fter the last game of the year involving Nigerian players abroad, ABIODUN ADEWALE presents the numbers of five forwards with Ademola Lookman reigning supreme again

Ademola Lookman (Atalanta – 22 goals and 12 assists)

African Player of The Year for every reason, Lookman has once again come tops with his contribution for his club among Nigerian strikers thanks to his 22 goals and 12 assists in 42 games across all competitions (excluding club friendlies) for Atalanta in 2024.

Despite missing the start of the year with the club due to his participation at the 2023 AFCON which was held between January and February in Ivory Coast, the 27-year-old returned to action on February 25 against AC Milan.

His first goal of the year for the club came against Bologna in a 2-1 home defeat on March 3 while his first assist was also during a 2-1 defeat at Cagliari on April 7.

Lookman didn’t look back from there and added more goals, including a historic hat-trick in the final of the UEFA Europa League which sealed Atalanta’s first-ever European title.

The England-born forward surely had a great year and capped it off by winning the 2024 African Player of The Year award.

Victor Osimhen (Napoli/Galatasaray – 21 goals and 4 assists)

Like Lookman, Osimhen started the year with Nigeria in Ivory Coast and didn’t return to club football until February and ended the year with 21 goals and four assists in 29 games. But the year 2024 could be described as a stormy one for the 26-year-old and he did weather the storm, particularly in the summer transfer window when he had a failed transfer away from Napoli before landing a surprise loan move to Galatasaray.

Osimhen’s first game at club level in 2024 was a 1-1 draw between Napoli and Barcelona in the UEFA Champions League and the Nigerian announced his return in style with Napoli’s goal in the game. By summer, his relationship with the club had completely broken down and he was looking for a way out before the Turkish giants called.

In Turkey, the striker began life with three consecutive assists before netting a brace in their 3-3 draw against Kasimpasa on September 28. He also scored a brace in his last game of the year as they beat Kayserispor 5-1 away from home to solidify their top position in the league.

Cyril Dessers (Rangers – 25 goals and 8 assists)

Glasgow Rangers forward Dessers played more games than other strikers on this list (54), scoring 25 goals and eight assists in the process. He had the most goals but was bettered by Lookman in terms of goals plus assists while Osimhen’s less number of games gave him the edge ahead of the Scotland-based Dessers.

The 30-year-old has been busy from the second day of the year, providing an assist in their 3-1 win over Kilmarnock in a league game before grabbing his first goal of the year 18 days later in the 4-1 Scottish Cup win over Dumbarton.

Tolu Arokodare (Genk – 20 goals and 4 assists)

Arguably one of the most in-form Nigerian strikers abroad, Arokodare has been on the ascendancy since joining Genk in January 2023 and seems to have settled fully in Belgium. He played his first game for Genk this year on January 20 and his first goal was on February 11 during their 1-a draw at Mechelen. He has been in great form since the start of the 2024 campaign and that has propelled him to the top of the Belgium Pro League scoring chart with 13 goals in 20 games so far this season. His club Genk are also on top of the table with 42 points from 20 games.

Victor Boniface (Bayer Leverkusen – 13 goals and 2 assists)

Plagued by injury at the start of the year, Boniface is currently sidelined and has managed a decent 13 goals and two assists in 26 games, proving he can be a prolific goal scorer when fit.

The 23-year-old started the year on the treatment table, missing three months of action including the AFCON. He returned in April, playing 26 minutes in a DFB Pokal game and marked his return with a goal during their 2-0 win over West Ham United in the Europa League. His last goal of the year was scored in October and he’s been out with a thigh injury since the end of November.

The ruling All Progressives Congress in Lagos State says council election will be held in all 20 local government areas and 37 local council development areas in 2025.

The News Agency of Nigeria reports that the APC Chairman, Cornelius Ojelabi, made this clarification in a statement on Sunday in Lagos, following speculations about the status of the 37 LCDAs in the state.

