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FG To Borrow $750m From World Bank For States To Stimulate Local Economy, Support Vulnerable Household Consumption

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The federal government is planning to borrow $750 million on behalf of states to stimulate local economies in Nigeria.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made this disclosure in Abuja on Friday at the inauguration ceremony of the Federal Steering Committees of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES).

According to the Finance Minister, the Nigerian Government “is in the process of accessing a World Bank loan of $750 million on behalf of the states to stimulate the local economy and support vulnerable household consumption”.

In going to borrow the money, the federal government is considering the causes and consequences of civil unrest and COVID-19 in the country.

Zainab Ahmed stated that: “the consequences will be too high if we ignore the root cause of rising civil unrest in our country. We must, therefore, fashion out ways of ensuring that post-Covid-19 is not injurious to the Nigerian people and the economy.”

The Finance Minister noted that “the federal government has created several windows of interventions as captured in the Economic Sustainability Plan (ESP) to, among other things, respond robustly and appropriately to the challenges posed by the COVID-19 pandemic, identify fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending”.

Speaking on the need for proper implementation, Ahmed stated that “to ensure that the implementation of the N-CARES is in line with the federal government priorities as outlined in the ESP, the Federal Steering Committee, made up of ministers and permanent secretaries as well as a Technical Committee, made up of directors of key ministries, departments and Agencies (MDAs) has to be in place”.

According to her, the government has carefully selected the “members of the Federal Steering and Technical Committees because of the important role your MDAs play in the recovery of the Nigerian economy as well as the fulfilment of lifting 100 million people out of poverty.”

On the expediency of the inauguration of the committee, the Finance Minister said, “the inauguration of the committees “is expedient given the nature of this emergency intervention; Nigeria as the biggest economy in Africa cannot afford to remain in recession; the survival of over 200 million population is germane to all we do and we must address the concerns of the majority of our populace”.

Members of the Federal Steering Committee will provide an overall policy direction for the implementation of this programme and advise Mr. President appropriately, while the Federal Technical Committee will be responsible for the programme oversight, overall guidance, support, coordination, strategic direction, review and approval of the annual work programme as well as budget for the Federal CARES Support Unit (FCSU).

The members of the Steering Committee of the Nigeria CARES Programme, are: Minister of State, Budget and National Planning (BNP) FMFBNP- Chairman; Minister of State-Federal Ministry of Agriculture and Rural Development (FMARD); Minister of State-Federal Ministry of Industry, Trade and Investment (FMITI); Minister of State-Federal Ministry of Labour and Employment (FMLE); Minister of State-Federal Ministry of Environment (FMEnv); Minister of State-Federal Ministry of Education (FME); Permanent Secretary, Budget & National Planning (BNP); Permanent Secretary, Federal Ministry of Finance (BNP); Permanent Secretary, Ministry of Humanitarian Affairs (MHDMSD); Permanent Secretary, Federal Ministry of Water Resources (FMWR); Executive Director NGF Secretariat; Chairman Federal CARES Technical Team (FMFBNP) – Secretariat.

BIG STORY

Nigeria In Talks With China To Revive Ajaokuta Steel, NIOMCO As Russia Deal Stalls

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The federal government has entered discussions with the Republic of China to take over the revitalisation of the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO).

Shuaibu Abubakar, minister of steel development, disclosed this on Tuesday during the opening of the 10th edition of Nigeria’s Mining Week, themed ‘Nigeria Mining: From Progress to Global Relevance,’ held in Abuja.

Abubakar said the move followed the collapse of an earlier agreement with Russia due to the ongoing war with Ukraine. The conflict, he explained, disrupted the execution of a memorandum of understanding (MoU) signed with Tyazhmashpromexport (TPE) in September 2024 to rehabilitate, complete, and operate the Ajaokuta and NIOMCO facilities in Kogi state.

“Mr President will give the final approval based on financial, managerial and technical competencies,” he said, stressing that President Bola Tinubu’s administration remains determined to revive the steel complex after nearly five decades of dormancy.

The minister further revealed that the ministry is close to sealing a partnership with the ministry of defence and the Defence Industries Corporation of Nigeria (DICON) for the production of military hardware components such as rifles, vests, helmets, and bullets at Ajaokuta’s engineering workshop.

