Nigeria Signs $523,823 TA Agreement Grant With Islamic Devt Bank

Nigeria Signs $523,823 TA Agreement Grant With Islamic Devt Bank
A file photo of the Minister of Finance, Mrs Zainab Ahmed.

 

Nigeria has signed a $523,823 (N185,957,165 million) Technical Assistant Agreement grant with the Islamic Development Bank (ISDB) Group in Marrakesh, Morocco.

The Minister of Finance, Mrs Zainab Ahmed, disclosed this on Sunday in a statement by her Special Adviser on Media and Communications, Mr Paul Abechi.

According to the statement, the minister signed the agreement on behalf of the Nigerian Government while and President of the ISDB Group, Dr Bandar Hajjar, signed on behalf of the group.

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The signing took place during the 44th ISDB Group Annual Meeting held in Marrakesh, with the theme, ‘Transformation In A Fast-Changing World: The Road To SDGs’.

Mrs Ahmed explained that the TA agreement grants would be used to address capacity building and equipment, as well as logistics upgrade in the Hajj Commission.

She added that it was also aimed at the improvement of cotton, textile and garment value chain in the Federal Ministry of Industry, Trade and Investment.

The minister revealed that the National Hajj Commission of Nigeria (NAHCON) would get $243,823.0, while the Federal Ministry of Industry, Trade and Investment would receive $280,000.

“The Technical Assistant Agreement Grant of $243,823.0 to the National Hajj Commission of Nigeria is for capacity building/equipment and logistics upgrade,” she said.

“TA grant of $280,000 to the Federal Ministry of Industry Trade and Investment is for the improvement of cotton, textile and garment value chain.”

Mrs Ahmed told participants at the conference that the governments at the state level in Nigeria were doing their best to boost agriculture and food production.

She said, “State governments in Nigeria are adopting cluster farming which has eased access to funds by farmers, increased growth and allows access to facilities without collateral.”

Aregbesola Promises Improved Water Supply With $65m Loan

Rauf Aregbesola, Osun, BudgetThe Governor of Osun state, Rauf Aregbesola, on Wednesday disclosed that his government has secured a loan of $65 million from the Islamic Development Bank, with a view to improving provision of water to the people of the state.

He made this known during the World Water Day celebration held at White Plain Hotel and Suites, Osogbo, the Osun state capital.

Aregbesola, who was represented by the Senior Consultant on Water Resources, Mrs Tawakalitu Williams, stated that the step was in line with the six-point Integral Action Programme of his administration.

While appealing to the people of the state to ensure efficient utilisation of water, Aregbesola disclosed that his government has concluded plans to boost agriculture through irrigation.

“Healthy living cannot be achieved without adequate access to potable water supply. It is in recognition of this that my administration embarked on the rehabilitation of Water and Sanitation Facilities in urban, small towns and rural areas of the state.

“The state has secured a loan of $65 million from Islamic Development Bank for the construction of the treatment plant, 17 kilometres transmission line from Kajola to Ilesa, Booster pumping station and three water reservoirs on the hill.

“The state will provide a counterpart fund of about $40 million for the construction of water distribution system and sanitation. The scheme will by the grace of Almighty God, be commissioned by my administration before the end of 2018.

“This year’s theme: “Water and Wastewater” is also in line with the mandate of the six-point integral Action Plan of my administration to improve agricultural production to ensure food security in the state.”

Also speaking, the team leader of the European Union, Adebayo Alao, appreciated the support of Governor Aregbesola, appealing to him to speed up action for the commencement and implementation of the State Water Sector Law that was assented to by the Governor in October 2015.

“Osun state was only second to Anambra in providing the counterpart funds needed for this programme out of 14 states that the European Union is supporting,” he added.

A guest lecturer, Professor M. K. Shridah, also advocated the need to use good water for healthy living and commended the governor’s efforts towards providing potable water for the people of the state.

Shridah who is a lecturer in the College of Medicine, University of Ibadan, observed that many diseases come from water and therefore urged people to ensure that they make proper use of clean water to avoid contracting diseases.

FG Seeks Support Of IDB On Economic Development

Islamic Development Bank, IDB, Economic DevelopmentNigeria’s Minister of Finance, Mrs Kemi Adeosun, has appealed for support of the Islamic Development Bank (IDB) towards the attainment of financial inclusion and economic diversification.

She also asked for contributions from the bank towards the rebuilding of the northeast region that had been devastated by the Boko Haram insurgency.

The Minister expressed hope that this would enhance the provision of infrastructure for the Nigerian populace, as well as speed up economic development in Nigeria.

She made the appeal on Monday at a meeting with officials of the IDB in Abuja, to flag off the business activities of the bank in Nigeria.

The President of the bank, Mr Ahmad Al-Madani, explained the relationship between Nigeria and the IDB and added that the bank looked forward to a prosperous future together through the provision of basic infrastructure for Nigerians.

The meeting was later followed by the official opening of the IDB office in Nigeria.

The Nigerian government has said it is making efforts to cushion the effect of harsh economic times on Nigerians by ‘pumping money’ into the economy that the Central Bank said was near recession.

On Friday, The Minister of Finance told reporters that the government would allocate 60 billion Naira ($180 million) more spending on capital projects, as part of the 2016 budget.

Mrs Adeosun said that the allocation was an addition to earlier releases, aimed at boosting the economy.

Mrs Adeosun said that so far, the government had spent over 400 billion Naira on capital.

Group Raises Alarm On Nyako’s N20 Billion Islamic Bank Loan

An activist group, Save Adamawa Movement (SAM), has raised an alarm concerning a N20 billion loan the Murtala Nyako led Adamawa state government intends to borrow from the Islamic Development Bank (ISD).

A member of the group, Albert Stephen, while speaking on Sunrise Daily, alleged that the government’s intention for applying for the loan is based on selfish interests as Nyako’s administration is for lnly ‘family and friends.’

The Debt Management Office (DMO) has rated the state as number six on the list of states that should desist from taking loans as their debt profile is high and “based on that we felt there was no need to be indebted,” Mr Stephen stated.

Although the Adamawa House of Assembly has passed a law which allows the Governor to procure the N20 billion loan, the SAM has stated its disapproval adding that “they do not mean well for the people”.

Mr Stephen described the law as ‘anti-people’.

He further stated that since Nyako came into power in 2007, no single project has been commissioned inspite of the monies collected from various sources including the Federation Account which have not yielded significant results.

He also accused the representatives of not serving the people’s interests as he allaged that the governor promised the House about N1.5 billion of the entire loan.

This means each member would be given about 60 million for supposed constituency projects, he alleged.

Some months ago, Nyako commissioned a housing unit for civil servants; but Mr Stephen said the project was initiated by former state governor, Boni Haruna.

He alleged that several projects the state now boasts of were initiated by Boni and were only left for Nyako to commission.

The loan to be granted by the ISD is interest free but Mr Stephen said this is not the issue but that there is no guarantee that the money would be put to good use.