“In recent times, the leadership of the APC in Lagos State has been inundated by the media, party members and other stakeholders on information about the conduct of the forthcoming Local Government elections, most especially if elections will hold in the 37 Local Council Development Areas – LCDAs.

“It has become expedient to clear the air on the needless and distractive speculation.

“We wish to inform all and sundry that the Local Government elections will hold across the state in the 20 Local Government Councils and the 37 Local Council Development Areas in the year 2025,” Ojelabi said.

According to him, since their creation, the LCDAs have not only been the closest to the grassroots but also brought the desired developments across the state.

He said that the party had observed with keen interest the debates on the desirability of the existence of the LCDAs and the need to hold elections in their political offices.

Ojelabi added, “Our position as a progressive party is that we cannot discountenance the contributions of the LCDAs to the overall political and socio-economic development of the state.

“Our landscape is dotted by several infrastructural projects by the LCDAs, which include road, drainage and market construction, school and housing projects, primary education and health facilities and various social service interventions, among others.

“The various collaborative efforts with the state government on refuse disposal, drain clearing and security are also pointers to their continuous relevance.

“We hope this release will put paid to further speculations as regards the local government elections in order not to unnecessarily heat up the polity.”

He urged party members and all residents to continue to coexist peacefully “as we all strive to maintain the leading position of our state in the federation.”

The move by the House of Assembly to create Area Administrative Councils in replacement of LCDAs through a proposed Local Government Administration Bill has been opposed by political stakeholders.

The bill titled: A Bill for a Law to Provide for Local Government’s System, Establishment And Administration And to Consolidate All Laws On Local Government Administration And Connected Purposes, is still being considered on the floor of the House.

According to the House, the bill to restructure local government administration in the state followed the Supreme Court judgment on financial autonomy for local governments.

The Federal Government has accused the Central Bank of Nigeria of misappropriating N2.73tn in interest payments from Ways and Means advances, raising serious concerns over irregularities in managing government funds.

The allegation was disclosed in the consolidated financial statement of the Federal Government for the year ended December 31, 2021, submitted to the National Assembly by the Auditor-General, Shaakaar Chira, with reference number AuGF/AR.2021/01 and dated July 31, 2024.

The Ways and Means facility, a temporary loan mechanism provided by the CBN to the government to finance budget deficits, is at the centre of the controversy.

According to the report, the Federal Government claimed that the CBN retained interest charges amounting to N2.73tn, using the funds “for its sole benefit” rather than returning them to the Consolidated Revenue Fund.

The negative cash balance of the CRF stood at N17.1tn as of December 31, 2021, a figure which also included N4.4tn in Ways and Means advances.

The Constitution of the Federal Republic of Nigeria, 1999 (as amended), and the Financial Regulations of 2009 strictly prohibit unauthorised withdrawals from the CRF or overdrawn government accounts.

Section 80(2) of the Constitution states that no funds shall be withdrawn from the CRF without approval by an appropriation act or supplementary act, while paragraph 710 of the Financial Regulations bars overdrafts and mandates that any interest incurred must be refunded.

The report, however, revealed that the CRF and four other ministries, departments, and agencies had overdrawn accounts totalling N17.1tn, a figure not supported by appropriate approvals or documentation.

The breakdown of the CRF’s negative balance included N9.41tn for reconciled domestic debt service, N4.45tn for Ways and Means withdrawals, and N483.97bn for Paris Club loan refunds.

Other components included deferred state loan deductions and CPV coupon payments.

The report read, “The CRF negative balance of (N17,105,111,709,523.00) as at 31st December 2021 included actual Ways and Means advance of N4.4 trillion taken by Government and interest charged on it for the sole use of CBN as though the Ways and Means a loan from CBN funds or from any syndicated group of lenders.”

The Federal Government, in its response, stated that the CBN had mismanaged the Ways and Means facility, treating it as though the funds were loans from its balance sheet or a syndicated facility from local or foreign lenders.

It argued that the N2.73tn interest charged on these advances was wrongly retained by the apex bank and called for its immediate refund to the CRF.

