Presidency confirms Tinubu travelled to France aboard new presidential jet – Newstrends
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Presidency confirms Tinubu travelled to France aboard new presidential jet

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6 months ago

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Presidency confirms Tinubu travelled to France aboard new presidential jet

 

President Bola Tinubu, on Monday, departed Abuja for Paris, France, aboard the new presidential jet, Airbus A330.

Special Adviser to Tinubu on Information and Strategy, Bayo Onanuga, said in a statement that the jet replaced the 19-year-old Boeing B737-700 purchased under former president Olusegun Obasanjo.

He said the new aircraft would save Nigeria “huge maintenance and fuel costs, running into millions of dollars yearly” required to service the old aircraft.

“The new plane is spacious and is furnished with the state-of-the-art avionics, customized interior and communications system,” he added.

In June, the House of Representatives Committee on National Security and Intelligence asked the Federal Government to purchase new aircraft for Tinubu and Vice-President Kashim Shettima.

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Nigeria seeks fresh $300m W’Bank loan for health security

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16 hours ago

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February 16, 2025

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Nigeria seeks fresh $300m W’Bank loan for health security

The Federal Government has engaged the World Bank for a new $300 million loan aimed at strengthening Nigeria’s health security infrastructure.

According to World Bank documents, the Nigeria Centre for Disease Control (NCDC) will implement the project, with the Federal Ministry of Finance acting as the borrower.

The initiative aims to enhance Nigeria’s capacity to prevent, detect, and respond to health emergencies.

The project is currently in the pipeline stage, with a disclosure date set for February 6, 2025.

The World Bank Board is expected to approve it on July 30, 2025, after necessary appraisals and assessments. Implementation will commence in the 2026 fiscal year.

The Nigeria Health Security Programme (HeSP) will focus on expanding molecular laboratory capacity, upgrading primary healthcare centres, establishing emergency operation centres and deploying mobile laboratories.

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Others are constructing warehouses for medical supplies, installing water, sanitation, and hygiene facilities and integrating solar energy systems to power health infrastructure.

The initiative is part of efforts to strengthen Nigeria’s public health infrastructure, following lessons from past outbreaks, including COVID-19.

This latest loan request comes as Nigeria continues to rely heavily on external financing. Under President Bola Tinubu’s administration, the Federal Government has secured $6.95 billion in World Bank loans over the past 18 months.

Data from the Debt Management Office shows that Nigeria owes the World Bank $17.32 billion, with the International Development Association (IDA) accounting for $16.84 billion.

In the first nine months of 2024, Nigeria spent $3.58 billion servicing its foreign debt, a 39.77% increase from $2.56 billion during the same period in 2023.

Nigeria seeks fresh $300m W’Bank loan for health security

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CBN to sanction banks limiting ATM withdrawal below N20,000

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3 days ago

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February 14, 2025

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CBN Governor, Olayemi Cardoso

CBN to sanction banks limiting ATM withdrawal below N20,000

The Central Bank of Nigeria, CBN, has threatened to sanction banks that limit Automated Teller Machines (ATM) withdrawal to less than N20,000 per transaction.

The apex bank disclosed this in a document addressing concerns over the reviewed fees on ATM withdrawal.

Recall that CBN on Tuesday increased ATM transaction withdrawal fees, saying, from March 1st, bank customers will pay N100 charge for every N20,000 withdrawal from the on-site  ATM of other  banks.

The CBN in a circular to banks and other financial institutions, the CBN said,  “ATM Transaction Fees On-Us for customers withdrawing at the ATM of the customer’s financial institution in Nigeria with No charge.

“Not-On-Us for withdrawal from another institution’s ATM in Nigeria; On-site ATMs will attract a charge of N100 per N20,000 withdrawal.

“Off-site ATMs will attract  a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.

“The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.

“International Withdrawals (per transaction) whether debit/credit card: Cost Recovery – exact charge by international acquirer.

“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

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However, following widespread concerns over the limit on ATM cash withdrawal by banks, the apex and yesterday released a list Frequently Asked Question, FAQ, to clarify implementation of the new charge.

The CBN noted that the charges for withdrawals made from other banks on-site and off-site ATMs are based on banks allowing customers to withdraw up to N20,000 per transaction.

CBN said: “The fees are based on banks allowing customers to withdraw up to N20,000 per transaction. Any bank that compels a customer with sufficient funds in his/her account to withdraw less than N20,000 per transaction against the customer’s desire for a higher sum would be contravening this regulation’s spirit and sanctioned appropriately.

“Consumers that are denied the right to withdraw up to N20,000 per transaction are encouraged to file a complaint with the CBN using [email protected].”

The regulator also explained that banks can not charge more than the stated fees, but a bank can charge a lower amount depending on its cost structure, among other things.

“The charges and surcharges are capped. Thus, banks and other financial institutions are not allowed to charge more than the fees prescribed in the circular.

“Note also that though the surcharge per transaction is capped, there is flexibility for a bank to charge a lower amount depending on its cost structure and business development drive.

To avoid paying ATM transaction fees, the apex bank said: “You should withdraw money from your bank’s ATM (On-Us transaction) to avoid the transaction fees.

“Additionally, limiting your use of off-site ATMs is advisable to minimise the surcharge.

“Further, consumers can explore other payment channels such as mobile apps, POS devices for payments, etc.”

 

CBN to sanction banks limiting ATM withdrawal below N20,000

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Google CEO meets Tinubu over AI skills expansion in Nigeria

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4 days ago

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February 13, 2025

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Google CEO meets Tinubu over AI skills expansion in Nigeria

The CEO of Google, Sundar Pichai on Wednesday met with Nigeria’s President Bola Tinubu in Paris, where both leaders discussed a partnership to expand Artificial Intelligence (AI) skills in Nigeria.

Pichai first shared a picture of the meeting with Tinubu on X, noting that the discussions centered on the immense potential of AI in Nigeria.

“It was great meeting with President Tinubu @officialABAT. 

“We talked about the immense potential of AI in Nigeria, and how we can partner to expand AI skills, enable innovation, and support Nigeria’s growing tech ecosystem,” Pichai posted.  

Commitment to AI in Nigeria 

Responding to the post, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, who was also at the meeting, described the discussions as “extremely productive”.

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According to him, the meeting demonstrated the Nigerian government’s commitment to AI and Google’s ongoing support towards developing AI skills and innovation in critical sectors in Nigeria.

Last year, Google announced two separate AI initiatives in Nigeria in partnership with the Ministry of Communications, Innovation, and Digital Economy, both aimed at empowering Nigerians with AI skills.

In the first initiative, the National Centre for Artificial Intelligence and Robotics (NCAIR),  a N100 million AI Fund backed by Google to support Nigerian startups that are leveraging AI to develop innovative solutions.

The second initiative was a N2.8 billion support from Google to accelerate AI talent development across Nigeria.

According to the Ministry, the support, which was provided as a grant from Google.org to Data Science Nigeria, would bolster its ongoing AI-driven initiatives to upskill youth and under- and unemployed Nigerians, with a focus on AI skill development and education.

Google CEO meets Tinubu over AI skills expansion in Nigeria

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