Category Nigeria News

The World Bank has advised the Federal Government to implement reforms that protect the country’s poorest against rising inflation.

The bank also advised the government to boost the livelihoods of all Nigerians through more productive work, which it said is key to reversing high poverty levels.

The World Bank stated this in its latest April 2025 Poverty and Equity Brief for Nigeria, which was obtained on Monday.

The bank had, earlier last month, in its Africa’s Pulse report, declared that more Nigerians would become poor over the next five years, citing Nigeria’s structural economic weaknesses, dependence on oil revenues, and national fragility as key barriers to meaningful poverty reduction.

To alleviate the inflationary effects of recent reforms on the poor, the government launched temporary cash transfers to reach 15 million households.

However, roll-out has been slow, the bank said.

Upon assumption of office on May 29, 2023, President Bola Tinubu’s administration implemented bold economic reforms such as the removal of fuel subsidies and the floating of the naira.

The reforms spiked inflation rates.

Nigeria’s annual inflation rose slightly to 24.23 percent in March 2025, from 23.18 percent in the prior month, which was the softest since June 2023.

READ ALSO: President Tinubu To Meet GenCos Over N4tn Power Sector Debt

Food inflation, the largest component of the inflation basket, remained elevated but eased to 21.79 percent from 23.51 percent in the prior month.

The core inflation, which excludes the prices of volatile agricultural products and energy, quickened to 24.43 percent, from 23.01 percent in the previous month. Monthly, consumer prices rose by 3.90 percent in March, accelerating from 2.04 percent in February.

The World Bank said, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty. Since 2018/19, an additional 42 million people have fallen into poverty, so more than half of all Nigerians (54 percent) are estimated to live in poverty in 2024, based on World Bank projections.

” Although recent macroeconomic reforms have begun to stabilise the economy, inflation remains high, dampening consumer demand and continuing to undermine the purchasing power of Nigerians. Labour incomes have not kept up with inflation, pushing many Nigerians, particularly in urban areas, into poverty. “

It said strengthening the social protection system with a focus on building resilience and enabling human capital investments could be funded through recent fiscal savings from the Premium Motor Spirit (PMS) reform.

This, the World Bank said, would be key to help mitigate the impact of future shocks, and allow households to make necessary investments into human capital to avoid inter-generational transmission of poverty.

READ ALSO: &nbsp, Oil Prices Fall Over 3% After OPEC+ Output Hike

These temporary measures must be supplemented by economic diversification, which expands the non-oil sector and creates jobs in the private sector, as well as by investments in public services, particularly in those in health, education, and infrastructure. In the face of limited fiscal space, “added,” improving the effectiveness and efficiency of public investments is particularly crucial.

According to the report, 30.9% of Nigerians lived below the 2017 PPP, or $2.15 per person per day (IELTS), level before the COVID-19 pandemic, according to the most recent official household survey data from the National Bureau of Statistics (NBS).

Five children were discovered lifeless in an “abandoned” and “unserviceable” vehicle in the state’s Obi Local Government Area. The Nasarawa State Police Command has launched an investigation.

It explained in a statement that its Police Public Relations Officer, SP Ramhan Nansel, had received a report from a resident of the Agyaragu neighborhood where the incident took place that the community had discovered the children’s lifeless bodies.

The children, who range in age from six to ten, were discovered “unresponsive” in a resident’s compound.

One Mr. Ozimna Ogbor, a resident of Agyaragu, reported to the Agyaragu Divisional Headquarters on May 4, 2025, that five children, among them, were found unresponsive inside a used car parked in one Mr. Abu Agyeme’s compound at around 1730 hours.

The Divisional Police Officer and his team were instructed to immediately arrive at the scene by the Commissioner of Police, CP Shetima Jauro Mohammed, who had responded quickly to the report. The officers arrived and discovered the victims locked inside the abandoned car.

Also read: Bandits Kill Vigilantes, Civilians in Bauchi, and More.

Additionally, the police stated that the children had to be immediately taken to Aro Hospital in Agyaragu, where a doctor found all five children dead due to a rumored suffocation.

Due to severe heat burns on the bodies of the deceased, the statement claimed that their parents were requested to bury their remains after the remains were discovered.

However, the police claimed that the Police Commissioner had ordered a thorough investigation to find out what had happened.

This heartbreaking incident is a fitting comparison to the tragic accident that happened in Keffi in August of last year when two children lost their lives in an abandoned car.

