Author: Abdoulaye Kay

The Federal Government of Nigeria has formally requested the World Bank to cancel the non-disbursed balance of $41.62 million from a COVID-19 loan approved in 2020.  This move comes as the Nigeria COVID-19 Prevention and Response Project (COPREP) reached its closing date on June 30, 2024. The COVID-19 loan was aimed at preventing, detecting, and responding to the virus threat at the state level across Nigeria.  The cancellation request comes as Nigeria has met its key project targets, notably surpassing the target of 70% vaccination coverage of the eligible population.  ALSO READ COVID-19 wiped out progress in global level of…

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The Senate has launched an investigation into transactions related to the Mambilla Hydroelectric Power Project from 1999 to date. The resolution was adopted on Thursday following a motion moved by Senator Manu Haruna, representing Taraba Central, on the urgent need to address the challenges of commencing the project. Lawmakers highlighted the failure of previous governments to prioritize the national project, which can generate 3,050 megawatts and reposition the Ajaokuta Steel Complex with $1.7 billion. The upper chamber also resolved that in reviving the project, the original idea of a 3,000-megawatt capacity should be maintained. ALSO READ [FAKE NEWS] Police deny…

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President Bola Tinubu on Thursday inaugurated the Presidential Economic Coordination Council (PECC) tasked with strategising a way out of the current economic situation in the country. The Council has a mix of government officials, top private sector players, and consultants including President of the Dangote Industries Limited, Mr Aliko Dangote; Chairman of the United Bank of Africa, Mr Tony Elumelu; and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane. Briefing State House Correspondents after the Inauguration of the Council, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun said the Council is to meet…

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