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Bad economy: Tinubu secures fresh $2.25 billion foreign loan

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In another move to redeem Nigeria’s sagged economy, the Federal Government, on Thursday, announced that it has secured a fresh $2.25 billion from the World Bank, as part of the global institution’s support for its reforms to help the country pull itself out of the doldrums.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who announced the new development, said the “financial support packages” would be ploughed in supporting President Bola Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.

The statement was signed by Mohammed Manga, the Ministry’s spokesman, said: “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 combined total of $2.25 billion will provide essential financial and technical support as the government continues to address economic distortions.

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“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. ‘RESET’ aims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable. The ‘rmor PforR supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.

An elated Edun, said on the deal: “We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. 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.”

Ousmane Diagana, the World Bank Vice President for Western and Central Africa, who lauded the country’s efforts in reforming the financial sector, said on the new move: “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.

“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 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.

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Budget blunder: Go to hell, burn to ashes, Okpebholo remains governor – APC

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With an angry riposte, the All Progressives Congress (APC), on Wednesday, waved away the sweltering criticisms from a groundswell of the public, lacerating Monday Okpebholo, Governor of Edo State, on his now viral video where he exhibited great difficulty in pronouncing the N650 billion figures, he presented to the Edo State House of Assembly as the state’s 2025 budget.

The social media have been awash with the video of the governor repeatedly trying to mention the figure correctly, and even at a point explaining that he was confused, a development, which has elicited different reactions from the public, with critics saying it was emblematic of the degeneration in the nation’s polity, where hugely incompetent people were being recruited into positions clearly beyond them for political purposes.

In the video, Okpebholo appeared to have gone smoothly until he got to the figure, and then began to flutter and stutter repeatedly, thus: “The Edo State 2025 Appropriation Bill of 6 billion… 650… 605 billion… 76 thou… 76 million…“Let me take it again. 506 billion… 605 billion… sorry… 776 billion… sorry, it’s confusing me.”

But in a swift pushback to the barrage of criticisms from the public, who also wondered what manner of budget would stop at just a round figure without fractions Jarrett Tenebe, Chairman of the APC in the state, in apparent defence of the governor, dismissed the issues raised as unfounded, arguing that the “mistake” was common to humans, including world leaders, including Jacob Zuma, former President of South Africa.

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In his apparent anger over the meaning being adduced to the supposed blunder, the party boss, inferred that nobody was unfazed in the state, particularly within the APC camp, insisting that the people had willingly chosen the governor to lead them for the next four years and those in opposition of the choice should “go to hell and burn to ashes.”

Hear him: “The Social media has been agog with our governor’s budget presentation about a mistake on 650 billion and the rest of it all. It’s a normal thing. (Jacob) Zuma made such a mistake, and a lot of people make such mistakes. I don’t know figures. You see, that is how to know original figures. Obaseki will not make such a mistake because he has stolen figures. Asue Ighodalo will not make such a mistake because he has stolen billions before.

“Monday is not a thief, so he’s not familiar with figures. So, anybody who wants to talk can continue to talk. It’s nonsense. “He’s the governor of the state, he’s performing, and he will continue to perform. And anybody who does not like his face should go to hell and burn to ashes, period, and thank you,”

The budget titled: The Appropriation Bill is titled “Budget of Renewed Hope for a Rising Edo, the first by the governor, who emerged the winner in the election of Saturday, September 21, and was sworn in on Tuesday, November 12, 2024, which was presented was said to have reflected a 25 per cent increase from the 2024 budget.

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Yahaya Bello to mark New Year in prison *Court decides bail January 29

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Justice Maryanne Anenih of the HIgh Court of the Federal Capital Territory (FCT) in Maitama on Tuesday ordered the remand of Yahaya Bello, immediate past Governor of Kogi State in Kuje Correctional Centre, Abuja pending his bail application.

By the court’s ruling, that the former governor’s bail application would now be given on January 29, 2025, it means that he would be spending the whole of Christmas and New Year period in prison, as the court adjourned further proceedings in the criminal case involving the alleged theft of N110billion against him instituted by the Economic and Financial Crimes Commission (EFCC).

Anenih, who had agreed with the submission that Bello’s bail application was filed prematurely, having been filed when Bello was neither in custody nor before the court, was incompetent, said: “Consequently, the instant application, having been filed prematurely is hereby refused.”

Rejecting his plea, of the former governor, who had earlier filed the application on November 22 before he was arrested on November 26 and arraigned on  November 27, Anenih granted bail to Umar Oricha and Abdulsalami Hudu, with whom he is standing trial on the ground of a N300million bond and that they must produce sureties who must have property worth the said amount within the court’s jurisdiction.

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The former governor, is said to have since filed a fresh bail application with a plea to the court for an early hearing date, to prevent him from spending the yuletide period in Kuje correctional centre.

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BREAKING: Farotimi to spend another 10 days in prison, as court defers bail plea

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Abayomi Adeosun, the Presiding Magistrate, at the Chief Magistrate Court in Ado Ekiti, on Tuesday returned Dele Farotimi, lawyer and activist to prison till December 20, when his bail application will now be determined in the case of criminal defamation against Afe Babalola, Senior Advocate of Nigeria (SAN) foremost lawyer and educationist.

Adeosun agreed with the prosecution that who had told the court that the bail application submitted by Farotime was incomplete and not properly filed, a development which came after a hot argument between police prosecuting lawyer and the legal team of Farotimi, over the propriety of Adeyinka Olumide-Fasuka, (SAN) in the matter, being a Senior Advocate of Nigeria.

Samson Osobu, the police lawyer prosecuting the matter, had also objected to the appearance of Olumide-Fasuka to represent the activist, standing trial on a 16 count-charge of defaming the legal luminary in his book, titled: Nigeria and its Criminal Justice System, which accused Babalola of corrupting Supreme Court judges, on the ground that members of the Inner Bar, were barred from appearing at magistrate courts.

Objecting to the senior lawyer taking over the matter, he cited the recent judgment of a court of Appeal in Ibadan, Oyo State delivered on July 16, 2024, where the court ruled that SAN could not appear before the magistrate court.

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But countering, Olumide-Fasuka, who explained that the Ekiti state magistrate court law enacted by the House of Assembly allowed lawyers irrespective of status and title to appear in the court especially in criminal matters as it related to the suit against the defendant, urged the court to reject the argument of the prosecuting lawyer, noting that the verdict he cited might not have put into consideration all magistrate court laws across the country.

After listening to the argument, the Magistrate who stepped down his ruling on the matter for him to read the judgement, asked Olumide-Fasuka to step down and allow the most senior lawyer in Farotimi’s team to continue the case, pending his ruling on the matter, enabling Taiwo Adedeji, another lawyer in the team to take over.

After further argument on the matter, the court, which had on Wednesday, last week when Farotimi first appeared, slated the determination of the bail application for Tuesday, shifted proceedings to the new date while ordering that the activist be returned to prison custody till the new date.

 

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