FEATURES

FEATURES

The World Bank may approve four loan projects totalling $2 billion for Nigeria this year. 

According to findings by Nairametrics, these four projects are currently undergoing concept review, an appraisal stage that will lead to further negotiation and approval between Nigeria, which is the borrower and often represented by the Minister of Finance and the World Bank. 

If approved, Nigeria will have secured a total of $4.25 billion in loans from the bank this year alone and a cumulative $6.95 billion under the administration of President Bola Tinubu. 

 

The proposed loan projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability. 

According to information obtained from the World Bank’s website, each loan project is estimated to receive a net commitment of $500 million from the Washington-based lender.  

Loan Summary 

  • The next project to likely get approved is Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE), which is set to receive $500 million with an approval date of September 17, 2024. The HOPE project will focus on enhancing human capital by improving education, health, and social protection services. 
  • Another $500 million is earmarked for the Nigeria: Primary Healthcare Provision Strengthening Program, which has an approval date of September 23, 2024. This program aims to fortify Nigeria’s primary healthcare system by enhancing healthcare infrastructure, training healthcare professionals, and improving service delivery. 
  • The third project, Sustainable Power and Irrigation for Nigeria Project, will also receive $500 million and is scheduled for approval on September 26, 2024. This project focuses on sustainable power generation and irrigation, both of which are essential for agricultural and industrial development.  
  • The Rural Access and Agricultural Marketing Project – Scale Up is set to receive $500 million and is scheduled for approval on November 28, 2024. This initiative seeks to improve rural infrastructure and market access for agricultural products. 

In addition to these four projects, the World Bank has scheduled another loan project for next year. The Solutions for the Internally Displaced and Host Communities Project is set to receive $300 million and is scheduled for approval on April 8, 2025.  

What you should know 

The World Bank recently announced the approval of two loan projects aimed at bolstering Nigeria’s economic stability and supporting its vulnerable populations.   

According to a statement from the bank, the combined package, totalling $2.25 billion, comprises the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR). 

So far, Nigeria has secured a total of $4.95 billion in loans from the World Bank under the administration of President Bola Tinubu amid concerns over the country’s rising external debt servicing costs.   

Not less than six loan projects have been approved and they include loans for power ($750 million), women empowerment ($500 million), girl’s education ($700 million), renewable energy ($750 million), economic stabilization reforms ($1.5 billion) and resource mobilization reforms ($750 million), according to findings by Nairametrics. 

Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024. 

[Nairametrics]

The Nigeria Civil Aviation Authority (NCAA) has suspended the permits of 10 private jet operators over illegal operation.

The affected operators which had their Permit for Non-Commercial Flight (PNCF) suspended had failed to undergo a recertification process as directed by the regulatory authority.

This was after revelations that most of the operators were abusing the PNCF and using their jets for commercial flights or what is simply called in aviation parlance as hire and reward.

Daily Trust reports that the Nigeria Civil Aviation Regulations 2023 Part 18.3.4 forbids holders of PNCF from using their aircraft for CARRIAGE OF PASSENGERS, CARGO or MAIL for HIRE or REWARD (commercial operation or charter services).

Following the flagrant disregard of this rule, the NCAA had earlier directed all holders of PNCF to undergo re-evaluation which should have been concluded by the 19th of April 2024.

To this end, the NCAA has suspended the permit of 10 operators.

Those affected include:

  • Azikel Dredging Nigeria Ltd
  • Bli-Aviation Safety Services
  • Ferry Aviation Developments Ltd
  • Matrix Energy Ltd
  • Marrietta Management Services Ltd
  • Worldwide Skypaths Services
  • Mattini Airline Services Ltd
  • Aero Lead Ltd
  • Sky Bird Air Ltd
  • Ezuma Jets Ltd.

In a statement by its Director of Public Affairs and Consumer Protection, Michael Achimugu, the NCAA told the public “that it is illegal to engage PNCF holders for commercial purposes.”

 

“The NCAA will not hesitate to initiate enforcement actions against any PNCF holder found guilty of illegal operations.

 

“Furthermore, NCAA officials have been deployed to General Aviation Terminals (GAT) and private wings of the airports to monitor activities of the PNCF holders,” the statement added.

[DailyTrust]

Afrobeats singer Ayra Starr has said that Nigeria and the United Kingdom are very much alike.

According to her, Nigerian and British cultures are “very similar.”

She stated this in a recent interview with Capital Xtral, London.

“I feel like the UK is very similar to Nigeria. The culture is not much different,” she said.

Starr also spoke about her just-concluded tour with Chris Brown.

“Going on tour with Chris Brown was eye-opening,” she said.

The singer said she wished she wrote ‘B**ch Better Have My Money’ by Rihanna and ‘Snooze’ SZA.

She also said she would like to relocate to New York.

[DailyPost]

The Labour Party, headed by Keir Starmer, on Friday won an outright majority in the lower house of the British parliament.

The Labour Party swept to power after crossing the 326-seat threshold for a working majority in the House of Commons.

British Prime Minister Rishi Sunak conceded defeat in the general election minutes before any media outlet declared that the threshold of 326 seats was reached.

