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

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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.

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Nigeria Immigration Service Places Yahaya Bello On Watchlist As IGP Withdraws Officers Attached To Him [PHOTO]

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Yahaya Bello, the immediate former governor of Kogi State, was placed on a watchlist by the Nigerian Immigration Service (NIS) on Thursday. This occurred just hours after Bello was listed as wanted by the Economic and Financial Crimes Commission over allegations that he had laundered N80.2 billion in money.

The April 18, 2024, circular was signed by DS Umar, Assistant Comptroller of Immigration, on behalf of Comptroller-General Kemi Nandap.

The service provided information about the former governor, including his name, nationality, and passport number (B50083321). It further stated, “I am directed to inform you that the above-named person has been placed on the watch list.”

“Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.”

Earlier, the EFCC declared Bello wanted, asking members of the public with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

The anti-graft commission had earlier stated that it would arraign the former governor before a Federal High Court sitting in Abuja on Thursday.

This came after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend Bello.

Bello, alongside three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, were to be arraigned before Justice Emeka Nwite on 19 counts related to money laundering.

But drama ensued when officers of the Nigeria Police Force foiled the EFCC’s attempt to arrest Bello at his Abuja residence on Wednesday.

A group of armed men, identified as “Special Forces,” along with officers from the Nigeria Police Force, intervened to prevent the EFCC operatives from apprehending him.

It was earlier reported that Usman Ododo, the incumbent governor of Kogi State, had interfered to prevent the arrest of his predecessor.

Ododo’s security team reportedly escorted Bello out of the location in the governor’s vehicle.

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BREAKING: EFCC Declares Yahaya Bello Wanted [PHOTO]

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Yahaya Bello, the former governor of Kogi state, has been declared wanted by the EFCC.

He reportedly evaded arrest yesterday when the commission visited his home to enforce arrest.

More to come…

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Hydrogen, CCHub Partner To Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading fintech startup Hydrogen Payment Services Limited (‘Hydrogen’) has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed ‘Adapting Fintech Business Models to Economic Climates’.

The event is set to take place on Thursday, April 18, 2024, from 12:00 a.m. WAT at the CCHub office in Sabo, Lagos, will delve deep into the intricacies of Nigerian economic challenges and how these influence the fintech ecosystem. Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the fintech space amidst economic uncertainties. By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip
emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in the Nigerian fintech sector. By leveraging Hydrogen’s technological expertise alongside CcHU’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders. including Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen; and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in the Nigerian fintech landscape amidst economic challenges.

Interested attendees are encouraged to register here and reserve a spot.

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