• Tinubu’s gov’t becomes third-largest debtor to World Bank

• Power generation hit 5,313MW first time in 3 years
• NLC accuses Tinubu of betrayal over fuel price hike
• Enugu, Imo governments fine residents over use of solar energy, generators
• ₦100bn consumer credit kicks off as FG targets 500,000 civil servants

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Tinubu’s gov’t becomes third-largest debtor to World Bank

Following a substantial increase in loan commitments, Nigeria has become the third-highest borrower from the World Bank’s International Development Association (IDA). 

The World Bank’s financial reports reveal that Nigeria’s debt to the IDA surged by 14.4% during the 2023 fiscal year, rising to $16.5 billion in 2024.

Under President Bola Tinubu’s leadership, Nigeria’s borrowing from the International Development Association (IDA) has increased substantially by $2.2 billion. This significant rise has catapulted Nigeria into the top three IDA debtors for the first time, advancing from its fourth-place ranking in 2023.

The IDA loans obtained by Nigeria are typically earmarked for developmental initiatives. These include projects aimed at bolstering infrastructure, upgrading public services, and alleviating poverty, which are fundamental to Nigeria’s long-term development strategy.

Power generation hit 5,313MW for the first time in 3 years

The Federal Ministry of Power announced that Nigeria’s electricity generation reached a significant milestone on Monday, peaking at 5,313 megawatts – the highest level recorded in three years.

Bolaji Tunji, media aide to the Minister of Power, released a statement highlighting this achievement and urging electricity distribution companies to ensure efficient distribution of the increased power supply.

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement revealed.

Power Minister Adebayo Adelabu called on Distribution Companies (Discos) to increase their energy uptake in response to this development. He emphasized the importance of this action to prevent potential grid collapse, explaining that the grid’s frequency decreases when power is generated but not adequately distributed by the Discos.

NLC accuses Tinubu of betrayal over fuel price hike

The Nigeria Labour Congress (NLC) has criticized President Bola Tinubu, labelling him a betrayer in light of the recent increase in fuel prices.

Joe Ajaero, the NLC President, issued a statement on Tuesday in Abuja expressing the organization’s profound shock and disappointment at what they termed a “clandestine increase” in the pump price of Premium Motor Spirit (PMS). The Labour group characterized this move as a “deep sense of betrayal.”

In its statement, the NLC pointed out that one key reason for accepting the ₦70,000 national minimum wage was the implicit understanding that PMS prices would remain stable. The NLC now accuses the government of reneging on its commitments.

Furthermore, the NLC condemned the administration for implementing what it describes as “ferocious right-wing market policies.”

According to the NLC, these policies have lowered the economic well-being of Nigerian citizens to an “all-time low.”

Enugu, Imo governments fine residents over use of solar energy, generators

The governments of Enugu and Imo States are imposing fines on residents for using alternative energy sources to power their facilities, citing concerns about “environmentally unfriendly activities” and “carbon emissions.”

According to reports, Enugu’s Ministry of Environment and Climate Change claimed that using power sources other than those provided by the national power company violates multiple environmental law sections and incurs a penalty.

In a notice sent to an Enugu resident on August 28, the ministry stated, “You are hereby notified of your violation of the law, particularly Sections 124, 125, 126, 127, and 128, due to your environmentally unfriendly activities, including the use of alternative power supply (Lutec) in your facility, which contributes to carbon emissions in the environment.” 

The notice further instructed the resident to comply with the state ministry within seven days and pay a contravention fine of ₦88,000.

₦100bn consumer credit kicks off as FG targets 500,000 civil servants

The Nigerian Consumer Credit Corporation (CREDICORP) signed a memorandum of understanding yesterday with Credit Direct, an FCMB subsidiary, to disburse consumer credit to economically active Nigerians. The corporation is starting with civil servants, aiming to reach over 500,000 within the next year with single-digit interest loans.

At the MoU signing event on Tuesday in Lagos, CREDICORP announced that the partnership would expedite broad access to consumer credit, beginning with civil servants nationwide.

It is worth noting that President Bola Ahmed Tinubu approved implementing the consumer credit scheme with an initial grant of ₦100 billion.

According to the corporation, the program will start this month and provide discounted direct consumer credit to over 15,000 civil servants per round.