Connect with us

NEWS

FG Receives $2.25bn From Afreximbank’s $3.3bn Loan

Published

on

The federal government on friday, obtained $2.25 billion from the African Export–Import Bank (Afreximbank) as part of a $3.3 billion foreign exchange (FX) facility.

The awaited financial support aims to alleviate the severe shortage of foreign exchange in the country, a situation that has hindered economic activities and dampened investor confidence.

President Bola Tinubu had previously reassured Nigerians in December of his administration’s dedication to addressing FX backlogs by injecting funds into the market.

During the 2023 Bank Directors’ Summit in Abuja, Tinubu emphasized the significance of funding liquidity in the FX market, acknowledging it as a crucial but short-term measure essential for the current state of the economy.

However, there were apprehensions among investors and stakeholders regarding the government’s seeming deviation from its initial pledge to inject between $7 billion to $10 billion into the FX market.

This deviation raised concerns as the existing backlogs continued to affect investor confidence in the economy.

Tinubu, represented by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reaffirmed at the summit that there was no shift from the earlier indications given, emphasizing that the process simply required time.

He highlighted the government’s efforts to attract funds aimed at bolstering liquidity in the FX segment.

Yesterday reception of the first part of the funding intervention provided substantial relief to both the federal government and investors, marking a positive development.

The first portion of the funds, as reported, was deposited into the federal government’s account, with the remaining $1.05 billion scheduled for payment next week.

Addressing ARISE News, the minister highlighted that Afreximbank would announce the disbursement timing when appropriate.

He mentioned exploring various support mechanisms aimed at enhancing both government finances and FX liquidity, expressing optimism about Nigeria’s progress in the right direction.

Afreximbank leads the $3.3 billion loan arrangement, with additional participation from sub-lenders such as VITOL, Guvnor, Sahara Energy Group, Oando, and United Bank for Africa, contributing $100 million.

In a previous announcement in August, the Nigerian National Petroleum Company Limited (NNPC) disclosed securing a $3 billion emergency loan from Afreximbank to stabilize the country’s volatile foreign exchange market.

This recent agreement follows NNPC’s earlier attainment of a $5 billion corporate finance commitment from Afreximbank, aimed at funding significant investments in Nigeria’s upstream sector, over a year ago.

While NNPC’s statement lacked details regarding the FX installment volumes and the quantity of crude oil for repayment, the agreement aimed to enhance foreign exchange liquidity and strengthen the naira against the dollar.

Analysts and business leaders lauded Afreximbank’s initiative to address the country’s FX liquidity challenges, acknowledging the potential of these funds to mitigate exchange rate fluctuations and alleviate increasing inflationary pressures.

 

NEWS

Katsina Students Get ₦689.79m Bursary as Gov Radda Doubles Allowances

Published

on

Katsina State Governor, Dikko Umaru Radda, has flagged off the disbursement of ₦689.79 million in bursary payments to 19,318 continuing students across 97 institutions for the 2025/2026 academic session.

The disbursement follows a 100 per cent increase in academic bursary rates, marking the first adjustment since 2007.

The latest payment forms part of the state government’s broader investment in education and student welfare, with cumulative bursary disbursements and related student awards under the administration reaching ₦3.29 billion.

SEE ALSO: Dikko Radda Of APC Wins Katsina Governorship Election

More than 174,000 beneficiary payments have been recorded across successive payment cycles.

Increased Allowances for Veterinary and Law Students

Under the revised scholarship support framework, allowances for Veterinary Medicine students have increased by 150 per cent for students in the 300 and 400 levels and by 200 per cent for those in the 500 and 600 levels.

Support for Nigerian Law School students and academic excellence awards has also continued.

The state government has also approved a scholarship programme for 1,700 students, with 50 beneficiaries drawn from each of the state’s 34 local government areas.

The programme is designed to support tuition fees, registration and other educational expenses.

₦6bn Scholarship Trust Fund

The government has made provision for ₦6 billion in seed funding for a scholarship trust fund intended to strengthen educational financing.

The fund is expected to support specialised scholarship opportunities in fields including engineering, medicine, Artificial Intelligence and mechatronics.

The state’s foreign scholarship initiatives have also supported 118 students studying Medicine, Artificial Intelligence and Bioengineering in Egypt, Ethiopia and China, with approved educational and living expenses covered by the government.

More Scholarship Opportunities

Other educational support initiatives include 34 maritime scholarship beneficiaries and seven students receiving 50 per cent financial support at the Nigerian College of Aviation Technology, Zaria.

