NEWS
World Bank, AfDB Back Tinubu With $2.3bn Loans
The President Bola Ahmed Tinubu administration has secured loans amounting to $2.3 billion from global financiers.
While the World Bank (WB) would be lending $1.5bn, the African Development Bank (AfDB) has agreed to lend $80m in support of critical sectors of the economy.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday in Abuja expressed optimism that the Nigerian Government on fulfilling her part of the deal would receive the inflow before the end of 2023.
Edu told the media that Nigeria qualified for the “relatively cheap” loans given its “macro-economic moves” in the past couple of months since President Tinubu assumed office.
He said, “Council approved today the application for financing from the World Bank.
“And in particular, the International Development Association, which is the virtually free or zero-interest lending arm or financing arm of the World Bank.
“The total is $1.5bn. The world today is one of the high-interest rates as the developed world looks to fight inflation. They do it by restricting money, and keeping interest rates high so that you can get inflation down.
“That means that interest rates for everybody else become not just high but very painful, if not unaffordable within that context.”
According to Edun, Nigeria took macroeconomic moves and tough decisions to restore balance in its economy, warranting support from multilateral development banks.
“The bold, brave, courageous and decisive measures that Mr President has taken are being rewarded by processing for Nigeria $1.5bn of immediate financing, which, provided that we do everything on our side, will be in before the end of the year.
“It is based on that the World Bank is willing to consider and to process on our behalf $1.5bn of concessional financing, relatively cheap financing and financing that will be dispersed relatively quickly.
“And it comes in one go. It doesn’t drip as will be done for a project and is just to support the reform effort. And that was what was presented to the Federal Executive Council, and the members approved that we go ahead with that financing given that it is affordable,” said Edun.
He pointed out that lags would exist between the cause and effect of the recent reform.
Although some effects are in place, such as the relative reduction in smuggling and rising domestic production in some areas, ‘it takes time before the full benefits are in,” he noted.
The Finance Minister also revealed that the Council approved $80m financing from the African Development Bank.
In his words, “This financing is for a project in Ekiti called the Ekiti Knowledge Zone Project. EKZ is basically to support young people and their quest to take on technology to use it to be employed, trained and benefit from being part of the knowledge economy, being part of the technological wave that is present very much in Nigeria, which is becoming a bigger and bigger share of the economy.
“The bold, brave, courageous and decisive measures that Mr President has taken are being rewarded by processing for Nigeria $1.5 billion of immediate financing, provided that we do everything on our side before the end of the year.
“So, it’s $80 million to help the young people in the sector of the knowledge economy, technology and communications generally.”
In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.
The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.
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Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.
A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.
Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.
The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.
An ear-tingling tale has emerged from the Oyo State capital, Ibadan, where a yet-to-be-identified male confessed on radio that he sacrificed almost 80 women to his idol over a seven-year period.
He made the confession in Ibadan, while appearing at a Fresh FM radio programme, titled, ‘Opeyemi’ on Saturday.
Famous in the locality, Foko area of Ibadan, where he was born, by his alias, ‘Mistina Orobo’, the now self-acclaimed pastor asserted that the almost 80 women were not part of those he was hired to kill and had eaten.
He was driven to sacrifice the women in the quest to renew his mystical power. He would then indulge in cannibalism after he had taken their blood for sacrifice to his idol.
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In his words, “My idol takes about 73 to 76 women for over seven years. These women are always gotten from the club or other popular places. When I eat people, it is purposely to renew the voodoo in my body. Sometimes, when I’m shot, it won’t penetrate, even when I’m hacked, the machete breaks. The sweetest human parts are tongue, palm, and foot.”
The cannibal then used the mystical powers for nefarious activities including supporting others, including politicians, business people, and high flying career people, like bank managers, in the quest to accomplish ulterior motives.
“I also work for bank managers, politicians, and some other rich men. I’m very popular among them. When I first worked with a bank manager, it was one wealthy man that we killed and the info was supplied in the bank.
“The only person who was left to sign refused to sign, we visited him, made him sign, and killed him aftermath. I charge up to N50 to N80 million to get people killed and we always work as a team. I taught some people to work, some as highway or armed robbers and I usually get my fair share,” he added.
He formally sought anonymity until the right time, and gave graphic details of what he and his boys did to influence outcome of elections in Oyo State.
On his early days, the mysterious man confessed that he has been eating sacrifices since the age of nine as the son of an herbalist, from which he added hired assassin and highway robbery to his trade.
“As a child of an herbalist, I always eat sacrifices in seven different junctions, this was what fortified me before I grew up to become a dreaded hired assassin and sometimes, highway robber,” he confessed.
On how he turned a new leaf, the man said he met Jesus in his dream after he attempted to avenge people who earlier fought with him.
According to him, “I had been killed before but I woke up because of the idol I had at home. The day I went to retaliate those people who fought and killed me. When we got to the first person, I had a change of mind. When we got to the house of the other one, he was drunk, and my boy was about to unleash on him when I begged that he should be spared, since then, I have been sympathetic and have left the wayward life. Now, God has taken over my life.
“I am now in a seminary. I spent four years learning to be a prophet. I am not ready to establish a church. I just want people to know my terrible story. I had sold all three houses and cars I bought while engaging in these acts. I met Jesus in my dream.”
He also stressed that a former lawmaker in the House of Representatives, Temitope Olatoye (a.k.a. Sugar) died because he was in Ghana at that time if not it would have been averted, adding that he had always informed Sugar of the dangers looming.
Recall that Sugar died on March 9, 2019, in the Intensive Care Unit of the University College Hospital, after suffering bullet wounds in the head from shots of suspected political thugs in the Lalupon area of Ibadan.
The public is still wondering at the speed with which the news of his attack spread, the tales in the locality being that Sugar died on the spot.
Tensions flared outside the Nigerian National Petroleum Corporation (NNPC) headquarters in Abuja on Monday as a large group of Nigerians gathered to demand the resignation of NNPC Group Managing Director Mele Kyari.
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The protesters, driven by frustration over reported mismanagement and high spending, specifically pointed to $4 billion spent on the refurbishment of the Port Harcourt, Warri, and Kaduna refineries—projects that many feel have yielded little return.
More to follow……….
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