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W’Bank to help Nigeria take 100 million people out of poverty
World Bank says it is focused on supporting the Federal Government in its plan to lift 100 million Nigerians out of poverty.
President of the World Bank Group, Mr David Malpass, said this during a media briefing at the ongoing virtual World Bank/International Monetary Fund (IMF) spring meetings in Washington DC.
He said that the World Bank would do so by supporting the government in its efforts to promote growth, job creation and shared prosperity.
Malpass said as part of the efforts, the World Bank would support Nigeria in ensuring fiscal and debt sustainability as well as enhancing debt transparency and debt management at the federal and sub-national levels.
President Muhammadu Buhari had said his administration planned to lift 100 million Nigerians out of poverty over the next decade.
Buhari said his government would be tackling social inequality and entrenching better standards of living for the people.
Malpass added that the World Bank was closely monitoring the debt situation in member-countries through its joint IMF-World Bank Debt Sustainability Framework and raising debt issues with the government as part of an ongoing dialogue.
Responding to a question on debt sustainability in Nigeria, he stated that the World Bank had engaged with the Nigerian government to improve the quality of public spending.
“Moreover, a key objective of the World Bank is to help attract private investment to crowd in financing for investments in infrastructure and human capital, for instance by de-risking private investments through public-private partnerships and foreign direct investments without increasing public debt levels,” he stated.
Malpass stressed the importance of jobs in poor countries, considering their increasing population.
He urged governments to create conducive environment for new private sector businesses that would promote job creation in the post-COVID-19 era as countries prepare for economic recovery.
He stated that the post-COVID-19 economic environment would be different from the situation pre-COVID-19.
Earlier, at the G20 Finance Ministers and Central Bank Governors’ Meeting, Malpass had said in 2020, the bank achieved a record 65 per cent growth in commitments and a rapid doubling of its trade and working capital finance to help fill the banking vacuum that hit private sectors.
According to him, post-COVID-19 will leave lasting scars on developing countries, from closed schools and physical stunting of children to lost jobs, the depletion of savings and assets, and growing debt overhangs.
News
Late COAS Lagbaja gets CFR honour, buried amid tributes
Late COAS Lagbaja gets CFR honour, buried amid tributes
The late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was on Friday laid to rest in Abuja, amid tears and tributes.
President Bola Tinubu conferred a posthumous award of the Commander of the Federal Republic (CFR) on the late Chief of Army Staff.
The burial took place at the National Cemetery in Abuja to end two days of funeral rites that began in Lagos earlier in the week.
His body was lowered into the grave at exactly 4:41pm after the ceremony that lasted over two hours.
Lagbaja’s casket, draped in Nigeria’s green and white colours, arrived at the cemetery around 3pm in a white funeral wagon after a funeral service at the National Christian Centre in Abuja.
Dignitaries were led to the event by President Bola Tinubu. Others are Vice President Kashim Shettima; the Acting Chief of Army Staff, Lt.Gen. Olufemi Oluyede; the Chief of Defence Staff, Gen. Christopher Musa; Minister of Defence, Abubakar Badaru, and other top government officials and military brass.
President Tinubu announced the conferment of the CFR on the late COAS during the interment at the National Cemetery in Abuja.
The President extolled the virtues of the late warrior, especially his contributions to national security.
According to him, the appointment of Lagbaja as the COAS was one of his finest made so far.
“As an eternal symbol of our appreciation, I have granted the late Chief of Army Staff, the posthumous national honour of the Commander of the Federal Republic of the Niger (CFR),” Tinubu declared.
He thereafter invited the wife of the late COAS, Mariya, to collect the award on behalf of the Lagbaja family amid applause from the congregation.
News
Supreme Court dismisses 16 govs suit challenging EFCC legality
Supreme Court dismisses 16 govs suit challenging EFCC legality
The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.
The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).
In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.
The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.
It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.
Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”
News
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary FCDA Hadi Ahmad suspended indefinitely
Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.
Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.
No reason was given for the suspension.
Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.
The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.
“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.
“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”
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