The state has also nominated 34 candidates for MBBS studies in Russia, identified 70 prospective master’s degree candidates and selected 10 candidates for Qur’anic Sciences scholarships in Ghana.

These initiatives form part of the state’s broader efforts to expand access to education across different fields and levels of study.

Scholarship Board Strengthens Accountability

The Katsina State Scholarship Board has also strengthened its application, verification and payment systems.

As part of its accountability measures, the board interviewed more than 14,925 fresh applicants and returned approximately ₦86 million in unclaimed funds to the state government.

The state also acknowledged the contributions of the Nigerian Education Loan Fund (NELFUND), the Tertiary Education Trust Fund (TETFund) and the National Information Technology Development Agency (NITDA) in expanding access to educational financing and digital learning resources.

Radda Inaugurates Tinubu/Dikko Education Beneficiary Network

As part of the activities, Radda inaugurated the Tinubu/Dikko Education Beneficiary Network (TDEBNET), a voluntary organisation comprising parents and beneficiaries of educational programmes.

Members of the organisation expressed support for the re-election bids of Radda and President Bola Ahmed Tinubu in 2027.

Continue Reading

International News

DOJ Confirms Federal Criminal Investigation After Agents Raid Ilhan Omar’s Home

Published

on

Federal agents raided the Washington, D.C., home of Democratic Congresswoman Ilhan Omar early Monday morning as part of an ongoing federal criminal investigation, the United States Department of Justice (DOJ) has confirmed.

Homeland Security Investigations agents arrived at the Minnesota congresswoman’s residence at about 6:00 a.m. Eastern Time, according to a report by Fox News.

SEE MORE: Trump Sparks Outrage With Shock Proposal to Rename New Mexico

The report said both the Department of Homeland Security (DHS) and the DOJ are involved in the investigation.

A DOJ spokesperson confirmed the operation, stating: “Today in the Washington, D.C. area, Homeland Security Investigations executed a judicially authorized search warrant secured by the Department of Justice.”

The spokesperson added: “This enforcement action is part of an ongoing federal criminal investigation.”

 

 

Details later……….

Continue Reading

NEWS

‘140 Million Nigerians Are Poor Despite Tinubu’s Economic Reforms’ – Peter Obi

Published

on

Former Labour Party presidential candidate Peter Obi has criticised President Bola Tinubu’s economic reforms, arguing that improvements in economic growth and government revenue have not translated into better living conditions for Nigerians.

Obi made the remarks in a statement posted on his X account on Monday, October 12, while reacting to the World Bank’s latest report on Nigeria’s economic performance and government spending priorities.

He argued that improvements in some macroeconomic indicators should not be interpreted as evidence that the standard of living of Nigerians is improving.

According to him, the real measures of economic development are poverty reduction, job creation and efforts to address inequality.

“Nigerians and even the World Bank know that the criteria for economic development is whether poverty is declining, whether jobs are created for our youths, and whether we are reducing acute inequality,” Obi stated.

He maintained that economic stability under the Tinubu administration had not resulted in higher living standards, improved employment opportunities or reduced poverty and inequality across the country.

Obi argued that an economy cannot be considered stable merely because government revenue increases, foreign reserves strengthen or gross domestic product grows.

“Stability exists when citizens can afford food, obtain healthcare, provide education for their children, and live with dignity,” he said.

The former Anambra State governor questioned the benefits of increased government revenue to Nigerians struggling to meet their basic needs.

“What comfort does higher revenue offer a mother who cannot provide her children with a nutritious meal? What does higher government revenue mean to a family forced to choose between purchasing food and paying for medicine?” he asked.

He also questioned the impact of the administration’s economic reforms on ordinary Nigerians, arguing that citizens continued to bear the costs and hardship associated with government policies.

Obi further cited a recent United Nations Development Programme report, which he said listed Nigeria among countries where gains made in reducing poverty had been reversed.

He also claimed that about 140 million Nigerians were classified as multidimensionally poor.

The former presidential candidate accused the Tinubu administration of presenting incomplete economic statistics to project progress without adequately addressing the welfare of citizens.

“President Bola Tinubu and his incompetent team must recognize that intentionally presenting and projecting incomplete economic statistics cannot replace the critical measure of how reform impacts on the welfare of the people,” he said.

Obi added that Nigerians should not be expected to celebrate economic statistics while struggling to survive the effects of government policies.

“A government cannot expect citizens to applaud statistics while they struggle to survive the effects of its policies,” he stated.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x