The Federal Government has requested an 18-month extension on the closing date of the World Bank’s $800m palliative loan to boost its social safety net programmes.

The request is coming in the wake of the country’s battle against rising inflation and economic challenges. 

According to a restructuring paper document on the project from the World Bank, the government requested an extension of the closing date of the project from June 30, 2024, to December 31, 2025.

The report said about three million poor and vulnerable households have benefitted from the $800m palliative loan.

The apex bank had disbursed the loan to cushion the effect of recent government’s policies, such as fuel subsidy removal.

Of these beneficiaries, 700 thousand households were from rural areas and about 2.5 million households from urban areas.

The extension seeks to realign project timelines and enhance the efficacy of the National Social Safety Net Programme-Scale Up, adding that 1,652 urban wards had been covered through the targeting system developed under the project.

The document read:  “Since its start, about 30 million beneficiaries have been covered by social safety net programs, and about three million poor and vulnerable households have received shock responsive cash transfers as of May 2024.

”Of these beneficiaries, 700 thousand households were from rural areas and about 2.5 million households were from urban areas. 1,652 urban wards have been covered through the targeting system developed under the project.”

It added that a planned digital payment delivery mechanism had been put in place, using straight-through processing to deliver transfers directly to beneficiaries’ accounts or wallets while the national social register is being integrated with the National Identification Number, NIN, to further strengthen the targeting system.

The NASSP-SU project, initiated to provide shock-responsive safety net support to Nigeria’s poor and vulnerable, was approved on December 16, 2021, and became effective on January 30, 2023.

With this loan, the Federal Government plans to run a monthly cash transfer programme for poor and vulnerable Nigerians, who have been hit hard by recent policies, such as the fuel subsidy removal.

But it was abruptly stopped following a probe of alleged malfeasance in the management of the scheme by the Ministry of Humanitarian Affairs and Poverty Alleviation.

As part of restructuring to restart the cash transfer, the government has sought approval to change the chairmanship of the project’s national steering committee from the Minister of Humanitarian Affairs and Poverty Alleviation to the Minister of Finance.

It also stressed that the extension request stems from Nigeria’s ongoing battle with high inflation, which peaked at 33.2 per cent in early 2024, exacerbated by the removal of fuel subsidies and exchange rate depreciation.

The document partly read, “This paper seeks approval from the Country Director for a Level II restructuring of the National Social Safety Net Program Scale-Up project, an $800m investment project financing.

”The restructuring will extend the project closing date by 18 months from June 30, 2024, to December 31, 2025. The benefit size and duration of the cash transfers under component 1 will also be changed.

“Despite earlier delays, the project remains central to the government’s ambitious plan to provide temporary cash transfer support to the population affected adversely by high inflation, particularly in the wake of the fuel subsidy removal and other macroeconomic reforms the government is undertaking.

”No financial or audit reports are pending, and there are no changes in the audit requirements. There have been some delays in procuring key service providers, and contract management practices are being improved by building the capacity of the PIU’s procurement team.”

The UN World Health Organisation (WHO) has announced a spike in cholera in several regions of the world, with almost 195,000 cases and over 1,900 deaths reported in 24 countries since the start of this year.

The agency’s Eastern Mediterranean Region reported the highest number of cases, followed by the African Region, the Region of the Americas, the Southeast Asia Region, and the European Region.

WHO, in a statement on Thursday, stated that there are no reported cases in the Western Region, according to its bulletin released on Wednesday.

The UN health agency said it exhausted its global stockpile of Oral Cholera Vaccines (OCV) by March but was able to exceed “the emergency target of five million doses in early June for the first time in 2024.”

Yet, the supply of the vaccine does not equate to its demand.

WHO reported that since January last year, 16 countries requested 92 million doses of OCV – almost double the 49 million produced during that time.

WHO, the UN Children’s Fund (UNICEF) and other partners are working together to use resources to find long-term solutions for cholera.

On the positive side of health news, WHO announced on Thursday that Chad successfully eradicated “sleeping sickness” as a public health problem.

The agency applauded the Government and people of Chad for eradicating the gambiense form of human African trypanosomiasis, (also known as sleeping sickness).

“I congratulate the government and the people of Chad for this achievement.

