The World Bank has approved two financing facilities of $2.25 billion for Nigeria to support the Federal Government’s efforts to stabilize the economy.

 

The approval was announced in a statement entitled, “Supporting Nigeria’s Homegrown Reforms: New World Bank Financing for Inclusive Growth and Revenue Diversification”.

 

The statement said: “The World Bank has today approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation, RESET, Development Policy Financing Program, DPF, and $750 million for the Nigeria Accelerating Resource Mobilization Reforms, ARMOR, Program-for-Results, PforR.

 

“This combined $2.25 billion package provides immediate financial and technical support to Nigeria’s urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk.

“It further supports Nigeria’s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services.

“Confronted with a fragile economic situation, Nigeria recognized the urgency of changing course and embarked on critical reforms to address economic distortions and strengthen the fiscal outlook.

“Initial critical steps to restore macroeconomic stability, boost revenues, and create the conditions to reignite growth and poverty reduction have been taken.

“These include unifying the multiple official exchange rates and fostering a market-determined official rate, as well as sharply adjusting gasoline prices to begin to phase out the costly, regressive, and opaque gasoline subsidy.

“The Central Bank of Nigeria, CBN, has refocused on its core mandate of price stability and is tightening monetary policy including by increasing interest rates, as is appropriate to reduce inflation. 

“A targeted cash transfer program is being rolled out to cushion the impact of high inflation on the poor and economically insecure households.”

Wale Edun reacts

Commenting, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said: “We have embarked on bold and necessary reforms to restore macroeconomic stability and put the country back on a sustainable and inclusive economic growth path that will create quality jobs and economic opportunities for all Nigerians.”

 

Also commenting, Ousmane Diagana, the World Bank Vice President for Western and Central Africa, said: “We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our macro-fiscal and social protection policy reforms, consistent with accelerating investment and redirecting public resources sustainably to achieve development priorities.

“Nigeria’s concerted efforts to implement far-reaching macro-fiscal reforms place it on a new path which can stabilize its economy and lift its people out of poverty.

“It is critical to sustain the reform momentum and continue to scale up and expand protection to the poor and economically at risk to cushion the effects of cost-of-living pressures on citizens.

 

“This financing package reinforces the World Bank’s strong partnership with Nigeria, and our support towards reinvigorating its economy and fast-tracking poverty reduction, which can serve as a beacon for Africa.

“The RESET DPF is focused on supporting Nigeria strengthen its economic policy framework by creating fiscal space and protecting the poor and economically insecure.

“The ARMOR PforR will support efforts to implement tax and excise reforms, strengthen tax revenue and customs administrations, and safeguard oil revenues,” the World Bank said.

President Bola Tinubu has approved the appointment of Mr. Tanimu Yakubu as the Director-General of the Budget Office of the Federation, following the expiration of the tenure of Mr. Ben Akabueze.

Mr. Yabuku is an accomplished economist and was Chief Economic Adviser to a former President from 2007 to 2010; Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria from 2003 to 2007, and Commissioner of Finance, Budget, and Economic Planning in Katsina State from 1999 to 2003.

The new Director-General of the Budget Office of the Federation holds a Master of Business Administration degree in Finance from Wagner College, Staten Island, New York, and a Bachelor of Science degree in Economics from the same institution.

President Tinubu thanks the outgoing Director-General, Mr. Akabueze, for his services and wishes him success in his future endeavours.

The President expects the new Director-General of this pivotal agency to further enhance the provision of efficient and qualitative budget functions, with a view to promoting fiscal sustainability, transparency, and accountability in public finance management for national development.

 

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

President Bola Tinubu extends his warm congratulations to the Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala, on her 70th birthday.

President Tinubu rejoices with the remarkable leader and her family on this momentous occasion.

The President extols the former Minister of Finance for her service to the nation and efforts towards building resilient institutions.

President Tinubu also commends the Director-General of the World Trade Organization for being a worthy ambassador of Nigeria, exemplifying the grit, diligence, and brilliance that Nigerians are known for.

The President prays for many more years in good health for Dr. Okonjo-Iweala and her family.

