The African Development Bank (AfDB) has introduced a groundbreaking initiative to bridge the climate finance gap in Africa. The Climate Action Window (CAW) Technical Assistance Facility, unveiled at COP29 in Baku, Azerbaijan, aims to accelerate the development and implementation of climate adaptation and mitigation projects in 37 low-income African nations. Nationally Determined ContributionsWith an initial funding pool of $56 million, CAW is designed to support projects that align with global climate objectives, such as the Paris Agreement, Nationally Determined Contributions (NDCs), and National Adaptation Plans (NAPs). The facility focuses on preparing, financing, and implementing transformative projects to enhance climate resilience and reduce vulnerabilities across the continent.High-Level Support for CAWCote d’Ivoire’s Minister of Environment and Sustainable Development, Assahoré Konan Jacques, praised the initiative, stating, “These funds will help build the resilience of our people. I urge the African Development Bank to learn from past challenges and ensure CAW achieves its goals effectively. ”Chad’s Minister for Economy and Planning, Mrs. Fatima Haram Acyl, highlighted the urgency of addressing climate vulnerability in her country. “ For Chad, climate challenges like floods and droughts demand immediate and impactful solutions. The CAW is a vital step toward empowering our communities and fostering resilience,” she emphasized.Madagascar’s Minister of Environment, Max Andonirina Fontaine, expressed optimism about CAW’s potential. “This facility enables us to fund critical initiatives such as ecotourism projects that protect forests and create sustainable jobs. It’s a flexible tool Africa urgently needs,” he noted.Global Collaboration and Support The United Kingdom also reaffirmed its commitment to the initiative. Louise Walker, Head of the Private Sector and Capital Markets Department at the UK’s Foreign Commonwealth and Development Office (FCDO), said, “The CAW is unparalleled in Africa. We encourage other partners to join us in setting new standards for climate finance.” A Pathway to Transformative ChangeThe Climate Action Window is expected to drive significant progress in addressing climate challenges in vulnerable regions. By funding locally tailored projects, the initiative aims to empower communities, protect ecosystems, and support sustainable development. READ ALSO:
On Tuesday, President Bola Tinubu gave Nigerians hope that better times are coming and presented a positive outlook for the country’s future.As he presented Major General Olufemi Olatubosun Oluyede, the Acting Chief of Army Staff, with the new rank of Lieutenant General in his office at the State House in Abuja, the President credited the military’s “synergy” for the success in combating terrorism and banditry and urged the service chiefs to maintain good relations for the benefit of the nation.“The country has been calmed by your cooperation, and we need that stability to continue,” he remarked. We must reassure every citizen that prosperity is within their reach. The military was praised by President Tinubu for its steadfast bravery, commitment, and patriotism in preserving national security.The President said, “It is a privilege and an honor to decorate you today.”“Your dedication and service to the Nigerian military, demonstrated by your stellar record, are reflected in this commendation.The President remarked, “We appreciate everything you have been doing to keep the nation safe and stable.” President Tinubu gave the military his word that the government will always take their suggestions into consideration and steer the nation toward prosperity and peace.“We are having difficulties, but we are making progress,” he continued. Lt. Gen. Oluyede, the Acting COAS, conveyed his sincere appreciation, acknowledged the gravity of the situation, and reaffirmed his dedication to preserving the Chief’s vision. of Lt. Gen. Taoreed Lagbaja, Army Staff, and to preserving national harmony.On September 19, 1992, Lt. Gen. Oluyede (N/9318) received a Regular Combatant Commission as a second lieutenant, joining the 39 Regular Course. Seniority in the same rank was conferred on September 12, 1987. He took part in a number of missions, such as Operation Harmony IV in Bakassi, Operation Hadin Kai in the Northeast, and the Economic Community of West African States Monitoring Group (ECOMOG) mission in Liberia. READ ALSO: National grid collapse: TCN blames line tripping, says will be restore
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The Peoples Democratic Party (PDP) presidential candidate for 2023, Atiku Abubakar, claims that if he had won the presidency of Nigeria, his reforms would have “benefited from more adequate preparations” and “more sufficient diagnostic assessment of the country’s conditions.” Abubakar claimed that his policy changes would have “protected our fragile economy against a much deeper crisis by preventing business collapse” in a post on his X account on Sunday. He called President Bola Tinubu’s administration “overkill” for raising the energy cost, floating the currency rate, and eliminating the gasoline subsidy. In order to “first eliminate revenue leakages arising from governance, including the cost of running the government and the government procurement