-Based Poverty Reduction Project: P069086‘, to ‚improve access of the poor to social and economic infrastructure and increase the availability and management of development resources at the community level.

“In March 2011, the Bank approved $160.00 million for a project titled ‚Nigeria – Growth & Employment: P069086‘, ‚to increase growth and employment in Nigeria.

“In July 2020, the World Bank approved $500.00 million for a project titled ‚Adolescent Girls Initiative for Learning and Empowerment: P170664 ‚to improve secondary education opportunities among girls in targeted areas in participating states.

“The Bank also approved $500.00 million in June 2023 for a project titled ‚Nigeria for Women Program Scale Up Project: P179447‘, ‚to promote women‘s economic empowerment and enhance the economic opportunities of unbanked women.

“In June 2020, the Bank approved $750.00 million for a project titled ‚Power Sector Recovery Performance Based Operation: P164001‘, ‚to improve the reliability of electricity supply, achieve financial and fiscal sustainability, and enhance accountability.

“In September 2022, the Bank approved $750.00 million for a project titled ‚State Action on Business Enabling Reforms (SABER) Program: P177442‘, ‚to improve the efficiency and transparency of government-to-business services in participating states.

“Many years of allegations of corruption and mismanagement of public funds, including the spending of the loans and facilities obtained by the Federal Government and Nigeria‘s 36 states, have contributed to widespread poverty, underdevelopment and lack of access to public goods and services.

“The allegations of corruption in the loans and facilities provided by the Bank calls into question the rigour with which the Bank undertook due diligence in assessing the social, economic and environmental risks of its financed projects in the country,“ SERAP stated.

 

(Leadership)

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BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain

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Dangote Refinery Hikes Petrol And Diesel Prices

BREAKING: Dangote Refinery Hikes Petrol And Diesel Prices Amid Economic Strain—-Dangote Petroleum Refinery has revised its ex-depot prices, increasing the gantry price of Premium Motor Spirit (PMS), or petrol, to ₦1,175 per litre, while Automotive Gas Oil (AGO), commonly known as diesel, has been raised to ₦1,620 per litre.

The latest revision marks the fourth consecutive price review in less than two weeks amid global market volatility, according to a report by Petroleumprice.ng.

Quoting industry sources, the report noted that the new pricing template has been communicated to marketers, following earlier adjustments this month.

Under the revised structure, the ₦1,175 per litre petrol price reflects a significant jump from the previous ₦995 per litre, while diesel has surged sharply from its prior ₦1,430 per litre level, underlining the continued upward trend in domestic fuel pricing.

The development is likely to have a ripple effect across Nigeria’s downstream petroleum market, as depot operators and fuel marketers adjust supply costs in response to the revised prices announced by the country’s largest refining facility.

The refinery had yet to issue an official statement on the development as of the time of filing this report.

Oil prices soared 30 per cent today on fears about supplies from the Middle East, as the US-Israeli war against Iran continued into a second week with no sign of letting up.

Fears grew that the Middle East conflict could last for some time after US President Donald Trump said only the “unconditional surrender” of Iran would end the war.

He added at the weekend that the spike in prices was a “small price to pay” to eliminate Iran’s nuclear threat, reiterating the White House’s insistence that the rise is temporary.

Since the beginning of the war, WTI is up more than 75 per cent and Brent more than 60 per cent.

Attacks on oilfields were reported in southern Iraq and in the northern autonomous Kurdistan region, which forced a US-run oilfield to cease production, while the United Arab Emirates and Kuwait have started reducing output.

That came with maritime traffic in the Strait of Hormuz — through which a fifth of global crude and gas passes — halted since the war began on February 28.

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ECOWAS Bloc Achieves 4.6% Growth Amid Global Economic Headwinds – Dr Omar

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ECOWAS Bloc Achieves 4.6% Growth

ECOWAS Bloc Achieves 4.6% Growth Amid Global Economic HeadwindsDr Omar—-ECOWAS President, Dr Omar Touray, says the bloc recorded 4.6 per cent economic growth in 2025, in spite of global economic challenges, and envisages 5 per cent growth in 2026.

Touray disclosed this on Thursday in Abuja during a meeting with development partners, while highlighting the commission’s 2025 Annual Report.

