Business
World Bank Approves $2.25bn Loan For Nigeria
Minister of finance and Coordinating Minister of the Economy, Wale Edun has announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion.
Ekwutosblog reports that the development is part of President Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable, according to a statement made available on Thursday by Mohammed Manga, the Ministry’s Director of Information and Public Relations.
“The approved operations include $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR),” the statement reads.
“The combined total of $2.25 billion will provide essential financial and technical support as the government continues to address economic distortions.”
Also, Manga said the support package will assist Nigeria in its long-term goal of increasing non-oil revenues and securing oil revenues to ensure fiscal sustainability and the delivery of quality public services.
He said ‘RESET’ aims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable.
The statement also noted that ‘Armor PforR’ supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.
Commenting on the approval, Edun welcomed the support of the World Bank.
“We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth,” he said.
“These reforms will create quality jobs and economic opportunities for all Nigerians.
“We welcome the support of the RESET and ARMOR programs as we further consolidate and implement our policy reforms, consistent with accelerating investment and using public resources more sustainably to achieve our development goals.”
On his part, Ousmane Diagana, the World Bank vice-president for Western and Central Africa, lauded the country’s efforts in reforming the financial sector.
“Nigeria’s comprehensive macro-fiscal reforms are placing the country on a new path that can stabilize the economy and lift people out of poverty,” Diagana said.
“It is essential to maintain the momentum of these reforms and continue to provide support to the poor and vulnerable to mitigate the impact of the cost-of-living crisis.”
The vice-president said the financing package will strengthen the World Bank’s strong partnership with Nigeria and support efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa.
The National Industrial Court has granted an interim injunction restraining the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) from blocking Nigerian roads, or frustrating and shutting down the operations of Dangote refinery, MRS Oil Nigeria Limited, and MRS Oil and Gas Company Limited.
The court also restrained NUPENG and other drivers’ associations from embarking on an industrial action or compelling other truck drivers to join in its industrial action.
Emmanuel Subilim, the presiding judge, delivered the ruling on Wednesday following an ex parte motion filed by George Ibrahim, the refinery’s lawyer.
Ibrahim approached the court with an ex parte motion filed alongside the originating processes and a motion on notice, dated and filed September 15.
The lawyer prayed the court to direct NUPENG and its members to continue petroleum trucking services to the refinery, MRS, and the Nigerian public pending the determination of the motion on notice.
In an affidavit deposed by Ahmed Hashem, the group’s general manager, government and strategic relations of the refinery, the applicants provided an undertaking of damages to the organisation if the court ultimately rules against the restraining request.
After hearing Ibrahim, the judge held that “this court, having satisfied itself that there is a serious issue to be tried, that the balance of convenience tilts in favour of the Applicants (Dangote Refinery), that irreparable damage may be occasioned if the necessary orders are not granted, and that the Applicants have given an undertaking as to damages”.
He ruled that NUPENG ought to be restrained, granting interim injunction on the refinery’s request.
‘RESTRAINING ORDER TO LAST FOR SEVEN DAYS’
The judge noted that the restraining orders would remain in effect for seven days.
He further directed the applicants to serve the respondents with the motion on notice and all accompanying processes in the suit within seven days from the date of the order.
The judge also noted that the court’s authority to sit during the ongoing vacation would expire on September 23.
Consequently, he ordered that the case file be forwarded to the president of the National Industrial Court of Nigeria for reassignment to another judge, who will hear and determine the motion on notice as well as the substantive case on its merits.
On September 11, NUPENG placed its members on red alert for the resumption of its nationwide industrial action — two days after it suspended its strike action, in protest against Dangote refinery’s “anti-union practices”.
The union said it made the decision after Sayyu Dantata, the owner of Mrs Oil, allegedly instructed his truck drivers, who had been NUPENG-Petroleum Tanker Drivers (PTD) members for several years, to remove union stickers from their trucks.
NUPENG said the action led to an altercation between the truck drivers and its officials.
Former Labour Party presidential candidate, Mr Peter Obi, has criticised President Bola Tinubu over the non-payment of pensions and gratuities despite government’s claims of meeting its revenue target.
In a post on his X handle on Wednesday, Obi said it was unjust for the government to celebrate revenue growth while pensioners who had served the country were left to contemplate a nationwide protest over unpaid arrears.
