Connect with us


BIG STORY

World Bank Donates $8.5bn To Fund Agriculture, Education, Others In Nigeria

Published

on

The World Bank has committed $8.5 billion to Nigeria to fund critical issues ranging from agriculture to education.

Disclosing this on Thursday in Abuja during a summit organised by the Emergency Coordination Center, the World Bank Country Director to Nigeria, Shubham Chaudhuri, noted that the amount was the largest of any country.

He noted that it was still infinitesimal compared with the needs of Nigeria, stressing, however, that around $2.5 billion to $3 billion of the fund had been channelled towards education.

“Half of the population of Nigeria itself is less than 17 years old. This means there is a need to invest in human capital development,” he said.

He noted that the future of Nigeria depended on the ability of the young people to go to school , stressing that it was important to make schools safe to ensure that fewer children were out of school.

He further said it was Nigeria’s call to determine how it would mobilise its financial resources to enable young Nigerians to go to school or whether its scarce resources would be used to subsidise petrol with over N6.5 trillion.

Africa’s most populous nation is mobilising N6.7 trillion for petrol subsidies at the expense of education and health. About 10.1 million children are out of school, according to the education ministry, but a report suggests it is up to 18.5 million.

Analysts have described Nigeria’s insistence on subsidies as financial indiscipline, noting that it would have adverse consequences on the Nigerian economy.

For Professor Jonathan Aremu, a former CBN Assistant Director and Senior Lecturer at Covenant University, subsidy distorted the market, making it difficult for products to find their real value.

“In economics, subsidy is always bad. Yes, quite a lot of people depend on fuel, which is why they have continued to subsidise petrol, but we don’t know how much is really spent on subsidy.”

He explained that the next government should not just remove subsidies, but also provide incentives that would alleviate the sufferings of Nigerians.

Professor of Energy Economics at Nnamdi Azikiwe University, Uche Nwogwugwu, said the removal of subsidy would be a step in the right direction.

However, he said removing petrol subsidy at the moment would cause untold hardship and social unrest for Nigerians, suggesting an alternative route Nigeria could take.

“It’s completely true that the burden is weighing and will continue to weigh on the economy. Some discrete facts are here to help save the country.

“The PIA has made NNPC a limited liability company that can seek profit. This is a good base for solving the subsidy. It is acknowledged that the nation has been subsidising consumption and now she wants to channel to production. Expanding the market locus to include neighboring countries of Cameroon, Ghana, Niger, Mali and Sudan where it is sold for about N300- N400 equivalent per liter will recoup all monies and also bring profit.

“It will also completely eradicate the activities of smugglers. Under Africa free trade charter, NNPC can sell to neighboring countries while giving the nation a breathing gap to solve the domestic disequilibria,” he suggested, noting that this could enable the country to fix the subsidy imbroglio.

BIG STORY

JUST IN: Court Remands Yahaya Bello In EFCC Custody Amid Alleged N110bn Fraud Case

Published

on

The Federal Capital Territory (FCT) High Court has remanded Yahaya Bello, former governor of Kogi, in the custody of the Economic and Financial Crimes Commission (EFCC).

Bello was arraigned on a 16-count charge related to alleged money laundering on Wednesday.

He pleaded not guilty to all the charges.

 

More to come…

Continue Reading

BIG STORY

First Phase Of 10,800-Bed Hostel In LASU Ready — Tokunbo Wahab

Published

on

The first phase of a 10,800-bed hostel project at the Lagos State University (LASU) is now ready for inauguration, according to Tokunbo Wahab, former special adviser to the governor on education.

Wahab, who is now commissioner for environment and water resources in Lagos, describes the project as ambitious and transformative.

“ It remains one of the most ambitious and transformative projects undertaken during my time as the Special Adviser to the Governor on Education,” he wrote on X.

“It was executed through a Public-Private Partnership (PPP) model under a Build-Operate-Transfer (BOT) arrangement which involves seven reputable investors.”

Wahab commended Babajide Sanwo-Olu, Lagos governor, for his leadership and continuous support.

“Proud of the work done here and to have been a part of this special one,” he added.

“Through the grace of God and the unwavering support and the dedication of the Lagos State Office of Public-Private Partnerships, the relentless efforts of the management staff of LASU, led by Vice Chancellor Prof. Ibiyemi Olatunji-Bello, and the cooperation of other key stakeholders, the first phase of this landmark project has now been completed.”

Wahab emphasized that the project showcases the state government’s commitment to leveraging public-private partnerships to address critical infrastructure needs in the education sector.

Continue Reading

BIG STORY

JUST IN: Yahaya Bello Pleads Not Guilty In Alleged N110bn Fraud Case

Published

on

Former Kogi State Governor, Yahaya Bello, has pleaded not guilty to the 16-count charge filed against him by the Economic and Financial Crimes Commission (EFCC) over his alleged involvement in a N110 billion fraud.

Bello was arraigned on Wednesday before Justice Maryanne Anenih of the Federal Capital Territory High Court in Abuja.

The former Kogi governor had been declared wanted by the EFCC in April 2024.

 

More to come…

Continue Reading



 

Join Us On Facebook

Most Popular