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FEC Approves $3.45bn W’Bank Loan For Five Projects

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The Federal Executive Council (FEC) has approved the application for a $3.45bn loan to finance five projects.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday in Abuja, told State House correspondents that on the basis of the approval, the FG would proceed to receive the $3.5bn “zero-interest”.

He highlighted that the loan was for a 40-year-tenure with a 10-year moratorium, which means that payments would begin from 2033.

Projects covered by the loan include, the power sector, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment and a women’s empowerment project.

He said, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council.

“They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.

“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts.

“There was a project for adolescent girls’ initiative for learning and empowerment. And then finally the fifth financing that was approved was for Women project.”

According to Edun, the girls’ programme, worth $700m would support young girls within secondary school age to equip them with marketable skills in addition to their academic achievements.

“So those were five loans totalling $3.45bn. And as you know, the tenure is all around 40 years, with a moratorium period of around 10 years and interest very low, or in the cases of loans, zero interest. However, some fees would be incurred,” he added.

On his part, Minister of Education, Tahir Mamman, said the girls’ programme, which initially began in seven states, has been expanded to 11 more, bringing the number of states to 18.

“Initially, from seven participating states, we will now have about 11 additional states participating in this project, which will lead to the empowerment of girls between 10 to 20 right across the participating states.

“This is a very major escalation of this programme that is meant to empower our girls, our teachers and the provision for additional schools in the country,” said Mamman.

According to him, the programmes are in line with the President Tinubu administration’s agenda to reduce, “if not eliminate altogether,” the number of out-of-school girls and children generally.

NEWS

No Place For Sharia Court In Ogun State, Says Gov Abiodun

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The Governor of Ogun State, Dapo Abiodun, has issued a stern warning against any attempt to establish a Sharia Court in the state without legal authorization.

This comes in response to the circulation of a digital notice announcing the launch of such a court.

In a statement personally signed on Tuesday, Governor Abiodun emphasized that Sharia Courts cannot be legally established by individuals or groups outside the provisions of the Nigerian Constitution.

READ MORE: Monarch Crisis: Ogun Court Strips Macgregor Of Olu of Orile Ilawo Title

He reaffirmed that the state government only recognizes courts constituted through the legal framework of the Constitution and state laws.

“No Sharia Court is authorized to operate within Ogun State,” Abiodun stated. “The courts legally empowered to adjudicate disputes in the state are Magistrates’ Courts, High Court, Customary Courts, Customary Court of Appeal, Federal High Court, National Industrial Court, Court of Appeal, and Supreme Court.”

He further clarified that Sharia law does not form part of the legal framework in Ogun State and warned against the operation of unauthorized courts or assemblies.

According to the Governor, the state government respects the rights of individuals to practice their religion and apply their faith in personal matters.

However, this freedom does not extend to the creation of institutions or courts without proper legal backing.

Governor Abiodun directed all individuals involved in the creation or operation of the illegal Sharia Court to immediately cease all activities and disband the entity.

He also urged the public to disregard any summons, documents, or communications from the unauthorized court and to report such incidents to the authorities.

“The Ogun State Government will uphold the rule of law, ensure respect for the legal and judicial framework within the state, and prevent any breakdown of law and order,” the statement concluded.

 

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NEWS

JUST IN: Tinubu Returns To Abuja After Energy Summit In Tanzania

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I’m Working Tirelessly To Solve Nigeria’s Problems, Says Tinubu

President Bola Ahmed Tinubu has returned to Abuja after attending the Africa Heads of State Energy Summit held in Dar es Salaam, Tanzania.

The presidential aircraft, 001, landed at the Nnamdi Azikiwe International Airport at 7:40 pm on Tuesday, according to the State House media office.

The President was received by top government officials, including the Minister of the Federal Capital Territory, Nyesom Wike, and the National Security Adviser, Nuhu Ribadu.

READ ALSO: ‘I Can Only Be Removed At A National Convention – PDP’s Samuel Anyanwu Declares

The summit, organized by the Tanzanian government in partnership with the African Development Bank Group and the World Bank, centered on advancing “Mission 300,” an initiative designed to provide electricity access to 300 million Africans by 2030.

During the event, African leaders, private sector representatives, development partners, and civil society organizations discussed strategies to overcome the continent’s energy challenges.

Discussions focused on renewable energy, energy efficiency, and accelerating energy access in underserved regions, with an emphasis on mobilizing private sector investment.

On the opening day, ministers from participating nations presented their national energy strategies, known as compacts, which outlined their plans to achieve universal energy access within five years.

The summit culminated in the endorsement of the Dar es Salaam Energy Declaration by Heads of State, including President Tinubu, which charts a unified path for achieving the goals of Mission 300.

In his address, Tinubu reaffirmed Nigeria’s leadership role in Africa’s energy sector and emphasized the country’s commitment to universal energy access.

He highlighted Nigeria’s ongoing clean energy initiatives and detailed its strategy for integrated energy delivery across the continent.

“Nigeria remains committed to achieving universal access to energy and will continue to champion solutions that integrate renewable energy and enhance efficiency across Africa,” Tinubu said.

The President was accompanied by key members of his administration, including the Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu; Minister of Power, Adebayo Adelabu; and Special Adviser on Energy, Olu Verheijen.

 

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International News

Fire Breaks Out On Air Busan Plane In South Korea, One Injured

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An Air Busan passenger plane caught fire at Gimhae International Airport in Busan, South Korea on Tuesday, forcing the evacuation of 176 people on board, Yonhap News Agency reported.

The incident occurred at around 10:30 p.m. local time (1330 GMT) as the aircraft, which was bound for Hong Kong, ignited near its tail section.

A total of 169 passengers and seven flight attendants were evacuated using inflatable slides, Yonhap reported.

SEE ALSO: South Korean Court To Decide Fate Of Detained President Yoon Suk Yeol

One person sustained injuries during the evacuation, but no further details about the injury or the fire’s cause were immediately available.

South Korea’s Busan fire authorities were not reachable for comment, according to AFP.

This incident comes just weeks after South Korea’s worst aviation disaster in decades.

Recall that on December 29, a Jeju Air Boeing 737-800 crash-landed and exploded after striking a concrete barrier at Muan International Airport.

The crash killed 179 of the 181 passengers and crew on board.

According to Flightradar24, Air Busan’s fleet is composed entirely of Airbus aircraft.

The cause of Tuesday’s fire is under investigation.

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