“It is great to see Chad join the growing group of countries that have eliminated at least one neglected tropical disease (NTD),” Tedros Ghebreyesus, WHO Director-General, said.

In eliminating the disease, Chad joining some 50 others globally that have succeeded in this endeavour.

“The 100-country target is nearer and within reach,” Ghebreyesus, added, referring to the target set out in the road map for address neglected tropical diseases by 2030.

Sleeping sickness can cause flu-like symptoms initially but eventually causing behaviour change, confusion, sleep cycle disturbances or even coma, often leading to death.

Improved access to early diagnosis and treatment, as well as surveillance and response has proven that countries can control and eventually eliminate transmission.

Gunmen have kidnapped a pregnant woman, simply identified as Mrs. Ogunbunmi, in Abeokuta, Ogun state capital.

Mrs. Ogunbunmi, who is due for delivery, was said to have left her home in Oke Lantoro, to the state Hospital, Ijaiye, Abeokuta.

It was gathered that her husband, Ogunbunmi Lateef, said he had received a WhatsApp message notifying him of his wife’s kidnap by the abductors.

Confirming the incident, yesterday in a terse statement, the Police Public Relations Officer, Omolola Odutola said the suspected abduction had been reported to the command.

She said: “One Ogunbunmi Lateef of Oke Lantoro, Abeokuta reported that his pregnant wife due for delivery left home for state Hospital, Ijaiye, Abeokuta.

“He received a WhatsApp message confirming the abduction of his wife by unknown armed men,” she said.

Nigerian music star Ayodeji Ibrahim Balogun, popularly known as Wizkid, has ignited a flurry of reactions among fans with hints about possibly launching his own church.

The renowned Nigerian musician, who has had an increased activity on social media recently, stirred curiosity through a series of cryptic posts on his official X account.

Wizkid shared his thoughts about the idea of starting a church, causing a whirlwind of discussions online.

In one of his posts, Wizkid stated, “I could start a church if I wanted”

In another post, he wrote, “Jesus is King,” reaffirming his belief and further fueling speculation about his potential spiritual endeavors.

Fans have reacted enthusiastically to the possibility of Wizkid starting a church, with many taking to social media to bestow upon him titles such as “Pastor” and “Prophet.”

@Tunnykvng wrote, ”Pastor Wizkid or Pastor Big Wiz?

@Jbrandy_YBNL: Machala trying to win souls for the first time on the alter

@sakpo0007 wrote, “Your vision is more accurate than the pastors we have nowadays anyways.”

@honest30bgfan_ noted, “You don kuku talk am say na Eledumare dey ginger you nicely.”
@toyor_pr said, “Pastor Starboy”

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank.

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

This became possible after he purchased the group’s shares valued at N18.9 billion.

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares.

He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share — totalling N12.01 billion.

With this, the number of shares recently acquired totalled 863,180,810.

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

This means the businessman is now the highest shareholder in the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

The appointment came two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

The Mo Ibrahim Foundation, an African non-grant foundation, says Egypt, Nigeria, and Morocco receive 61.1 percent of remittances into Africa.

The foundation disclosed this in its 2024 forum report, titled, ‘Financing Africa. Where is the Money?’

Published on June 18, the report noted that Egypt is the largest recipient of remittances in Africa, receiving inflows of $28.3 billion in 2022; followed by Nigeria ($20.1 billion), and Morocco ($11.2 billion).

According to the report, Africa accounts for 12.3 percent of global remittances, “with nearly $100 billion in 2022”.

“Approximately 160 million people born in Africa currently live and work outside the continent,” the report reads.

Their remittances, according to the foundation, support the living costs of an estimated 200 million relatives — representing a significant source of foreign currency.

“Compared to other regions, Africa accounts for 12.3% of global remittances of which Egypt, Nigeria and Morocco receive 61.1% combined. The ratio of remittances relative to Africa’s economy makes them an important income source,” the further report reads.

“In 2022, Africa’s remittances of $96.7 billion represented 3.5% of the continent’s GDP, the highest of any world region.

“In 2022, for 19 countries remittances accounted for at least 4% of their GDP. In four countries – Gambia, Lesotho, Somalia and Comoros – this exceeded 20%.”

When properly accounted for, the foundation said, hard currency remittances could be used to improve a country’s creditworthiness and sovereign risk ratings by credit rating agencies.

