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FG to Borrow $2Bn from World Bank to Shore up Naira, Others

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Federal government has taken steps to secure a $2 billion loan from the World Bank and the African Development Bank (AfDB) to assist in the implementation of its policies and programmes for the year.

Ngozi Okonjo-Iweala, coordinating minister for the economy and minister of finance, who stated this at an interactive session with journalists in Abuja, also said that the loan was part of the approved 2012-2015 external borrowing plan of the federal government and was in line with its efforts to strengthen the naira.

“We have entered negotiations with international financial institutions, specifically, the African Development Bank and World Bank. You know they have some resources for us already programmed, which is in the borrowing plan,” she said.

“We have asked them to turn these resources into budget support for us. We are negotiating for $2 billion that will come in foreign exchange.

“Remember that the terms of this loan from the AfDB are quite reasonable at 3 to 4 per cent compared to what you can get outside, and this is money that they had committed aside for us and we have decided to draw on it, and use it in form of budget support to come in form of foreign exchange.

“It will come in two tranches. It will bring in the needed foreign exchange that will help our private sector people to have access. So, it will alleviate the situation. It’s something that we are working on.”

According to analysts, the $2 billion loan in foreign exchange will enable government regulate the high demand of the dollar locally and stabilise the exchange rate of the naira, which fell due to lower government revenue in dollars caused by low oil prices.

The minister added that the loan would pose no undue burden on the nation as it was a concessionary loan, despite the continuous reduction in the nation’s external foreign reserve.

However, she encouraged Nigerians to reduce their desire for imported goods, and patronise made-in-Nigeria products in order to conserve the available reserve for more productive uses.


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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