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Motorists Decry Mile 3 Park Conversion To Market

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Motorists at Mile 3 motor park Diobu in Nkpolu Oroworukwo Community, Port Harcourt, have lamented over what they described as conversion of the motor park to daily market by traders.
The Tide reports that following the recent ban on illegal parks and street trading by Port Harcourt Local Government Council Chairman, Hon Victor Ihunwo, Bishop Okoye street traders and drivers were dislodged from their illegal commercial activities.
The ban had put high pressure on the motor park in Mile 3, Diobu, being only the available option to the street trading activities, as all commercial drivers have gone back to the main Mile 3 park.
The Tide investigation further revealed that half of the motor park have been converted to daily market leaving no much space for the commercial bus drivers to load and discharge their passengers as the law stipulates.
Speaking to The Tide last Monday, a commercial bus driver who plies Port Harcourt, Choba route, Evans Onwuegbu, said that the relevant authorities did not make preparation and provision for rehabilitation and relocation of those that would be affected before going ahead to ban and enforce it.
According to him, “you can see for yourself, what is happening in the park is just the effect of the ban without providing alternative place for the affected victims. People must survive, they must respond to the will to survive and the only option is to resort to the park, to sell their goods, thereby blocking the chances of survival for commercial drivers that are key stakeholders in the park”.
The National Union of Road Transport workers official who spoke to our correspondent on condition of anonymity said that the union was not responsible for the allocation of market spaces to the traders in the park, saying that their primary function was aimed at organising their members in an orderly manner, collect ticket fee from their members, keep good record and custody of passengers lost items and returned by drivers.
“We do not have the responsibility to allocate space to traders or to collect revenue from the park”, he maintained, stressing that government should do something to relocate the traders to enable the motor park serve its purpose.
A victim of the ban, Mrs Agnes Uju, said she and others sought for alternative space in the motor park at a monetary value collected by the park authority because she had no choice or place to go, she noted that there were no spaces in the main Mile 3 market to accommodate them and if there were, the spaces were very expensive and beyond her financial capabilities as a petty trader.
She appealed to the government to build more low income and affordable markets, that could accommodate a good number of petty traders, as a way to reduce the rate of street trading in the State.
job to expedite action in completing one lane of the road to ease the flow of traffic while the construction lasts.
Drivers who made the call on Monday when our correspondent visited the area said that the road is becoming worst with pot holes around Eleme junction and Oyigbo, making motorist to divert their journeys to alternative routes.
A commercial bus river Ikeji Ama who plies the route lamented over the deplorable condition of the road specially the Eleme junction to Oyigbo toll gate, then to Imo River bridge, resulting to serious traffic gridlock along the axis.
He appealed to the contractor handling the job to endeavour to concentrate and complete one side out of the two sides of the road as a remediation to easing the flow of traffic while the construction continues.
In view of Wangbo Igwe a driver on the route, told our correspondent that the traffic gridlock was becoming unbearable due to the snail movement occasioned by the bad road, saying that the pot holes were affecting their tyres and slowing down their business. He noted that the usual three trips made per day in the past could only fall down to one trip only now and that their vehicles break down indiscriminately due to bad road.
He appealed that the contractor should do something as interim measure, more so, fill hard core on the pot holes to aid movement, saying that the situation was eating up his purse on maintaining his vehicle.
Meanwhile, the site Manager Taun Tayin had apologised to road users of that route, pointing out that the delay was due o regular rainfall in the area and that the job would be completed in less than no time.

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FG Approves ?758bn Bonds To Clear Pension Backlogs, Says PenCom 

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The Federal Government has approved ?758b in bonds to offset long-standing pension liabilities, including pension increases owed since 2007.
The Director-General, National Pension Commission, Omolola Oloworaran, disclosed this at a two-day Sensitisation Workshop on the workings of the Contributory Pension Scheme for Employees and Pensioners in the North-East, in partnership with the National Salaries, Incomes, and Wages Commission (NSIWC), and held in Yola, last Thursday.
Represented by the Commissioner for Administration in PenCom, Alhaji Bello Abubakar, Oloworaran described the approval as a bold step by President Bola Tinubu to bring relief to vulnerable pensioners and restore confidence in the pension system.
She said the workshop formed part of ongoing reforms to enhance awareness and deepen understanding of the CPS among retirees and other stakeholders.
According to her, other key interventions under the reforms included pension increases for over 241,000 retirees, representing 80 per cent of those under the programmed withdrawal arrangement.
“The increases raised monthly payments from ?12.15 billion to ?14.83 billion, effective from June 2025.
“The commission has also eliminated waiting time for pension payments, ensuring that, since July 2025, retirees now access their benefits immediately after retirement.
“The proposed reintroduction of gratuity for civil servants, with a framework developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the Pension Reform Act (PRA) 2014,” she said.
The PenCom DG explained that the initiative was aimed at further enhancing post-retirement benefits and improving the welfare of pensioners.
Oloworaran stressed that the sensitisation workshop would help address misconceptions and build public confidence in the CPS while offering an opportunity for engagement, feedback, and trust-building with stakeholders.
Also speaking, the Chairman, National Salaries, Incomes and Wages Commission, Ekpo Nta, represented by the Deputy Director of Compensation, Chika Ochor, said the workshop would promote better understanding of the CPS and its benefits.
Nta insisted that pension provides financial security in old age, enabling retirees to maintain their standard of living, reduce poverty, and avoid dependence on families and government adding that the current administration had introduced far-reaching reforms in pension administration to ensure prompt and sustainable payment of retirees’ benefits.
In his remarks, the Director-General, National Orientation Agency (NOA), Lanre Issa-Onilu, commended PenCom and NSIWC for their collaboration in bridging knowledge gaps on the CPS and online enrolment processes.
He reaffirmed NOA’s commitment to promoting national values, policy awareness, security consciousness, and disaster preparedness.
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Banks Must Back Innovation, Not Just Big Corporates — Edun

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Nigerian banks to channel more credit to young innovators and small businesses, saying the era of concentrating lending on big corporates must give way to inclusive, innovation-driven financing.

Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.

Edun emphasised that while the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023, inclusive growth remains critical to sustaining the recovery.

“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.

“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.

The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.

He commended the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current leadership, describing the tight policy stance as a necessary step to curb inflation, stabilise the financial system, and restore investor confidence.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the CBN and the Federal Ministry of Finance for their coordinated policies that have eased pressure on the foreign exchange market and restored investor confidence.

“We thank the Minister of Finance and the CBN Governor. We have seen the difference. A year ago, customers were asking for dollars; today, we are asking them if they need any. Thanks to the efforts of the coordinated economic team,” Alawuba said.
He urged newly inducted Fellows and Senior Members of the Institute to champion digital transformation, strengthen trust, and promote collaboration within the banking industry.

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FG Seeks Fresh $1b World Bank loan To Boost Jobs, Investment 

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The Federal Government has begun discussions with the World Bank for a new $1 billion loan under a programme designed to accelerate private investment, job creation, and economic diversification.

The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.

According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.

If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.

The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.

The loan would back reforms intended to expand access to credit and digital financial services, lower prices for households and firms, and boost productivity in key agricultural value chains.

“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.

The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.

To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.

The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.

Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.

Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.

The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.

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