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AfDB hails Canada’s US$1.1 billion pledge in callable capital support

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On the sidelines of the World Bank-IMF Spring meetings, Canada announced a $1.1 billion commitment in temporary callable capital to support the African Development Bank.

Canada’s announcement, to be approved by the Bank’s governors, was made by Maryam Monsef, the Canadian Minister of International Development and for Women and Gender Equality.

“I am happy to say that today, Canada is demonstrating its commitment to African countries and our confidence in the African Development Bank by announcing that we are going to subscribe up to US$ 1.1 billion in temporary callable capital, if required.” Minister Monsef toldmembers of the Diplomatic Corps based in Washington D.C., governors of the African Development Bank, executive directors, including executive director David Stevenson, who represents Canada, China, Korea, Turkey and Kuwait. The Bank’s senior management team was also in attendance.

The announcement comes a day after a meeting of the Bank’s governors in Washington D.C. to continue discussions on a 7th General Capital Increase.

“The African Development Bank is a key partner for Canada and we are committed to supporting the Bank’s African member countries. Canada and Canadians are proud of our long history of partnership and collaboration with Africa,” Monsef noted, before reminding the 100 attendees that Canada was determined to ensure that “no less than 50% of bilateral development assistance is dedicated to sub-Saharan Africa by 2021-2022.”

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Commenting on the announcement, the Bank’s President, Dr Akinwumi A. Adesina said “Canada’s commitment and support is a huge boost to the African Development Bank. It will allow the Bank to strengthen its Triple A rating and increase lending to member countries while discussions are ongoing among all shareholders for a general capital Increase.”

“Your announcement is a clear indication that Canada has strong confidence in the African Development Bank,” Adesina added, while extending the Bank’s appreciation to Prime Minister Justin Trudeau for Canada’s unwavering support.

Minister Monsef urged other AAA-rated member countries to join Canada in providing temporary callable capital to the Bank. “I sincerely hope that this announcement will facilitate the general capital Increase negotiations and help support your efforts. Canada stands with you.”

In a follow-up bilateral meeting, Minister Monsef and President Adesina discussed values and interests in common on gender and increasing access to finance for women, as well as on climate and renewable energy issues.

Canadahas been a member of the African Development Bank since January 1983 and has participated in all general capital increases of the Bank. It provided temporary callable capital in 2010 while the GCI VI negotiations were ongoing.  That decision enabled the Bank to continue to provide its support to regional member countries in the aftermath of the international financial crisis.

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As at 30 June 2018, Canada’s total capital subscribed amounted to $3.5 billion of which $252 million has been paid in and $3.22 billion stands as callable capital, making Canadathe 4th largest shareholder among the Bank’s non-regional member countries.

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Abiodun Unveils 50% Discount Rice Scheme to Aid Ogun Residents

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Governor Dapo Abiodun of Ogun State has said that his administration will commence the sale of rice at half the market price across the state to alleviate the prevailing economic challenges in the country..

Addressing attendees at a special Iftar organised for the League of Imams and Alfas in Abeokuta, Governor Abiodun emphasised the importance of alleviating the economic burden on the public, particularly civil servants.

He stated, “We have decided to commence the sale of rice. We will be selling it at the rate of 50% of the actual price.”

Highlighting the significance of restoring the purchasing power of public servants, the governor affirmed that the initiative aims to counter the impact of inflation.

He asserted, “What we are trying to do is put them in the position they were before the inflation.”

The governor disclosed the establishment of a committee to oversee the distribution of rice to residents, ensuring transparency and accessibility.

He emphasised the sustainability of the programme, stating, “If we sell at the price it was sold before it becomes expensive, it will allow us to use the money to buy more and continue to sell.”

Also, the governor pledged free rice distribution to the less privileged segments of society, including the poor, elderly, and vulnerable individuals.

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Encouraging Muslims to uphold virtuous behavior beyond the fasting period, Governor Abiodun urged continuous prayers for the well-being of the state and the nation.

He reiterated his commitment to constructing a modern secretariat for the League of Imams and Alfas, promising a landmark facility that would set a standard for other states.

In recognition of his efforts towards peace and empowerment, Governor Abiodun was honoured with the title of Ambassador of Peace in Islam during the event.

Attendees also offered special prayers for the upcoming 72nd birthday celebration of President Bola Tinubu, scheduled for March 29th.

Imam Tajudeen Adewunmi, the Secretary of the League of Imams and Alfas, commended Governor Abiodun for his dedication to empowering Muslim youths and fostering goodwill within the community.