The organisation said they could also function as a source of foreign exchange (FX).

“Remittance flows could also be used as collateral to improve ratings of sub-sovereign borrowers,” the foundation said.

The foundation added that through the use of remittance-backed securities, several banks in developing nations have been able to raise more than $15 billion from foreign capital markets since 2000.

The World Bank says its $750 million loan to Nigeria will support the federal government’s policy reforms.

World Bank made this known in the programme appraisal document — dated May 17, 2024 — on the proposed loan disbursement to Nigeria.

On June 13, Wale Edun, the minister of finance and coordinating minister of the economy, announced the approval of two financial support packages by the World Bank valued at $2.25 billion.

The loan consists of $1.5 billion for Nigeria’s reforms for economic stabilisation to enable transformation (RESET) development policy financing program (DPF) and $750 million for Nigeria’s accelerating resource mobilisation reforms (ARMOR) program-for-results (PforR).

In the programme appraisal document, the World Bank said the ARMOR programme contains revenue policy measures such as raising pro-health taxes on tobacco, and alcohol.

The Bretton Woods institution also said the programme contains the introduction of taxes on online betting and gambling, as well as new excise on telecommunication services.

Also, green taxes in the form of excises on vehicles and single-use plastics, as well as the implementation of an electronic money transfer levy were included in the programme.

The World Bank also said the presidential committee on fiscal policy and tax reforms has recommended more structural reform of the value-added tax (VAT) regime.

According to the World Bank, the disbursements under the proposed ARMOR programme will be through nine disbursement-linked indicators (DLIs) structured around the programme’s three result areas.

DLI, also referred to as performance-based financing, is a modality under which funds are disbursed by an investor or donor to a recipient upon the achievement of a predetermined set of conditions.

The World Bank said the DLIs support increased revenues from value-added tax and reduced forgone revenue — which will support phasing out the exemption of interest income from corporate bonds and pioneer status tax incentive scheme.

The Bretton Woods institution also supports increased revenue from pro-health and green taxes — which supports increasing the excise rates on tobacco, and alcoholic products, as well as online betting and gambling services — increased on-time online e-filing and e-payments, enhanced VAT voluntary compliance, improved tax audits, increased compliant trade flows, increased customs revenues through better risk management and enhanced post-clearance audits (PCAs), and enhanced transparency and increased oil revenue flows.

A high court in Akure, the Ondo state capital, has nullified the creation of additional 33 local council development areas (LCDAs) in the state.

Adegboyega Adebusoye, a judge, delivered the ruling on Thursday.

The Ondo state house of assembly passed the bill for the creation of the 33 additional councils on August 15, 2023, after it scaled a third reading.

In September 2023, Rotimi Akeredolu, former Ondo state governor, signed the bill a day after his return from a three-month medical leave.

The 33 LCDAs were to co-exist with the 18 LGAs, bringing the total number of local councils in the state to 51.

Akeredolu died on December 27, 2023, following a protracted battle with prostate cancer. Lucky Aiyedatiwa, his deputy, was immediately sworn in to succeed him.

‘UNCONSTITUTIONAL, NULL AND VOID’

The judge held that it is illegal for a governor to sign a law outside the state he or she governs.

Addressing journalists after the court session, Tolu Babaleye, counsel to the 22 plaintiffs, said the court held that the creation of the 33 LCDAs was “unconstitutional, null and void”.

“We approached this court being the last hope of the common man. And today, the court gave a well-considered judgment which I call a judicial Tsunami, sweeping off all those illegally created local governments in Ondo state,” Babaleye said.

“Apart from that, there was a landmark pronouncement by the court to the effect that no governor is empowered to sign the law of a state outside the shores or jurisdiction of that state because the government has provided for a massive government house for a governor.

“So the governor has no right under the law to go to Ibadan to sign the law. Because of that, the law was nullified, declared unconstitutional and of no effect.

“So as I talk to you now, Ondo state has reverted to 18 local governments.”

The All Progressives Congress (APC) says Siminalayi Fubara, governor of Rivers, is the “supreme architect” of the crisis in the state.

The ruling party is reacting to a comment by the Peoples Democratic Party (PDP) alleging plots to take over the government of Rivers forcefully.