The report noted, “The interest charged on Ways and Means by CBN was misappropriated by CBN for its sole use whereas the Actual Ways and Means was not a facility from its funds or balance sheet, nor was it a syndicated facility from a group of local and foreign lenders.

“CBN must therefore refund to the Federal Government of Nigeria the interest of N2.73 trillion it cornered for its sole use as of 31st December 2021.”

The government further instructed that the interest charges should not be securitised, unlike other components of the overdraft being handled by the Debt Management Office.

The Office of the Auditor-General, in its evaluation, maintained that the findings remained valid until the Federal Government provided evidence of proper approvals and documentation for the transactions.

The Auditor-General recommended that the Accountant-General of the Federation justify the N17.1tn overdraft to the Public Accounts Committees of the National Assembly and ensure that sanctions outlined in paragraph 3106 of the Financial Regulations were applied for irregular payments from public funds.

The audit report attributed the irregularities to weaknesses in the internal control processes at the Office of the Accountant-General of the Federation, describing the situation as a significant risk to public finance.

It warned that the unauthorised financing of expenditures and avoidable interest payments exposed the government to unnecessary fiscal burdens.

Six foreigners were arrested by the operatives of the National Drug Law Enforcement Agency after it intercepted two boats loaded with 1,960 kilogrammes of cannabis, popularly known as “Ghanaian Loud,” at Eleko Beach in Lekki, Lagos, on Christmas Eve.

The six foreigners who brought the consignments from Ghana were arrested during a midnight operation.

A statement on Sunday by the agency’s spokesperson, Femi Babafemi, said the suspects include two Ghanaians, Godsway John (38) and Freedom Kelvin (33); and four Beninese, Chegoun Hounsou (23), Gadabor Nyameto (47), Adantg Sasa (34), and Ayao Kayivi (21).

He added that the cannabis consignments were smuggled into Nigeria from Ghana through the waterways.

Babafemi said, “Operatives of the Marine Command of the NDLEA at 2:30 am on Christmas Eve, Tuesday, December 24, intercepted two boats loaded with 1,960 kilograms of Ghanaian Loud, a strong strain of cannabis at the Eleko beach in the Lekki area of Lagos.

“Six foreign nationals who brought the consignments from Ghana were arrested during the operation. They include two Ghanaians, Godsway John, 38; and Freedom Kelvin, 33; as well as four Beninese: Chegoun Hounsou, 23; Gadabor Nyameto, 47; Adantg Sasa, 34; and Ayao Kayivi, 21.”

In a separate operation, Babafemi said a 48-year-old businessman, Orizu Arthur, was arrested at the Nnamdi Azikiwe International Airport, Abuja, while attempting to board an Air France flight to Paris on Sunday, December 22.

He said Orizu was flagged during passenger clearance when he refused to undergo a body scan, claiming medical reasons.

“He was thereafter taken into custody for excretion observation during which he excreted a total of 74 wraps of the Class A drugs over seven days.

“In his statement, Orizu claimed he owns a shop at Balogun market, Lagos Island where he sells school and travelling bags, adding that he was promised 3,000 Euros upon successful delivery of the consignment in Paris. He left his base in Lagos for the Abuja airport to connect his Air France flight to Paris, hoping to escape detection,” Babafemi added.

In Katsina State, Babafemi stated that two suspects were arrested in separate operations for possession of compressed cannabis sativa.

He said, “A suspect, Ibrahim Shaibu, 35, was arrested in possession of 40 album-sized parcels of compressed cannabis sativa weighing 35kg on Christmas Day, December 25 at the Central Motor Park, Katsina, while another suspect, Umar Ahmed, 47, was nabbed along the Zaria-Malumfashi Road, Katsina with 27 parcels of the same psychoactive substance weighing 13.5kg on Saturday, December 28.”

Similarly, Babafemi said a raid in Benin City, Edo State, on December 23 led to the arrest of a 21-year-old suspect, Kosisochukwu Ozigbo.

