Musings From Abroad

World Bank grants Nigeria’s request for a $2.25 billion loan

Published

5 months ago

June 14, 2024

According to a statement released by the World Bank on Thursday, Nigeria has been granted a $2.25 billion loan to help stabilize its economy after implementing reforms and increasing aid to the underprivileged.

Nigeria wants to borrow up to $2.25 billion from the World Bank, according to Finance Minister Wale Edun’s April announcement. The proposal is expected to be approved by the bank’s board in June.

The boldest reforms the nation has seen in decades were started by Nigerian President Bola Tinubu in May of last year. He eliminated a popular but expensive fuel subsidy and twice devalued the currency substantially in an attempt to spur economic growth. However, the actions exacerbated a situation caused by rising costs of living and increased inflation.

The International Monetary Fund predicted that gasoline subsidies could account for as much as 3% of GDP this year due to the devaluation since rises in pump prices have not kept pace with their dollar cost.

Additionally, labour unions have been putting pressure on Tinubu to undo changes. According to the World Bank, it has authorized two loans totalling $750 million to speed up tax mobilization and $1.5 billion to support Nigeria’s reforms.

Nigeria has taken “initial critical steps to restore macroeconomic stability, boost revenues, and create the conditions to reignite growth and poverty reduction have been taken.” Nigeria has also started important reforms to address economic distortions and strengthen its fiscal outlook.

According to the World Bank, the loan will aid Nigeria in its efforts to increase non-oil revenue and foster fiscal sustainability, both of which will enable the West African country to provide high-quality public services.

Related Topics:Featured Nigeria World Bank

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Musings From Abroad

Finnish court imprisons Nigeria’s Simon Ekpa for aiding terrorism

Published

10 hours ago

November 21, 2024

Ifeoluwa Dada

Simon Ekpa, a Nigerian separatist leader based abroad, has been placed under detention by the Päijät Häme District Court in Finland on suspicion of inciting others to commit acts of terrorism.

According to the local daily, Helsingin Sanomat, the court rendered the ruling on Thursday following his arraignment by the Central Criminal Police for his involvement in the terror attacks that have afflicted the southeast area of Nigeria.

“The police suspect that the man has promoted his efforts from Finland with means that have led to violence against civilians in the region of South-Eastern Nigeria,” stated Otto Hiltunen, the crime commissioner and investigation head.

“The man has carried out his activity, among other things, on his social media channels.”

Hiltunen also informed the court that the police suspected four additional individuals in Finland of funding Ekpa’s activities.

According to the story, Ekpa is of Nigerian descent and was born in the Finnish city of Lahti.

His offence occurred between August 23, 2021, and November 18, 2024, according to court documents cited in the publication.

Ekpa is not the only person the police have arrested. In February 2023, they caught him at a private Lahtian flat, but he was freed the same day.

Through the Eastern Security Network (ESN) and the Indigenous People of Biafra (IPOB) movement, Ekpa has continued to be outspoken on social media, raising money and agitating for a Biafran nation to secede. In the southeast part of Nigeria, both factions have been involved in acts of violence, murders, and maimings.

Since gaining formal independence in 1960, Nigeria has seen the emergence of several separatist organisations. The latest surge of calls for self-determination among different ethnic groups has been louder under its immediate previous President Muhammadu Buhari.

Musings From Abroad

Malian singer Rokia Traore arrested in Italy, to be sent to Belgium

Published

1 day ago

November 20, 2024

Ifeoluwa Dada

After Italy’s top court denied her appeal, well-known Malian singer, Rokia Traore, who was detained in Rome in June due to a global child custody dispute, will be sent over to Belgium in the next few days, her attorney announced on Wednesday.

The 50-year-old Traore is a goodwill ambassador for the United Nations refugee agency UNHCR and one of Africa’s most well-known vocalists.

“Rokia suffered an injustice. She was arrested without the Belgian criminal court hearing her voice. Now, the battle for Rokia’s rights moves to Brussels,” lawyer Maddalena Del Re said in a statement to Reuters.

The attorney also stated that in its decision late Tuesday, Italy’s Court of Cassation upheld an extradition decision from the European Court of Justice.

Under a European arrest order, Traore was taken into custody on June 20 at the Fiumicino airport in Rome. In October 2023, she was given a two-year prison sentence in Belgium related to a dispute over her daughter’s custody.

She had flown to perform outside Rome’s Colosseum, and she has been imprisoned in Civitavecchia, close to the Italian city, since her detention at Fiumicino.

Lawyer Del Re said that because a conviction was rendered without the defendant’s presence, the Belgian process goes against both international norms and Italian constitutional standards.

After she disregarded a court order to turn over her baby to her Belgian father, the singer’s divorced ex-partner, she was initially taken into custody in France in 2020 on a Belgian arrest warrant.

She disobeyed orders not to leave France until her extradition case was handled by taking a private jet to Mali months after being conditionally released. Mali is where her daughter resides.