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FG To Receive $2.25bn World Bank Loan, June 13
The Federal Government is poised to receive fresh loan funding from the World Bank, with approval expected for loans totalling $2.25bn on June 13, 2024.
The funding will be received via two major development projects. The first project is the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.
The second project, NG Accelerating Resource Mobilisation Reforms Programme-for-Results, has proposed funding of $750million.
There were reports that the government might reintroduce previously suspended telecom tax and other fiscal measures in pursuit of securing the $750million loan.
A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.
However, the latest information suggests that the administration may have nearly guaranteed the loan.
The Minister of Finance, Wale Edun, at the spring meetings of the International Monetary Fund and the World Bank last month, had announced that the nation had qualified for processing a loan, described as ‘virtually a grant’ of $2.25bn from the World Bank at one per cent interest rate.
The package, approved by the Board of Directors of the World Bank, offers a 40-year term with a 10-year moratorium and a nominal one per cent interest rate.
He stated, “We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about one per cent interest.”
According to programme information documents posted on the international lender website, the two projects aim to enhance Nigeria’s economic stability and resource mobilisation capabilities.
It is expected that the funds will bolster Nigeria’s efforts in reforming economic policies and enhancing government resource mobilisation, essential for the country’s long-term financial sustainability and economic resilience.
The document stated that the primary aim of the PforR programme is to boost non-oil revenues and safeguard oil and gas revenues from 2024 to 2028 at the federal level, emphasising substantial tax, excise, and administrative reforms.
The programme includes three main result areas: implementing tax and excise reforms to increase VAT collections and excise rates on health and environmentally friendly products, strengthening tax and customs administrations to enhance VAT compliance and effectiveness of audits, and safeguarding oil and gas revenues by increasing transparency and net revenue contributionsThe PforR programme includes technical assistance, supporting the Federal Inland Revenue Service and the Nigeria Customs Service to enhance taxpayer and trader compliance.
“The principal programme development objective is to raise non-oil revenues and safeguard oil and gas revenues. This result area aims to increase the transparency of NNPCL’s financial and operational performance through audits and regular production of enhanced reports submitted to FAAC, including all relevant information; and increase net oil and gas revenues transferred to the Federation,” the report read.
Also, the proposed DPF for Nigeria consists of a standalone operation with two tranches designed to support significant reforms in alignment with the government’s economic stabilisation and recovery priorities.
This operation is structured around four key results distributed across two pillars: increasing fiscal oil revenues from 1.8 per cent of Gross Domestic Product in 2022 to 2.7 per cent by 2025, boosting non-oil fiscal revenues from 5.3 per cent to 7.3 per cent over the same period, expanding social safety nets to assist 67 million vulnerable Nigerians, and raising the import value of previously banned products from $11.3m to $54.6mby 2025.
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Horsfall’s Legacy ‘ll Inspire Generations Yet Unborn -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has described the late Chief Albert Korubo Horsfall as a distinguished statesman whose contributions to national development brought honour and distinction to the Kalabari Kingdom and Rivers State.
Fubara said Horsfall’s life of service, patriotism, integrity and commitment to humanity had left an enduring legacy that would continue to inspire generations.
The governor spoke through the Secretary to the Rivers State Government, Dr Dagogo Wokoma, at the funeral service of the late elder statesman last Saturday in Buguma, Asari-Toru Local Government Area of the State.
He described Horsfall as a patriotic Nigerian whose leadership and dedication to the country’s development earned him a place in the nation’s history.
“Chief Horsfall was a distinguished statesman whose life was defined by service, patriotism, integrity and commitment to humanity.
“His contributions to our nation, particularly through his service as Director-General of the State Security Service, pioneer Director-General of the National Intelligence Agency and Chairman of OMPADEC, remain significant milestones in our national history,” Fubara said.
The governor noted that the late Horsfall’s contributions to national security, intelligence administration and the development of the Niger Delta would remain part of his enduring legacy.
“His legacy of leadership, national service and dedication to development will remain an enduring source of inspiration to generations yet unborn,” he added.
Fubara urged the bereaved family, the Kalabari people and other Nigerians to uphold the values of peace, unity and selfless service exemplified by the late elder statesman.
The funeral service attracted several dignitaries, including the Director-General of the Department of State Services (DSS), the Director-General of the National Intelligence Agency (NIA), a representative of the Bayelsa State Governor, the Managing Director of NDDC, Chairman of PENDEF and the Regent of the Kalabari Kingdom.
Also in attendance were the Rivers State Commissioner for Education, the Commissioner for Special Projects and other government officials, traditional rulers and stakeholders.
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Fubara Reaffirms Commitment To Grassroots Dev
Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to partner with local government councils that prioritize the welfare and development of people at the grassroots.
