World Bank may approve $500m loan to Nigeria today
The World Bank is planning to give Nigeria a big loan of $500 million today. This money is meant to help people living in rural areas by making it easier for them to connect with markets and essential services.
The loan, called the Rural Access and Agricultural Marketing Project, is designed to solve some major challenges in rural communities. Basically, the World Bank wants to help farmers get their products to market more easily, make it simpler for people to reach schools and hospitals, and bring rural communities closer together.
The project aims to improve roads and transportation in rural areas, which can make a huge difference for people who often struggle to travel or sell their crops. By supporting these communities, the World Bank hopes to boost economic opportunities and improve the quality of life for rural Nigerians. The final decision on this $500 million loan is expected today, December 13, 2024.
The price of petrol in Nigeria has dropped significantly. According to recent data, the cost of bringing petrol into the country has decreased from N936.75 to N900.28 per litre, which is a reduction of about N36 or 3.62 per cent.
Earlier in the week, the price had fallen even lower to N890.43 per litre. Between Tuesday, December 10, and Friday, December 13, 2024, oil marketers imported 90,308 metric tonnes of fuel. To put this into perspective, each metric tonne equals 1,341 litres, meaning they brought in approximately 121.1 million litres of petrol in just three days. However, the current retail price of petrol in Nigeria remains at N1,060 per litre.
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INEC wants to phase out PVCs and allow diaspora voting
Nigeria’s top election officials are looking to make some big changes to how voting works in the country. The Independent National Electoral Commission (INEC) is suggesting major updates to the election process based on what they learned from the 2023 elections and other recent votes.
Some of the most significant proposed changes include allowing Nigerians living abroad to vote and getting rid of the current Permanent Voter Card system. INEC’s Chairman, Professor Mahmood Yakubu, shared these plans during a meeting with regional election commissioners in Abuja. He also mentioned that the commission plans to formally present these and other proposed reforms to parliamentary committees in the Senate and House of Representatives.
The Senate wants to have Julius Berger’s MD arrested
The Nigerian Senate has taken a strong step against Julius Berger by ordering the arrest of its Managing Director. This action stems from the company’s repeated refusal to appear before the Senate’s Committee on Works.
The Senate’s resolution came after a formal motion introduced by the Senate Minority Whip, Senator Osita Ngwu, and co-sponsored by two other senators. The motion outlined serious concerns about the company’s project management and financial practices.
The key issues raised include the company’s failure to respond to official invitations, provide explanations about project abandonment, and account for a substantial increase in contract costs from 54 billion to 195 billion naira.
Elon Musk has been donating to himself
Elon Musk’s charitable foundation saw significant financial growth in the past year, with its assets reaching $9.5 billion while distributing $237 million in gifts. However, most of these gifts went to organizations that Musk himself controls, according to Bloomberg.
The foundation’s value was boosted by the millions of Tesla shares it owns. A substantial portion of its donations—$137 million—went to another nonprofit called The Foundation, which Musk established to create a STEM-focused primary and secondary school. The long-term plan, according to documents filed with the Internal Revenue Service, is to eventually expand this effort into a university.
Additionally, the Musk Foundation transferred $25 million to a donor-advised fund at Fidelity Charitable. These types of funds are complex, and it’s difficult to track whether the money ultimately reaches operating charities unless the recipients voluntarily disclose their spending.
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