In an important announcement, the World Bank Group has given the green light to the Nigerian federal government’s loan request of $500m. The loan is aimed at bolstering Nigeria’s efforts to drive women’s empowerment, a crucial area that requires urgent attention.
The Punch has reported that the World Bank has approved a new loan under the administration of President Bola Ahmed Tinubu. This marks the second loan approved by the World Bank during this administration.
Benefits of applying for a student loan
In a recent statement, the World Bank announced its approval of a loan to increase financing for the Nigeria for Women Programme. This programme was originally approved on June 27, 2018, with a financing amount of $100 million.
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According to a statement released by the World Bank, it reads in part:
In a recent development, the World Bank has granted Nigeria a whopping sum of $500 million for the Women Programme Scale Up (NFWP-SU). The Nigerian government is set to receive additional funding to bolster its efforts towards enhancing the welfare of women in the country. This scale-up financing is expected to provide the necessary resources needed to achieve this objective.
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The NFWP-SU aims to provide improved economic opportunities for women, a crucial step towards tackling gender inequality. This initiative will also ensure better education, health, and nutrition outcomes for families, while simultaneously strengthening women’s and communities’ ability to adapt to the effects of climate change.
The World Bank has emphasised the importance of the Tinubu administration tackling obstacles that impede women’s economic empowerment and hinder the growth of an inclusive, low-carbon, and resilient economy.
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President Bola Tinubu has received advice to discontinue the tradition of appointing bankers as governors of the Central Bank of Nigeria (CBN), a practise that has been in place for a considerable period of time.
In a recent Twitter post, Nigerian activist Deji Adeyanju offered his advice regarding the suggestion that Adesola Adeduntan, the current CEO of First Bank Nigeria, should assume the role of CBN governor. Adeyanju’s response was shared on Friday, June 23.
According to Adeyanju, a suggestion has been made that Nigeria should consider appointing an economist with a strong track record of integrity and extensive work experience with international organisations like the International Monetary Fund (IMF). Adeyanju further commented that bankers, who lack knowledge about the economy, are simply marketers.
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A recent research report has outlined potential solutions for the Nigerian federal government to alleviate the effects of fuel subsidy on its citizens.
In June 2023, multinational auditing firm Deloitte published a report titled “Fuel Subsidy Removal Short-term Pain, Long-term Gain”, which disclosed several suggestions.
In a recently released report, attention was drawn to the history of fuel subsidy in Nigeria, as well as the advantages and disadvantages of subsidy payments. The report also delved into the potential consequences of removing the subsidy.
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