Here are 24 things to know about UK PM elect Keir Starmer

1. Sir Keir Rodney Starmer was born in Southwark, London on September 2, 1962.

2. He grew up in the town of Oxted in Surrey.

 

3. He was the second of the four children of Josephine (née Baker), a nurse, and Rodney Starmer, a toolmaker. His mother had Still’s disease.

4. His parents were Labour Party supporters, and reportedly named him after the party’s first parliamentary leader, Keir Hardie, though Starmer said in 2015 that he did not know whether this is true.

5. He is a British politician and barrister. 

6. He has served as Leader of the Labour Party since 2020.

7. He has been Member of Parliament (MP) for Holborn and St Pancras since 2015, and previously served as Leader of the Opposition from 2020 to 2024 and as Director of Public Prosecutions from 2008 to 2013.

8. Starmer will succeed Rishi Sunak as prime minister following the Labour Party’s victory at the 2024 general election.

9. Starmer attended the selective state Reigate Grammar School which became a private school while he was a student.

10. He was politically active from an early age and joined the Labour Party Young Socialists at the age of 16.

11. He graduated with a Bachelor of Laws degree from the University of Leeds in 1985 and gained a postgraduate Bachelor of Civil Law degree at St Edmund Hall at the University of Oxford in 1986.

12. After being called to the bar, Starmer practised predominantly in criminal defence work, specialising in human rights.

13. He served as a human rights adviser to the Northern Ireland Policing Board and was appointed a Queen’s Counsel in 2002, later citing his work on policing in Northern Ireland as being a key influence on his decision to pursue a political career.

14. During his time as Director of Public Prosecutions, he dealt with a number of major cases including the Stephen Lawrence murder case.

15. He was appointed Knight Commander of the Order of the Bath (KCB) in the 2014 New Year Honours for services to law and criminal justice.

16. Starmer was elected to the House of Commons at the 2015 general election.

17. As a backbencher, he supported the unsuccessful Britain Stronger in Europe campaign in the 2016 European Union membership referendum.

18. He was appointed Shadow Minister for Immigration by Jeremy Corbyn but resigned from this role in June 2016 as part of the wider shadow cabinet resignations in protest of Corbyn’s leadership. Accepting a new post under Corbyn that year as Shadow Secretary of State for Exiting the European Union, Starmer advocated a proposed second referendum on Brexit. Following Corbyn’s resignation after Labour’s defeat at the 2019 general election, Starmer succeeded him as party leader by winning the 2020 leadership election on a left-wing platform.

19. As the Labour leader, Starmer has repositioned the party away from the left and toward the political centre.

20. He has emphasised the importance of eliminating antisemitism within the party, a controversial issue during Corbyn’s leadership.

21. His supporters have praised him for his antisemitism reforms and for helping to improve Labour’s credibility with the electorate in the aftermath of the previous leadership, while his critics have accused him of unfairly treating leftist Labour members.

22. In 2023, Starmer set out five missions for his government, targeting issues such as economic growth, health, clean energy, crime and education.

23. Starmer led Labour to a landslide victory in the 2024 general election, ending fourteen years of Conservative rule.

24. His landslide victory was similar to the one achieved by Tony Blair at the 1997 general election, the last time a Labour opposition ousted a Conservative government.

[TheNation]

Janet Galadima-Gimba, a customary court judge in Kaduna, who was abducted by bandits, has been released.

The judge and her sons were reportedly abducted at their residence in the Mahuta area of Kaduna on June 23.

The abductors, numbering up to 15, invaded the home of the judge at night when her husband, a medical doctor, was away on duty.

The bandits were said to have demanded N300 million ransom for their release and had threatened to start killing their victims one after the other if payment was delayed.

One of the children, a 14-year-old boy, was, however, killed on Tuesday by the bandits when the N298 ransom demanded could not be delivered at the stipulated time.

However, in a telephone interview on Thursday evening, the judge said she was released by her abductors.

She added that they demanded N150 million for the release of her three children.

“Initially, they demanded N298 million, but they have reduced it to N150 million, and they released me to go and bring the money before my children are released,” she said.

She said the bandits threatened to kill her children in less than three days if she failed to deliver the ransom to them.

Veteran entertainer, Charles Oputa aka Charly Boy has applauded moves to release, Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB.
 
According to him, Kanu's release is fast approaching.
 
 
Charly Boy made the remark while dismissing the alleged hatred Northerners have for Igbos.
 
Posting on X, Charly Boy also cautioned Igbos sabotaging efforts against Kanu’s release.
 
According to Charly Boy: “I am not a Sowore fan but on Mazi Nnamdi Kanu’s right, he got it right.
 
“Northerners can hate the Igbos all they want but they can Never Stop their Shine.
 
“To all the Saboteurs in Igbo land, there are people taking note, they see all that you scum bags do.
 
“For me, I am only waiting for the D day, cos I know it’s fast approaching.
Dia Fathers.”
 
This comes as the Indigenous People of Biafra, IPOB, accused some Igbo politicians of frustrating efforts to release Kanu.
 
