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W’Bank suspends loan fees for poor nations

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The World Bank has announced the removal of several loan fees to make borrowing more affordable for vulnerable countries.

The move is part of broader efforts to expand financial capacity and address urgent global challenges, including climate change, inequality, and economic fragility.

The global bank disclosed this through a link posted on its official X handle on Tuesday. A click on the link revealed that the bank had eliminated the prepayment premium on International Bank for Reconstruction and Development loans, introduced a grace period for commitment fees on undisbursed balances, and extended its lowest pricing to small, vulnerable states.

“The bank is working hard to make it easier for countries to borrow and to pay back their loans more easily by removing some fees on IBRD loans,” the financial institution stated.

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These changes, according to the financier, aim to ease financial pressure on nations most in need of development financing.

“These measures are designed to make borrowing easier and more affordable for countries facing significant challenges,” the bank said. It added that the reforms align with its vision of building a “better, more efficient, and bigger” institution capable of addressing overlapping global crises.

The fee eliminations are part of the World Bank’s broader financial reforms, which aim to increase lending capacity by $150bn over the next decade.

This is being achieved through innovative financial instruments, leveraging shareholder support, and optimising available capital.

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The bank assured that these measures would not compromise its Triple-A credit rating.

The reforms also include adjustments to the IBRD’s equity-to-loans ratio, which was reduced from 20 per cent to 18 per cent, enabling additional lending of approximately $70bn over 10 years.

It stated that a further $10bn has been unlocked through bilateral guarantees, and $1bn was secured via a guarantee from the Asian Infrastructure Investment Bank.

“The adjustments to our capital framework reflect our commitment to scaling up resources while maintaining financial stability,” the bank said.

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The global lender emphasised that these changes are critical for addressing the trillions of dollars needed annually to combat climate change, support fragile states, and promote digital inclusion.

However, it acknowledged that governments and multilateral institutions alone cannot meet these financial demands.

To bridge the gap, the Bank has introduced a Framework for Financial Incentives, which encourages investments in cross-border challenges such as biodiversity, water security, energy access, and pandemic prevention.

Approved in April 2024, the FFI also launched the Global Solutions Accelerator Platform and the Livable Planet Fund, with Japan pledging the first contribution.

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“The FFI is the first comprehensive framework among multilateral development banks to incentivize financing for projects with global benefits,” the Bank noted.

The bank also highlighted the development of innovative financial tools to attract private sector investment. These include outcome bonds, catastrophe bonds, and climate-resilient debt clauses, which offer borrowers flexible terms during natural disasters.

One notable example is the Wildlife Conservation Bond, which directed private financing toward Black Rhino conservation in South Africa. Another innovation, the plastic waste reduction-linked bond, mobilized funds for recycling projects in Ghana and Indonesia.

“We are finding new ways to channel private investment into emerging markets and address barriers to sustainable development,” the blog post read.

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Simon Ekpa May Be Released From Detention, Biafra, Says His Deputy

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Ngozi Ezeobika Orabueze, the Deputy Prime Minister of the Biafra Government In Exile, has said efforts are ongoing to ensure Simon Ekpa’s release from detention and the actualisation of the independent nation of Biafra.

Ekpa, the self-proclaimed Prime Minister the Biafra Government In Exile, is being detained in Finland.

Orabueze who made the vow in her Christmas message to the ‘people of Biafran Nation,’ said she and others were working to achieve the actualisation of the United States of Biafra and ensure Ekpa’s release.

Recall Finland district court in Lahti had ordered that Ekpa should be remanded in prison following his arrest for suspected terrorist activities.

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Ekpa was accused of using social media platforms to spread separatist propaganda linked to the Indigenous People of Biafra (IPOB), a group advocating for the secession of southeastern Nigeria.

The court alleged that the offences dated back to August 23, 2021.

Finland authorities have also investigated Ekpa in the past for alleged financial crimes, including the collection of funds through questionable means.

Orabueze in her message said, “As we celebrate this festive season, I extend my warmest Christmas wishes to every law-abiding Biafran, and especially to the Biafra Defense Forces for their unwavering defense of the territory of the United States of Biafra against the occupying Nigerian terrorist state actors.