 

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Makinde’s Ibadan Circular Road Project, A Monumental Fraud – Says Oyo APC

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The All Progressives Congress (APC) in Oyo state has cried out over alleged monumental fraud which the party claimed it discovered in the partial execution of the Ibadan Circular Road Project, warning the administration of Governor Seyi Makinde that the unabated corruption being perpetrated by the ruling People’s Democratic Party (PDP) could plunge the state into irredeemable doom in the nearest future.

At the commissioning ceremony which took place at Badeku Junction on Ife-Ibadan Express Road last Friday, Governor Makinde announced that the Ibadan Circular Road Project which, according to him, was the largest investment in Oyo state in 50 years had cost a whooping sum of N300billion.

Anambra state governor, Prof. Charles Soludo, was the Special Guest of Honour at the event.

In a reaction which was contained in a statement issued today and made available to journalists in Ibadan by its Publicity Secretary, Olawale Sadare, Oyo APC queried the governor on the rationale behind the government’s redesign of the road project to occupy 425 meters as setbacks in both sides when the standard measure for any Trunk ‘A’ road does not exceed 60 meters across the globe.

“So, the ongoing indiscriminate demolition of properties of poor citizens is to serve the interest of the governor and his cronies”.

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“Many questions are begging for answers as far as this matter is concerned; how did Governor Makinde spend N300billion on less than a quarter of the whole project when his predecessor, late Senator Abiola Ajimobi, had awarded the contract for its design, construction, and completion as well as payment of compensation to those who might lose their properties to construction activities at a total cost of N70billion in June 2017 while the contractor had done about 20 percent of the work before he was sent away when the PDP government came on board in 2019?

“In July 2021, Governor Makinde announced that he had re-awarded the same project to another contractor at a total sum of N138.2billion but last Friday when a stretch representing about a quarter of the whole project was being commissioned (for suspended use by the public), the governor claimed the completed portion had gulped N300billion. The entire circular road project was designed to cover 110 kilometers and the whole world wants to know the fraction which has now cost N300billion to be done and also, how much the remaining three quarters would cost.

“Meanwhile, tongues would continue to wag on the issue of the large expanse of land forcefully acquired from the owners in the name of road construction. The fact remains that the people of the state cannot trust a government that is popular for land fraud as is the case in Ajia, Wofun, Bashorun, Bodija, and Land Lagos Express Road among others in the last four years. Those hapless landowners are accusing Governor Makinde of a surreptitious plan to seize their land and later sell it to some strangers from the East.

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“Another issue of concern is that of the supposed Agodi-Gate Junction Improvement project which has been identified as another conduit to siphon the resources of the state. All the state is doing is evacuating roadside traders, clearing some blocked drainages, laying light asphalt, and installing traffic lights, then later claiming several billions of naira as the cost of the exaggerated repair works on the popular junctions at Ibadan Civic Centre and Agodi-Gate.

“The sad thing is that the proceeds of these inflated contacts end up in private pockets without any trace. This kind of funds is what some governors in other states are using to rejig agriculture, fix the education sector, and address hardship among the masses among other things in their domains. Public primary and secondary schools are in dire need of subject teachers, virtually all the inner and access roads are in bad shape, no public tap water anywhere in the state, the population of the poor increases every day, and yet, Gov. Makinde mis-appropriates scarce resources to the detriment of the welfare of the people. This has to stop.” APC said.

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2024: FG Declares Friday, Monday Public Holidays for Easter Celebration

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The Federal Government of Nigeria has announced Friday, March 29, and Monday, April 1, 2024, as public holidays to commemorate Good Friday and Easter Monday respectively.

The declaration was made by the Minister of Interior, Olubunmi Tunji-Ojo, on behalf of the government in a statement signed by the Permanent Secretary of the Ministry, Aishetu Ndayako, on Wednesday.

Minister Tunji-Ojo emphasised the significance of Easter beyond its religious connotations, stating that it promotes values of love, forgiveness, and compassion crucial for social cohesion and harmony.

He urged Christians to embrace these virtues, noting their potential to positively impact Nigeria’s socio-economic development by fostering unity, reducing conflicts, and encouraging cooperation among citizens.

Also, the Minister called upon Nigerians to demonstrate acts of charity and generosity to alleviate the material conditions of the less privileged within their communities.

As the nation prepares to celebrate Easter, Minister Tunji-Ojo extended warm wishes to Christians both at home and abroad for a joyous and meaningful celebration.

He urged all Nigerians to collaborate with the administration led by President Bola Tinubu in its commitment to achieving sustainable development and prosperity for all.

 

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