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Tag: Loan

FAAC funds to FG, states hit 7-year high in 2023
featured Finance

FAAC, loans dominate govs’ funding plans for 2026 budget

State governments are heading into 2026 with expansive spending plans, but weak internally generated revenue is compelling many of them to depend heavily on federal transfers, borrowing, and temporary inflows to finance their budgets, according to an analysis by The PUNCH. A review of appropriation bills and approved estimates across several states indicates that only […]

featured Finance

AfDB approves $500m loan for Nigeria energy transition support

The African Development Bank Group announced on Wednesday that it has approved a $500 million loan facility for Nigeria. This substantial funding is specifically designated to support the second phase of the country’s economic governance and energy transition support programme. This facility is designed to bolster Nigeria’s comprehensive efforts to modernize its electricity infrastructure, significantly […]

featured Finance

W’Bank to disburse $500m loan for Nigeria’s Project BRIDGE

The $500 million loan from the World Bank for Nigeria’s Building Resilient Digital Infrastructure for Growth project, also known as Project BRIDGE, will be disbursed in six tranches over a six-year period. Specifically, the International Development Association loan will be disbursed from 2026 to 2031, subject to Nigeria meeting a series of performance conditions. Going […]

NELFUND clears student loans for 108 institutions nationwide
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NELFUND clears student loans for 108 institutions nationwide

The Nigerian Education Loan Fund has announced the clearance of student loans across 108 government institutions throughout Nigeria. This update was shared via the official NELFUND page on X. In a statement, NELFUND emphasized its dedication to broadening educational access, stating, “The inclusion of these 22 new institutions underscores our commitment to ensuring that financial […]

Nigerian Education Loan Fund addresses student complaints on loan application
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Nigerian Education Loan Fund addresses student complaints on loan application

The Nigerian Education Loan Fund has responded to recent complaints from students facing challenges while applying on the Student Loan Application portal. The organization addressed these issues collectively as follows: 1. Missing school in the list of institutions: NELFUND advises students whose schools are not listed to contact their institution’s ICT department, which should then […]

Economy

FG seeks $1bn W’Bank loans for IDPs, agric

The Federal Government is in talks with the World Bank to complete the processes of obtaining over $1bn in loan to tackle the challenges, facing Internally Displaced Persons and their host communities, as well as bolster rural access and agricultural marketing in the country. This was disclosed in the World Bank documents titled, ‘Solutions for […]

Students' loan scheme to be launched in three weeks - Gbajabiamila
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Students’ loan scheme to be launched in three weeks – Gbajabiamila

Gbajabiamila says student loan scheme to be launched in three weeks It is anticipated that the student loan program would go into effect in the three weeks. According to The Times, the President’s Chief of Staff, Femi Gbajabiamila expressed the administration’s passion to ensure the scheme launch is successful. At the State House in Abuja, […]

Business

NNPC to use Afrexim bank’s $3.3bn loan for operational costs

The Nigerian National Petroleum Company Limited stated its plan to use the $3.3 billion loan received from the African Export-Import Bank to cover operating demands and pay upfront tax and royalties owed to Nigeria on Sunday. The Times reported that this was revealed in a paper titled ‘Frequently Asked Questions – Project Gazelle,’ provided by […]

LivingTrust Mortgage Bank repays DBN N950m loan
Business

LivingTrust Mortgage Bank repays DBN N950m loan

LivingTrust Mortgage Bank Plc has repaid a N950 million MSMEs grant to the Development Bank of Nigeria two months earlier than the planned date. The PUNCH reported that DBN disbursed the N950 million MSMEs fund to the bank on March 1, 2021, for a 36-month term, with the facility set to expire on March 1, […]

NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA
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NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA

The African Export-Import Bank as well as the United Bank for Africa have disbursed $2.25 billion from a $3.3 billion oil-for-cash loan facility created by the Nigerian National Petroleum Company Limited. The first payment of $2.25 billion has been disbursed, with a second tranche of $1.05 billion scheduled to follow. The $3.3 billion emergency loan […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

Nigeria free to seek loan – IMF

The International Monetary Fund has stated that the naira is now under pressure and that Nigeria is free to request a loan from the Fund to stabilize the currency if it deems it a viable alternative. The Punch reported that however, the Washington-based lender acknowledged that other actions made by the Nigerian government, including recent […]

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