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World Bank Approves $2.25 Billion Support For Tinubu’s Economic Reforms

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The sum of $2.25 billion has been approved by the World Bank to support President Bola Ahmed Tinubu’s measures aimed at economic stabilization and aiding vulnerable citizens.

In a statement last night, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed two significant financial support packages.

According to the Nation, they include $1.5 billion for the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Programme (DPF) and $750 million for the Nigeria Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (P-for-R).

The statement reads: “This combined total of $2.25 billion will offer essential financial and technical support as the government continues to address economic distortions.

“These reforms will create quality jobs and economic opportunities for all Nigerians.

“We welcome the support of the RESET and ARMOR programmes as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals.”

When the Tinubu Administration took over last year, it faced huge economic challenges and recognized the urgent need for reforms to reboot the economy and strengthen Nigeria’s financial outlook.

The unification of multiple exchange rates and the cessation of opaque subsidy payments on petrol were the initial measures implemented to rescue the economy. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

The Central Bank of Nigeria (CBN) has refocused on its core mandate of price stability, tightening monetary policy by increasing interest rates to reduce inflation.

A targeted cash transfer program is being implemented to help poor and economically insecure households cope with high inflation.

The World Bank Vice President for Western and Central Africa, Ousmane Diagana, hailed Nigeria’s efforts, stating: “Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilise the economy and lift people out of poverty.

“It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis.

“This financing package strengthens the World Bank’s strong partnership with Nigeria and supports efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa.”



The programmes focus on RESET DPF, designed to strengthen the economic policy framework, create fiscal space, and protect the poor and vulnerable.

The ARMOR P-for-R backs tax and excise reforms, enhances tax revenue and customs administration, and protects oil revenues.

The International Development Association (IDA), the World Bank’s fund for the poorest countries, offers highly concessional funding with a 40-year term and an interest rate of just over one percent.

IDA resources contribute to enhancing economic growth, alleviating poverty, and enhancing livelihoods in the 76 poorest countries globally, with 39 of them located in Africa.

The approval of these financial packages represents a significant milestone in Nigeria’s efforts to stabilize its economy and establish a sustainable path for growth and poverty reduction.

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IN-THE-NEWS

Bandits Kill Four, Kidnap 150 In Zamfara

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Four persons have been killed while 150 others including two babies aged six and eight months, were abducted by bandits in Dan Isa village, Kaura Namoda Local Government Area of Zamfara State.

A resident of Dan Isa, whose wife and son were abducted, confirmed the incident to Daily Trust

The resident, who pleaded anonymity, said the bandits stormed the village around 3pm on Sunday, July 14, and operated for six hours.

According to him, the bandits arrived on about 150 motorbikes, each carrying three people, and began shooting sporadically, causing residents to flee for safety.

“My wife, Na’imah and our six-month-old child, Sudais, were among the victims. My brother’s wife, Aisha, and her eight-month-old child were also abducted. Several women and children were taken during the attack,” he said.

Another resident recounted that Hajiya Rakiya, wife of Wamban Dan Isa, Alhaji Bello Halilu, was abducted, and other women were injured in Mr. Halilu’s house.

Two wives of Wamban Dan Isa’s younger brother, Malama Luba and Malama Talatu, were also kidnapped, he added.

 

“I also learnt that Malam Musa Ajiya was among the people that escaped from the bandits but four women including his wife, Suwaiba, and the wife of Shafi’u, his younger brother, were all abducted in his residence,” he said. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

Aminu Bello Dan Isa, another resident, said that the attack was carried out by a gang led by a notorious bandit called Alhaji Shehu Bagiwa.

Though sources said Bagiwa did not participate in the heinous act directly, escaped women reported seeing his lieutenant, Aminu Baka-da-dadi, leading the operation



“Some women who escaped returned with fractured legs and various injuries, having been beaten by the bandits in the bush before they managed to flee,”
Dan Isa said.

The village has since been deserted, with residents relocating to places like Kasuwar Daji, Rawayya, Gyambarawa, and Gusau, due to fear of further attacks.

Residents appealed to the government for assistance, urging the deployment of soldiers to the area.

They stressed the need to eliminate bandits, especially notorious ones such as Bagiwa and Baka-da-dadi.

“We need more security personnel around us otherwise we will not go back to the village,” Aminu Bello said.

“Previously, we had soldiers in the village but since they were taken to another place, the bandits returned to the area, attacking us almost all the time

The bandits are heartless and merciless human beings. Once they are eliminated, things will normalise in the area; they are our problem in this part of the state,” he said.

 

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It Is Disrespectful And Rude

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Kate Henshaw

Popular Nigerian actress, Kate Henshaw has taken to the X platform to speak against  the concept of “African time.”

This term is often used to excuse lateness in many African societies.

Henshaw shared her thoughts on X, strongly criticizing the habit of tardiness. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

She wrote, “There is nothing like ‘African time.’ You are disrespectful and rude!! If it comes to money matters, you will be very early or you have an embassy appointment! Miss me with that attitude. I detest tardiness.”

Kate

The actress’s message highlights her frustration with people using cultural norms as an excuse for being late.

She pointed out that the same individuals who are late for other appointments can be punctual when it comes to financial matters or important meetings like embassy appointments.

Kate’s post resonated with many of her followers, who agreed with her stance against the “African time” concept.

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Binance Executive, Gambaryan Arrives Courtroom in Wheelchair

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Detained Binance executive, Tigran Gambaryan has arrived court in a whieel chair.

 

During his appearance on Tuesday at the Federal High Court in Abuja, Gambaryan, was seen dressed in a black T-shirt with a blue jeans trousers.

 

He is facing a money laundering charge alongside the cryptocurrency firm.

 

When the matter was called, Gambaryan stood up from the wheelchair and walked slowly into the dock.

 

The Economic and Financial Crimes Commission (EFCC)’s lawyer, Ogechi Ujam, told the court that though the matter was scheduled for continuation of trial, the commission’s lead counsel, Ekele Iheanacho, was not in court.

 

Ujam prayed the court to stand down the matter to enable Iheanacho conduct the trial. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

 

Babatunde Fagbohunlu, SAN, who appeared for Binance (1st defendant) and Mark Mordi, SAN, who represented Gambaryan, did not oppose the application.

 

 

Justice Emeka Nwite stepped down the matter until 12pm.

 

Recall that Justice Nwite had, on July 5, ordered the management of the Nigerian Correctional Service (NCoS) to release the medical certificate of Gambaryan on or before July 16.

 

The judge gave the order following an application by Gambaryan’s lawyer, Mordi.

 

Mordi had prayed the court to summon the medical doctor at the health facility of Kuje Correctional Centre, to explain why he had allegedly refused to make available his client’s medical report despite earlier court order.

 

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