Five children were discovered lifeless in an “abandoned” and “unserviceable” vehicle in the state’s Obi Local Government Area. The Nasarawa State Police Command has launched an investigation.

It explained in a statement that its Police Public Relations Officer, SP Ramhan Nansel, had received a report from a resident of the Agyaragu neighborhood where the incident took place that the community had discovered the children’s lifeless bodies.

The children, who range in age from six to ten, were discovered “unresponsive” in a resident’s compound.

One Mr. Ozimna Ogbor, a resident of Agyaragu, reported to the Agyaragu Divisional Headquarters on May 4, 2025, that five children, among them, were found unresponsive inside a used car parked in one Mr. Abu Agyeme’s compound at around 1730 hours.

The Divisional Police Officer and his team were instructed to immediately arrive at the scene by the Commissioner of Police, CP Shetima Jauro Mohammed, who had responded quickly to the report. The officers arrived and discovered the victims locked inside the abandoned car.

Also read: Bandits Kill Vigilantes, Civilians in Bauchi, and More.

Additionally, the police stated that the children had to be immediately taken to Aro Hospital in Agyaragu, where a doctor found all five children dead due to a rumored suffocation.

Due to severe heat burns on the bodies of the deceased, the statement claimed that their parents were requested to bury their remains after the remains were discovered.

However, the police claimed that the Police Commissioner had ordered a thorough investigation to find out what had happened.

This heartbreaking incident is a fitting comparison to the tragic accident that happened in Keffi in August of last year when two children lost their lives in an abandoned car.

Over the N4 trillion debt in the power sector, President Bola Tinubu will meet with the CEOs of the power-generating companies.

Following Tuesday’s high-stakes discussions between Adelabu and the chairmen of the Generating GenCos in Abuja, Bolaji Tunji, the Special Adviser, Strategic Communications and Media Relations, issued a statement to the Minister of Power, Bolaji Tunji, on Sunday.

He claimed that the government’s intervention is intended to stop the country’s power infrastructure from crashing out right away.

The minister assured GenCos executives in the statement that the government would prioritize making significant payments out of the N4tn debt while reimbursing the money with other debt instruments.

He claimed that a meeting between President Tinubu and the leadership of GenCos would make this suggestion.

“A sizable portion of the debt needs to be paid in cash,” the statement states. Let’s say we make a sizable deposit, then request a promissory note as a debt instrument to cover the remainder.

He used financial instruments, such as promissory notes, to guarantee the payment of the outstanding balance in six months.

“We acknowledge the urgency of this issue. Adelabu stated that the government would meet with GenCos leadership to discuss the matter and that the government would work with them to stabilize the sector and stop further crises.

Col. Sani Bello, the chairman of Mainstream Energy Solutions and the chairman of the Association of Power Generating Companies (APGA), who had earlier raised the alarm about the sector’s dire state, citing the N4tn debt as a pressing threat to operations, as the head of the GenCoS.

He also reaffirmed that GenCos were unable to secure loans or maintain infrastructure due to liquidity issues. He argued that the entire power ecosystem could collapse without immediate intervention.

READ ALSO: Oil Prices Fall Over 3% Following the OPEC+ Output Hike.

This is a national emergency, according to Kola Adesina, the chairman of Egbin Power and First Independent Power Limited. Power is everything, including hospitals, homes, and industries. We can’t afford to see the sector fail.

Adelabu pledged to carry out reforms to reduce operational bottlenecks as well as to pay off the government’s role in the sector’s struggles. He urged Nigerians to adopt cost-reflective tariffs in order to fully liberalize the power sector.

Citizens are required to pay the appropriate price for energy consumed. Nigerians who are economically disadvantaged will continue to receive targeted subsidies from the Federal Government. He argued that we must grasp that subsidies cannot be resisted indefinitely and that public awareness campaigns must be conducted to encourage compliance.

APGC Power CEO Dr. Joy Ogaji went into great detail about the systemic issues that plague GenCos, including persistent late payments, unpredictable gas prices, and volatile foreign exchange rates.

She noted that maintenance budgets and loan repayments were hampered by the naira’s drop from 157/$ in 2013 to 1,600/$ in 2014 (nbsp).

While remaining patriotic, she claimed that “genCos have borne unsustainable risks from grid failures to unproductive taxes.”

The minister gave recommendations for ensuring that the sector’s transition to sustainability, including regulatory reviews to lower levies and promote market stability.

Over the N4 trillion debt in the power sector, President Bola Tinubu will meet with the CEOs of the power-generating companies.