“Recovered from the suspect include: 32,490 pills of tramadol 225mg, 200mg and 100mg; 936 bottles of codeine-based syrup and various quantities of other opioids,” he added.

There is growing anxiety over the expiration of the tenure of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and the possible appointment of a new helmsman to direct the affairs of the oil giant.

Some industry watchers believe that the NNPCL boss, who turns 60 on January 8, 2025, may exit the national oil firm, raising concerns about the future leadership of the firm.

This came as some other players in the space stated that the GCEO’s tenure is expected to terminate in 2027, in compliance with Section 59 (2) of the Petroleum Industry Act 2021 which states that, “The composition of the Board of the NNPC Limited shall be determined in accordance with the Companies and Allied Matters Act and its Articles of Association.”

In July 2022, the NNPC transitioned from a public corporation to a limited liability company, and Kyari moved from being a Group Managing Director to a Group Chief Executive Officer.

Kyari, appointed by former President Muhammadu Buhari in July 2019, is a veteran in the oil industry, having worked at the NNPC for the last 32 years.

His over five years on the job as NNPC’s boss is the longest that anyone has spent in the cushiest office in the Nigerian oil industry since the country’s return to democracy in 1999.

The NNPC has had 19 managing directors since its formation in 1977, with only two of them (Professor Funsho Kupolokun (Ondo, 2003-2007), Augustine O. Oniwon (Kogi, 2010-2012) from the South-West and North-Central.

Kyari is also one of the few appointments alongside the Chief Executive of the Nigerian Upstream Petroleum Commission, Gbenga Komolafe, inherited by President Bola Tinubu that has not yet been dismissed.

Recently, a United States-based Nigerian professor of journalism, Farooq Kperogi, called out Tinubu’s relentless Yoruba-centric take-over of the NNPCL.

Kperogi, in an article titled, ‘Tinubu’s Buharisation of the NNPC’, accused President Tinubu of appointing Yoruba people to key positions at the Nigerian National Petroleum Company Limited.

Reports stated that an anonymous source had claimed that a certain Bayo Ojulari was being proposed as GCEO of the NNPCL after the expiration of Mele Kyari’s term.

Also, the immediate past Governor of Kaduna State, Nasir El-Rufai, in a post on X, said two wrongs do not make a right, a statement that is believed to be referring to Buhari’s bias for northerners in his appointments.

The former Kaduna governor, however, advocated for sensible inclusion over what he described as arrogant exclusion.

The post read, “DECEMBER MESSAGE: Two wrongs do not make a right. Sensible inclusion always trumps arrogant exclusion!!.”

The article further sparked widespread reaction and condemnation, forcing the NNPCL spokesperson, Femi Soneye, to issue a response stating that employment, promotions, appointments, and movements of leaders in the company were not influenced by ethnicity, tribe, religion, or political affiliation.

Soneye said merit, business requirements, and expertise remain the considerations.

“First, employment, promotions, appointments, and movements of business leaders at the NNPC are not influenced by ethnicity, tribe, religion, or political affiliation. Therefore, decisions within the NNPC are guided strictly by merit, business requirements, and expertise.

“This approach ensures that only the most qualified and competent individuals occupy positions that are critical to the company’s success. Significantly, our company focuses on efficient and effective service delivery, which is anchored on the commitment of a qualified work team,” he stated.

The spokesperson also said the President has not in any way interfered in the operations or leadership movements within the NNPC.

In November 2023, President Tinubu approved the appointment of the new board and management team for the national oil company and retained Kyari as the GCEO.

Reacting to comments about the possible removal of Kyari as NNPCL boss, Soneye said, “The claim is entirely false and misleading, lacking credibility and showing clear signs of manipulation. The GCEO’s tenure has been exceptional, marked by numerous firsts and remarkable accomplishments for NNPC Ltd. Kindly disregard these baseless and dubious claims.”

However, a follow-up question to confirm the expiration date of the tenure of the GCEO received no reply from the NNPCL’s spokesperson till when this report was filed.

Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to direct the Code of Conduct Bureau to publish his asset declaration and encourage other top government officials, including Vice-President Kashim Shettima, ministers, state governors, and local government chairpersons, to do the same.

In a letter dated December 28, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP commended Tinubu for his statement during his first presidential media chat, where he expressed willingness to consider asking the CCB to release his assets.

SERAP described the President’s position as a “significant development” that demonstrates “intent, willingness, and commitment to leadership on transparency.”

In the letter, SERAP emphasised that publishing asset declarations would curb corruption by limiting opportunities for public officials to abuse their positions.

“Secrecy in the assets declared by high-ranking public officials to the CCB continues to facilitate corruption at all levels of government, especially in the country’s 36 states, the Federal Capital Territory, and local governments,” the letter read.

“Transparency and openness would also increase public confidence in the integrity of high-ranking public officials and ensure that political authorities are honest when they provide services to the people,” it added.

SERAP urged Tinubu to translate his consideration into action, stating, “Your ‘consideration’ would carry more weight if you were to promptly translate the intent into action by asking the CCB to publish your assets and encouraging your Vice-President, ministers, and other officials to do the same.”

The organisation also urged Tinubu to implement the Supreme Court’s July 11, 2024, ruling, which prohibited state governors from taking over local government funds, noting that many governors continue to disregard the judgment.

“Your intent, willingness, and expressed commitment to promote transparency in asset declarations should include prioritising the immediate and effective implementation of the Supreme Court judgment and holding state governors to account for contempt of court,” SERAP said.

 “The immediate and effective implementation of the Supreme Court judgment is the best antidote for reducing cases of state-level corruption and would contribute to addressing allegations of diversion of local government funds needed for vital public services,” it added.

Human rights advocate, Dele Farotimi, was overcome with emotion on Sunday as he decried that Nigerians had built an “unfit” country causing many to flee the nation.

Speaking on Sunday via YouTube, Farotimi attributed his freedom to the unwavering support of Nigerians who stood by him during his ordeal.

“We have become victims in the country that we have managed to build. I told you why we are all running away.

“I told you how we were all running away from Nigeria because we have built an intolerable country unfit for human habitation. I have called it an evil empire,” he said as he wiped tears from his face with a handkerchief.

“Because of what we have collectively tolerated, we have lost our country and we have become slaves,” he said.

Farotimi reflected on the collective voice of Nigerians that he said saved his life, attributing his freedom to the unwavering support of Nigerians who stood by him during his ordeal.

“We stopped being human because we became Nigerians. They divided us, and we fell for it.

“Because you wouldn’t see me as a Yoruba man, you spoke for me. Because you wouldn’t see me as a Christian, you spoke for me. Nigeria couldn’t happen to me because you spoke,” Farotimi said.

Farotimi continued by emphasising the power of unity in the face of oppression.

“You found your voices. I became you. And in our collective, you couldn’t be silenced,” he said.

Farotimi was recently released from a prison in Ekiti State following his arrest on December 3, 2024, by officers from the Ekiti State Police Command on charges of defamation and cyberbullying.

The arrest stemmed from allegations made by renowned legal luminary and Senior Advocate of Nigeria, Aare Afe Babalola, who accused Farotimi of defaming him in a 116-page book titled “Nigeria and Its Criminal Justice System”.

According to the police, the book alleged that Babalola and other Senior Advocates of Nigeria had corruptly influenced Supreme Court Justices.

These claims led to Farotimi being arraigned in an Ekiti State Magistrate Court and later facing 12 additional charges filed by the Inspector General of Police, Kayode Egbetokun, at an Ekiti Federal High Court on December 6.

On December 21, the magistrate court granted Farotimi bail under stringent conditions, including a N30m bond, two sureties (one of whom must own property), surrender of his passport, and a prohibition on granting media interviews after his release.

However, Farotimi said he was never gagged from speaking, insisting that his silence until the Sunday broadcast was due to him being overwhelmed by Nigerians’ support during his ordeal.