 

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

 

Last modified on Thursday, 13 June 2024 19:23

Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has expressed his dismay over the economic crisis gripping the nation

During an appearance on Arise TV, Obi criticized the current state of affairs, highlighting the need for urgent action.

 

Obi pointed out that President Bola Tinubu has indeed fulfilled his campaign promises, albeit in a manner that has exacerbated the country’s economic woes.

According to Obi, Tinubu had consistently pledged during his campaign to continue the policies of his predecessor, Muhammadu Buhari.

Obi’s remarks suggest that the country’s economic crisis is a direct result of the current administration’s policies, which have only served to perpetuate the problems inherited from the previous government.

 

His comments have sparked concerns about the nation’s economic trajectory and the need for a drastic change in direction.

He maintained that he would score Tinubu an excellent pass mark for living up to his promise.

According to him, ‘’President Tinubu has kept to his campaign promises. Throughout the campaigns, he consistently maintained that he will continue from where Buhari stopped and he has done very well.

“I will give him excellent pass mark. Dollar was N460, it is now N1500. Fuel was N238, it is now about N700. Diesel was N844, it is now N1415. A bag of rice was 40 to 35 thousand, it is now about 80, 000. A bag of beans was similar, it is now about 90, 000. Garri was 27-28, it is now 49 to 50, 000. A tuber of yam was about 2700 to 3000, now it is about 10, 000.

“Tomato basket was about 40, 000, now it is about 150, 000. Electricity was N66 per kilowatt, now it is about N200.

“You can go on and on. Our debts! Even bread which is the basic things other countries are subsidizing like Egypt . Small bread was N450 is now N900. The big one that was N900 is now N1500.

“Everything has headed south, Adherence to the rule of law has worsened. Nepotism is at the highest’’

The restructured Nigerian Youth Investment Fund (NYIF) will begin accepting applications from June 30, 2024

 

Dr. Jamila Bio Ibrahim, the Minister of Youth Development, has announced that over one million young Nigerians will benefit from the National Youth Skills Program (NYSP), which aims to equip them with the necessary skills for success in today’s economy.

The Minister made this disclosure in Abuja during the 25th Nigeria Democracy Day Anniversary Youth Program, themed “25 Years of Enduring Democracy: Prospects for the Future.” 

She revealed that the Ministry is drafting bills for the National Assembly to institutionalize a 30% youth quota, restructure the Citizenship and Leadership Training Centre (CLTC), and establish the National Youth Fund (NYF).

“These legislative actions will cement the Federal Government’s commitment to youth empowerment and ensure sustainable development,” she explained.

Dr. Ibrahim also announced that the restructured Nigerian Youth Investment Fund (NYIF) will begin accepting applications from June 30, 2024. She emphasized that the ministry has streamlined the process to enable more young entrepreneurs to access funds for innovation and job creation.

Furthermore, she disclosed that the implementation of the NYSP and reforms to the National Youth Service Corps (NYSC) will commence by July 30, 2024. These reforms aim to integrate skill development and entrepreneurship into the service year, enhancing its impact and economic benefits for graduates.

“The Youth Development Bank will be launched by August 30, 2024. This institution will provide customized financial services to youth-led ventures, supporting innovative ideas and business growth,” Jamila added.

Aliko Dangote, the chairman of Dangote Industries Limited, has explained his reasons for investing in the newly opened Dangote Sinotruk West Africa, a fully knocked-down CKD truck assembly plant in Lagos.

In his speech at the inauguration of the plant, Dangote emphasized the joint venture’s substantial investment of over $100 million, with Dangote Industries holding a 60% stake, Sinotruk China owning 30%, and Anders controlling 5%.

Dangote stated that the decision to venture into truck assembly was motivated by the urgent demand for vehicles in Nigeria’s construction, food and beverage, and logistics sectors.

He stated, “Our aim is to meet the expected current demand of this segment of automobiles required for logistics, construction, food, and beverage industries in Nigeria.”

He also emphasised the company’s commitment to contributing to the country’s shift towards Compressed Natural Gas (CNG) vehicles, saying, “I am sure we are going to fully participate in the new CNG, which I think the government is driving.

