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FG To Receive $2.25bn World Bank Loan, June 13
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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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Fubara, Canadian Envoy Synergise On Health Sector Growth, Investment Relations
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Rivers State Governor, Sir Siminalayi Fubara, has further canvassed the strengthening of the relationship between the State and the Canadian Government in order to attract more investments, promote economic growth while delivering quality healthcare services in the State.
These were part of the focus of the discussion that took place between Governor Fubara and the Canadian High Commissioner to Nigeria, Mr James Christoff, when they met behind closed doors at Government House in Port Harcourt on Monday.
Speaking to newsmen after the meeting, Mr Christoff expressed satisfaction with the issues discussed and mutually endorsed, and expressed willingness to ensure their actualisation, separately and collectively to their benefit.
Particularly, Mr Christoff said: “First of all, let me say what an honour and pleasure it is for me to be here in Rivers State. I had a couple of very good meetings here over the last day, including with His Excellency, the Governor.
“We talked about areas where we know there are some rooms for us to, I think, further entrench our relationship. One of the things I’ll be doing while I’m here in Rivers State is to visit the Medical Oxygen facility that Canada provided significant support to, overseen by UNICEF.
“And, just knowing that health is a priority for His Excellency, I want to see for myself the Medical Oxygen Plant at Eleme General Hospital, to better understand how that’s making a tremendous difference here in the State.”
Mr Christoff also said that the discussion extended to the abundant natural resources in Rivers State, which are evidence of how blessed it is as a State much like Canada.
The envoy pointed to how expressively he divulged the determination of his country to explore areas “where we can always look to take a very good situation and raise the bar in terms of how we benefit.
“In our case, as Canada, from natural resources and what it brings to a community. And so, we shared some insights on that particular issue, and of course, there are the people-to-people ties that are growing between Nigeria and Canada that are very important.
“And we look for ways to, maybe, tap into the many Nigerians who have a foot in both countries, to the benefit of both countries. So, it was a very good discussion. I’m very happy to be here.”
Mr Christoff further said: “Well, I would say that in terms of business development, that’s a two-way street. Of course, it’s part of our job, part of my job as Canada’s High Commissioner to Nigeria to try and unpack the opportunities that reside here for our companies, and I think we’re making great strides in that.
“And so, wherever I go, when I visit, pay visits on governors across the great country of Nigeria, I always look to find the areas where we might bring our companies and the host government to collaborate.
“As I mentioned, the natural resource sector is one such area, and I look forward to further discussions with state governments, and how we might benefit collectively,” he added.
He noted the peaceful and hospitable ambience in the State, stressing that the Canadian government and companies were satisfied with the opportunities that exist in the State, and were tapping into existing policies to further boost mutual collaborations.
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Bill Gates Foundation Highlights Nigeria’s Potential To Transform Agriculture, Health
Bill & Melinda Gates Foundation (BMGF) has highlighted Nigeria’s potential to significantly increase its agricultural output, which the foundation described as a transformative opportunity for the country.
Mr Bill Gates, Philanthropist and co-chair of the Foundation, said this in Abuja, yesterday, at the 2024 NutriVision, a Pan African dialogue to discuss innovative solutions to combating malnutrition in Africa.
Gates said that with the right investments in agricultural productivity and healthcare, Nigeria could achieve food security and also become a net food exporter, contributing to economic growth and improved public health.
He pointed out the immense potential for Nigeria to more than double its food output, which would be a game-changer for the nation.
He noted that such a shift would alleviate the need to use scarce foreign currency reserves to import food, particularly given the current exchange rate challenges.
“There is the opportunity for Nigeria to more than double its food output, which would be pretty transformative because it would mean that you would be a net food exporter.
“Nigeria could bring in revenue by exporting food, boosting the economy and improving the livelihoods of those in rural and Northern areas,” he said.
The philanthropist emphasised the importance of embracing digital approach and utilising better seeds to spark what he termed “agricultural miracles.”
He explained that improving agricultural productivity was crucial for addressing equity, empowering women, and tackling nutrition issues in Nigeria.
He called for a concerted effort to implement these solutions, which would not only enhance food security but also contribute to broader social and economic development.
Gates also discussed the crucial role of healthcare in Nigeria’s development, noting that the government must prioritise health as part of its broader strategy.
He highlighted the need for Nigeria to increase government funding for health and education, supported by improved tax collection.
“The actual tax collection in Nigeria is pretty low. As citizens develop confidence in well-run programmes, they will support increased funding for essential services, “he said.
He underscored the importance of efficient primary healthcare systems, where resources are allocated wisely, and services are delivered effectively.
“Our foundation’s involved with a lot of the exemplars that are showing the way in terms of making sure the money is spent well.
“We are running a very efficient primary health care system where the employees are doing great work, the centres are where they should be, you do not have underloaded centres or overloaded centres,” he said.
He expressed optimism that these efforts would enhance the credibility of health programmes, encouraging citizens to prioritise and advocate for better funding of primary healthcare.
He stressed the potential for Nigeria to learn from best practices around the world and adapt them to local contexts, thereby driving progress in both agriculture and healthcare.
He painted a hopeful picture of a future where Nigeria could feed itself and also nourish the world by making the right choices and placing people at the centre of these efforts.
The Tide source reports that the BMGF advocates that solutions to Africa’s greatest challenges can come from within Africa.
The foundation, thus, supports African partners whose bold ideas and creative approaches have the potential to save lives, improve health and help families across the continent.
Since the foundation’s inception in 2000, it has supported partnerships with African regional institutions, national governments, and local communities in 49 countries.
It contributes funding and scientific expertise in support of their agenda for change.
These partnerships have driven the success of numerous health, agriculture, equality, and anti-poverty initiatives.
The foundation has committed more than seven billion dollars through 2026, to support African countries and institutions working to develop and implement innovative approaches to confront hunger, disease, gender inequality, and poverty.
It works with African governments, the private sector, non-profit organisations and civil society.
The efforts are geared towards improving health outcomes, boosting agricultural productivity, expanding access to digital financial services, and empowering women and other marginalised populations with greater economic opportunities.
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No Directive Was Issued To NNPCL To Increase Petrol Price To N1,000, Says Lokpobiri
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The Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said that no directive was issued to the Nigerian National Petroleum Company Limited (NNPC Ltd.) to increase petroleum prices to N1,000.
Lokpobiri, in a statement issued, yesterday, by his Special Adviser, Media and Communication, Nnemaka Okafor, said he did not direct the NNPC Ltd. or any other entity within the sector to manipulate prices.
“The Federal Government has been compelled to address the outright falsehood and malicious claims currently circulating on social media.
“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent.
“We challenge anyone in possession of any evidence-be it written documents, audio, or video recordings-that supports these fabrications to make it public.
“Such a claim is entirely devoid of truth and should be recognised as an intentional effort to mislead the public,” he said.
He explained that the NNPC Ltd. operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors and the Ministry of Petroleum Resources does not, and will not interfere in NNPC Ltd.’s internal decisions, including pricing matters.
“Any suggestion otherwise is not only incorrect but also reveals a profound misunderstanding of the deregulated nature of Nigeria’s petroleum sector,” he said.
He advised the public to dismiss these malicious rumors.
“Any claim to the contrary is nothing more than an ill- conceived attempt to sow discord and confusion.
“We urge all Nigerians to remain vigilant and rely solely on information from verified and official channels,” he said.
The Tide source reports that as at Tuesday, the NNPC Ltd. Retail Stations adjusted their pump price, selling at N897 as against N617 per litre.
Independent marketers are selling between N930 to N1,000.
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