The National Agency for Food and Drug Administration and Control said it destroyed over N120bn worth of seized products from July to December 2024, in the six geo-political zones and the Federal Capital Territory.

This was as the agency assured Nigerians that adequate measures had been put in place to safeguard their health before, during and after the Yuletide season.

This was contained in the Yuletide message of the Director General of NAFDAC, Prof Mojisola Adeyeye, to Nigerians, in a statement signed by the agency’s Resident Media Consultant, Sayo Akintola, on Sunday.

Adeyeye emphasised the need to eat safe and stay safe during the festive period.

She reiterated the need for Nigerians to always procure food and drinks in outlets with identifiable addresses and locations to ease the agency’s track and trace obligation, adding that medicines and packaged food products that do not have NAFDAC number should be avoided. And when a product is too cheap, its most likely to be compromised.

Adeyeye said officers of the agency’s Investigation and Enforcement Directorate would continue the ongoing mop-up of substandard and falsified medicines and unwholesome food items from the markets across the country.

“Officials of the Agencys Investigation and Enforcement Directorate, Pharmacovigilance Directorate and Post-Marketing Surveillance Directorate are jointly on the field mopping up falsified medicines, fake wines and drinks and unwholesome food products that could endanger the health of the people during the festive season.

“The agency had stormed supermarkets in the big cities across the country such as Lagos, Port Harcourt, Aba, Ibadan, Kaduna, and the FCT, to apprehend manufacturers and merchants of fake drugs and unwholesome foods, while products running into billions of naira have been confiscated in the last three months of renewed enforcement.

“On Wednesday, December 11, 2024, the agency destroyed expired, unregistered drugs worth N11bn in Ibadan, Oyo State. In November, the Agency seized N300m worth of fake medicines during a raid of Tyre Village, Trade Fair Complex, Lagos State. Officers of the agency also busted counterfeit alcohol packaging centres and seized items worth N2bn in Lagos.  This followed reports of illegal revalidation of expired alcoholic beverages at the Trade Fair Complex in Lagos,” it noted.

It said the agency also confiscated bags of repackaged and expired rice worth N5bn, and sealed a factory and eight shops where counterfeit rice are packaged and distributed in Nasarawa State.

It added that over 1,600 bags of counterfeit rice worth N5bn were confiscated in Wuse and Garki markets, Abuja.

Adeyeye maintained that only safe, quality, and wholesome food products should be available to Nigerians during the Yuletide and beyond.

She specifically instructed that those counterfeiting popular brands of rice should be arrested and their products removed from the market.

It stated that a total of 150 shops at Eziukwu Market in Aba, a suburb of Abia State, were shut down following an operation by the agency.

“As the mop-up operation was going on in the FCT and Nasarawa State, NAFDAC was carrying out a two-day operation in the Aba market on December 16 and 17, 2024. During the operation, the agency uncovered large-scale production and distribution of fake and expired goods, including beverages, carbonated drinks, wines, spirits, vegetable oils, and revalidated food items such as noodles, powdered milk, and yoghurt with a market value of N5bn.

“The agency on Wednesday, December 11, 2024, also destroyed expired, unregistered, counterfeit, and smuggled products valued at N10,991,458,374.60.

The destroyed items, collected from five states in the South-West Zone (excluding Lagos) and Kwara State in the North Central Zone due to its proximity, were incinerated in Ibadan.

 “In total, over N120bn worth of seized products were destroyed by the agency in six months (July-December) in the six geo-political zones and FCT.

“The DG, however, stated that the agency would not rest on its oars until the merchants of death are forced out of operation, warning that the agency would make it hard for them to operate freely and endanger the health of innocent consumers. The coming year will be tough for the people that prioritise money over the well-being of their fellow human beings by compromising quality of medicines and food products in the country,” the statement noted.

The World Bank has fully disbursed a $1.5bn loan to Nigeria following the Federal Government’s implementation of key reforms, including removing fuel subsidies and introducing comprehensive tax policies, PUNCH reports.

