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World bank to grant world’s poorest nations $24bn
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The World Bank announced it has raised about $24 billion to provide loans and grants for some of the world’s poorest nations that it can leverage to generate a record $100 billion in total spending power.
Known as the International Development Association (IDA), donor countries committed $23.7 billion to replenish the bank’s concessional lending arm, a World Bank spokesperson told AFP, marking a slight increase from the roughly $23.5 billion pledged during the last fundraising round three years ago.
The bank can use the money to borrow on financial markets, allowing it to leverage the amount raised by around four times, unlocking around $100 billion in new loans and grants, up from $93 billion in 2021.
A World Bank statement read, referring to the current IDA funding round that they believed the historic success of this IDA21 replenishment was a vote of confidence and support from donors and clients.
The World Bank President Ajay Banga said in a separate statement that the funding would be deployed to support the 78 countries that need it most, referring to the developing countries that are eligible for IDA support.
He said, “It will help provide resources to invest in health, education, infrastructure, and climate resilience, as well as helping to stabilize economies and create jobs.”
The World Bank’s announcement, according to the statement, followed two days of talks in the South Korean capital, Seoul, a city still reeling after President Yoon Suk Yeol declared martial law late on Tuesday local time, before backtracking under pressure from lawmakers.
The International Development Association (IDA), has become the single largest source of concessional, or below-market, climate finance, and around two-thirds of all IDA funding over the past decade has gone to support countries in Africa, according to the World Bank.
It’s replenishment is a crucial part of the bank’s operations, and happens once every three years, with much of the funding coming from the United States, Japan and several European countries, including the United Kingdom, Germany and France.
This year, the statement explained that the United States announced ahead of time that it would commit a record $4 billion in new funding to the IDA, while other countries, including Norway and Spain, also significantly stepped up their financial support.
Thirty-five former recipients of IDA assistance have graduated from developing economy status in recent decades, including China, Turkey and South Korea, with many of them now donors to the fund.
News
Ooni welcomes baby girl with Olori Oluwatosin
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has welcomed the birth of a baby girl with his wife, Olori Oluwatosin Ogunwusi.
This is contained in a statement on Sunday in Ile-Ife by the Ooni’s Senior Media Officer, Mr Sodiq Lawal, on behalf of the Director of Media and Public Affairs, Mr Moses Olafare.
Olafere expressed gratitude to God for the safe delivery, describing the newborn as a divine blessing to the House of Oduduwa.
According to him, the Ooni thanked Almighty Olodumare for His grace and faithfulness, which made the successful delivery possible.
“The Royal Father prayed that the newborn princess will grow in wisdom, grace, honour and divine favour throughout her lifetime.”
He added that both Olori Oluwatosin and the baby princess were in excellent health.
He quoted the Ooni as further praying for God’s continued protection over the royal family and for enduring peace, prosperity and abundant grace for the House of Oduduwa.
The Ooni wished the newborn princess a purposeful, honourable and fulfilled life under God’s guidance.
News
10th Senate processed over 1,000 bills in three years – Plang
Chairman of the Senate Committee on Labour, Employment and Productivity, Diket Plang, has said the 10th Senate has processed more than 1,000 bills in its first three years in office, with over 200 already signed into law by President Bola Tinubu.
Plang, who represents Plateau Central Senatorial District, said the upper chamber had also adopted several resolutions through motions and carried out extensive oversight of Ministries, Departments and Agencies (MDAs), describing the period as one of the most productive in Nigeria’s legislative history.
Speaking in an interview to mark the third anniversary of the 10th Senate, the lawmaker said the chamber’s committee system had also enabled lawmakers to closely monitor government performance and budget implementation.
“At the moment, the Senate has had over 1,000 bills. About 900 have passed either second or third reading, and we have over 200 bills that have been signed into law,” he said.
“So, for me, there is a lot of achievement in terms of making laws. We have had very important motions with beautiful resolutions and sufficient oversight functions as far as the first three years of the Senate are concerned.”
“Each of the ministries, departments and agencies brings its proposals during budget defence, and you go back to find out what has been achieved and what has not been achieved. It helps us know what government has been able to do,” he said.
On the recently passed State Police Bill, Plang commended President Bola Tinubu for supporting what he described as one of Nigeria’s most difficult but necessary constitutional reforms.
He argued that creating state police would strengthen intelligence gathering because officers recruited from local communities understand the language, culture and terrain better than officers deployed from other parts of the country.
“The locals know the language, they know the terrain, they know the culture of where they are policing. Information gathering and rapid response to criminality will improve significantly,” he said.
The senator also dismissed fears that governors would abuse state police, insisting that constitutional safeguards and oversight by the National Police Council, National Assembly and State Houses of Assembly would prevent excesses.
“No governor will employ people from his community and ask them to oppress their own people. There are oversight mechanisms that will check abuse,” he said.
He explained that although the bill had passed both chambers of the National Assembly, it still requires approval by at least 24 State Houses of Assembly before it can be transmitted to the President for assent as part of the constitutional amendment process.
Plang added that the reform would improve Nigeria’s police-to-population ratio through fresh recruitment across the states while creating employment opportunities for thousands of young Nigerians.
Commenting on the recent xenophobic attacks against Nigerians in South Africa, Plang urged both governments to pursue diplomacy rather than retaliation.
He said, “It is unfortunate that brothers are turning against one another. There should be immediate engagement between the Nigerian and South African governments. Rather than retaliation, both countries should sit down and resolve these issues as brothers.”
News
Tinubu’s Remarks On Flyovers Not Directed At Oborevwori – Waive
Member representing Ughelli North, Ughelli South and Udu Federal Constituency in the House of Representatives, Rt. Hon. (Revd.) Francis Ejiroghene Waive, has said President Bola Tinubu’s recent remarks cautioning state governments against constructing unnecessary flyovers were not directed at Delta State Governor, Rt. Hon. Sheriff Oborevwori.
Waive, in a statement, argued that the flyovers completed and those under construction in Delta State were necessitated by persistent traffic congestion in their respective locations, adding that the projects were undertaken after due consideration of the state’s infrastructure needs.
According to him, the Federal Government had, on several occasions, acknowledged Delta State’s strides in road infrastructure and flyover construction, alongside other developmental achievements, before similar projects gained momentum in other states.
He maintained that Governor Oborevwori had pursued infrastructure development without neglecting key sectors of the state’s economy, insisting that the administration had continued to invest in roads, bridges, healthcare, education and social welfare programmes.
“The flyovers constructed and those currently under construction by Governor Sheriff Oborevwori are absolutely necessary. Deltans can testify that they are all located in areas where severe traffic gridlock is a regular occurrence,” Waive said.
The lawmaker dismissed criticisms of the projects by opposition figures, describing them as politically motivated and disconnected from the realities on the ground.
He expressed confidence that the governor’s performance would earn him another term in office, saying residents of the state remained committed to the continuation of the administration’s M.O.R.E. Agenda in synergy with President Tinubu’s Renewed Hope Agenda.
Waive urged Governor Oborevwori to sustain the pace of infrastructure development through the construction of more roads, bridges and flyovers, while expanding social investment programmes aimed at improving the welfare of the people.
He also congratulated the governor in advance on what he described as his expected victory in the 2027 governorship election, expressing optimism that the administration would continue to deliver democratic dividends across the state.
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