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Nigeria’s $2.25bn World Bank Loan Expected 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 Stabilization to Enable Transformation Development Policy Financing, which is set to receive $1.5bn.

The second project, NG Accelerating Resource Mobilization Reforms Programme-for-Results, has proposed funding of $750m.

Recall that The PUNCH had indicated that the government might reintroduce previously suspended telecom tax and other fiscal measures in pursuit of securing the $750m 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 contributions.

The 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 stabilization 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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Tinubu Working To Bring Smiles To Nigeria, Obasa Says

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– as Methodist Archbishop advocates for Muslim governor in 2027

The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has urged Nigerians not to despair as the administration of President Bola Tinubu is working to resolve the country’s challenges.

“The outgoing year is indeed a challenging one, especially considering the economic situation of the country. Nevertheless, we have solace in the fact that the government of Asiwaju Bola Ahmed Tinubu, GCFR is not leaving any stone unturned to bring us to our promised land.

“Mr. President is busy doing everything possible to put smiles on our faces. Trust me, succour is coming. I urge us to keep the hope alive,” Dr. Obasa said during the Assembly’s 22nd Annual Thanksgiving Service with the theme: ‘The Voice Of Mercy’.

Senior Special Assistant to the President on SDGs, Adejoke Orelope-Adefulire; Rt. Hon. (Dr) Mudashiru Ajayi Obasa; Archbishop of the Methodist Church of Nigeria, Lagos, during the 22nd annual Christian Thanksgiving of the Assembly on Friday.

At the event which had officials from the various arms of the state government, members of the Governance Advisory Council (GAC), traditional rulers and guest preachers, the Speaker urged Nigerians to enter 2025 with renewed passion and vigour.

Quoting from various portions of the Bible, Dr. Obasa said the country had reasons to thank God for His mercies, love and faithfulness.

“In times like these, when the world can seem overwhelming and uncertain, it is crucial to remember the enduring message of mercy and grace that is ever-present in our lives. Indeed, it is through God’s mercy that we find strength, solace, and renewal.

“May we acknowledge God’s sovereignty and mercy in our lives, recognising that our blessings and successes are not solely the result of our efforts, but rather a manifestation of God’s mercy and compassion,” he said while urging citizens to also learn to show mercy to one another.

In his sermon, Most Rev. Isaac Ayo Olawuyi, Archbishop of the Methodist Church Nigeria (Lagos), urged Nigerians to be merciful to one another in line with God’s instruction.

“When the mercy of God is upon you, all protocols are be broken. All things are possible by the mercies of God. We receive forgiveness of our sins from Him by His mercies. The nation needs God’s mercy and it is by His mercy that we can overcome our predicaments and our shortcomings.

“How many people have you helped and taken care of? Go and show love and mercy,” he said.

He praised the Speaker for his leadership and collaboration with the other arms of government saying these have kept the state strong.

“You have been a true and sensitive leader with a big heart. You have proved yourself worthy. We pray that God will continue to use you to make us smile in Lagos and also grant you your heart desires,” he said while commending President Tinubu for the steps he has taken so far.

The Archbishop ended his sermon with an advocacy for a Muslim as the governor of Lagos in 2027 arguing that this was in the spirit of religious tolerance.

“I also want to add that we have consideration for religious inclination in Lagos State. It would be 12 years in 2027 that we have been in the system together and we have been having Christians as governors.

“Now, it’s time to give our Muslim brothers a chance to govern us in Lagos State. We want to pray that when it’s time for the election, it would be a time for us to elect who will govern us in Lagos State effectively,” he said.

 

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Senate Issues Warrant Of Arrest Against Julius Berger

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The Nigerian Senate has issued a warrant of arrest against the management of construction company, Julius Berger, for snubbing its invitation on several occasions.

The Senate’s resolution on Thursday followed a motion raised by Senator Osita Ngwu, representing Enugu West, expressing concern over Julius Berger’s repeated failure to appear before the Senate Committee on Works.

The lawmaker noted that Julius Berger has many failed contracts littered all over the country, stressing that there was need to investigate the development.

However, according to him, the company is taking the Senate for granted.

Making reference to the power of Senate to summon anyone before its investigative committee, Ngwu said: “If a committee summons any person or entity to come for a committee hearing and that entity does not send a representative or do not appear in any way, the normal thing is to report to the presiding officer and then warrants will be issued.”

