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Nigeria seeks $500m World Bank loan to fix rural roads, food price hike
The Nigerian federal government is seeking a $500 million loan from the World Bank to repair rural roads, enhance nationwide access to agricultural products, and address rising food prices.
The Washington-based lender noted that the funds will benefit 92 million rural residents who lack adequate road networks.
This funding request was included in the final draft of the Resettlement Policy Framework for the Nigeria Rural Access and Agricultural Marketing Project Scale-Up, spearheaded by the Federal Ministry of Agriculture and Rural Development.
The RAAMP-SU project will support three primary areas: Improvement of Resilient Rural Access ($387 million), Climate-Resilient Asset Management ($158 million), and Institutional Strengthening and Project Management ($55 million).
The project’s total estimated cost is $600 million, with the World Bank expected to cover 83.33% of the funding. This commitment is 79% higher than the initial $280 million commitment for the parent project.
According to the policy document, participating states must establish a fully operational Roads Fund and Roads Agency with appointed boards and staff, and allocate funds for administrative costs in their budgets.
“Rural access is particularly restricted in areas densely populated by the economically disadvantaged, highlighting the need to expand and improve the rural road network and preserve rural road and transport assets.
“While eligibility for state participation under RAAMP required drafting and placing Road Fund and Roads Agency bills in the State Houses of Assembly, the new project mandates states to have fully functional Roads Funds and Roads Agencies with appointed boards and staff, and budget provisions for administrative costs. Additionally, RARAs present an opportunity to promote women’s representation in the transport sector,” the document stated.
This development comes amid rising food inflation in Nigeria. In April 2024, the National Bureau of Statistics reported a food inflation rate of 40.53%.
Experts attribute food price hikes in Nigeria to insecurity, energy costs, and high transportation expenses.
Meanwhile, Nigeria’s total debt stock at the end of 2023 was N97.341 trillion, as reported by the Debt Management Office. This figure includes foreign debt, which was N38.22 trillion, representing 39% of the total debt at the end of 2023.
The Federal Government has announced the closure of the Eko Bridge and Ramps for eight weeks to carry out essential asphalt resurfacing work.
Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos, shared this information in a statement on Saturday. She noted that the resurfacing project is set to begin on Friday, September 20, at 7:00 a.m., and will continue until November 20.
Due to the closure, drivers will need to follow detours and alternative routes. Kesha advised that motorists traveling to the Island from Funsho Williams Avenue should utilize the service lane at Alaka to connect to Costain and access the Eko Bridge.
She explained that some sections of the bridge will be fully closed while others will have partial access.
“This important project aims to enhance road safety and improve the driving experience for motorists,” she stated. The work will involve milling the existing asphalt and laying down new asphalt on both the bridge and ramps to address wear and tear and create a smoother, safer roadway.
Osun State Governor, Ademola Adeleke, has appointed Akinwale Sarafadeen Adeyemi as the new Chairman of the Governing Council for Osun State College of Education in Ila-Orangun.
The announcement was made in a statement on Friday by Governor Adeleke’s spokesperson, Olawale Rasheed. The statement described Adeyemi as an experienced educationist and noted that he will succeed Peter Babalola, the former chairman, who was dismissed by the state government earlier this month.
Babalola, who was also a member of the Peoples Democratic Party (PDP) in the state, faced suspension from his local ward in Irewole due to public criticism over alleged financial misconduct before his removal.
The statement highlighted, “Governor Ademola Adeleke has approved the appointment of Mr. Akinwale Sarafa Adeyemi, a seasoned educationist, as the new Chairman of the Governing Council of Osun State College of Education, Ila-Orangun. Mr. Adeyemi replaces Dr. Peter Babalola, who resigned following a controversial term at the college.”
Adeyemi holds both a bachelor’s and a master’s degree in Education from the University of Ibadan and is a retired principal of the Federal Girls College in Ipetumodu. His swearing-in ceremony is scheduled for 10 a.m. on Monday at the EXCO lounge.
The police have reported that their operatives apprehended political thugs and seized firearms during overnight operations in Edo State, where the governorship election is taking place today, Saturday.
They also vowed to address illegal weapons possession and prevent any disruptions to the electoral process in the state.
Prince Olumuyiwa Adejobi, the Force Public Relations Officer, shared this information in a statement on Friday night, along with images of the recovered firearms.
He identified the arrested individuals as Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member from Ugbogbo quarters in Igara Akoko, Edo.
“The Nigeria Police Force has made a significant breakthrough in combating electoral violence in Edo State with the arrests of Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member,” the statement noted.
According to DAILY POST, residents of Edo State will be voting for a new governor today, September 21, 2024, who will succeed Governor Godwin Obaseki after his eight-year term ends.
Nigerian Govt shuts Eko Bridge, ramps for 8-week repairs
Gov Adeleke appoints new Governing Council Chairman for Osun College of Education
Edo Decides: Police arrest armed political thugs ahead of election
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