He said that ECOWAS outperformed the continental average in 2025 through structural reforms, rising investment in mining and energy, improved regional trade facilitation, and a strong rebound in services, transport and tourism.

“This robust performance is driven by structural reforms, rising investment in mining and energy, improvement in regional trade facilitation and a strong rebound in services, transport and tourism,” he said.

According to him, inflation, though still elevated in some member states, has declined in others due to coordinated monetary policies and improved food supply conditions.

“Our fiscal deficits have narrowed significantly as governments strengthen revenue mobilisation and rationalise public expenditure,” Touray said.

“Our debt-to-GDP ratio has also declined modestly, reflecting strong nominal growth and improved macroeconomic management,” he said.

He noted that the sub-region’s external position remained sound, with a strengthened current account surplus, which is supported by high export earnings from oil, gold and bauxite.

“We are meeting at a time when the global economy is undergoing profound transformation.

“Geopolitical tensions, restructuring of supply chains and the rapid acceleration of digital and green transitions continue to reshape the global economic system,” he said.

He further noted that global growth slowed in 2025 and uncertainty remained high, even as inflation eased slightly, but said Africa had continued to demonstrate resilience.

“Yet in the midst of these global headwinds, Africa continues to demonstrate remarkable resilience.

“Growth is recovering, inflation is declining, and political stability has improved in a number of countries,” the commission’s president said.

Touray said that peace and security remained at the core of the bloc’s mandate, adding that ECOWAS intensified preventive diplomacy, mediation and democratic support across the region in 2025.

“Peace and security remain at the heart of our mandate, because insecurity in parts of the region remains a major concern,” he stressed.

He said that ECOWAS would continue to manage the implications of the withdrawal of its three Sahel State members Burkina Faso, Mali and Niger, while keeping channels open for constructive engagement.

Touray disclosed that the ECOWAS Committee of Chiefs of Defence Staff completed the rotation of the Standby Force and reinforced preparations for both the Standby Force and the 1,650 strong Counterterrorism Brigade.

He said progress was made in combating organised crime and terrorism, with ECOWAS formally taking over the West Africa Police Information System after 12 years under Interpol.

He, however, noted that the reduced cooperation with the Alliance of Sahel States owing to their exit had complicated counterterrorism efforts.

“While attacks declined slightly, fatalities increased due to the rising use of improvised explosive devices,” Touray said.

On governance, Touray said ECOWAS supported several member states, including Côte d’Ivoire, Guinea and Guinea-Bissau, in electoral preparations, transitions and reforms.

He said the bloc recorded steady progress in economic integration, including the launch of the second phase of the pre-movement and migration project and validation of the ECOWAS Visa Online approach.

“Seven of our member states are now implementing the ECOWAS National Biometric Identity Card, and the most recent one is the Federal Republic of Nigeria,” he said.

Touray said ECOWAS’ support for women and youth yielded results, with more than 1,300 small-scale cross-border traders and 50 women-led SMEs benefiting from capacity-building programmes, while digital skills training expanded opportunities for rural women.

According to him, the commission committed about 8 million dollars to humanitarian emergencies and disaster risk reduction, while drug rehabilitation services expanded to 10 centres across the region.

On regional infrastructure and energy, the commission’s president said ECOWAS mobilised over $42 million for regional road network preparatory studies and advanced preparations for the Praia–Dakar–Abidjan Corridor, supported by the African Development Bank.

He reaffirmed ECOWAS’ zero tolerance for unconstitutional changes of government.

“There is now zero tolerance for anti-constitutional behaviour in the region.

“ECOWAS stands for no coups, and we will continue to maintain that position,” he said.

On recent political developments in Guinea-Bissau, he called for a short transition led by an inclusive government with a limited mandate to undertake constitutional and electoral reforms.

Touray also announced that sanctions on the Republic of Guinea had been lifted following satisfactory elections in country.

“This is the first time since my arrival in ECOWAS that I am sitting in front of the Ambassador of Guinea in an ECOWAS meeting.

“Guinea has been welcomed back as a full-fledged member of ECOWAS,” he said.

While expressing satisfaction with developments in the sub-region, Touray said it was gratifying to note that the bloc remained on course, in spite of the formidable challenges it faced in 2025,.

“The progress outlined reflects the resilience, determination and unity of our community.

“The vision of a peaceful, prosperous and fully integrated West Africa remains within reach,” he added.(NAN)

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