News

FG Okays $3.45bn W’Bank Loan Application For Power, Others

Published

3 years ago

October 24, 2023

The Federal Executive Council on Monday approved the application for a $3.45bn loan to finance five items.

They include projects in the power sector, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment and a women’s empowerment project.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told State House Correspondents that the FG would proceed to receive the $3.5bn “zero-interest” loan payable within 40 years with a 10-year moratorium, meaning payments would begin from 2033.

Edun explained, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.

“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts.

“There was a project for adolescent girls’ initiative for learning and empowerment. And then finally the fifth financing that was approved was for Women project.”

The Finance Minister explained that the girls’ programme worth $700m would support young girls within secondary school age to equip them with marketable skills in addition to their academic achievements.

Putting a figure to the project, Edun said, “$700m is the size of the current project.

“So those were five loans totalling $3.45bn. And as you know, the tenure is all around 40 years, with a moratorium period of around 10 years and interest very low, or in the cases of either loans, zero interest. However, some fees would be incurred.”

Explaining further, the Minister of Education, Dr Tahir Mamman, said the girls’ programme, which initially began in seven states, was expanded across 11.

Mamman said, “Initially, from seven participating states, we will now have about 11 additional states participating in this project, which will lead to the empowerment of girls between 10 to 20 right across the participating states.

“This is a very major escalation of this programme that is meant to empower our girls, our teachers and the provision for additional schools in the country.”

He added that the programmes were in line with the Tinubu administration’s agenda to reduce, “if not eliminated altogether,” the number of out-of-school girls and children generally.

The Federal Executive Council also approved the setting up of the Humanitarian and Poverty Alleviation Fund with the hope of raising the sum of $5bn annually for emergency responses to humanitarian crises.

The minister of humanitarian affairs and poverty alleviation, Dr. Betta Edu, disclosed this. Edu said the money would be raised from the government, contributions from development partners, private sectors, and individuals, among others.

News

Edo NLC Crisis: Caretaker Committee Drags Rival Exco, Govt To Court

Published

4 hours ago

May 6, 2026

Editor

The division in the Edo State Council of the Nigeria Labour Congress (NLC), took a new dimension on Wednesday as Prof. Monday Monday Lewis Igbafen-led caretaker committee approached the National Industrial Court of Nigeria, Benin Judicial Division, seeking to affirm its authority and restrain a rival executive from parading itself as the council’s leadership.

Joined in the suit are the Edo State Government, the Commissioner for Labour and Productivity, and the Attorney-General and Commissioner for Justice.

In a suit marked: NICN/BEN/12/2026, and filed before the court in Benin, the claimant, Igbafen, acting for himself and on behalf of the NLC Caretaker Committee in Edo State, is challenging the continued occupation of the union’s secretariat and control of its assets by members of the Bernard Egwakhide-led factional State Executive Council.

The claimants are asking the court to declare that the caretaker committee (Igbafen-led faction), constituted on August 11, 2025, by the NLC national leadership, remains the only lawful authority to administer the affairs of the Edo State Council pending fresh elections.

They further seek a declaration that the continued occupation of the NLC secretariat located at No. 1 Teboga Road, Benin City, as well as the retention of union assets, financial records, and official instruments by the defendants, is illegal and void.

The suit also prays for an order of perpetual injunction restraining the defendants from parading themselves as officials of the NLC Edo Council or interfering with the functions of the caretaker committee.

In addition, the claimants are seeking a mandatory order compelling the defendants to immediately hand over the secretariat, vehicles, financial documents, cheque books, and all other properties belonging to the union.

The caretaker committee further urged the court to restrain the state government and its officials from interfering in the internal affairs of the union, alleging undue support for the dissolved executive.

The claimants further demand N50 million as general and exemplary damages against the defendants for alleged unlawful usurpation of office and acts prejudicial to the administration of the council.

According to court documents made available to our correspondent, the crisis followed the dissolution of the Edo State Council by the NLC National Executive Council on February 27, 2025, over allegations of misconduct, anti-union activities, and constitutional violations.

However, the matter has yet to be assigned a hearing date.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

10 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

10 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.