Shettima departs for Nairobi for IDA21

Vice-President Kashim Shettima is expected to depart Abuja for Kenya to represent President Bola Tinubu at the crucial International Development Association (IDA21) Heads of State Summit in Nairobi on Monday.

Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice-President, said this in a statement on Sunday in Abuja.

Nkwocha said the high-level gathering would be hosted by Kenyan President William Ruto.

He said that the event would see African leaders unite to call for an ambitious replenishment of the World Bank’s International Development Association (IDA) concessional lending arm.

“Shettima is expected to take a lead role in advocating for Nigeria’s vision of a transformative IDA21 financing package to accelerate development across the continent over the 2024-2026 period.

”In the draft Nairobi IDA Communique to be considered at the summit, African heads of state outline urgent priorities for IDA’s next three-year funding cycle, including building human capital, creating jobs, enhancing energy and digital access, building climate resilience, and promoting sustainable growth.

”While thanking donors for contributing 23.5 billion dollars to the current IDA20 cycle, the communique states that this level of financing is inadequate to meet the massive investment needs.

”It calls on IDA partners/donors to step up and ensure a robust replenishment for IDA21,” he said.

Nkwocha said Shettima was expected to emphasise that partners like IDA would be critical to realiing Nigeria’s economic transformation agenda.

”This is considering the country’s young population requiring substantial investments in sectors like job creation, energy access, and human capital development.

”The Nairobi summit follows previous IDA gatherings in Abidjan in 2022 and Dakar last year where African leaders united to call for an ambitious IDA20 replenishment from donors,” he said.

Shettima departs for Nairobi for IDA21

Fuel subsidy was removed for Nigeria not to go bankrupt – Tinubu

President Bola Tinubu has said that fuel subsidy was removed to save the country from going bankrupt.

Speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday, April 28, Tinubu said he was convinced it was in the best interest of the people.

He said; “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.

“It is going to be difficult, but the hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively. That was necessary for the country.

“Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.

“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth.

“We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”

The President who stated that fuel subsidy removal engendered accountability, transparency and physical discipline for the country, also talked about exchange rate unification.

According to President Tinubu, the management of the nation’s currency by the government was as well necessary to allow the Naira compete favourably with other world currencies.

He said; “The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption and opaqueness.

“That we did at the same time. That is two engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”

Fuel subsidy was removed for Nigeria not to go bankrupt – Tinubu

Lagos community warns females to stay indoors on May 16 as it performs its Oro festival

The Ayangburen Palace in Ikorodu community has warned women to stay indoors during its annual traditional ‘Oro’ festival scheduled for May 16, 2024, daytime and nighttime.

Punch reports that in a letter issued by the Ayangburen Palace and signed by the Ayangburen of Ikorodu, Oba Kabiru Shotob and addressed to the Medical Director of the Ikorodu General Hospital, females in the community were warned to stay indoors during the festival.

The letter, titled ‘Notification of Magbo (Oro) Festival 2024,’ read;

“This is to notify you of the above festival, which is slated for Thursday, May 16, 2024. According to tradition, all females are advised to remain in their respective homes and avoid moving around the town during the Oro festival.

Please note that your organization is affected by falling within the Oro traditional jurisdictions. You are hereby advised to adhere to the traditions of the town.”

The Oro festival among others, is a prominent festival in the Yoruba tradition. It’s celebrated by male descendants and usually characterized by a daytime procession and high-pitched sounds in some areas or across the community as the case may be. It’s believed that females mustn’t be present during the ritual rites of the festival.

Lagos community warns females to stay indoors on May 16 as it performs its Oro festival