BREAKING: World Bank Approves Fresh $500m Loan for Tinubu’s FG, Details Emerge
- The fresh loan of $500m requested by the federal government headed by President Bola Tinubu has been approved
- The World Bank Group approved the loan with the intention of supporting the government to invest in improving the livelihoods of women in Nigeria
- According to reports, the $500m loan becomes the second the bank will approve for Tinubu's government
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The World Bank Group has approved the federal government's loan request of $500m to help Nigeria drive women’s empowerment.
As reported by The Punch, this fresh loan became the second approved by the World Bank under the new administration of President Bola Ahmed Tinubu.
Source: Facebook
Why did the World Bank approve the $500m loan
World Bank, in a statement, noted that it gave approval for the loan to scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with $100m financing.
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A statement by the World Bank reads in part,
“The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.
“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”
The World Bank, however, stressed the need for Tinubu's government to address issues that inhibit women’s economic empowerment and hinder inclusive, low-carbon, and resilient economic growth.
President Tinubu advised on who to appoint as new CBN governor after Emefiele's suspension
In other news, President Bola Tinubu has been advised to stop the culture of appointing bankers as governors of the Central Bank of Nigeria (CBN), a long-standing practice in the apex bank.
Deji Adeyanju, a Nigerian activist, on Friday, June 23, gave the advice in a Twitter post while responding to the suggestion that Adesola Adeduntan, the current Chief Executive Officer (CEO) of First Bank Nigeria, should take over the position of the CBN governor.
Adeyanju suggested that Nigeria should try appointing an economist with integrity and immense work experience with international organizations such as the International Monetary Fund (IMF), adding that the bankers are mere marketers who know nothing about the economy.
Three fuel subsidy removal palliatives Tinubu must implement in Nigeria
Meanwhile, a research report suggested ways the federal government can provide palliatives to cushion the impact of fuel subsidy on Nigerians.
The suggestions were disclosed in a report titled "Fuel Subsidy Removal Short-term Pain, Long-term Gain", published by Deloitte, a multinational auditing firm, in June 2023.
The report highlighted, amongst other things, the history of fuel subsidy in Nigeria, the merits and demerits of subsidy payments, and the implications of subsidy removal.
Source: Legit.ng
