Business
Finance Minister Announces $2.25 billion World Bank Support For President Tinubu’s Economy Reforms
Joe Ajayi
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced today the approval of two major financial support packages by the World Bank. This is part of President Tinubu’s ongoing efforts to stabilize the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable.
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).
This combined total of $2.25 billion will offer essential financial and technical support as the government continues to address economic distortions.
Additionally, it 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.
Economic Stabilization and Growth.
Upon assuming office, the Federal Government was confronted with significant economic challenges, and recognized the need for urgent reforms to correct the economic imbalance and strengthen Nigeria’s financial outlook. Initial critical steps have been taken to restore macroeconomic stability, boost revenues, and create the conditions necessary to reignite growth and reduce poverty.
These ongoing measures are part of a broader strategy to increase revenues, create jobs, and foster sustainable economic growth.
Mr. Wale Edun has welcomed the support of the World Bank and emphasized the necessity for the reforms:
“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.”
World Bank Endorsement
Ousmane Diagana, the World Bank Vice President for Western and Central Africa, praised Nigeria’s efforts: “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. This financing package strengthens the World Bank’s strong partnership with Nigeria and supports efforts to rejuvenate the economy and expedite poverty reduction, serving as an example for Africa.”
Focus Areas of the Programmes.
RESET DPFAims to strengthen Nigeria’s economic policy framework, create fiscal space, and protect the poor and vulnerable.
ARMOR PforR: Supports tax and excise reforms, improves tax revenue and customs administration, and safeguards oil revenues.
Business
Court Orders Arrest Of Wike-led FCTA Director, 10 Others
By Aliyu Galadima
An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.
The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.
Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.
The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.
The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.
He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.
The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.
They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.
According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.
The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.
The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.
With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them
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