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December 17, 2024 Youth Corps Member Collapses and Dies in Kebbi
IFMNEWS

Youth Corps Member Collapses and Dies in Kebbi

A youth corps member, Tayachibiyacha Ebal, who was deployed to Kebbi State, has tragically collapsed and died at the Dakin Gari NYSC orientation camp.

Reports indicate that Ebal suddenly slumped and was quickly rushed to the camp clinic for medical attention. She was then transferred to the Federal Medical Centre in Birnin Kebbi for further treatment. Despite efforts by doctors to revive her, she sadly passed away.

Kebbi State's Commissioner for Youth and Sports, Alhaji Muhammad Fingila, confirmed the incident, adding that her body has been sent to her home state of Adamawa. He expressed his condolences on behalf of the Kebbi State government, calling the incident unfortunate.

Efforts to reach officials from the National Youth Service Corps (NYSC) in Kebbi for comment were unsuccessful, as the spokesperson, Mrs. Hadiza, did not respond to calls or a text message inquiry.

December 17, 2024 Bill to Prohibit Use of Foreign Currencies in Nigeria Passes First Reading
IFMNEWS

Bill to Prohibit Use of Foreign Currencies in Nigeria Passes First Reading

A bill seeking to ban the use of foreign currencies in Nigeria has passed its first reading in the Senate. Titled "A Bill for an Act to Alter the Central Bank of Nigeria Act, 2007, No. 7, to Prohibit the Use of Foreign Currencies for Remuneration and Other Related Matters," the legislation aims to prioritize the naira for all financial transactions, including salaries and payments.

Sponsored by Senator Ned Nwoko, Chairman of the Senate Committee on Reparations and Repatriation, the bill seeks to curtail the use of foreign currencies like the US dollar and British pound in domestic transactions. Senator Nwoko criticized the practice as a “colonial relic” that undermines the naira’s value and hampers Nigeria’s economic independence.

“The widespread use of foreign currencies perpetuates economic instability and weakens the naira. It is time we prioritise our own currency to achieve true economic sovereignty,” Nwoko said.

If enacted, the law would mandate a shift to the naira for all forms of payments, significantly influencing various sectors and reinforcing Nigeria’s local currency. The bill’s advancement highlights growing legislative efforts to tackle the naira’s depreciation and reduce dependency on foreign exchange.

The Senate will continue deliberations as the bill progresses through subsequent readings and committee reviews.

December 17, 2024 World Bank to Provide $1.65bn in Loans to Nigeria in 2025
IFMNEWS

World Bank to Provide $1.65bn in Loans to Nigeria in 2025

The World Bank is preparing to approve three significant loan projects for Nigeria in 2025, amounting to $1.65 billion. These loans aim to address pressing social and developmental challenges, focusing on internally displaced persons, education, and nutrition.

Information from the World Bank’s website reveals the details of these proposed loans:

  • Solutions for the Internally Displaced and Host Communities Project: With a commitment of $300 million, this project seeks to provide sustainable solutions for internally displaced persons and their host communities. It is currently in the concept review stage and is scheduled for approval on April 8, 2025.
  • HOPE for Quality Basic Education for All: This project is expected to receive $553.8 million in financing and aims to enhance basic education quality. It is set for approval on March 20, 2025.
  • Accelerating Nutrition Results in Nigeria 2.0: The largest of the three, this project involves $800 million to tackle malnutrition. The World Bank will decide on this project by February 20, 2025.

These initiatives reflect the World Bank's continued commitment to supporting Nigeria’s economic recovery and addressing vulnerabilities in critical sectors.

In addition to these upcoming projects, the Federal Government under President Bola Tinubu has secured $6.95 billion in World Bank loans over approximately 18 months. The most recent approval came on December 13, 2024, with a $500 million loan to boost rural access and agricultural marketing under the Rural Access and Agricultural Marketing Project—Scale Up.

Other notable loans during this period include:

  • Power Sector Recovery Performance-Based Operation: $750 million to stabilize and enhance Nigeria’s power sector.
  • Nigeria for Women Program: $500 million to support women’s empowerment.
  • Adolescent Girls Initiative for Learning and Empowerment: $700 million to improve educational opportunities for girls in targeted states.
  • Distributed Access through Renewable Energy Scale-Up: $750 million to enhance access to electricity through renewable energy solutions.
  • Nigeria Reforms for Economic Stabilization and Resource Mobilization Programs: A combined package of $2.25 billion was approved in June 2024 to boost economic stability and resource mobilization.
  • Primary Healthcare Provision Strengthening Program: $570 million to improve healthcare services, particularly for women and children.
  • Sustainable Power and Irrigation for Nigeria Project: $500 million to address climate-related challenges.

According to the Debt Management Office, the World Bank accounts for 38% of Nigeria’s total external debt, with $16.32 billion owed to the International Development Association and $484 million to the International Bank for Reconstruction and Development.

Meanwhile, Nigeria's foreign debt servicing costs reached $3.58 billion in the first nine months of 2024, reflecting a 39.77% increase compared to the $2.56 billion spent during the same period in 2023. These figures underscore the growing financial burden as the country continues to rely on external financing for its developmental needs.

 

December 17, 2024 NEMA Rescues 49 Survivors from Benue Boat Accident, 23 Still Missing
IFMNEWS

NEMA Rescues 49 Survivors from Benue Boat Accident, 23 Still Missing

The National Emergency Management Agency (NEMA) has confirmed the rescue of 49 individuals and the recovery of three bodies following a tragic boat accident along the River Benue in Agatu Local Government Area, Benue State.

The incident, which occurred on Saturday, December 15, around 7:00 PM, involved a boat carrying 76 passengers. According to NEMA’s statement, the accident happened when the boat’s driver unknowingly navigated into a submerged tree, causing it to capsize.

The passengers were returning home from the Ocholonya Market, a major trading hub for communities in Agatu and neighboring Nasarawa State. While one passenger managed to swim to safety, 23 individuals remain unaccounted for, with most passengers reported to be from Odenyi Magaji and other Nasarawa State communities.

NEMA has been working alongside the Benue State Emergency Management Agency, local authorities, and divers to intensify search and rescue efforts. The agency has also reached out to the Nigerian Navy to provide additional support.

In the aftermath of the incident, the Nigeria Governors’ Forum (NGF) expressed condolences to the government and people of Benue State. The NGF commended emergency responders for their swift actions, which saved 11 lives during the rescue operation.

The NGF Chairman, Mallam AbdulRahman AbdulRazaq, issued a statement on Monday, offering prayers for the repose of the deceased and support for those affected. He wrote, “We send our commiserations to His Excellency, Governor Rev. Fr. Hyacinth Alia, and the people of the state on this tragic incident. May God Almighty grant the victim’s eternal rest.”

Search and rescue operations remain ongoing as authorities continue their efforts to locate the missing passengers and provide support to the affected communities.

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