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The World Bank has fully disbursed a $1.5 billion loan to Nigeria in record time, following the government's implementation of major economic reforms. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing initiative, was released in two tranches within six months of approval. Key Details: - First tranche: $750 million (IDA credit) - 12-year maturity, 6-year grace period - Second tranche: $750 million (IBRD loan) - 24-year maturity, 11-year grace period - Approval date: June 13, 2024 - First disbursement: July 2, 2024 - Second disbursement: November 2024 The rapid disbursement was triggered…
Nigerian human rights lawyer and activist Dele Farotimi has credited the collective voices of Nigerians for his release after a 20-day detention in Ekiti State. Farotimi was held on charges of criminal defamation and cybercrime, stemming from allegations he made against senior lawyer Afe Babalola in his book, Nigeria and Its Criminal Justice System. Farotimi, who was granted bail of N30 million and released on December 24, expressed profound gratitude to Nigerians for rallying behind him. In a heartfelt social media video titled The Walk to Freedom, he broke down in tears as he recounted how the support of a…
Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, endured humbling defeat after one tumultuous term and then redefined life after the White House as a global humanitarian, has died. He was 100 years old. The longest-lived American president died on Sunday, roughly 22 months after entering hospice care, at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023, spent most of their lives, The Carter Center said. “Our founder, former U.S. President Jimmy Carter, passed away…
At least 62 people were killed when an airliner veered off the runway and erupted into a fireball as it slammed into a wall at South Korea's Muan International Airport on Sunday, the national fire agency said. Two people were rescued, the agency said. The crash occurred as Jeju Air flight 7C2216, carrying 175 passengers and six crew on a flight from the Thai capital Bangkok, was landing shortly after 9 a.m. (0000 GMT) at the airport in the south of the country, South Korea's transport ministry said. The ministry did not confirm the reports of casualties. At least 58…
The Nigeria Civil Aviation Authority (NCAA) has revealed that 190 flights were cancelled and 5,225 delayed across domestic airlines in September and October 2024. Chris Najomo, the acting director-general of the NCAA, disclosed these figures on Friday during an engagement session with airline operators in Lagos. Najomo expressed concern over the growing frequency of flight disruptions, emphasizing the need for better management to minimize inconvenience to passengers. “Delays and cancellations are sometimes unavoidable, but poor management of these disruptions is not,” Najomo stated. He urged airlines to handle operational, technical, and weather-related challenges professionally, particularly during the harmattan season when…
In his Christmas message, the Catholic Bishop of Sokoto Diocese, Matthew Kukah, has criticized the federal government for its failure to address the widespread hunger and economic hardship that have led to deadly stampedes in several parts of the country. The tragic incidents, which occurred last week during food palliative distributions in Oyo, Anambra, and the Federal Capital Territory (FCT), resulted in the deaths of at least 67 people. Bishop Kukah described these tragedies as a symbol of the desperation many Nigerians are experiencing due to the government’s inability to respond effectively to the country’s deepening hunger crisis. “The tragedies…
A tragic airstrike on Wednesday morning has left several villagers feared dead in two communities in Silame Local Government Area of Sokoto State. Fighter jets, reportedly targeting terrorists from the Lakurawa group, bombed the villages of Gidan Sama and Rumtuwa, situated near the Surame Forest—an area known to be a stronghold for bandits and terrorists. Local residents have claimed that over 10 villagers were killed and many others injured when bombs dropped on the peaceful communities at around 7am. One villager, who survived the attack, described the scene as one of chaos, with innocent people, many of whom had no…
Christmas celebrations across the globe have taken on a more somber tone this year, with Nigeria particularly hard hit by economic challenges that have dampened the festive spirit. In Nigeria, where inflation has reached a 28-year high of 34.6%, markets that typically bustle with holiday shoppers are unusually quiet. Traders across major cities including Lagos, Abuja, and Kano report dramatically reduced sales as food prices have skyrocketed. A bag of rice that cost N41,000 last year now sells for N90,000, while a basket of tomatoes has surged from N20,000 to as high as N70,000. "We are not happy about the…
An Abuja High Court has ordered the Department of State Services (DSS) to release the detained president of Miyetti Allah Kautal Hore, Bello Bodejo, pending the resolution of his trial. Mohammed Zubairu, sitting as a vacation judge, issued the ruling after an ex-parte motion was filed by Bodejo’s lawyer, Reuben Atabo. The court instructed the Attorney-General of the Federation (AGF), Lateef Fagbemi, and the DSS Director-General, Adeola Ajayi, to immediately grant Bodejo administrative bail. The motion, filed on December 19, sought the release of Bodejo from DSS custody while awaiting the determination of his substantive application. The ruling, made on…
In a defiant display of political insensitivity, President Bola Tinubu, during his first presidential media chat on Monday, reaffirmed his decision to keep his bloated 48-member cabinet intact, rejected concerns over mounting public debt, and defended controversial policies such as the removal of the fuel subsidy and tax reforms. However, his words failed to reassure a growing chorus of critics who argue that his administration’s choices are exacerbating Nigeria’s economic woes and deepening public hardship. Tinubu’s insistence on maintaining an oversized cabinet comes at a time when many Nigerians are calling for a reduction in the cost of governance. The…
April 02, 2025

Nigeria's net FX reserves increased to $23bn in 2024, highest in 3 years

The Central Bank of Nigeria (CBN) has reported that Nigeria's net foreign exchange reserves (NFER)…
April 02, 2025

Natasha outsmarts Kogi govt, Police; ‘drops’ from sky to jubilant crowds

In a spectacular display of defiance, Senator Natasha Akpoti-Uduaghan turned the Kogi State Government and…
March 30, 2025

Does wearing a cap make you go bald? Here’s what dermatologists want you to know about hair loss

Hair loss can be an upsetting and worrisome experience. But with a slew of wellness…
March 30, 2025

Two 'proof of heaven' stories and one 'proof of hell' that had atheist calling out…

Ole Braatelien What happens to our consciousness the moment we die? Christians believe our souls…
April 02, 2025

Ponzi schemes: New law slams 10-year jail term, N40m fine - SEC

Nigeria’s Securities and Exchange Commission (SEC) has finally declared war on Ponzi schemes, with a…
April 02, 2025

What to know after Day 1133 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia says it cannot accept U.S. proposals on Ukraine 'in current form' Russia…
March 28, 2025

Bill Gates: Within 10 years, AI will replace many doctors and teachers—humans won’t be needed…

Tom Huddleston Jr. Over the next decade, advances in artificial intelligence will mean that humans…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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