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AfDB grants $11.26 million for women, girls’ education in Chad
The Board of Directors of the African Development Bank has approved a grant of $11.26 million to the Government of Chad to finance the Girls’ Education and Women’s Literacy Project – the bank’s first grant exclusively targeting women and girls. The project will be financed from the Bank’s Transition Support Facility and will be implemented over a five-year period by the Chadian Ministry of National Education and Civic Promotion, in coordination with partners involved in the education sector, civil society organisations, and youth organisations. The Chadian government will contribute a non-monetary contribution of $713,000 towards the program. “Through this financing, the African Development Bank is providing support to the Chadian government to reduce inequalities through access to educati...
#EndSARS: It’ll take long to rebuild destroyed property – Governor Sanwo-Olu
Governor Babajide Sanwo-Olu of Lagos State, said, yesterday, that it would take the state time to rebuild the properties destroyed during the EndSARS protests. This came on a day the Lagos State government disclosed that the 2021 budget of N1.164 trillion would be funded from a revenue estimate of N971.028 billion in the fiscal year, with a target on the expansion of tax nets. Governor Sanwo-Olu stated this while briefing State House correspondents, after meeting behind closed doors with President Muhammadu Buhari, at the Presidential Villa, Abuja. He said the meeting dwelt more on the second wave of the Coronavirus pandemic, security situation and the impact of the #EndSARS protests in the state. On rebuilding Lagos after the EndSARS protests, he said: “It is also some of the things I dis...
Nigerian government begs residents not to reject coronavirus vaccines
Federal authorities have appealed to Nigerians not to be hesitant to take the COVID-19 vaccine when it gets to Nigeria. Coordinator of the Presidential Task Force (PTF) on COVID-19, and head of Nigeria’s primary healthcare agency, Dr. Faisal Shuaib, made the appeal at the PTF briefing on Thursday in Abuja. Nigeria intends to get 42 million COVID-19 vaccines to cover one fifth of its population through the global COVAX scheme, the PTF had earlier announced. The initial vaccines would come as part of Nigeria’s plan to inoculate 40 percent of the population in 2021 and another 30 per cent in 2022, with 100,000 doses of the Pfizer vaccine arriving by the end of January 2021. The COVAX scheme was set up to provide vaccines to poorer countries including Nigeria whose 200 million people and poor ...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
Nigeria: 1,375 irregular migrants arrested during border closure
The Federal Government said on Monday that no fewer than 1,375 irregular migrants were arrested while the border drill code-named, ”Exercise Swift Response,” lasted. Newsmen report that the border drill held between Aug. 20, 2019 and Dec. 17, 2020. Speaking at a new year media briefing in Lagos on Monday, the Minister of Information and Culture, Alhaji Lai Mohammed, said the border drill was a huge success. The minister said the seizures so far during the period included 157,511 – 50kg bags of parboiled foreign rice, 10,447 bags of NPK fertiliser used for making explosives and 18,630 jerry cans of vegetable oil. The total monetary value of the seized items, according to him, is about ₦12.362 billion. Newsmen recall that ”Exercise Swift Response” was launched as part of efforts to secure th...
Bauchi government commences construction of N7.3 billion road projects
The Bauchi State Government on Tuesday commenced the construction of three strategic roads with the sum of N7.3 billion in the state. Newsmen report that the new roads include a 13.5 kilometres road from Warji in the state to Gwaram in Jigawa. Others are 11.6 kilometres road from Bogoro to Lusa and Malar communities as well as 11.2 kilometres road from Boi to Tapshin, communities in Bogoro LGA bothering Plateau State. Speaking during the event in Warji Local Government, Gov. Bala Mohammed, said the roads were carefully selected in order to deliver a well thought-out project to the teeming populace. He said the state had already made 30 per cent advance payment and the roads were to be completed within 24 months. “The roads where constructions are flagged off today were carefully selected i...
Kogi Assembly passes 2021 budget estimate of N130.54 billion into law
The Kogi House of Assembly on Tuesday passed the N130.54 billion Appropriation Bill tagged “Budget of Accelerated Recovery” into law. Newsmen report that the House considered the bill Clause-by-Clause at the “Committee of the Whole” of the House at plenary in Lokoja. Aderonke Aro (APC-Yagba West) and Chairman, House Committee on Finance, Budget Monitoring and Economic Planning, presented the committee’s report for consideration. Aro declared that Ministries, Departments and Agencies (MDAs) with genuine reasons for adjustments in their allocations were taken care of during the defence of their respective budgets. In the budget presented to the House on Dec. 1, Gov. Yahaya Bello of Kogi had said that the budget was indicative of the assessment of the amount the state could generate on its ow...
Nigerian government borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
Coronavirus: School reopening, worship centres, others caused second wave – Prof. Abayomi
The Lagos State Commissioner for Health, Prof. Akin Abayomi, has attributed the reasons for the second wave of COVID-19 to the opening up of the economy, the re-opening of schools, large religious congregations, and social gatherings among others. A statement from the Lagos State Ministry of Health quoted the commissioner as saying this while giving an update on the State Government’s response against the second wave of COVID-19 at a press briefing held in Ikeja on Monday. The statement titled, ‘COVID-19: Lagos admonishes residents’, was signed by the LSMOH Director of Public Affairs, Tunbosun Ogunbanwo. “Abayomi attributed the reason for the second wave of COVID19 to include, opening up of the economy; general laxity, false sense of security and non-adherence to safety guidelines by citiz...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
Coronavirus: Schools to remain close till January 18 – PTF
The Federal Government has said schools in the country would remain shut till January 18, 2021. The Chairman of the Presidential Task Force on COVID-19, Boss Mustapha, disclosed this at a press briefing in Abuja on Monday. Mustapha, who is also the Secretary to the Government of the Federation, also announced the closure of bars, night clubs, pubs, event centres, and recreational venues for the next five weeks. He further urged religious centres to maintain 50 per cent capacity at all times and as well as ensure strict compliance to Covid-19 protocols at all gatherings. According to him, the measures were important to curb the spread of the coronavirus disease as the country battled the second wave of the pandemic. He said, “All government staff on Grade Level 12 and below are to stay at h...
