The World Bank has approved $500m in additional financing for Nigeria to tackle flooding, restore degraded agricultural land and reduce conflicts between farmers, herders and rural communities across the northern part of the country.
The Federal Government is seeking a fresh $500m loan from the World Bank to establish an infrastructure financing platform designed to attract private investment into critical sectors of the Nigerian economy, a project document obtained exclusively by The PUNCH has revealed.
The World Bank report shows the economy grew 4.2 per cent in the first half of 2026, up from 3.9 per cent in the first half of 2025, despite the impact of the conflict in the Middle East. The bank projects growth to average at least 4.4 per cent between 2026 and 2028.
The World Bank has urged the Federal Government and state governments to establish a sustainable social protection system after the Federal Government reported disbursing ₦658.9 billion in direct cash transfers to 10.46 million poor and vulnerable households as of September 2026.
The World Bank’s latest Nigeria Development Update, Beyond the Federal Purse, reported that the Federal Government spent ₦7.7 trillion on interest payments in the first half of 2026, against revenue of ₦6.2 trillion.
Central Bank of Nigeria Governor Olayemi Cardoso on Thursday defended September’s surprise interest-rate reduction, saying stronger economic conditions gave the bank room to repair weaknesses in how its policy decisions influence financial markets.
The Intergovernmental Group of 24 (G24) has urged the International Monetary Fund (IMF) and the World Bank to make concessional financing more affordable for developing countries facing rising debt burdens and high borrowing costs.
The figures, contained in the World Bank’s October 2026 Nigeria Development Update, show that interest payments amounted to 124.2 per cent of the Federal Government’s N6.2tn revenue between January and June.
The President welcomed the World Bank’s October 2026 Nigeria Development Update, which reported stronger economic growth, higher government revenues, rising external reserves and improved fiscal positions at federal and state levels.
The World Bank disclosed this in its latest Nigeria Development Update, which examined how increased public revenues have influenced spending priorities across the federation.
An Akwa Ibom State High Court sitting in Uyo has dismissed a petition seeking the dissolution of a marriage that has lasted over 43 years, ruling that lack of love and mutual respect between spouses does not, on its own, constitute sufficient legal grounds for divorce.