Fubara stated this last Thursday in Nkoro Town during the commissioning of the newly built Sir Siminalayi Fubara Corps Members’ Lodge, executed by Hon. James A. James, the Chairman of Opobo/Nkoro Local Government Area.
Represented by his Chief of Staff, Mr Sunny Ewule, the governor said the project goes beyond a building to represent hope, hospitality and responsible leadership.
According to him, providing decent and safe accommodation for Nationl Youth Service Corps (NYSC) members who leave their comfort zones to serve in communities is the least government can do.
“Today we are not just commissioning a building, we are commissioning hope, hospitality and responsible leadership. The Chairman of Opobo/ Nkoro LGA, Hon. James A. James has understood a very simple truth that those who come to serve us must serve with dignity,.
“Our young graduates who serves under the NYSC scheme leave the comfort of their homes and travel far to contribute to our communities, they teach our children, they work in our health centres, and they become parts of our families.
“The least we can do is give them a decent, safe and befitting place to lay their heads. What Hon. James A. James has done today is in total alignment with the vision of this administration, an administration that believes in people, that prioritises welfare and that believes development must be felt in every local government and not just in Port Harcourt” he said.
Fubara further urged the beneficiaries of the corpers lodge to make good use of the facilities of the newly built edifice and be good ambassadors of Nigeria, respect the culture and traditions of the host community while continue to serve with dedication and patriotism.
“This Corpers lodge will enhance the security and welfare of serving corps members, boost their morale and make Opobo/Nkoro and even more attractive place for posting, it is a strategic investment in human capital and in peace building,” he said.
He commended the Opobo/Nkoro Council Chairman for aligning with his administration’s vision of ensuring development is felt in all 23 local government areas of the State, and not just in Port Harcourt, adding that the lodge is a strategic investment in human capital, security and peace building.
In his goodwill message, the Rivers State NYSC Coordinator, Mr. Moses Oleghe, said the accommodation was 85 percent of Corps members’ challenges.
Oleghe thanked Governor Fubara for the recent increase in the State allowances for Corps members to N35,000 for those in 21 rural areas and N20,000 for those in Obio/Akpor and Port Harcourt City LGAs, describing the gesture as a moral booster for the corps members.
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IGP Secures Foreign Training Offer For 5,000 Police Officers
The Inspector-General of Police, IGP Olatunji Disu, has secured an offer of specialised training for up to 5,000 Nigerian police personnel under a proposed security cooperation involving Nigeria, the United States and Italy.
The Force Public Relations Officer, CSP Ani Iniedu, disclosed this in a statement issued at the Force Headquarters, Abuja, at the weekend.
The initiative is aimed at strengthening the operational capacity of the Nigeria Police Force to tackle insurgency, terrorism, kidnapping, arms trafficking and other emerging security threats across the country.
According to the statement, the proposed training programme will focus on counter-insurgency operations, intelligence-led patrols and tactical operations, particularly in difficult rural and forested environments.
Other areas of training include critical infrastructure protection, digital and scientific forensics, cybercrime investigations, explosives detection, financial investigations, asset tracing and anti-extortion operations.
The programme is expected to extend beyond the Police Mobile Force to other specialised units, including explosive ordnance disposal and forensic teams.
As part of the engagement, Disu met with the Commander-General of the Italian Carabinieri, Lieutenant-General Salvatore Luongo, to explore areas of technical assistance, professional training and institutional cooperation.
The police chief and his delegation also visited the Carabinieri Centre of Excellence for Stability Police Units in Vicenza, Italy, where they assessed training facilities and explored opportunities to adapt specialised policing programmes to Nigeria’s security needs.
Proposals discussed during the visit included command courses for 40 senior police officers, leadership training for 100 junior commanders and the deployment of a mobile assistance team to support Police Mobile Force training schools in Gwoza, Borno State, and Ila-Orangun, Osun State.
The discussions also covered the development of a national stability policing doctrine and standard operating procedures to improve professionalism, operational coordination and civilian protection, particularly in communities recovering from conflict.
Other areas of proposed cooperation include canine operations, forensic science and mounted policing, including horse breeding and local capacity development for effective public order management.
To formalise the proposed partnership, the IGP has initiated moves towards a Memorandum of Understanding covering specialised training, technology transfer and operational procedures.
He also invited an Italian Carabinieri assessment team to Abuja to identify priority needs and develop implementation arrangements.
Disu reaffirmed the commitment of the Nigeria Police Force to international partnerships that will strengthen operational readiness, improve investigative capacity and enhance the protection of lives and property.
The statement did not, however, indicate when the proposed training programme would commence or provide a definite implementation timetable.
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