Index to Nigerian Newspapers

The Federal Government is in talks with the World Bank to obtain over $1bn loans to address the challenges faced by Internally Displaced Persons (IDPs) and their host communities, as well as bolster rural access and agricultural marketing in Nigeria. The IDP loan is estimated at $500m, while the rural access and agricultural marketing project loan is estimated at $550m. The World Bank documents indicate that some of the loans addressed by the global bank have been initiated under the previous administration of President Muhammadu Buhari. The IDP initiative aims to improve access to resilient and inclusive basic services and economic opportunities for IDPs and their host communities in displacement-affected local government areas in the northern part of Nigeria. The Federal Ministry of Budget and Economic Planning will act as the borrower for Nigeria, while the National Commission for Refugee Migrants and Internally Displaced Persons and the North East Development Commission are the implementing agencies.

Deposit Money Banks in Nigeria are selling excess dollar stocks ahead of the Central Bank of Nigeria's deadline of February 1, 2024. The CBN has issued a circular ordering banks to sell their excess dollar stocks and warning lenders against hoarding excess foreign currencies for profit. The circular aims to reduce risks associated with banks holding large foreign currency positions. Bureau De Change operators in Lagos, Kano, and Abuja have pushed to sell their dollar holdings amid fear the local unit might sustain the gain in coming days. The CBN has also removed the previous cap on exchange rates quoted by international money transfer operators.

The Minister of Works, David Umahi, has promised to begin the inspection and assessment of all federal roads in two weeks. He stated this on Monday while speaking during a press conference at the Federal Ministry of Works in Abuja, after the swearing-in ceremony of 45 ministers. According to him, under his leadership, bureaucratic processes will be a thing of the past, as no file will be expected to be left unattended for more than two hours without genuine explanations. He also emphasised that due to his background, he considered himself a field-oriented individual rather than an office-bound one. He added that the ministry’s team of experts would embark on tours across the six geopolitical zones of the nation to assess the condition of road infrastructures and strategise methods to enhance the well-being of Nigerians.