IPOB warned that politicians trying to sabotage Kanu’s release should quickly retrace their steps.
 
The spokesman of IPOB, Emma Powerful, said these politicians should be ready to face the consequences of their actions.
 
This is coming when Southeast governors and senators resolved to meet President Bola Tinubu to explore a political solution regarding Kanu.

The NDLEA in Kano has suggested making drug testing mandatory for prospective couples as a step towards curbing drug abuse in the state.

The NDLEA Commander in Kano, Mr Abubakar Idris-Ahmad, made this known to the News Agency of Nigeria (NAN) on Thursday.

“The agency has introduced the Drug Intergrity Test Initiative, which is anticipated to metamorphose into an anti-drug culture for every Nigerian,” he said.

Idris-Ahmad said the drug test will serve as a tool for the prevention of drug abuse and early detection of individuals and couples status of drug use for appropriate treatment and rehabilitation.

He said the proposed law for the test became necessary to address the high rate of marriage breakdowns and reduce drug abuse among married couples in the state.

“Investigations have shown that one spouse often introduces the other to drugs after marriage and their children, hindering efforts to combat drug abuse.”

He called on the Kano State House of Assembly to enact a law requiring drug tests before marriage.

The commander appealed to women, youths, and the general public to shun drug abuse and work together to move the state and nation forward.

“The test initiative approach seeks to tackle drug abuse at its roots, promoting a healthier and more sustainable society,” Idris-Ahmad said.

 
 

Jimoh Ibrahim, senator representing Ondo south, says he has software on his phone that detects the number of guns around him at a particular time and anywhere he goes.

Ibrahim spoke on the floor of the senate on Wednesday while contributing to a motion sponsored by Ali Ndume, senator representing Borno south.

Ndume had dwelt on the recent suicide bombings in Gwoza, an LGA in his senatorial district.

Ibrahim said he was not alarmed by the number of guns around him as he spoke, which he put at 277, because the national assembly is in the three arms zone and an armoury is stationed at Aso Rock.


“For intelligence, the army should get devices on their phones to know where these criminals are,” he said.

“As I am here, I check my phone regularly and I know the number of guns that are very close to me here. There are over 277 guns.”

Ndume had identified the Lake Chad region, Sambisa Forest and Mandara Mountains as areas the security agencies need to focus on.

 

“That these attacks have raised significant concerns about the security situation in the region, which has been a flash point of terrorist attacks over the years,” Ndume said.

“And this calls for concerted and coordinated efforts of the security agencies to address the state of insecurity in Borno state and other parts of the country experiencing similar situations.”

On Saturday, suspected female suicide bombers detonated explosives in Gwoza LGA of Borno.

A curfew has since been imposed on Gwoza over suspicion of another attack.

Peter Obi, presidential candidate of the Labour Party in the 2023 election, says the current monetary policy is slowing economic growth.

In a post on X on Thursday, Obi said the recent outcry of Aliko Dangote, chairman of Dangote Industries Limited, supports his earlier criticisms of the negative effects of the monetary policy of the Central Bank of Nigeria (CBN).

On July 2, Dangote said the increase of interest rate to almost 30 percent by the CBN will stifle growth. 

He added that the country is battling “a very high” interest rate.

 

The monetary policy committee (MPC) of CBN, on May 21, raised the monetary policy rate (MPR) — on which banks benchmark their interest rate — from 24.75 percent to 26.25 percent.

Obi said the negative impacts of the policy on micro, small and medium enterprises (MSMEs), which are the engine of economic growth, are significant.

“Africa’s foremost entrepreneur and respected Nigerian businessman, Aliko Dangote’s recent outcry against the current interest rate of 30%, underscores my earlier cry in February on the negative effects of the monetary policy of the present federal government,” Obi said.

 

“According to Dangote, no jobs will be created with such a high interest rate because there will be no growth in the economy.

“This has been my consistent position over time. In February this year, I argued against the decision of the Monetary Policy Committee on MPR to 22.5% and CRR to 45% increases which, in my opinion, would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which would be very difficult for manufacturers and MSMES to borrow and repay.

“If Dangote, the richest person in Africa, and foremost industrialist, can complain, then imagine the negative impacts of these policies on MSMEs who are the engine of economic growth.

“To further understand the harsh economic environment that this monetary policy had exacerbated, the recent report from the Manufacturing Association of Nigeria (MAN) stated “In 2023, 767 companies were shut down and 335 became distressed.

 

“The capacity utilisation in the sector has declined to 56%; the interest rate is effectively above 30%; foreign exchange to import raw materials and production machine inventory of unsold finished products has increased to N350 billion and the real growth has dropped to 2.4%.”

The former Anambra governor said these harsh economic policies, both monetary and fiscal, have persistently slowed down economic growth, driven multinationals out of the country, stifled small businesses and discouraged the inflow of foreign direct investment (FDI).

He urged the government to reverse the “ugly trend” causing job losses, discouraging production, and hindering movement from consumption to production.

Obi said the government must reverse course and implement policies that foster growth and the creation of a new Nigeria.