26
OctUpon receiving approval from the Nigerian government, a $3.45 billion loan has been authorized for financing critical power sector initiatives, as well as an education and resource mobilization initiative. Although the initiative is intended to stimulate progress within the nation, it has engendered apprehensions regarding the escalating national debt crisis. Minister of Finance and Coordinating Minister of the Economy Wale Edun made the announcement during a press briefing that followed a Federal Executive Council (FEC) meeting on Monday at the Presidential Villa’s Council Chambers in Abuja, presided over by President Bola Tinubu. Edun disclosed that the loans would be characterized […]
04
OctThe Bank of Agriculture, BOA, asserts that it is diligently working to recover the N243 million loan extended to 150 Kwara debtors between 2011 and 2024. In an interview with the News Agency of Nigeria on Monday in Ilorin, BOA Ilorin Branch Manager Dele Aderibigbe revealed this information. According to him, the warehouse loan is classified as bad debt but is still being monitored for recovery. The BOA manager stated that the bank was already in discussions with telecommunications companies and other parties that could facilitate the tracing of debtors. “The loan is intended to be a revolving loan that[…]
06
SepThe President of the African Development Bank, Akinwunmi Adeshina, announced on Tuesday that the institution will provide $25 billion for climate finance by 2050. During the second day of the momentous African Climate Summit, this announcement was made at the Kenyatta International Convention Centre in Nairobi, Kenya. The African Climate Summit is a first-of-its-kind initiative in Africa, with a central emphasis on green growth and climate finance, intended to foster a prosperous, carbon-free future for the continent. One of the primary goals of the summit is to establish Africa’s priorities for the 28th annual conference of members of the United[…]