Newspaper Headlines: Nigeria to repay World Bank $800m loan for 25 years

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Newspaper Headlines: Nigeria to repay World Bank $800m loan for 25 years

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April 13, 2023

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Reports on petitions over the outcome of the February 25 presidential election and the $800 million loan secured by the federal government for subsidy palliative dominated the cover pages of Nigerian newspapers.

The Punch reports that Nigerians imported not less than nine items worth N18.12tn from the forex ban list of the Central Bank of Nigeria (CBN) between 2016 and 2022. The newspaper says the federal government is expected to begin the repayment of the $800 million loan approved by the World Bank as subsidy palliative on January 15, 2027 and the last payment due on July 15, 2051.

The Nation says Bola Tinubu, president-elect, has questioned the right of Peter Obi, the presidential candidate of the Labour Party (LP), to challenge his victory in the February 25 election. The newspaper reports that there is division in the Peoples Democratic Party (PDP) over the push for a mini-convention in the party by G5 governors.

Daily Independent reports that the International Monetary Fund (IMF) has asked the federal government to implement tight fiscal policy in order to address the problem of rising debts. The newspaper says LP state chairmen stopped Lamidi Apapa from entering into the party’s national secretariat amid the leadership tussle in the party.

THISDAY reports that Tinubu has told the presidential election petition tribunal that it lacked the jurisdiction to enforce the decision of a United States district court that ordered the forfeiture of the sum of $460,000 in some US bank accounts linked to him in 1993. The newspaper says the federal government has instituted legal action against Roger Brown, chief executive officer (CEO) of Seplat Energy, for allegedly breaching the extant provisions of the Immigration Act, 2015.

The Guardian reports that the federal government is expected to spend $53 million on hiring staffers, office administration and other logistics out of the $800 million secured from the World Bank to mitigate the effects of petrol subsidy removal. The newspaper says a seven-storey building has collapsed in the Banana Island area of Lagos state.

Source: Top Stories