Business and Economy
FG seeks fresh $1.5bn loan from World Bank

The Federal Government has opened discussions with the World Bank for three new loans totalling $1.5bn, even as Nigeria’s public debt climbed to a record N166.79tn at the end of June 2026.
Documents obtained from the World Bank show that the proposed financing comprises three separate $500m facilities for climate resilience, social protection and early childhood development.
The most immediate is a proposed $500m additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank has fixed October 29, 2026, as the estimated date for consideration by its board. The borrower is the Federal Republic of Nigeria, while the Federal Ministry of Environment is the implementing agency.
The financing would raise the size of ACReSAL from its previously approved $700m to $1.2bn, entirely financed through the International Development Association, the World Bank’s concessional financing arm.
The document said, “The Government of Nigeria has requested AF of $500m to scale up demonstrated project results and strengthen the institutional, operational and financing arrangements needed to sustain integrated landscape management.”
The additional financing is expected to support landscape restoration, watershed rehabilitation, erosion and flood management, irrigation and drainage, water harvesting and storage, reforestation and other climate-resilient interventions.
Of the additional $500m, $310m is proposed for dryland management, $165m for community climate resilience and $25m for institutional strengthening and project management.
ACReSAL currently operates across 19 northern states and the Federal Capital Territory and is targeted at land degradation, water insecurity, climate vulnerability and declining agricultural productivity.
The World Bank said desertification and land degradation affected an estimated 43 per cent of Nigeria’s land area, while failure to address climate change could reduce gross domestic product by about 2.6 per cent annually by 2030 and as much as 6.7 per cent by 2050.
The second proposed loan is another $500m IDA credit for the Household Prosperity and Empowerment-Social Protection Project.
Unlike the ACReSAL facility, the HOPE-SP project is at an earlier stage of preparation. Its technical design review is expected on October 30, 2026, while the World Bank has tentatively fixed March 16, 2027, as its approval date. The Federal Ministry of Finance is listed as the borrower, while the Federal Ministry of Humanitarian Affairs and Poverty Reduction will implement the programme.
The project has an estimated cost of $500m, comprising a $420m results-based programme and an $80m investment project financing component, with the entire financing expected from IDA.
It is designed to establish regular social assistance for poor and vulnerable households, while gradually shifting financing responsibility towards federal and state budgets.
The World Bank document said the programme would establish “a sustainable social assistance to poor and vulnerable households, financed increasingly from federal and state budgets and delivered through strengthened state and local government systems.”
The proposed programme would finance targeted unconditional and conditional cash transfers, modernise the social registry, integrate the National Identification Number into the social protection information system and strengthen implementation at federal, state and local government levels.
The lender said Nigeria spent only 0.14 per cent of GDP on social safety-net programmes in 2021, compared with a global average of 1.5 per cent and 1.2 per cent among lower-middle-income countries.
The bank also painted a grim picture of household welfare, estimating that the proportion of Nigerians living in poverty had increased from 40 per cent in 2019 to 56 per cent in 2023 and could reach 62.5 per cent in 2026. It attributed the deterioration to several factors, including the pandemic, inflation, natural disasters and conflict, while noting that fuel subsidy removal and exchange-rate reforms worsened living costs in the short term.
The third proposed $500m facility is for the Nigeria Early Childhood Development programme, with an estimated approval date of March 15, 2027, a day before the proposed HOPE-SP approval. Its technical design review is also scheduled for October 30, 2026.
The Federal Ministry of Finance is the borrower, while the Federal Ministry of Budget and Economic Planning is expected to implement the programme.
The project would cover all 36 states and the FCT and seek to improve access to an integrated package of health, nutrition, early learning, childcare, water and sanitation, and other services for children aged zero to five.
It would be financed through $500m IDA credit, consisting of a $400m programme-for-results component and $100m investment project financing component.
The World Bank said the intervention had become necessary because “40 percent of children under five are stunted, fewer than half are developmentally on track, 36 percent of children aged 36 to 59 months attend organised early learning,” with poor rural households carrying much of the burden.
PUNCH
Business and Economy
NNPCL increases petrol price amid disputed fuel discount

The Nigerian National Petroleum Company Limited, NNPCL, has increased its premium motor spirit, PMS, pump price following the announcement of a discounted fuel price.
Checks on Friday showed that NNPCL increased its petrol price to N1,405 per litre from N1,370 per litre.
Several fuel pump attendants, who spoke to an online medium Daily Post, on condition of anonymity, said the latest price increase was announced on Thursday but implemented on Friday.
This means that NNPCL’s petrol price increased by N35 per litre, although the state-owned oil company has not explained the reason for the adjustment.
The latest development means that petrol prices at the company’s filling stations have risen again despite the controversy surrounding the announced fuel discount.
On Thursday, the Minister of Finance, Taiwo Oyedele, announced a proposed fixed petrol gantry price of N1,375 per litre ahead of the January 16, 2027, presidential election.
Business and Economy
IMF warns Nigeria against restoring petrol subsidy

