NEWS
Climate Deal: Nigeria to reap Billions of Dollars in Debt relief — Osinbajo
Vice President Yemi Osinbajo says the Federal Government will be reaping billions of dollars in debt relief from some creditors if the Debt-for-Climate (DFC) swap deal is accepted.
Osinbajo’s spokesman, Laolu Akande, in a statement on Sunday in Abuja, said the swap deal was proposed recently in the U.
S. by the vice president.The idea, described as fresh thinking in Washington D.
C by senior American government officials, is already receiving positive reviews even as Osinbajo explained the potential for significant debt cancellation for African countries.In his meetings with the top officials of the US Government right after his speech at the Centre for Global Development (CGD), Osinbajo pushed the DFC idea.
“The proposed DFC swaps would be a very useful intervention and helpful as it will reduce debt burdens,” while advancing the Climate Change objectives of the international community.”
He also described the idea as a climate change related financing instrument, deserving of global consideration as it is a win-win proposal.
Osinbajo also pushed the idea of opening up the Carbon Market in Africa so that the climate change actions of African countries could be adequately verified by the international community through the assessments of the appropriate verification institutions.
“We are hoping to get support and international buy-ins for these ideas,” specifically the DFC and the participation of African countries in the international carbon market.
He reiterated that the DFC will help solve many of the debt burden challenges in Nigeria and other countries.
Responding to the DFC proposal, Samantha Power, the Administrator of USAID, told the vice president that the idea was “fresh thinking that is very exciting”.
He added that the U.S. was open to such new thinking even though it would require the full policy review of the American Government.
Experts say that under the DFC, sovereign debtors and international creditors will forgive all or a portion of external debt.
The debts often run into billions in a country like Nigeria, in exchange for a commitment by the country to invest in domestic currency, in specific climate or energy transition projects during a commonly agreed period.
The expectation is that DFC Debt will reduce the level of indebtedness and free up fiscal resources to be invested in clean energy projects in Nigeria and other countries signed up for the programme, once accepted by creditor-nations.
Osinbajo had explained that the swap deal was a type of debt swap where bilateral or multilateral debt was forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programs.
“Typically, the creditor country or institution agrees to forgive part of a debt.
“If the debtor country would pay the avoided debt service in a local currency into an escrow or any other transparent fund, and the funds must then be used for agreed climate projects in the debtor country,” he said.
While in Washington D.C., the vice president met with his American counterpart, Kamala Harris at the White House and the U.S. Secretary of the Treasury, Janet Yellen
He also held an interactive session with a group of Nigerian staff members of the World Bank and the IMF.(NAN)
The Federal Government has declared Wednesday, Thursday and Jan.1, 2025 as public holidays.
This is contained in a statement signed by the Ministry of Interior’s Permanent Secretary, Dr Magdalene Ajani, on Monday in Abuja.
According to Ajani, the Minister of Interior, Olubunmi Tunji-Ojo said that the public holidays were to enable citizens to celebrate Christmas, Boxing Day and the New Year respectively.
“The Christmas season is a good moment for both spiritual reflection and national renewal.
“As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the Minister.
Tunji-Ojo emphasised the importance of the season as a time to foster harmony and to strengthen bonds across families and communities.
He assured citizens of the federal government’s continued commitment to ensuring peace, security, and prosperity across the nation.
He further expressed confidence in the renewed hope agenda of President Tinubu’s administration for a better and prosperous economy in 2025.
The Minister, on behalf of the federal government sent warm greetings to all Nigerians, urging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.(NAN)
Some suspected hoodlums on Saturday attacked the palace of Etsu Lokoja, Chief Emmanuel Dauda-Shelika, Nyamkpa IV, burning properties within the premises, including a vehicle.
The palace, located on plot 306, New Layout, Lokoja, was allegedly attacked by hoodlums at about 1:00 am on Saturday.
The Nupe Natives of Lokoja Development Union were planning to host the 2nd edition of the Nupe Natives end-of-the-year event, tagged “Lokoja ’24 Nupe Cultural Fiesta,” on Dec.
21, 2024, before the incident occurred.The event was, however, aborted due to the unfortunate attack.
Dauda-Shelika said this on Monday in Lokoja that he heard a big bang on my door at around 1 am.
“I woke up to check through the window, wondering what could have happened.
“Then, I suddenly saw wildfire coming out of my car that was set ablaze by attackers.
“I knew it was an attack on the palace, and therefore I could not come out because of fear of being attacked. So, I managed to come out through the back door and scaled the fence to escape for my life.
“Thereafter, I came out to the road and realised that all my neighbours in the community were on the ground trying hard to quench the fire, but unfortunately the car was burnt as well as other properties inside it.”
The traditional ruler appealed to the government and security agencies to investigate the cause of the attack and bring perpetrators and their sponsors to justice.
He admonished Nupe natives in Lokoja to avoid any reprisal attack but continue to remain peaceful and law abiding and allow the government and security agencies to conduct a thorough investigation of the attack.
“We are appealing to Gov. Ahmed Ododo and security agencies to please use their good offices to investigate this unfortunate incident and bring to justice whoever is concerned, whether directly or indirectly.
“We also want the government to kindly visit our issues by recognising and grading the stool of Etsu Lokoja, which had been in existence before colonisation,” he said.
He stated that the Lokoja Local Government Area chairman and his security team came for an on-the-spot assessment that Saturday morning, as well as the police and other security outfits.
The National President, Nupe Natives Union Lokoja, Alh. Abubakar Ndashite, said the event scheduled for Saturday was a celebration of Nupe cultural heritage and not any form of coronation as being insinuated from some quarters.
Ndashite, who doubles as the chairman of the planning committee, said the aborted event was to project the Nupe spirit and culture as well as the rich history of the diversely composed Lokoja community and the peaceful and harmonious coexistence among her.
He expressed his displeasure over the aborted cultural event, noting that the union had expended so much on it, and urged the government to bring perpetrators to book. (NAN)
The Abia Sector Command of the Federal Road Safety Corps (FRSC) has confirmed the death of eight persons with two others injured in a road traffic crash that occurred along the Bende-Ohafia Road.
A statement by the Sector Commander, Mrs Ngozi Ezeoma, on Monday in Umuahia said that the crash occurred on Sunday along the Mmuri River axis of the road in Ohafia Local Government Area of the state.
She said the crash involved a Trailer carrying chippings which hit and fell on a Sharon Volkswagen vehicle with 10 persons on board.
“At the time of the crash eight persons had died including a woman standing by the roadside and three were injured.
“The injured victims were taken to the hospital while the dead ones were deposited at the morgue,” she said.
Ezeoma said that preliminary investigation revealed that the crash was caused by dangerous driving and excessive speeding. (NAN)
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