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.”
Anambra State Governor, Chukwuma Soludo, has dismissed all transition committee chairmen in the state’s 21 local government areas.
This decision was detailed in a letter titled “Expiration of Tenure and Handover to Heads of Local Government Administrations (HLGAs),” dated May 17, 2024, and signed by Collins Nwabunwanne, the state Commissioner for Local Government, Chieftaincy, and Community Affairs.
According to the letter, the directive will be effective starting Monday, May 20, 2024.
The letter read, “Following the expiration of your tenure as Transition Committee Chairman, you are hereby directed to handover the affairs of your Local Government Council to the Head of Local Government Administration (HLGA), in your respective Local Government Councils.
“This directive takes effect from Monday, 20th day of May, 2024. Thank you for your service to the state. All replies to be addressed to the Honourable Commissioner.”
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe was on Wednesday inducted into the Fellowship of the Nigerian Society of Engineers (NSE).
Biztellers reports that the investiture was performed by the President/Chair-in-Council of the NSE, Engr. Margaret Aina Oguntala, FNSE at a ceremony in Abuja.
Oguntala congratulated the 63 new inductees and urged them to uphold the values of their new position in their field of engineering. She highlighted that engineers have been at the forefront of driving progress and development across various sectors of the economy, notably in the oil and gas industry.
She particularly lauded the ES of NCDMB for his excellent leadership and expertise through the strategic development of local content and in-country value retention, which is a testament to his brilliance in the field of engineering.
Oguntala also applauded the strategic partnership between the NSE, the NCDMB and other stakeholders in the oil and gas industry.
Similarly, the chairman Board of Fellows/College of Fellows, Engr. Kamila Maliki, FNSE, commended the new inductees for their resilience, dedication, and contribution to the field of engineering.
He added that it was not a small feat to be chosen for the investiture due to the rigorous and thorough nature of the selection process.
The ES later was joined by the Managing Director of Setraco Nigeria Limited, Engr. Ziad Mouannes and Senator Patrick Ndubueze for the unveiling of the very first edition of the 2024 NSE Quarterly Magazine.
Some senior officials of the Board who accompanied the ES to the event included the Director, Monitoring and Evaluation, Abdulmalik Halilu, Director, Project Certification and Authorization, Engr. Abayomi Bamidele, and the General Manager, Corporate Communications and Zonal Coordination, Esueme Dan Kikile, Esq.
Before he was appointed the ES of NCDMB, Engr. Ogbe had nearly 30 years top-level career in the field of engineering in the employment of Chevron Nigeria Limited (CNL), before retiring voluntarily to set up his private firm.
His last position at Chevron Nigeria was Construction Services Group Superintendent, and he oversaw 200 personnel, including Nigerian nationals and expatriates.
Other notable positions he held at the company included Offshore Projects Manager, Construction Manager (Lagos, Escravos -Warri), Construction Engineer (San Ramon) in California, United States of America.
On Saturday evening, armed soldiers shut down the popular Banex Plaza in the Wuse 2 district of Abuja after a clash between traders and three soldiers over a phone sale dispute.
According to eyewitness Okechukwu Daniel, the incident began on Saturday afternoon when a young military man returned to a phone shop, claiming a phone he bought about a month ago was faulty.
Daniel, also a trader at Banex Plaza, stated that the seller refused to accept the phone back due to the lengthy period that had passed since the sale.
He said “When the phone seller refused to collect the phone back, the young guy threatened him that he will shut down his shop for refusing to collect the phone, and the seller told him to do his worse.
“That was when he got angry and went to one of the barracks close by and brought two soldiers to come and harass the phone seller for him to collect the phone back.
“When the two soldiers got to the phone shop to threaten the seller, he still refused to collect the phone. The soldiers got angry and wanted to use force on him, that was when other traders came to the rescue of the phone seller and beat up the two soldiers.”
Daniel added that after the soldiers were assaulted, they went back to the barracks to gather reinforcements.
When they returned to Banex Plaza to confront the phone seller and other traders, the traders had already fled from their shops.
He added “When over 50 soldiers who were visibly angry got to the plaza, they could not find the traders that beat up their colleagues, so they decided to shut down the plaza by asking everyone to leave. Anyone found around the plaza was asked to do frog jump and other punishment,”
See videos below:
Gov Soludo Dismisses All 21 Anambra Transition Committee Heads
Usyk Defeats Fury To Become Undisputed Champion
NCDMB’s Exec Sec, Ogbe Bags NSE’s Fellowship
Soldiers Shut Down Banex Plaza After Clash With Traders [Video]
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ICAN, NGX Regco Recommit To Transparency, Excellence In Corp Reporting
Sahara’s Tonye Cole resigns from GPHCDA
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Niger Delta Avengers: President Buhari Reads riot Act …considers the carrot and stick option
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