He said senior citizens who gave their most productive years in service to the nation deserved to be paid their entitlements promptly.
Obi added that any excess revenue realised by the government should be channelled to settle obligations to pensioners in order to restore their dignity and assure workers that their labour was valued.
He said: “I read with deep concern that our pensioners, men and women who gave the most productive years of their lives in service to our country, have been pushed to contemplate a nationwide protest over unpaid arrears.
“Just last month, Mr. President announced that Nigeria had reached its revenue target. If that is true, then the moral question is simple: why are our senior citizens, who worked, served, and sacrificed, still owed their rightful pensions and gratuities? Revenue growth should first reflect in the lives of the people, especially those in difficult times.
“The excess revenue we celebrate today must not remain on paper. It must be directed to settle our obligations to pensioners, to restore their dignity, and to assure the working population that Nigeria values their labour and service. Anything less is unjust and unacceptable. Good Leadership and compassion are inseparable.”
Nigerian Senator and former Senate leader Ali Ndume has warned the Union of Petroleum and Natural Gas Workers, the Depot Petroleum Product Marketers Association of Nigeria and other stakeholders in the country’s downstream oil sector to stop demonising Aliko Dangote, President of Dangote Refinery.
Ndume made this statement on Wednesday amid the cold war between Dangote Refinery, NUPENG, DAPPMAN and other stakeholders.
The Nigerian senator described the NUPENG, DAPPMAN and Dangote face-off as “a poisonous media narrative to paint Dangote in a bad light in the eyes of Nigerians and the international community.”
He said, “Before Dangote took the risk to build his refinery, previous administrations had granted licences to many Nigerians. What did they do with it? Some of them only cashed in on the incentives of crude oil allocation.
“If my memory serves me right, licences were granted to 12 private operators as far back as 2002 to build refineries and reduce dependence on imported fuel.
“The second round of licences was done in 2007 by the then Department of Petroleum Resources, DPR, after revoking the first batch and granted nine new licences to private investors.
“Those parading themselves as fuel importers today didn’t seize the initiative to come together to build refineries.
“Again, during the Muhammadu Buhari administration, licences were granted to private investors to build modular refineries.
“How many of them actually scratched the surface, but they are ganging up to falsely accuse Dangote of monopolising the market?”
“It is wrong to talk about monopoly in a deregulated industry. There are no deliberate bottlenecks against anyone, and no player has been accorded special concession to the detriment of others.
“I urge NUPENG, PENGASSAN, and all concerned stakeholders to engage in constructive dialogue with Dangote rather than inciting division and undue sensationalism in the media. Our common goal should be to balance labour rights with the imperatives of national development and not put ordinary citizens at the receiving end of a needless power tussle”, he added.
Recall that NUPENG recently embarked on an industrial strike against Dangote Refinery’s anti-labour activities before it was suspended following the intervention of the Federal Government and the Department of State Security.
DAPPMAN also accused the Dangote Refinery of a plot to stifle competition.
Wike speaks with Fubara on phone
LARGE CROWD DISPERSE AFTER LONG FRUITLESS WAIT FOR GOVERNOR FUBARA’S RETURN TO GOVERNMENT HOUSE.
HUMAN ORGAN HARVESTING ACCUSATIONS: IMO HOTELS ASSOCIATION REJECT ALLEGATIONS, PETITION POLICE OVER DEFAMATORY CLAIMS BY NONSO NKWA.
-
Politics11 months agoMexico’s new president causes concern just weeks before the US elections
-
Business11 months ago
US court acquits Air Peace boss, slams Mayfield $4000 fine
-
Trending11 months agoNYA demands release of ‘abducted’ Imo chairman, preaches good governance
-
Entertainment11 months ago
Bobrisky falls ill in police custody, rushed to hospital
-
Entertainment11 months ago
Bobrisky transferred from Immigration to FCID, spends night behind bars
-
Politics11 months agoRussia bans imports of agro-products from Kazakhstan after refusal to join BRICS
-
Politics11 months agoPutin invites 20 world leaders
-
Education1 year ago
GOVERNOR FUBARA APPOINTS COUNCIL MEMBERS FOR KEN SARO-WIWA POLYTECHNIC BORI