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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

Ibadan Stampede: Court To Decide Bail For Ooni’s Ex-Wife, Oriyomi Hamzat January 13

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A high court in Ibadan has fixed Monday, January 13, 2025, to rule on the bail applications filed by Naomi Silekunola, ex-wife of Ooni of Ife, Oriyomi Hamzat, CEO of Agidigbo FM, and Fasasi Abdullahi.

Abdullahi serves as the principal of Islamic High School, the site of the stampede incident in Ibadan.

The trio are standing trial over their alleged roles in a stampede at a funfair in December, which claimed the lives of over 40 people, most of them children.

The defendants were remanded at Agodi correctional centre on December 24 after being charged with conspiracy, negligence causing harm, and failing to provide adequate security and medical facilities.

At the hearing on Tuesday, their legal representatives presented separate arguments for bail.

Silekunola was represented by Musibau Adetunmbi, while Hamzat and Abdullahi were represented by Adekunle Sobaloju.

The prosecution, led by Abiodun Aikomo, Oyo state attorney-general and commissioner for justice, opposed the bail applications.

He asked the court to deny the defendants temporary release.

After hearing the submissions of both defendants and prosecutor, Kamarudeen Olawoyin, the presiding judge, reserved his ruling for January 13.

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BIG STORY

NDLEA Arrested Over 18,500 Suspected Drug Traffickers In 2024 — Agency Chairman Marwa

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Buba Marwa, the chairman of the National Drug Law Enforcement Agency (NDLEA), says operatives of the agency arrested over 18,500 suspected drug traffickers and seized 2.6 million kilograms of illicit drugs in 2024.

Marwa spoke in Lagos on Tuesday during the inauguration of the NDLEA central exhibit office.

The US government donated the NDLEA central exhibit office located at the agency’s headquarters annex in Ikoyi.

Marwa said the steady operational successes being recorded by the agency in its drug supply and demand reduction efforts were attributable to the support given to it by the US government and other partners.

“Today, I am particularly pleased to acknowledge one of such gestures, namely the donation of the office for our central exhibit custodians,” he said.

“This donation acknowledges the critical need for efficient and secure handling of evidence, which is essential for the successful prosecution of drug-related cases.

“This contribution will not only strengthen our operational framework but also set a new standard for accountability and transparency in drug law enforcement

“It is an investment in the security and the future of our nations.”

Marwa said in spite of the agency’s improved performance, its personnel recognised that the war against drug trafficking and abuse is far from being over.

“As an organisation, we are committed to surmounting the challenges,” he said.

The NDLEA chairman noted that tremendous successes had been recorded on all fronts against the drug menace despite many challenges.

“So far, the results have been justifying. In 2024, we seized over 2.6 million kilograms of illicit drugs across the country,” he said.

“We arrested more than 18,500 drug trafficking offenders and got over 3,250 convicted, including 10 drug barons, with more than 220 hectares of cannabis farms destroyed.

“While in the same breath, we counselled and rehabilitated over 8,200 drug abusers.

“We organised more than 3,000 sensitisation and advocacy programmes across the country in schools, markets, motor parks, worship centres, workplaces, and communities, among others.”

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BIG STORY

UBA Earns Top 5 Spot In Customer Experience Survey, Shines In SME And Retail Banking

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United Bank for Africa (UBA) Plc, Africa’s Global Bank, has further established its position as a customer-focused institution, securing a spot among the Top 5 banks in several categories of the KPMG 2024 West Africa Banking Industry Customer Experience Survey.

The survey underscored UBA’s strong performance, placing it second in SME Banking and third in Retail Banking. These results represent a significant advancement, propelled by the bank’s commitment to its “Customer First” (C1st) philosophy.

The bank’s upward trajectory in customer satisfaction is clear. In Retail Banking, UBA jumped to third place from 14th in 2023. Similarly, in SME Banking, it rose to second place from 6th. In Corporate Banking, the bank earned fourth place, up from 8th last year. These gains highlight UBA’s dedication to exceeding customer expectations and providing outstanding service across its operations.

UBA’s Group Managing Director/CEO, Oliver Alawuba, referred to the recognition as a validation of the bank’s transformation. He stated, “This achievement is a testament to our ability to turn aspirations into accomplishments and challenges into triumphs. Our “Customer First” (C1st) philosophy is more than a mantra; it’s the foundation of our success. Through it, we’ve redefined customer satisfaction, created value, and built lasting trust and loyalty.”

Alawuba credited UBA’s success to the unwavering dedication of its employees. “From our retail branches to corporate offices, and from technology teams to front-line staff, every effort has contributed to this extraordinary transformation. I am deeply grateful to our remarkable team for making this possible,” he said.

He highlighted the bank’s focus on six pillars of customer experience: Integrity, Resolution, Expectations, Time and Effort, Empathy, and Personalization. These principles have transformed UBA’s interactions with customers, fostering trust and loyalty across its varied markets.

While celebrating these milestones, Alawuba reaffirmed UBA’s ambition to be the leading bank in all segments. He outlined the bank’s strategy to deepen customer relationships, enhance processes, and drive ongoing innovation. “As the banking landscape evolves and customer expectations rise, we remain agile and committed to delivering unparalleled value. Together, we will set new benchmarks for excellence,” he added.

UBA is a prominent financial institution with 25,000 employees serving over 45 million customers worldwide. Operating in 20 African countries and international hubs such as the UK, USA, France, and the UAE, UBA offers a comprehensive range of retail, commercial, and institutional banking services, championing financial inclusion and utilizing cutting-edge technology.

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