Following Tuesday’s high-stakes discussions between Adelabu and the chairmen of the Generating GenCos in Abuja, Bolaji Tunji, the Special Adviser, Strategic Communications and Media Relations, issued a statement to the Minister of Power, Bolaji Tunji, on Sunday.

He claimed that the government’s intervention is intended to stop the country’s power infrastructure from crashing out right away.

The minister assured GenCos executives in the statement that the government would prioritize making significant payments out of the N4tn debt while reimbursing the money with other debt instruments.

He claimed that a meeting between President Tinubu and the leadership of GenCos would make this suggestion.

“A sizable portion of the debt needs to be paid in cash,” the statement states. Let’s say we make a sizable deposit, then request a promissory note as a debt instrument to cover the remainder.

He used financial instruments, such as promissory notes, to guarantee the payment of the outstanding balance in six months.

“We acknowledge the urgency of this issue. Adelabu stated that the government would meet with GenCos leadership to discuss the matter and that the government would work with them to stabilize the sector and stop further crises.

Col. Sani Bello, the chairman of Mainstream Energy Solutions and the chairman of the Association of Power Generating Companies (APGA), who had earlier raised the alarm about the sector’s dire state, citing the N4tn debt as a pressing threat to operations, as the head of the GenCoS.

He also reaffirmed that GenCos were unable to secure loans or maintain infrastructure due to liquidity issues. He argued that the entire power ecosystem could collapse without immediate intervention.

READ ALSO: Oil Prices Fall Over 3% Following the OPEC+ Output Hike.

This is a national emergency, according to Kola Adesina, the chairman of Egbin Power and First Independent Power Limited. Power is everything, including hospitals, homes, and industries. We can’t afford to see the sector fail.

Adelabu pledged to carry out reforms to reduce operational bottlenecks as well as to pay off the government’s role in the sector’s struggles. He urged Nigerians to adopt cost-reflective tariffs in order to fully liberalize the power sector.

Citizens are required to pay the appropriate price for energy consumed. Nigerians who are economically disadvantaged will continue to receive targeted subsidies from the Federal Government. He argued that we must grasp that subsidies cannot be resisted indefinitely and that public awareness campaigns must be conducted to encourage compliance.

APGC Power CEO Dr. Joy Ogaji went into great detail about the systemic issues that plague GenCos, including persistent late payments, unpredictable gas prices, and volatile foreign exchange rates.

She noted that maintenance budgets and loan repayments were hampered by the naira’s drop from 157/$ in 2013 to 1,600/$ in 2014 (nbsp).

While remaining patriotic, she claimed that “genCos have borne unsustainable risks from grid failures to unproductive taxes.”

The minister gave recommendations for ensuring that the sector’s transition to sustainability, including regulatory reviews to lower levies and promote market stability.

 The Nigeria Education Loan Fund (NELFUND) insists no money is missing from the student loan scheme despite claims to the contrary. 

A recent report had alleged that some schools were diverting money meant for the scheme operated by NELFUND. That prompted the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch an investigation into the matter.

However, NELFUND’s Managing Director and Chief Executive Officer (CEO), Akintunde Sawyerr, said the fund has a clean bill of health.

“We are all looking for this so-called money. First of all, let me be very clear. No money has been stolen. The President, in his wisdom and well-intentioned programme, decided that he was going to set up the Nigeria Education Loan Fund,” Sawyerr said on Channels Television’s Sunday Politics.

“But let me go back and just continue to correct this misconception. No N71bn is missing,” Sawyerr insisted.

READ ALSO [Student Loan] NELFund Denies Alleged Corruption, ICPC Clarifies Statement

He added, “So the funds that we’ve been given are to bridge the gap for those who don’t have the money to be able to attain the education. No money is missing. No money has been stolen. There had been some issues with what happened at this phase, where human intervention comes in.”

“No money is missing. No money has been stolen. There’d be some issues with what happens at this phase, where human intervention comes in,” the NELFUND boss said.

Since the inception of the scheme, some parents and students have complained of delayed payment, and in many instances, the money has not been getting to the beneficiaries.

The NELFUND chief, however, said funds are not disbursed to the students.

“Let me correct a misconception there. There is no disbursement from the NELFUND account through the schools to the students. The NELFUND money goes to the schools for their tuition or institutional charges. The schools are supposed to give unfettered access to the students for classes.

“The schools do not disburse to the students, except in the case where the student has already paid their fees, in which case there has been a double payment,” he said.