News
Tinubu secures multi-billion dollar funding from IDB
Tinubu secures multi-billion dollar funding from IDB
President Bola Tinubu has received a multi-billion dollar infrastructure finance package from the Islamic Development Bank (IDB) to support a multi-sectoral portfolio of infrastructure projects in Nigeria at the federal and sub-national levels.
This was revealed in a statement issued by presidential spokesperson Ajuri Ngelale on Tuesday.
The development was the result of serious investment conversations between President Tinubu and the IDB’s Vice-President (Country Programs), Dr. Mansur Muhtar, in Mecca, Saudi Arabia, on Monday night, according to a statement.
The President said that Nigeria is the “candle of hope that will light the way for Africa” and that once Africa is illuminated, the world will be a brighter place for all of humanity.
He said Nigeria is determined to create a future for its gifted youths and that investments in Nigeria will be among the world’s most high-yielding.
President Tinubu added that Nigeria has serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in the country.
He said that these deficits present unrivalled opportunities for savvy investors in a market that is by far the largest on the continent.
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The President said that Nigeria inherited serious liabilities but also assets from its predecessors and that there are several sectors replete with investment opportunities for smart investors.
According to him, access to finance and guarantees can be a hindrance in some cases and that the IDB can come in there as a critical enabler.
The Vice-President of the IDB, Dr. Mansur Muhtar, said that the financial world has been monitoring events in Nigeria and has concluded that Africa’s largest economy means business this time.
He said that the IDB President announced the provision of $50 billion U.S. Dollars of new investment for the African continent from the Arab Coordination Group (ACG).
Dr. Muhtar said that as the largest market and the largest economy in Africa, Nigeria will certainly receive a significant share of this investment.
The President’s delegation to the meeting in Mecca included Governor Bala Mohammed of Bauchi State; Governor Dikko Radda of Katsina State; Governor Umar Bago of Niger State; and Minister of Budget & Economic Planning, Senator Atiku Bagudu.
Tinubu secures multi-billion dollar funding from IDB
News
CBN in U-turn withdraws cybersecurity levy
CBN in U-turn withdraws cybersecurity levy
The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.
The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the Cybersecurity Levy.
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In a withdrawal circular that was issued by the CBN on Sunday night, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it’s a sign that the present administration was a listening one that prioritises public good.
“Further to this, please be advised that the above referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should “Please be guided accordingly.”
CBN in U-turn withdraws cybersecurity levy
News
Minimum Wage: Labour returns for negotiation with FG Tuesday, looks beyond N100,000
Minimum Wage: Labour returns for negotiation with FG Tuesday, looks beyond N100,000
The oganised labour says it will honour the invitation by the Federal Government for Tuesday, May 21, 2024 to continue the negotiation for a new minimum wage.
Even as it has announced readiness to back down on its earlier N615,000 proposal, it vowed not to accept N100,000 as the new minimum wage.
The organised labour, comprising the Nigeria Labour Congress and the Trade Union Congress of Nigeria, pulled out of the negotiation meeting last Wednesday when the government offered N48,000 as new minimum wage.
However, Chairman of the Tripartite Committee on the National Minimum Wage, Alhaji Bukar Goni, in a letter to the organised labour calling a meeting to be held tomorrow, indicated interest that the government would shift ground and asked the labour to do so too.
A report by Vanguard quoted the NLC Head of Information and Public Affairs, Benson Upah, as saying the organised labour would honour the invitation tomorrow but advised the government to be serious.
He said, “Our expectations are that government should be serious this time around. We expect them to take more seriously the issue of wages of workers.”
‘’So if the government is serious, it should not be thinking about N100,000. You know that when you create poor citizens, you create a poorer county,” he added.
News
I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi
I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi
Force Public Relations Officer (FPRO), Prince Olumuyiwa Adejobi, has boasted that he has never for once accepted a bribe of any kind since he started active service as a police officer.
Adejobi, who is an Assistant Commissioner of Police (ACP), made this revelation in a post on his verified X account on Sunday.
The Force PRO, while responding to a netizen who asked if he had ever taken bribes before, said accepting bribes is a taboo for him as a royal prince.
According to him, accepting a bribe is not just ungodly but also affects someone somewhere anytime it is taken.
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He noted that the essence of life is to put smiles on the faces of others and not to be the source of their tears.
He further revealed that he has taken it upon himself to preach against accepting bribery to his fellow police officers and other people around him.
He wrote, “No. It’s a taboo for a royal prince to take a bribe. Taking bribe definitely makes someone somewhere cry for many reasons, and it’s ungodly to do so. Your main purpose in life is to put smiles on people’s faces. It’s Godly and rewarding. It’s my personal principle and a call to duty. I preach this to my colleagues and many others always. May we have the grace to remain steadfast and purposeful in life.”
Adejobi, who is a prince from Orile-Owu Community in Ayedaade Local Government Area of Osun State, was reappointed as the Force PRO by the Inspector General of Police, Olukayode Egbetokun, in August 2023.
I’ve never taken bribe since joining police in 2005 – Force PRO Adejobi
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