By Our Reporter with agency report
The International Monetary Fund (IMF) has advised Nigeria against restoring broad petrol subsidy, recommending targeted support for vulnerable households to cushion the impact of rising energy costs.
IMF said blanket petrol subsidies were expensive, often benefited higher-income consumers disproportionately and could worsen fiscal pressures amid rising borrowing costs.
Rodrigo Valdés, director of the IMF’s fiscal affairs department, spoke during a press briefing on the fund’s fiscal monitor at the 2026 annual meetings of the IMF and World Bank in Bangkok, Thailand, on Wednesday.
His comments followed a question on how the fund could recommend allowing energy prices to reflect scarcity when higher fuel prices in Nigeria could raise transport costs, worsen inflation and deepen poverty, particularly when the government was facing calls to restore petrol subsidy ahead of an election year.
“Protecting people is not the same as protecting the price of fuels,” Valdés said.
He said fuel subsidies or measures preventing prices from adjusting fully to an energy shock had cost countries between 1 percent and 1.5 percent of gross domestic product (GDP) in 2026.
“It’s first fiscally very costly, and second, if you look at the pattern of consumption, it’s easy to see that that subsidy is readily regressive in many places,” he said.
Valdés said governments should instead use social safety nets and household data to identify people who need assistance.
“There are better tools to deal with this,” he said.
The federal government recently announced a 30-day petrol discount at Nigerian National Petroleum Company (NNPC) Limited retail stations, with priority for public transport operators, to cushion the impact of rising fuel prices.
Taiwo Oyedele, minister of finance, said NNPC retail would sell petrol at cost by foregoing its retail profit margin, describing the measure as temporary relief rather than a return to petrol subsidy.
The government also proposed negotiating a ceiling of N1,350 per litre on petrol’s ex-gantry or landing cost, subject to monthly reviews
IMF URGES FG TO REDIRECT SUBSIDY GAINS TOWARDS VULNERABLE PEOPLE
The IMF also recommended targeted interventions to cushion the effect of higher fuel prices on transportation costs.
Davide Furceri, a division chief in the fund’s fiscal affairs department, said governments could redirect some of the resources spent on blanket subsidies towards vulnerable consumers.
“For example, you mentioned transportation costs. Yeah, gasoline could go up, and perhaps bus fees may be subsidised in a way that is a much better policy at the end of the day than just a blanket subsidy for everybody,” Furceri said.
He also suggested alternatives such as school feeding programmes, geographical targeting and assistance for vulnerable farmers.
READ ALSO: Atiku accuses Tinubu of copying his fuel subsidy proposal
Furceri acknowledged that some countries lacked household registries and digital payment systems needed to deliver targeted support effectively.
However, he said governments could adopt alternative approaches in the short term while developing stronger systems.
He recommended that assistance should be limited, targeted and temporary.
Valdés explained that fuel subsidies could worsen global energy pressures by preventing demand from adjusting when supplies were constrained.
“When you subsidise, you don’t allow, at the end of the day, demand to adjust,” he said.
“And reality is that we have less fuels in the world economy. That means that someone else has to adjust more, and the market produces a higher price for that.”
The IMF official said subsidies were not only costly and regressive but could also have spillover effects on the global economy.
TheCable
Business and Economy
NCC commends Glo’s efforts on customer service

The Nigerian Communications Commission (NCC) the telecoms industry regulator, has commended Globacom on its outstanding performance in consumer complaint management and resolution.
In a letter to the company, which was signed by Kabiru S. Haruna, Principal Manager, Consumer Protection & Advocacy
Consumer Affairs Bureau (CAB), the Commission expressed happiness at Globacom’s treatment and resolution of customer issues during the month of August, 2026.
The letter read in part: “We are pleased to note that your organization achieved and surpassed the Commission’s complaint resolution thresholds of 90% and 97% for Level 2 (L2) complaints. This accomplishment reflects your commitment to regulatory compliance, consumer satisfaction, and the continuous improvement of service delivery.”
NCC noted that Globacom’s dedication to timely complaint resolution and adherence to established Service Level Agreements (SLAs) put in place by the Commission has contributed significantly to enhancing consumer confidence and promoting a positive customer experience within the telecommunications sector.
The Commission further encouraged Globacom to sustain this level of outstanding performance while continuing to implement measures aimed at further improving service quality and consumer satisfaction.
Globacom noted that constant training of its customer-interfacing staff and investment in the latest technology were responsible for observed improvement. The company promised not to relent in this regard.
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