In a statement on Thursday, Felix Morka, APC national spokesperson, said the opposition party made the “fake” claim without addressing the issues bedevilling the state.

Morka said since assuming office, Fubara has allegedly shown a disdain for the rule of law.

“Quite contrary to the PDP’s misplaced quibbles against Chief Okocha’s comments, Governor Siminalayi Fubara is the supreme architect of the horrific crisis rocking Rivers state,” the statement reads.

“Since assuming office over a year ago, Governor Fubara has displayed reckless disdain for the rule of law and democratic institutions and conducted his government in flagrant violation of the Constitution of the Federal Republic of Nigeria.

“In an unprecedented display of autocratic arrogance, Governor Fubara declared the democratically elected Rivers state House of Assembly to be non-existent and, without lawful authority, constituted a bogus and an illegal 3-man sham Assembly in brazen violation of express provisions of the Constitution on the threshold composition of the House of Assembly and in disregard of the separation of powers doctrine.

“The Governor has continued to expend public funds without lawful appropriations by a duly constituted legislature, thereby undermining the will of the good people of Rivers State and their right to effective and accountable democratic governance.”

The APC spokesperson said a “serious and focused” governor would have set a clear programme to conduct local government elections in the state.

Apart from the rift without Nyesom Wike, minister of federal capital territory (FCT), which has torn apart the Rivers house of assembly, the state is witnessing a crisis at the local government level.

BACKGROUND

On Tuesday, Fubara asked the heads of local government administration to assume control of the 23 council areas of the state following the tenure expiration of the chairmen.

Despite the governor’s directive, some former LGA chairmen reportedly attempted to resume duty at the council secretariats but were chased away by youths.

The development sparked political tension in Rivers as residents protested at the LGA secretariats while police officers fired multiple shots into the air to disperse protesters.

Although the governor has sworn in caretaker committee chairs for the LGAs, they have not been allowed to assume their offices.

The Kano government has ordered the demolition of a section of the palace of Ado Bayero, the deposed 15th Emir of Kano.

Haruna Dederi, Kano state attorney-general and commissioner for justice, said the government has directed the police to take over the Emir’s palace in Nassarawa LGA.

Dederi said the state government has concluded arrangements for the general reconstruction and renovation of the palace, including demolishing “dilapidated walls”.

Earlier on Thursday, a federal high court in Kano nullified all actions by the Kano state government repealing the Kano Emirates Council Law of 2019.

Muhammad Liman, the presiding judge, ordered parties to maintain the status quo.

Liman held that the defendants were aware of an interim order previously granted by the court but ignored it and implemented the law.

The judge said he would assume his coercive powers to enforce compliance with the court order.

However, the judge transferred the case to another federal high court judge, Simon Amobeda, for continuation given his elevation to the court of appeal.

Speaking on the court ruling, the commissioner said the state government acknowledged the verdict.

”The Kano State Government acknowledges the ruling by the Federal High Court regarding the Kano Emirates Council (Repeal) Law, 2024 and views same as upholding the rule of law,” he said.

“By the ruling of the court, it has unequivocally reaffirmed the validity of the law passed by  Kano State House of Assembly and assented to by His Excellency the Executive Governor of Kano State on Thursday 23rd May 2024 by 5:10 pm.

“This part of the judgement is very fundamental to the entire matter. A further implication of the ruling is that all actions done by the Government before the emergence of the interim order of the honourable court, are equally validated.

“This means that the abolishing of the five emirates created in 2019 is validated and the deposition of the five emirs is also sustained by the federal high court.

“By implication, this means that Muhammadu Sanusi II remains the Emir of  Kano. The judge also granted our application for the stay of proceedings until the court of appeal deals with the appeal before it on jurisdiction.

“Happily, the signing of the law and the reinstatement of His Highness, Emir Muhammad Sanusi II, were done on 23rd May 2024 before the emergence of the interim order, which was served on us on Monday 27th May 2024,” the commissioner told journalists on Thursday.

“Following this Court’s ruling, the Kano State Government has directed the State Commissioner of Police to remove the deposed emir of the 8 metropolitan local governments from the government property where he is trespassing, as the government has already concluded arrangements for the general reconstruction and renovation of the property, including the demolishing and reconstruction of the dilapidated wall fence, with immediate effect.”