The loan, part of the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing initiative, is among the fastest disbursements Nigeria has received with both tranches released in less than six months.

According to a World Bank document obtained by The PUNCH on Sunday, the loan was approved on June 13, 2024, with the first tranche of $750m disbursed on July 2, 2024.

The second tranche, tied to the fulfilment of specific economic reform conditions, was disbursed in November 2024.

This rapid disbursement contrasts with other loan programmes, which typically experience delays due to slow or partial implementation of conditions.

For more context, another loan of $750m was approved on the same day (June 13, 2024) for the Accelerating Resource Mobilisation Reforms Programme for Results project in Nigeria.

The PUNCH observed that the World Bank has only disbursed about $1.88m to Nigeria at the time of filing this story, which is less than one per cent of the total approved $750m for the ARMOR project.

The PUNCH further observed that the $1.5bn loan disbursed to Nigeria was structured in two tranches with different maturity periods.

The first tranche was a $750m credit from the International Development Association, featuring a 12-year maturity and a six-year grace period.

The second tranche, a $750m loan from the International Bank for Reconstruction and Development, has a 24-year repayment period with an 11-year grace period.

The World Bank document read, “This document summarises the progress made under the Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing for the Federal Republic of Nigeria (Borrower or Recipient), which was approved by the Executive Directors on June 13, 2024.

“The DPF is a standalone operation comprised of two tranches: (1) first tranche comprising $750m credit from the International Development Association (Association) (Shorter Maturity Loan terms with 12-year maturity and grace period of 6 years, Credit No. 7567-NG); and (2) second tranche comprising $750m loan from the International Bank for Reconstruction and Development (Bank) (US dollar-denominated, commitment-linked loan with 24-year maturity and grace period of 11 years, Loan No.9683-NG).

“The Financing Agreement and Loan Agreement were signed and declared effective on June 19, 2024 and June 26, 2024, respectively. The first tranche was released on July 2, 2024.”

While the document itself did not clearly state when the disbursement for the second tranche was made, further findings by The PUNCH showed that Nigeria got a $750m disbursement from the World Bank in November.

According to the document seen by The PUNCH, a critical reform that unlocked the second tranche was the removal of fuel subsidies.

The World Bank commended the government for not only meeting the condition but exceeding expectations by fully deregulating the fuel market.

The document noted, “In terms of implementation, while the TRC [Tranche Release Conditions] formulation required introducing the change over a specified time-bound implementation period, the Borrower has moved ahead and made the change immediately, thereby overachieving the TRC in this respect.

“Effective October 2024, the price of PMS has been determined by the international market and the exchange rate set by the Central Bank of Nigeria.”

This move has allowed petrol prices to align with international market rates and exchange rates, effectively ending the implicit subsidies that had burdened public finances.

Fuel prices have increased more than fivefold since the reform process began in mid-2023, a change that has drawn both praise for its fiscal prudence and criticism for its impact on living costs.

In addition to removing fuel subsidies, the Federal Government introduced sweeping tax reforms aimed at improving revenue mobilisation.

The Nigeria Tax Bill 2024, submitted to the National Assembly, proposes a gradual increase in the Value Added Tax rate to 10 per cent by 2025, alongside measures to simplify tax compliance and expand input tax credits for businesses.

The document read, “The Borrower has successfully carried out the programme as outlined in the Letter of Development Policy, with progress along all areas supported by the DPF. Following the implementation of the reforms that constituted prior actions for the first tranche of the RESET DPF (disbursed on June 28, 2024), the Borrower continues to carry out the program as planned.

“The borrower has prepared and submitted to the National Assembly on October 3, 2024, a comprehensive package of tax reforms, which not only reform the VAT regime but also simplify tax policy laws and tax administration.

“Reforms have also been implemented to fully deregulate the fuel market, ensuring that retail prices are determined by market conditions and opening the sector to competition. The authorities are following through on their commitment to cease deficit monetization, relying instead on standard debt instruments to finance the deficit.”

