Once again, the Independent Media and Policy Initiative (IMPI) finds it necessary to set the public record straight following Senator Mohammed Ali Ndume’s recent and deliberate misinterpretation of facts regarding Nigeria’s development loans, seemingly aimed at casting aspersions on President Bola Ahmed Tinubu’s reform agenda.

It is disappointing that Senator Ndume, now in his fourth consecutive Senate term, discussed Nigeria’s national debt without offering proper context or enlightening Nigerians. During a recent television interview, he questioned the rationale and transparency of borrowings totalling $9.45 billion (about N13 trillion) since June 2023.

With public concerns already heightened around government borrowing, it was incumbent on a senior legislator such as Senator Ndume to provide accurate and holistic information—especially when Nigeria’s total public debt, while rising to N144.67 trillion in local currency, actually declined in dollar terms from $108.23 billion at the end of December 2023 to $94.23 billion by December 2024. This signals a remarkable reduction of $14 billion within a year—an unprecedented fiscal achievement since 2006 that deserves acknowledgement, not a misrepresentation.

Rather than commend this historic reduction, Senator Ndume claimed, without substantiation, that these loans are being misapplied to so-called ‘non-tangible’ projects. This criticism is shortsighted, betraying a narrow understanding of the multifaceted nature of development. Development today is not limited to physical infrastructure alone but increasingly encompasses human capital—skills, knowledge, education, and health—that underpin a productive society and stronger economy.

Countries like India and China have surged by building roads or factories and investing in their people. Human capital development—expanding access to education, healthcare, social protections, gender inclusion, and agricultural productivity—drives lasting national prosperity.

Senator Ndume’s suggestion that only physical projects matter is not supported by development economics or Nigeria’s need for inclusive growth. Notably, the loans are not commercial bank advances but concessionary, development-backed loans from institutions like the World Bank—often with very low interest rates, extended maturities (up to 40 years), and multi-year moratoria. Such terms make these loans an efficient and responsible instrument for funding national development priorities that commercial lenders will not touch.

India and China, for instance, developed their technical capacity deliberately and strategically, understanding that human skills and knowledge would be their ultimate competitive trade advantage.

The soft and intangible projects funded by the federal government are as important as the “tangible, accountable” projects preferred by Senator Ndume.

Of course, we are sure that the Senator is conscious that those loans for intangibles that he mentioned are not commercially valued loans like those made available by commercial banks. Indeed, development-backed loans are classified as concessionary loans with usually long tenures, as long as 40 years, and interest rates as low as one per cent, sometimes with a four-year moratorium.

Naturally, no commercial bank is inclined to fund these aspects of human development because they have no basis for physical and commercial quantification. However, they constitute a significant pivot in human growth and sustainability. Realising the critical need to invest in human capital, multilateral agencies emerged to fill the fiscal gaps and address and facilitate investments focused on human capital development.

The lead entities in this sector are the World Bank and the International Monetary Fund (IMF). The World Bank seeks to help countries invest in and develop their people to be productive citizens and active economic contributors. The philosophical underpinning of the World Bank’s operations is prioritising investments in education, healthcare, and social protections to realise a stronger economy full of healthy, thriving adults. This forms the kernel of the World Bank loans to Nigeria.

Our analysis shows that World Bank loans accounted for nearly 80% of Nigeria’s multilateral debt in 2024, rising modestly from $21.15 billion in 2023 to $22.32 billion in 2024—a 5.5% increase, not the $9.5 billion figure Senator Ndume cited. Meanwhile, Nigeria’s IMF debt fell sharply from $2.47 billion to $800.23 million (-67.6%) over the same period.

This evidence supports the view that the Tinubu administration is not carelessly accumulating debt but carefully balancing securing new credit for critical sectors and reducing overall public debt. The administration should be recognised for prudent debt management and reform focus, not unfairly disparaged.

Additionally, Senator Ndume’s claim that these loans bypassed parliamentary scrutiny is inaccurate. The World Bank credit approval process requires approval by its internal arms (IDA or IBRD) and subsequent concurrence by Nigeria’s National Assembly before disbursement.

For the record, the World Bank approved six projects (valued at $4.25 billion) for Nigeria in 2024, but actual disbursements between 2023 and 2024 stand at just $2.36 billion—far from the $9.5 billion claimed

Beyond this, we find it somewhat disconcerting that the Senator made efforts in that interview to misrepresent and, as it were, politicise the value of the debt secured by the Tinubu administration from the World Bank, putting it at $9.5 billion since the administration’s inception in June 2023. This is inappropriate, as such propagation of deliberately concocted misleading figures against a government with the apparent purpose of disparaging it and, in the same token, inciting the people against the government should be discouraged.

Nigeria’s debt profile is a loud testimony of a government that is not about the acquisition of debt but one that is adept at managing its debt portfolio by creating a positively skewed balance between new loans and paying down older ones. Thus, rather than impugn the capacity and the good standing of the government’s debt management approach, we submit that the Tinubu administration should be seen for what it is: a genuinely reform-focused administration.