process,” the former vice president stated that he would have set an example. He also said that “alternative approaches to conflict resolution such as diplomacy, intelligence, improved border control, deploying traditional institutions, and good neighborliness” would have been used by his administration. According to Abubakar, he would have established an economic stimulus fund (ESF) “to support MSMEs across all economic sectors with an initial investment capacity of approximately US$10 billion.” The former vice president claimed that even though he supported eliminating the gasoline subsidy, his government would have implemented the measures using “a gradualist approach.” “The abrupt and total elimination of subsidies would not have occurred. We used a gradualist approach while I was vice president, and we finished phases 1 and 2 of the reform before the end of our term, which is instructive,” he added. According to Abubakar, his government would have a “managed-floating system” of foreign exchange. “We would not be able to run an open, private sector-friendly economy under a fixed exchange rate system, so it was out of the question,” he stated. READ ALSO: Police Arrest 17 Nigerians, 113 Foreigners For Cybercrimes, Hacking But, considering Nigeria’s fundamental economic circumstances, implementing a floating exchange rate regime would be overkill. “We would have urged our central bank to handle foreign exchange in a gradualist manner. It would have been better to have a managed-floating system. We love to have you back, Kindly Subscribe to our Newsletter.
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Former Vice-President Atiku Abubakar has criticized the current administration for its “trial-and-error economic policies,” asserting that he would have taken a different approach if he had been elected President. In a statement he personally authored, the Peoples Democratic Party (PDP) candidate from the last election accused President Tinubu’s government of implementing a “palliative” economy, something he believes should not have been done. Atiku attributed the country’s current economic difficulties to the reforms introduced by the present administration. He noted, “Unleashing reforms to establish a suitable exchange rate, cost-reflective electricity tariffs, and the price of PMS all at once is excessive.” While he supports the removal of subsidies, Atiku emphasized that his administration would have opted for a gradual approach, similar to what countries like Malaysia and Indonesia have done in recent years. He stated, “I’ve received numerous questions about what I would have done differently as President. The focus should be on President Tinubu and the critical actions he needs to take to alleviate the suffering caused by his experimental economic strategies.” Atiku expressed that his administration would have been more strategically planned, emphasizing thorough preparations, better diagnostic assessments of the country’s situation, and more extensive consultations with stakeholders. He pointed out that his reform agenda, outlined in his policy document “My Covenant With Nigerians,” was designed to protect the fragile economy from deeper crises and to support businesses effectively. He further argued, “Implementing reforms for exchange rates, tariffs, and fuel prices simultaneously is clearly overkill. Additionally, the Central Bank’s aggressive monetary tightening is problematic. As importers of petroleum products, removing subsidies without a stable exchange rate will lead to adverse effects.” Atiku insisted that a more strategic response to the fallout from reforms was necessary, highlighting the importance of not overestimating the benefits of reforms or underestimating their costs. He acknowledged that reforms can fail and that he would address institutional weaknesses proactively. He added, “I would have led by example. Any fiscal reforms aimed at improving liquidity must first address governance-related revenue leakages, including unnecessary government expenses. I and my team would not have indulged in luxury while citizens suffered.” The former Vice President emphasized that his reforms would be designed with empathy, advocating for a strong social protection program to genuinely support the poor and vulnerable instead of relying on a “palliative economy.” He outlined specific measures he would implement, including launching an Economic Stimulus Fund (ESF) with an initial capacity of around $10 billion to support micro, small, and medium enterprises (MSMEs) across all sectors. Additionally, he proposed a targeted skills-to-job program for youth, addressing both graduates and those currently not engaged in education or employment. Atiku reiterated his long-standing call for subsidy removal on PMS, criticizing the opacity and potential for corruption in its administration. He highlighted the significant profits derived from oil subsidies that benefit certain elites within public and private sectors. He prioritized three main areas: READ ALSO: A Man Jailed For Attempting To Sit 2019 UTME Exam For Daughter In Abuja In summary, Atiku Abubakar presented a comprehensive vision for addressing Nigeria’s economic challenges, contrasting it sharply with the current administration’s approach. We love having you back, Kindly Subscribe to our Newsletter.
