Nigeria gets approval for fresh World Bank $1.5bn loan

The World Bank is set to approve a new loan totalling $1.5billion to the federal government.

The financial institution’s project list indicated that the loan will be approved on September 26.

The $1.5 billion will be distributed through three major development projects aimed at improving Nigeria’s economic stability and resource mobilisation capacity. The projects, targeting crucial sectors such as healthcare, agriculture, and infrastructure, are pivotal for the country’s sustainable development and economic stability.

A breakdown of the projects showed the World Bank will approve $500 million for the first project tagged ‘Nigeria: Primary Healthcare Provision Strengthening Programme’.

The World Bank did not disclose the cost of the first project.

Another $500 million will be approved for the ‘Nigeria Human Capital Opportunities for Prosperity and Equity (HOPE) – Governance’ project, which has a project cost of $700 million.

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The third project, ‘Sustainable Power and Irrigation for Nigeria,’ will also receive $500 million, but has a project cost of $10.75 billion.

One of the loan requests –  ‘Rural Access and Agricultural Marketing Project – Scale Up,’ will receive $500 million by December 16. The other on ‘Solutions for the Internally Displaced and Host Communities Project,’ slated for an approval date of April 8, 2025, will receive N300 million.

In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500 million loan from the World Bank to boost electricity distribution in the country.

The federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.

Also, on June 3, Wale Edun, minister of finance and coordinating minister of the economy, said the World Bank board of directors would consider a loan of $2.25 billion for Nigeria.

Nigeria gets approval for fresh World Bank $1.5bn loan

Rising crime: Gov Abiodun seeks military base in Ogun East

Ogun State Governor, Dapo Abiodun, has called for the establishment of a military base in the eastern part of the state to tackle increasing criminal activity in the area.

Governor Abiodun made the appeal during a visit by the General Officer Commanding 81 Division of the Nigerian Army, Maj. Gen. Farooq Mijinyawa, at his office in Oke-Mosan, Abeokuta, on Wednesday.

He pointed out that while the eastern region of Ogun State is experiencing rapid commercial growth, including the presence of the state’s airport, it has also seen a rise in criminal incidents.

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“The level of commercial activity in the eastern part of the state is increasing, and with it, criminal activities,” Abiodun said. “We need a Forward Operation Base there to help us maintain peace and order.”

The governor stressed the importance of a proactive security presence to deter criminals who may cross over from neighbouring states. He also commended the Nigerian Army for its swift response to security challenges in key areas, such as Sagamu and Ijebu-Ode.

Abiodun assured that the state government would provide the necessary support to facilitate the military base, particularly in the Remo axis, to ensure rapid responses to security threats.

He further praised Maj. Gen. Mijinyawa’s appointment, reaffirming his administration’s commitment to collaborating with the Nigerian Army and other security agencies to maintain peace in the state.

Rising crime: Gov Abiodun seeks military base in Ogun East

Kano gov downgrades varsity to College of Education, sacks VC

The Governor Abba Yusuf-led Kano State government has downgraded Sa’adatu Rimi University of Education into Sa’adatu Rimi College of Education.

The government, however, said the school will retain its status as a degree-awarding institution.

This decision was made during the state’s Executive Council meeting held on Sept. 18, 2024.

In a statement released by the Kano State Commissioner for Information and Internal Affairs, Baba Dantiye, it was revealed that extensive consultations with key stakeholders were conducted before the decision was finalized.

The commissioner said a high-level committee appointed by the state government had been tasked with reviewing the status of the university and proposing measures to boost its academic standing.

According to Dantiye, the committee identified concerns raised by both academic and non-academic staff, along with other stakeholders, regarding the possible negative consequences of the institution’s initial transition from a college to a university.

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“These concerns include the potential loss of experienced lecturers, disputes over salaries, and administrative challenges that could affect the institution’s efficiency,” Dantiye stated.

He further explained that other institutions across Nigeria have successfully operated as colleges of education while offering degree programmes, following the “dual mode” structure regulated by the National Commission for Colleges of Education (NCCE).

The government assured that the conversion will not negatively impact students, as current undergraduates will be able to continue their studies as planned, adding that the university’s certification will be preserved for future use, and the institution will continue to offer both its traditional courses and new degree programmes under its expanded academic scope.

According to the statement, Governor Abba Yusuf has also approved the immediate dissolution of the university’s management team and directed that the Vice-Chancellor hand over leadership responsibilities to the most senior deputy until further announcements are made.

In February 2023, the National Universities Commission (NUC) had granted approval for Sa’adatu Rimi College of Education to be upgraded to a university.

Kano gov downgrades varsity to College of Education, sacks VC