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“May this Yuletide bring joy, peace, and an abundance of love into your homes.

“We stand on the cusp of a new year, and with it, we look forward to a future filled with great promise and prosperity.

“I urge you to continue placing your trust in and supporting our government-the United States of Biafra Government-under my stewardship.

“Together, we are working tirelessly toward the recognition of our country and preparing for the triumphant return of our able Prime Minister, Ekpa Simon Njoku.

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“He leads and will continue to lead us through the final stretch of our journey to realize the dream of the United States of Biafra as an independent, sovereign nation, guided by the principles of justice, fairness, and equity.”

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HoR minority caucus condemns crackdown on citizens by FG, calls for immediate release of detained persons

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By Kayode Sanni-Arewa

The House of Representatives Minority Caucus has slammed the Federal Government over crackdown on citizens criticisms and demanded for the immediate release of detained persons.

The caucus also reiterated the importance of dissenting opinions in a democracy, reminding President Bola Tinubu of his critical stance during the reign of President Goodluck Jonathan.

This was contained in a statement dated December 22, 2024 and signed by the Minority Caucus Leader, Rep Kingsley Chinda, stating that:

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“The Minority Caucus of the House of Representatives is very concerned about the growing controversial clampdown of citizens criticizing government.

“It is equally disturbing that agents of state are fingered in the brazen, callous, and ill-tempered harassment, and intimidation of citizens who on various medium express their respective disagreement, and apprehensions about some government policies which they believe will further exacerbate the near-zero situations of Nigerians.

“As a responsive and responsible group, we condemn in strong terms any, and every actions by the government; through security, and law enforcement agencies geared towards creating fears, panic, and make people to cow-tow to submission.

The Caucus further explained that: “We wish to reiterate that democracy can only thrive where there is virile opposition, and dissenting voices, as well as enabling alternative opinions
to express their differing views without fear or let.

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“The Caucus recalls that, before 2015 when the All Progressives Congress (APC) came to power, the party was very brazen, sharp-shooting, and sometimes not courteous in it’s vilification, and pillorying of the government in power.

” Indeed, President Bola Tinubu in 2011, as the National Leader of the Action Congress of Nigeria (ACN) was very frontal in his criticisms of (then president) Goodluck Jonathan.

” It is surprising that a party that went roughshod in attacking, and castigating the PDP, now abhors, rejects, and hates criticism with much derision.

“As a Caucus, while we counsel that every criticism should be civil, and align with accepted regulations, we enjoin government to eschew every action of citizenry intimidation, coercion, and prosecution which may have negative effects on democracy.

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” We also encourage the government to evolve results-yielding, and life-changing policies, and initiatives that will impact positively on Nigerians as an ingenious strategy to “defeat” its critics.

“While the Caucus calls for immediate release of anyone detained by state agencies for criticizing government policies, or under any guise, we also promise to resort to legislative actions against continuous abuse.

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BREAKING: Tension in Delta as soldiers invade another community

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Fear grips Okpare-Olomu town, located in the Olomu Kingdom of Ughelli South Local Government Area in Delta State, after Nigerian military personnel invaded the community with three Hilux vehicles.

The incident, which occurred on Thursday morning around 7:30am, has left residents on edge, with reports indicating that the soldiers took control of the community town hall by force. It was learnt that locals are concerned about the military’s presence in their community.

It was gathered that the military stormed the community in search of some of the community’s leaders, especially its President-General, Okiemute Otoka.

The sudden appearance of the military in Okpare-Olomu community sparked widespread panic, with residents fleeing in all directions, while women and children ran for safety to avoid a repeat of a similar incident in Okuama community.

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According to Otoka, Okpare-Olomu community President-General, the military’s true intention was to disrupt the community’s annual conference, scheduled for Thursday, where crucial decisions on growth and development were to be made.

Otoka’s allegations suggest that the military’s presence was not just a coincidence, but a deliberate attempt to interfere with the community’s affairs.

Otoka further accused some elders and leaders of the community of unlawfully selling communal land without the approval of the annual conference as those behind the invasion of the community by the military.

Meanwhile, at the time of filing this report, there was apprehension in the community as the invading military personnel were still in the community.

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Source: Saharareporter

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