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Peter Obi, the Labour Party’s presidential candidate for the 2023 election, recently made a provocative statement regarding those who claim to receive financial gains through prayer. During an interview on the Honest, Obi asserted that individuals who suggest they have received credit alerts as a result of praying should be scrutinized for possible theft. In the interview, Obi underscored the value of hard work and productivity, arguing that divine blessings are reserved for those who actively strive and contribute rather than for those who are passive. He remarked, “God can bless hard work; God can bless productivity; God can bless an industry, but God cannot bless someone who is sleeping.” This emphasis on diligence reflects a broader belief in the necessity of effort and commitment in achieving success. He went further to assert that anyone claiming to have received a financial alert through prayer should be considered suspicious. “Anyone who tells you that he got an alert from praying should be arrested. He has stolen someone’s money. Simple!” he declared, highlighting the potential consequences of such claims. The conversation then shifted to the topic of tithing, a practice often discussed within religious and financial contexts. Obi suggested that acts of charity can be seen as forms of tithing, arguing that helping those in need is a vital part of contributing to society. He stated, “If you go to the hospital, it’s tithing. If you help poor people, it’s tithing.” This perspective encourages a more inclusive view of giving that goes beyond traditional monetary donations. Additionally, Obi urged political leaders who are primarily motivated by financial gain to reconsider their roles in governance. He emphasized that true leadership should center on serving the populace rather than seeking personal enrichment. “Being a leader is not a money-making venture. You’re not competing with Dangote. Dangote is a businessman. You should focus on what you were elected for,” he advised, advocating for a return to the core responsibilities of public service. Obi also highlighted the importance of clarity in career choices, stating, “You must choose your lane; if you want to be in government, be in government and serve the people. If you want to be a businessman, go and trade.” This statement underscores the necessity for leaders to remain dedicated to their roles and the communities they serve. READ ALSO: Rights group calls for release of minors charged over Nigeria protests His comments have generated a range of reactions from the Nigerian public, particularly his suggestion to transform church vigils into night shifts to boost productivity. This idea has sparked debates about the intersection of faith, work, and community involvement, challenging traditional views on worship and productivity in Nigerian society. As Obi continues to engage with these critical issues, he remains a figure of considerable interest in the ongoing political discourse. We love to have you back again. Kindly Subscribe to our Newsletter.