“But we in Dangote, we are actually committed to buy 10,000 of the CNG trucks.”

The opening ceremony, held on June 9, was attended by notable figures, including Senate President Godswill Akpabio and Lagos State Governor Babajide Sanwo-Olu.

Hikmat Thapa, the group’s general manager for projects, provided further insights into the plant’s operations, noting that the facility handles welding, painting, and other major tasks.

Thapa also mentioned that with the launch of the plant, their production capacity is expected to increase to 30,000 trucks annually.

The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has responded to Nobel Laureate, Wole Soyinka, over comments about being unfit to lead Nigeria.

Naija News recalls that Soyinka had last month, during an interview with Journalists, said Peter Obi’s failure to curb his supporters attacking others with opposing views online was a pointer that he is unfit to lead a country like Nigeria.

The literary icon also accused Peter Obi of encouraging ‘Obidients’ to attack him and others with opposing views online.

Responding to Soyinka, the former Governor of Anambra State, in an interview with Arise News on Wednesday, dismissed claims of inciting his supporters to attack anyone on social media.

Obi said he had never, knowingly or unknowingly, asked the Obidients or the younger ones to say anything against anyone.

He said, “Quit frankly, I will not make a comment on that when Soyinka is a father, I have a policy, I don’t respond when my fathers talk. I leave it to them because when I become of their age, I want those younger generations to respect me, and I would put myself in a position to be respected. One of the things he also talked about was the Obidients me inciting them, I will never and I have never asked any of the Obidients or the young people to say anything bad against an elder or a priest, pastor, Imma or political office holder.

“On my competence, that is left for Nigerians, I have been a successful businessman in the private sector and I have been in the corporate world and I can say I am one of the most successful.”

Asked about his position on the recent comment of the former Director-General of his campaign, Doyin Okupe, Peter Obi said, “It does not hurt, it a personal assessment to him and what we are talking now is the present position of the economy, is garri cheaper? is the comment will make garri or yam cheaper, or manage corruption? it is fine with me. I don’t do politics of he says or she says. We have issues in the country, lets deal with them.”

 

The Permanent Secretary in the Ministry of Foreign Affairs, Ambassador Ibrahim Lamuwa, has been suspended by the Office of the Head of Service due to allegations of sexual harassment.

Naija News reports that the Head of Service, Folashade Yemi-Esan, has constituted a committee to investigate the matter and the permanent secretary will remain on suspension until the outcome of the probe.

“The permanent secretary has been suspended pending the outcome of the probe by the committee set up, “ a senior director in the OHCSF told The PUNCH.

The allegations against Lamuwa were brought to the attention of the Head of Service by the Minister of Foreign Affairs, Yusuf Tuggar, through a petition submitted on behalf of a staff member, Simisola Ajayi.

Ajayi has accused Lamuwa of serial sexual harassment, creating an unsafe and uncomfortable working environment.

The petition, signed by Adebayo A. Oniyelu of Falana & Falana’s, detailed multiple instances of harassment, including inappropriate advances and remarks made by Lamuwa during a policy retreat on October 7, 2023, and an incident on November 10, 2023, where Lamuwa allegedly invited Ajayi to travel to Hong Kong with promises of personal benefits.

The Minister of Foreign Affairs, in a letter addressed to the Head of Service on May 27, 2024, expressed concern over the gravity of the allegations and requested that the matter be handled accordingly.

“I am compelled to write to inform you of a formal complaint against the Permanent Secretary, Ministry of Foreign Affairs, Ambassador Ibrahim Adamu Lamuwa, on allegations of sexual harassment.

“Bearing in mind the gravity of the matter, I feel it necessary to draw your attention to it and ask that you handle it accordingly,” the minister stated in the letter.

An official familiar with the case has confirmed that a probe panel has been set up and pieces of evidence and witnesses will be gathered to investigate the matter thoroughly.

The official, who spoke on condition of anonymity due to the sensitive nature of the matter, said, “Yes, the Head of Service has set up a committee to probe the whole matter. There are pieces of evidence, which will be tabled and witnesses who will also be invited to speak on the matter, so it is not a matter that will be swept under the carpet.

