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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.

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JUST IN: Dangote’s CNG Trucks Begin Product Loading At Refinery

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Dangote Refinery’s fleet of newly acquired Compressed Natural Gas (CNG) trucks has officially kicked off product loading at its facility in Lagos.

On Monday, the trucks began taking turns at the gantry to load petroleum products for direct supply to filling stations across Nigeria.

The move follows the refinery’s August announcement that it had received the first batch of its 4,000 CNG-powered trucks—part of a fuel distribution programme valued at over ₦720 billion.

During a courtesy visit by the AfricaRice Centre on Sunday, Aliko Dangote explained that the direct distribution system was designed to reduce dependence on third-party carriers and cut out unnecessary costs.

“Losing ₦75 per litre to intermediaries who cannot guarantee delivery is not a viable option. We are committed to ensuring petroleum products get to Nigerians transparently and affordably,” the refinery said in a statement.

This rollout comes amid recent criticism from the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), who accused Dangote Refinery of offering cheaper rates to international buyers while quoting higher prices to local offtakers. Dangote has denied this, stressing that bypassing costly Single Point Mooring (SPM) systems will save the economy about ₦1.5 trillion annually.

Beyond costs, the 4,000 CNG trucks project aims to:

  • Lower logistics expenses in fuel distribution
  • Cut environmental impact compared to diesel trucking
  • Support over 42 million MSMEs by reducing energy costs

With this launch, the refinery is positioning itself not just as a supplier, but also as a distributor—reshaping how fuel reaches Nigerian consumers.

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Nnamdi Kanu Seeks Transfer From DSS Custody To National Hospital

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The Federal High Court in Abuja will today (Monday) hear an application filed by Nnamdi Kanu, detained leader of the proscribed Indigenous People of Biafra (IPOB), seeking transfer from the custody of the Department of State Services (DSS) to the National Hospital, Abuja, for urgent medical attention.

The motion, filed on September 3 by Chief Kanu Agabi (SAN), followed what Kanu’s lawyers described as a “worrisome decline” in his health while in detention.

Vacation judge, Justice Musa Liman, had earlier granted leave for the case to be heard during the court’s annual recess, stressing its urgency.

In a supporting affidavit, Emmanuel Kanu, the IPOB leader’s brother, said recent medical tests revealed kidney and liver complications, dangerously low potassium levels, and a swelling under Kanu’s armpit requiring immediate investigation.

Agabi told the court that doctors led by Prof. Austin Agaji had advised Kanu’s transfer to the National Hospital as an interim step. He noted that letters to the DSS on the issue had not been answered.

“The applicant’s health is seriously deteriorating considering the nature of his confinement,” Agabi argued, adding that granting the transfer would not prejudice the DSS.

Kanu has been in DSS custody since 2021 following his arrest in Kenya and repatriation to Nigeria. He is currently facing terrorism-related charges before Justice James Omotosho of the same court.

A bail application filed in May is still pending. The court is expected to hear arguments from both sides before ruling on the transfer request today.

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World Bank, IMF Forced Nigeria To End Petrol Subsidy — Femi Falana

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Human rights lawyer Femi Falana (SAN) says the federal government’s removal of petrol subsidies was not a domestic policy choice but a condition imposed by international lenders.

Speaking on Sunday Politics on Channels Television, Falana argued that no country in the world has fully abolished subsidies.

“Even the United States, the United Kingdom, France and others subsidise electricity, agriculture and many aspects of people’s lives,” he said.

Falana accused the World Bank and the International Monetary Fund (IMF) of pressuring Nigeria to scrap the policy.

President Bola Tinubu announced the end of petrol subsidy during his inauguration on May 29, 2023, alongside a foreign exchange market unification policy. Both measures triggered record inflation and worsening living standards.

Falana also warned against the federal government’s plan to introduce a five percent fuel surcharge, urging it not to worsen economic hardship. He said existing laws already mandated a fuel levy, but funds were never remitted to the Federal Roads Maintenance Agency (FERMA).

Between 2007 and 2011, Falana said FERMA confirmed it received nothing despite deductions from petrol sales.

“By 2022, even the Senate confirmed that over one trillion naira was owed to FERMA. Before introducing new levies, the government must explain what happened to those earlier deductions,” he said.

Falana also called for an end to the dollarisation of the economy, stressing that rejecting the naira remains a criminal offence.

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