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

The Central Bank of Nigeria (CBN) has announced the elevated of terrorism financing supervision to supervisory priority, as part of its ongoing commitment to protecting the Nigerian financial system from abuse by illicit actors.

Sidi-Ali, Hakama (Mrs) , Ag. Director, Corporate Communications
and Investor Relations Department in the apex bank, stated this in a press statement made available on Wednesday.

The statement noted that the supervisory priority ” covers, at a high level, terrorism financing risk management, terrorism
financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting.”

The statement added that the “bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations.”

According to the statement, ” this supervisory focus also supports Nigeria’s ongoing domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity, and the protection of
the financial system,” additing that further supervisory engagement will be undertaken as appropriate.

By Chidera Orji

The Nigeria Customs Service (NCS) has earned commendation from the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for its ground breaking revenue performance, strategic technology investments, and ongoing trade facilitation reforms.

Speaking during his inaugural board meeting and facility tour at Customs Headquarters in Abuja last week, the Minister praised the Service’s leadership and officers for their remarkable progress in modernising operations and boosting national revenue.

According to him, Customs has demonstrated unprecedented operational strength in 2026, generating N4.03 trillion in the first half of the year alone, followed by N1.38 trillion across July and August. The agency, he says, remains firmly on track to achieve its ambitious N11 trillion annual target, a milestone driven by aggressive automation, intelligence-led reforms, and improved cargo processing strategies under Comptroller-General of Customs Adewale Adeniyi.

Impressed by the Service’s modern intelligence tools and technological infrastructure, Oyedele said Customs’ track record is the ideal springboard to propel Nigeria into a leading position in regional and global trade, according to a press statement issued by the National Public Relations Officer, Abdullahi Maiwada, PhD.

“Results are precisely what should propel us to do more,” the Minister stated, noting that Customs’ strong foundation equips the Service to pioneer world-class standards in port efficiency, end-to-end transparency, faster cargo clearance timelines, and revenue integrity. “Nigeria must lead through performance, not rhetoric.”

Reaffirming President Bola Tinubu’s full backing, Oyedele assured that the Federal Government remains committed to empowering the NCS with cutting-edge technology, modern operational tools, and strong policy support to sustain its trajectory as a premier trade facilitator in Africa.

Meanwhile, the Nigeria Customs Service Board (NCSB), at its 65th Regular Meeting held on 2nd September, 2026 chaired by the Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele, considered official matters presented by its standing committees and, following the statutory retirement of some members of the Service, approved the confirmation of the appointments of one (1) Deputy Comptroller-General of Customs (DCG) and five (5) Assistant Comptroller-Generals of Customs (ACGs).

The appointments were made in accordance with the Federal Character Policy of the Government, as provided in Section 14(4) of the Nigeria Customs Service Act, 2023. The newly confirmed DCG is Constantine Dim (South-East), while the confirmed ACGs are Pascal Chibuoke (South-East), Sani Yahaya (North-Central), Franklin Onyeka (South-South), and Chibuzor Eyakwaire (South-South), Ethelbert Nnaji (South-East).

Furthermore, the Board approved the upgrade of the NCS Medical Corp to a Sub-department headed by Assistant Comptroller-General of Customs to be assisted by nine (9) Comptrollers. The Board was also briefed on the ongoing recruitment exercise, as successful candidates have been invited for documentation, physical, and medical screening, expected to commence on the 7th of September 2026. On disciplinary matters, the Board deliberated on several appeals and resolved accordingly, with outcomes including dismissal, exoneration, warning, compulsory retirement, and reinstatement of affected officers.

Similarly, the Board reviewed the Service’s revenue performance for 2026 against an annual target of N11.074 trillion. As at end of June 2026, collections stood at N4.30 trillion, representing 36.4 percent of the annual target. The Board also noted that the Service intensified efforts through full deployment of the Unified Customs Management System (B’Odogwu), expanded post-clearance and real-time audit, the Authorised Economic Operator and advance ruling programmes, the deployment of geospatial technology, joint border patrols, and deeper engagement with the trading community.

Furthermore, based on the report of the Technical and Operations Committee, the Board approved the Nigeria Customs Service De-Minimis Regulation, 2025, to align it with provisions of the Nigeria Customs Service Act, 2023.

The Board was also updated on ICT digital transformation initiatives recording substantial progress across trade systems, HR automation, NII infrastructure, and digital applications, as well as an invitation from the Federal Ministry of Finance for memoranda proposing amendments to the Nigeria Customs Service Act for possible inclusion in the 2027 Finance Bill.
The Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, on behalf of the NCSB, congratulates all appointed management members, while reaffirming the Service’s commitment to accountability, institutional strengthening, and sustained revenue mobilisation.