“The minister (Tuggar) is also very much interested in the outcome. The Ministry of Foreign Affairs is a special ministry that operates even outside the shores of the country, so you can’t expect that an issue of such gravity will be swept under the carpet.”

The Oyo State Governor, Seyi Makinde, has described the recent re-introduction of the old national anthem by the federal government as a waste of time and resources.

Governor Makinde lamented that there are more pressing issues that would impact the lives of Nigerians better than superficial issues such as a new national anthem.

Speaking yesterday, the Oyo State Governor said Nigerians are hungry, the economy is in shambles and the government needs to focus on solving such challenges rather than chasing frivolities.

He maintained that the return of the old national anthem shouldn’t be our priority when so many Nigerians are suffering.

The governor said: “Our country is in a state of crisis, and we must act now.

“Our people are hungry, our infrastructure is crumbling, and our economy is in shambles.”

“We should be focused on finding solutions to these problems, not wasting time and money on superficial changes like a new anthem.”

“We are at a point in Oyo State and our nation where we must prioritise economic development in Oyo and our nation. As a country, we have to prioritise production, we have to be productive. There cannot production without mobilisation.”

“Our strongest resource is our people. The training and education of our people is the best empowerment we can give them.”

“We have to keep on educating our people. Let them use their God-given talents to support what we are doing in Oyo State.”

Makinde called on the federal government to urgently take decisive actions that would tackle the myriad of challenges Nigerians are facing, stating that “We cannot afford to waste any more time.”

“Our people deserve better.

“They deserve a government that is focused on their needs, not on distractions and empty gestures.

“Let us put our resources and our energy where they are most needed, and let us work together to build a better, brighter future for all Nigerians,” he stressed.

The Economic Financial Crimes Commission (EFCC) has accused some ministers and colleagues of the embattled ex-governor of Kogi State, Yahaya Bello, of shielding him from prosecution.

Naija News recalls that Bello has been in a legal battle with the EFCC over alleged N80.2bn fraud.

Following a failed attempt to arrest him and his repeated absence from court for his arraignment, the EFCC declared Bello wanted, while the Nigerian Immigration also placed the governor on a watchlist.

The EFCC acting Zonal Director, Benin Zonal Command, Effa Okim, during a familiarisation visit on Wednesday to the Delta State Council of the Nigeria Union of Journalists in Asaba, Delta State capital, said Bello had ridiculed the Nigerian justice system by failing to present himself for trial in court.

When asked why the EFCC had yet to arrest the governor months after he was declared wanted, Okim claimed that the ex-governor was being shielded by some ‘political masters’ and associates.’

Okim noted that the case had a moral aspect beyond legality.

He said, “This is the last question I expected because the shame is on all of us. Is that a question I should answer alone? It’s not me, it is the Federal Republic of Nigeria.

“That politically-exposed Yahaya Bello, whose crime has been traced to him by the allegation and has been invited by EFCC to come and explain, and for months he is acting drama and we are all here wanting to ask questions! The shame is our own shame!

“Can’t we catch him? We can, but do we go all out to catch him? Do we need to do that when he has his masters? Can’t they call him and tell him, ‘You are disgracing Nigeria’ What are you telling the world? Tell him to go and explain himself like others have done.

“Where are the ministers? Where are Yahaya Bello’s colleagues, even in his hiding? So, Nigerians can’t tell him ‘This is not fair, go and report; they are not going to kill you’? But people are still eating and dining with him.

“Where has morality gone before legality that we can’t summon that man and tell him to go and report himself to the EFCC? Some persons are writing, supporting him, while some are criticizing the commission.

“The problem is our own problem that borders on Nigeria’s image. Our children are watching their parents behave like children.

“To me, the truth has vanished. Even in Animal Farm, this will not happen, that a man who was part of the system that was a custodian of our culture, rules and laws can behave like this and you are asking questions.

“The media should come out for the first time to harmonise, criticise that action and forget about prosecution but tell him to make himself available; thereafter we know what to do.”