The lawmaker urged the Senate President to compel Julius Berger to appear for investigation.

His position was supported by Senator Abdul Ningi representing Bauchi Central, who pointed out that the Senate President is empowered by the Constitution and the Senate Rules to order the appearance of anyone through a warrant of arrest.

“The committees, of course, derive their powers on the same standard rules.

“The Constitution gives the National Assembly such powers. There is no way in Order Paper, not in the powers and privileges of the National Assembly, because a committee chairman is saddled with the capacity to compel.

“It is the presiding officer that compels, and therefore, when a matter of this nature is brought before a house, the committee now seeks the mandate of the entire Senate.”

 

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₦80.2bn Fraud: Court Grants Yahaya Bello ₦500m Bail

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The Federal High Court, Abuja, on Friday, granted the immediate past Governor of Kogi State, Yahaya Bello, bail in the sum of N500 million with two sureties in like sum.

This was after the former governor had pleaded not guilty to the 19-count charges brought against him by the Economic and Financial Crimes Commission.

He is facing an alleged money laundering trial to the tune of N80bn but pleaded not guilty to all the charges.

When the case was called for hearing on Friday, Counsel for the EFCC, Kemi Pinheiro, SAN, notified the court of the intention of the prosecution to withdraw an earlier application for abridgment of the earlier date fixed for arraignment.

He said the application had been overtaken by events. The defendant’s counsel, led by Joseph Daudu, SAN, did not object, and Justice Emeka Nwite accordingly granted the request.

After the defendant had taken his plea, Daudu, SAN, made clarifications on the reasons he had not been in court during the previous hearings.

“I would like to place on record that for any impression that might have been created that the defendant did not wish to appear before your lordship, coincidentally, the ruling on my lord’s sitting this morning dealt with the issue of jurisdiction.

“What the defendant did was to ask his counsel to challenge the jurisdiction of the court, which got to the Court of Appeal and the Supreme Court.

“So it was not wishful disrespect, but he was only trying to defend himself. So we all hold your lordship in high esteem. If that impression must have been, he should not have presented himself for arraignment. That episode is gone, and things are clearer now,” the counsel stated.

While moving an application for bail, he assured that the former governor would always be present in court for the trial.

“I am saying this with the highest sense of responsibility that the defendant, a two-term governor of Kogi State who travelled only two times out of his eight years in service, will always be present in court at all times.

“There should be no apprehension that he will jump bail. So we urge your lordship to grant us very reasonable conditions of bail such that he will be able to bear,” the defendant’s counsel said.

He commended the prosecution counsel, saying he had conducted himself in the best tradition because the matter was not a do-or-die one.

He said they had agreed that the counsels would not stress his lordship over the issue of bail.

The prosecution counsel concurred.

Pinheiro, SAN, said, “I must express my honour to the very eminent lead senior counsel. He is a man of immense stature, not because of his size.

“I do respect him as former president of NBA. I also confirm that we have been engaging in a series of discussions to ease the burden on your lordship in compliance with Rule 26 of the Rules of Professional Ethics.

“I also note that your lordship had delivered not less than five rulings in this matter and it is our aim to ease the work. We are prosecutors, not persecutors, and EFCC is a professional commission, a prosecutorial, and not prosecutorial commission,” he said.

He added, “We accept the assurances of the very eminent SAN that the defendant will make himself available subject to your lordship’s discretionary terms that may be imposed.

“By so doing, we will ease the burden on the court. Therefore, we will not be opposing the eminent SAN’s submission.”

The prosecution counsel said though they had filed a counter-affidavit, they would not oppose the bail, going by the assurances of the learned SAN.

Ruling on the bail application, Justice Nwite said, “I have listened to the submissions of both counsels. It is not in dispute that both counsels have filed applications in respect of this.

“Based on the account exhibited by learned counsel for the defendant, which was exhibited and supported by prosecution counsel, I am minded to change my earlier stand on this matter.”

He granted the defendant N500 million bail with two sureties.

“Sureties must be landed property owners within the jurisdiction of this court. They must swear to affidavits of means. The title deeds of properties to be verified by the court registrar,” he said.

The defendant was also asked to submit his international passport, and he would remain at the Kuje Correctional Centre pending the perfection of the bail conditions.

It will be recalled that the ex-governor was earlier remanded in a fresh N110bn charge by EFCC, pending his bail application.

Meanwhile, the judge has fixed February 24, 2025, for hearing into the matter.

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