On the whole, whereas the World Bank approved six projects valued at $4.25 billion for Nigeria in 2024, the actual disbursements between 2023 and 2024 amounted to $2.36 billion, a distant figure from the $9.5 billion Senator Ndume insinuated was the credit disbursed by the bank on account of parliamentary approvals.

We find Senator Ndume’s misstatements on development-backed loans deeply troubling and unworthy of a ranking lawmaker tasked with advancing Nigeria’s development priorities. Misrepresenting data to score political points is manipulative and undermines informed public debate.

We urge all policymakers, especially those in positions of authority, to prioritise accuracy and transparency in public discourse. Nigerians deserve nothing less than the unvarnished truth on critical national matters.

Omoniyi M. Akinsiju PhD
Chairman,

Independent Media and Policy Initiative (IMPI)

April 2025

Amid all these, the CEO of the troubling company called Nigeria is retreating far away land in France- Peter Obi calls on President Tinubu to suspend his stay in France and return home over pressing National issues

Former presidential candidate, Peter Obi, has called on President Tinubu to quickly suspend whatever he is doing in France and rush home to take responsibility of all the disturbing issues.Obi recounted how in the 2 weeks President Tinubu has been away, over 150 Nigerians have lost their lives to insecurity across Nigeria, especially in Plateau and Zamfara states. He mentioned that the repeated pipeline explosions in the Niger Delta further reflects a nation in distress. He went on to state that in the North East, Borno state leaders are bemoaning the return of insurgency with troops and civilians being killed randomly. In the South East, the story is the same with k!llings and abduction

Obi stated that amidst all these issues, the ‘’CEO of the troubling company called Nigeria is retreating far away land in France from the Company’s headquarters.”

He called on the President to immediately rush back home to address all the pressing issues.

His statement reads

‘’Mr. President, Domestic problems Beacons.

I am compelled at this time in our lives as a nation to call on our retreating President’s attention to the security challenges at home, which entails that he immediately suspend his ongoing retreat in a foreign land and come home to address the overwhelming security situation across the country.

This urgent call has become necessary following the rising incidents of crimes and criminalities all over Nigeria with an apparent absence of governance.

In the 2 weeks you have been away, over 150 Nigerians have lost their lives to insecurity across Nigeria, especially in Plateau and Zamfara states.

The repeated pipeline explosions in the Niger Delta, further reflect a nation in distress.

In the North East, Borno state leaders are bemoaning the return of insurgency with troops and civilians being killed randomly. In the South East, the story is the same: killings and abduction.

Amid all these, the CEO of the troubling company called Nigeria is retreating far away land in France from the Company’s headquarters.

The primary duty of any government is securing the lives and property of its citizens and one wonders the type of retreat going on in another country where peace has been secured by their leaders while blood continues to flow in our country

The fight for a better Nigeria is not about individuals; it is about ensuring that every citizen can see, feel, and benefit from the policies and decisions of those in power.

I, therefore like to urge Mr President to quickly suspend whatever he is doing in France and rush home to take responsibility by addressing these disturbing issues

That is the new Nigeria that the nation seeks.

The Coordinating Minister of Health and Social Welfare, Professor Ali Pate, has revealed that Nigeria loses approximately $2 billion annually to medical tourism. He emphasised the urgent need for the country to build health sovereignty and reduce reliance on foreign medical care.

Represented by the Chief Medical Director of Lagos University Teaching Hospital (LUTH), Professor Wasiu Adeyemo, Pate made the statement during the commissioning of Avon Medical Centre, a newly established 50-bed speciality hospital in Surulere, Lagos.

He attributed the staggering loss to a lack of public confidence in the local healthcare system and limited access to quality medical services. Despite this, Pate expressed optimism that facilities like Avon Medical Centre could help reverse the trend.

He noted that the government is committed to revitalising the health sector through initiatives such as the Nigeria Health Sector Renewal Investment Initiative and the 2024–2027 Health Sector Strategic Blueprint.

 “This is not just about stopping medical tourism. It is about building health sovereignty—the ability of a country to care for its people, and to develop its institutions, talent, and innovation,” Pate stated.

“The government is ready to co-create pathways for private-sector engagement, whether through health insurance expansion, regulatory reform, or partnerships with national health programmes. We welcome Avon Medical and all new private providers as partners in building a healthier, safer, and more equitable Nigeria.”
Also speaking at the event, Lagos State Governor Babajide Sanwo-Olu called for stronger collaboration between the public and private sectors, stressing that the government alone cannot address the challenges in healthcare delivery.

“We must create an enabling environment for private equity and investment to thrive,” he said. “Avon Medical has etched its name in the sands of time in this industry—not only in Lagos but across Nigeria.”

In her remarks, Chairperson of Avon Healthcare Limited, Awele Elumelu, highlighted the pressures on Nigeria’s healthcare system caused by a shortage of doctors, hospital beds, and essential equipment.

“In 2009, we took the bold step to make world-class healthcare accessible and affordable for all—not just the privileged few. That decision birthed Avon Medical and Avon HMO,” she said. “Africa carries over 20 percent of the global disease burden, yet has only one percent of healthcare resources

“What we are building is a healthcare system that leaves no one behind. We believe in Afri-capitalism—the idea that the private sector has a responsibility not just to generate profit but to create lasting impact.”