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Peter Obi, the Labour Party’s 2023 presidential candidate, has stirred debate among Nigerians with his suggestion to turn church vigils into night shifts to boost productivity. While some see his idea as a push toward increased productivity, others view it as disrespectful to religious traditions.Among those criticizing Obi’s remarks is Joshua Mike-Bamiloye, son of Mount Zion Faith Drama Ministry founder Mike Bamiloye. In an Honest Bunch podcast clip, Obi stated that Nigeria’s poverty and unproductivity stem from excessive focus on politics and religion. He argued that church attendance from Monday to Friday should be reduced in favor of work shifts. READ ALSO: Polaris Bank retains best digital bank award for the fourth year In response, Joshua took to X.com, calling Obi’s comments “misguided” and “insulting,” arguing that other social activities like concerts and comedy shows would also need banning if productivity were the true goal. He added that blaming vigils for Nigeria’s issues misses the real problems. We love to have you back, Kindly Subscribe to our Newsletter
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The Economic and Financial Crimes Commission (EFCC) has detained Julius Anelu, the Accountant General of Edo State, along with two other government officials as the administration of Governor Godwin Obaseki in Edo State comes to a close. According to reports, the officials who were arrested were detained for allegedly making large withdrawals from the State’s derivation account. This comes after Obaseki’s administration was accused by Senator Monday Okpebholo “of last-minute borrowings and looting.” According to PUNCH, which cites a reliable source at the EFCC, N14 billion was left over a week after N24.6 billion was transferred into the government’s account. Approximately two to three people, including the state’s accountant general, were arrested. We have been looking into the Godwin Obaseki has been the state’s governor since 2022, but certain withdrawals from the state’s derivation account led to this most recent arrest. “Huge sums of money were taken out. For example, N24.6 billion was deposited into the account a few weeks ago. However, the account had roughly N14 billion left in less than a week. We have to act fast to save the state. The insider stated, “We are not doing that in any way to ground the state activities.” As of the time of this publication, the EFCC has not yet responded to the development in an official manner. Philip Shaibu, the deputy governor of Edo State who was restored, expressed concern about his principal, Governor Godwin Obaseki, allegedly plotting to embezzle funds from the state treasury. During a press event in Benin City, Shaibu said that he was offering a N1 million monetary prize to anyone with information about suspected government property looting as the administration comes to an end. He had also stated that he had proof of the last-minute borrowing from banking institutions and the purported looting in some areas. READ ALSO: 33 million Nigerians would experience a food catastrophe in 2025. Additionally, he had urged the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and other pertinent organizations to investigate the purported misappropriation of funds intended for the ongoing Radisson Hotel project, the Ministry of Roads and Bridges, and last-minute appointments made by the departing administration. We love having you back, Kindly Subscribe to our Newsletter.
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Abdulrahman Lekki, the Executive Secretary of the Lagos State Scholarship Board, passed away.According to Naija News, the Lagos State Head of Service’s office made the announcement of Lekki’s passing in a succinct statement on Wednesday.The statement claims that Lekki passed away in the early hours of this morning following a brief illness. According to the announcement, “After a brief illness, Mr. Abdulrahman Lekki, Executive Secretary, Lagos State Scholarship Board, passed away suddenly in the early hours of this morning, October 30, 2024, with complete submission to the will of Almighty Allah,” the Head of Service said. “May his soul find eternal peace.” “Funeral plans will be revealed later.” Lagos Government: Governor Sanwo-Olu Did Not Take the EFCC to CourtThe Lagos State Government, meantime, has denied rumors that Governor Babajide Sanwo-Olu has filed a lawsuit against the EFCC. READ ALSO According to reports, Sanwo-Olu sued the EFCC, claiming that he had been threatened with arrest, incarceration, and prosecution after his time as governor ended. Sanwo-Olu’s attorney, Darlington Ozurumba, filed the lawsuit, which is an enforcement action for fundamental rights, before Justice Joyce Abdulmalik of the Federal High Court in Abuja. Ozurumba declared during a court hearing on Tuesday that a revised file had taken the place of the original originating summons. He attested that the fresh court records had been delivered to the EFCC, even though EFCC lawyers According to Hadiza Afegbua, she has not yet received them, and the court file did not contain the proof of service. For additional consideration, Justice Abdulmalik postponed the case until November 11. However, in a statement to Naija News, Lagos State Attorney General and Commissioner for Justice Lawal Pedro (SAN) stated that Sanwo-Olu never sued or asked a lawyer to bring a lawsuit on his behalf on the aforementioned issue. He claims that the Lagos State Government is now looking into how the case got started without the government’s knowledge.