“This understanding is to support the defence sector of the Nigeria economy for improved security,” Abubakar added.

He noted that the National Steel Raw Materials Exploration Agency, based in Kaduna, has identified 12 iron ore deposits across the country, which are at different stages of exploration. The agency, he said, is generating resource data to attract more investment into the sector.

Abubakar explained that local steel production would stimulate demand for raw materials like iron ore, limestone, dolomite, refractory clay, and coal, generating broad economic benefits.

He urged private sector investors to take advantage of opportunities in the steel raw materials value chain, assuring that the government is collaborating with key ministries, particularly the ministry of solid minerals development, to drive growth.

According to the minister, the success of the administration’s efforts to attract foreign direct investment into the steel industry will depend on the establishment of a sustainable raw material supply base.

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Former Kenyan PM Raila Odinga Dies In Indian Hospital

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Raila Odinga, former Prime Minister of Kenya, has died in India after suffering cardiac arrest during a morning walk at an Ayurvedic hospital.

His family confirmed the incident to The Standard, a Kenyan newspaper, stating that Odinga had been undergoing treatment at the facility for “bacterial infections” and had been placed on bed rest before the tragedy occurred.

The 80-year-old politician reportedly collapsed on the hospital premises and was pronounced dead upon arrival at a medical facility nearby.

Odinga served as Kenya’s Prime Minister from 2008 to 2013 and was the leader of the Orange Democratic Movement (ODM), one of the country’s most prominent opposition parties.

Known for his outspoken stance on African governance, Odinga’s political influence extended beyond Kenya. In 2019, he cited Nigeria as an example of how “public officeholders amass wealth illegally,” a remark that sparked wide debate at the time.

He contested Kenya’s presidency five times without success, repeatedly alleging that his mandates had been stolen. Despite often clashing with ruling governments, Odinga had a pattern of reconciling with incumbent presidents following disputed elections.

After losing to President William Ruto in 2022, Odinga accepted an invitation to join a broad-based government, leading to the appointment of several of his allies to key positions.

Earlier this year, he was considered Kenya’s top candidate for the position of Chairperson of the African Union (AU) Commission. Former Nigerian President Olusegun Obasanjo openly supported his candidacy, but Odinga eventually lost to Djibouti’s Mahmoud Ali Youssouf despite significant regional backing.

The politician also endured personal tragedy in 2015 when his eldest son, Fidel — named after former Cuban leader Fidel Castro — passed away.

Odinga is survived by his wife, Ida, and three children. President William Ruto is expected to address the nation on the passing of the former statesman.

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Lekki Auto Dealers Endorse Lagos Demolition Drive, Disown Critics [PHOTOS]

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The Lekki Automobile Dealers Union has expressed full support for the ongoing structure clearance exercise being carried out by the Lagos State Ministry of Environment and Water Resources along the Lekki–Ajah corridor.

In a statement issued over the weekend, the union—representing auto businesses in the fast-developing axis—acknowledged that the state government properly engaged stakeholders ahead of the demolition.

“We were duly notified well in advance and were given the grace period and necessary support to move our vehicles from the affected lots,” the statement read, countering claims that the exercise was abrupt.

The dealers commended officials supervising the operation, saying, “We extend our sincere appreciation to the Honourable Commissioner, Mr. Tokunbo Wahab, the Honourable Commissioner for Transportation, Mr. Oluwaseun Osiyemi and their team for their understanding, communication and coordination throughout this process.”

According to the statement, the clearance drive is a “vital and necessary measure” to safeguard lives and property by ensuring that drainage channels remain unobstructed and safety risks from high-tension cables are reduced.

In a strong response to critics, the union “categorically” distanced itself from what it described as “malicious and misinformed narratives about the ongoing exercise which have been released on some social media platforms.”

Reaffirming its support for the state’s environmental safety drive, the union described its members as “responsible citizens and partners in progress” working toward a cleaner and better-organized Lagos.

The statement ended with an appeal to customers for patience, assuring that operations would resume soon despite temporary disruptions caused by the exercise.

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