There were three key conditions noted in the document, with the first being increasing net oil revenues.

For the first condition, the World Bank noted that there was a Presidential Executive Order that mandated that all fiscal transfers, including crude oil sales and gasoline imports, be executed at the prevailing market exchange rate, with Naira-based transactions starting in October 2024, effectively addressing implicit subsidies.

The second condition was to increase non-oil revenue, and in this regard, the government submitted a draft bill to the National Assembly proposing a VAT rate increase to 10 per cent in 2025, while also allowing input tax credits for capital and services.

The third condition is to ensure social protection delivery was strengthened, and the document noted the submission of an amendment bill mandating the use of the National Social Registry as the primary targeting tool for social investment programs.

The World Bank described the reforms as necessary for diversifying Nigeria’s revenue sources, given the country’s historically low tax-to-GDP ratio.

However, the tax bills have sparked controversy, with northern leaders arguing that the reforms could widen economic disparities between the north and the south.

The disbursement of the $1.5bn loan comes amidst widespread public dissent over the effects of the reforms.

The removal of fuel subsidies has led to soaring petrol prices, significantly increasing transportation and living costs.

Protests erupted in cities like Abuja, Kano, and Lagos, with citizens expressing frustration over rising economic hardships.

President Bola Tinubu and members of his cabinet defended the reforms, describing them as essential for Nigeria’s economic stability and growth.

Tinubu emphasised that the funds saved from the removal of subsidies would be redirected toward infrastructure development, social welfare, and economic diversification.

To mitigate the immediate impact of the reforms, the government has introduced relief measures, including direct cash transfers of N25,000 to 15 million vulnerable households.

However, only about four million households have benefited from this cash transfer programme, which is far below the target.

Also, efforts are underway to promote compressed natural gas as a cheaper alternative to petrol, with a target of converting over one million vehicles in three years to reduce transportation costs.

The World Bank praised the government’s swift and decisive actions, noting that Nigeria’s ability to meet the conditions for both tranches in record time reflects a strong commitment to economic transformation.

The global lender also acknowledged the government’s efforts in addressing structural inefficiencies, such as the high fiscal burden from subsidies and the challenges of revenue mobilisation, calling for sustained reforms.

Amid concerns over rising external debt and the debt service burden, the Federal Government, under the leadership of President Bola Tinubu, has secured loans worth $6.95bn from the World Bank in about 18 months.

The PUNCH earlier reported that the World Bank will decide on three major loan projects for Nigeria in 2025, totalling $1.65bn, as part of efforts to address critical developmental challenges in the country.

The loans, currently in the pipeline, will focus on internally displaced persons, education, and nutrition enhancement.

According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $16.32bn, with the majority owed to the International Development Association, which accounts for $16.32bn, which represents 38 per cent of Nigeria’s total external debt.

The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $484.0m, or 1.13 per cent.

The Federal Government on Sunday expressed sympathy with the government and people of South Korea following the tragic crash of Jeju Air Flight 2216.

The crash occurred on Sunday, December 29, 2024, when the Boeing 737-800, returning from Bangkok, Thailand, attempted to land at Muan International Airport in southern South Korea.

The plane skidded off the runway and collided with a wall, resulting in a fiery explosion. Out of the 181 passengers and crew on board, 179 lost their lives, leaving only two survivors.

In a statement issued by the spokesperson for the Ministry of Foreign Affairs in Abuja, Kimiebi Ebienfa, the Federal Government conveyed its condolences to the bereaved families and expressed solidarity with South Korea during this difficult time.

The Nigerian government described the crash as a tragic loss and reaffirmed Nigeria’s support for the South Korean people.

“The Federal Republic of Nigeria wishes to express her sincere condolences to the Government and People of the Republic of Korea for the unfortunate crash of Jeju Air Flight 2216 that occurred on Sunday, December 29th, 2024.

“The Federal Government of Nigeria sympathises with the Government of South Korea and the families of the victims of the deadly plane crash,” the statement read.