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IMF Lowers Borrowing Costs by 36%

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The Executive Board of the International Monetary Fund (IMF) has approved to lower the IMF’s borrowing costs for members by 36 per cent, or about 1.2 billion dollars annually.

A statement, issued by the IMF Press Centre, said this was the outcome of the fund’s Board Review of Charges and the Surcharge Policy on Friday.

It said following the outcome of the meeting, Ms Kristalina Georgieva, Managing Director of the IMF, issued the following statement.

“In a challenging global environment and at a time of high interest rates, our membership has reached consensus on a comprehensive package.

“This package substantially reduces the cost of borrowing, while safeguarding the IMF’s financial capacity to support countries in need.

“The approved measures will lower IMF borrowing costs for members by 36 per cent, or about 1.2 billion dollars annually.

“The expected number of countries subject to surcharges in fiscal year 2026 will fall from 20 to 13.

“This is achieved by reducing the margin over the Special Drawing Rights (SDR) interest rate, raising the threshold for level-based surcharges, lowering the rate for time-based surcharges, and increasing the thresholds for commitment fees.”

Georgieva said the approved package would take effect on Nov. 1, 2024.

“While substantially lowered, charges and surcharges remain an essential part of the IMF’s cooperative lending and risk management framework, where all members contribute and all can benefit from support when needed.

“ Together, charges and surcharges cover lending intermediation expenses, help accumulate reserves to protect against financial risks, and provide incentives for prudent borrowing.

“This provides a strong financial foundation that allows the IMF to extend vital balance of payments support on affordable terms to member countries when they need it most.”

The IMF boss said the reforms would help ensure that the IMF would continue serving its members in a changing world.

The statement said charges and surcharges did not apply to borrowing from the IMF’s Poverty Reduction and Growth Trust, under which low-income members receive financial support on concessional terms.(NAN)

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Kwara Gov’t, Nigerian Air Force Launch Ogbomoso-Ilorin Highway Operation Secure

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From Samuel James, Ilorin

The Kwara State government in collaboration with the Nigerian Air Force 303 Composite Group (303 CG) have launched Operation Alanu Tide (OAT), an initiative aimed at combating insecurity along the Ogbomoso – Ilorin highway.

The operation was formally launched by Governor Abdulrahman Abdulrazaq who was represented by Senior Special Assistant on Security, Aliyu Muyideen and other key officials including; Group Captain Ibrahim, Squadron Leader OS Hakeem, Esther Oluyomi, Tunde Jimoh a Director in the Governor’s Office.

This initiative signifies the state’s commitment to improving safety and protecting residents from recent rising security challenges on the highway, which is a critical route for commuters and trade as well as tackling the challenge, physical inspection was done for the security outfit, which includes co-opted battle-ready local hunters.

The hunters have also assured they would do everything possible to weed out the security threats along the highway as they were fully ready for the joint operation.

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Bago Commends FG on Inauguration of Federal University of Education, Kontagora

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From Dan Amasingha, Minna

Niger state Governor, Umaru Bago has commended the Federal Government for the official inauguration of the Federal University of Education, Kontagora.

Speaking on Wednesday at the university campus at Kontagora, Bago emphasized the importance of the university and the critical role education plays not just in the local community but across the nation.

Bago expressed his gratitude to President Bola Tinubu and the Federal Government for their dedication to advancing education in Nigeria.

He highlighted that the upgrade of the institution to a Federal University of Education will significantly impact the educational landscape of Niger State and Nigeria as a whole.

 “This university is a beacon of hope, promising to shape the future of our nation by training well-equipped educators who will inspire generations,” he remarked.

The governor who was represented by the Special Adviser Governance and Reform Dr. Isah Adamu noted that the new institution is not only an academic center but a hub for intellectual growth, research, and innovation adding that It is designed to produce high-quality educators who will strengthen the nation’s educational system and address the evolving needs of classrooms nationwide.

“By investing in teacher education, we are investing in the future of our communities and the prosperity of Nigeria,” he stated.

Bago, while acknowledging the existing challenges in Nigeria’s education sector, such as inadequate infrastructure and limited resources, expressed optimism that the inauguration of the university is a significant step towards overcoming these obstacles.

According to him, the institution would open doors for quality education, capacity-building, and the development of educators who can make a meaningful impact on society.

The governor urged the management, staff, and students of the university to embrace the responsibility of shaping future leaders with integrity, passion, and dedication. “The journey ahead is filled with potential, and I encourage you all to take up this opportunity to contribute positively to our society,” he said.

Bago further emphasized the socio-economic benefits the university will bring to Kontagora and its surrounding communities. With the influx of students, the university is expected to stimulate local economic growth, create jobs, and foster development. “This is more than an educational investment; it’s a catalyst for social and economic transformation,” he added.

He also expressed appreciation to all stakeholders involved in the establishment of the university, including the Federal Ministry of Education, for their collaborative efforts in bringing this vision to life. The governor called on all government officials, educators, community leaders, and students to work together to ensure the university’s success, noting that it will have long lasting benefits for the state and the nation.

He reiterated his administration’s commitment to supporting educational initiatives and emphasized the importance of education as the foundation for Nigeria’s progress. “The Federal University of Education, Kontagora, represents a new chapter for Niger State and Nigeria. Together, let us ensure it becomes a shining light of educational excellence in our country”.

Earlier, the Minister of State for Education, Dr. Yusuf Tanko Sununu, stated that President Tinubu’s administration prioritizes education, making it a thematic area, adding that it is the foundation for social transformation and development.

He added that the global shortage of teachers is a major concern, which is why the government is establishing more institutions dedicated to training teachers, aiming to fill the gaps created by brain drain.

Dr. Sununu also encouraged students to take advantage of the student loan program to support their education, stressing that financial constraints should not prevent any student from completing their studies.

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Niger Agricultural Model ‘ll Revolutionize Sector in Nigeria for Food Security – Obasanjo

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From Dan Amasingha, Minna

Former Nigeria President, Olusegun Obasanjo has lauded the efforts of the Niger State Governor, Umaru Bago for his transformative approach to agriculture in Nigeria.

Obasanjo made the commendation over the weekend during a courtesy visit by a delegation of Commissioners and Special Advisers from Niger State to Abeokuta.

The visit included a tour of a cutting-edge soilless farm, where young Nigerlites were undergoing training in innovative agricultural techniques for eventual replication in Niger State.

The former President was quoted by Aisha Wakaso the Special Adviser Print Media to Governor Mohammed Umaru Bago as admiring the Bago initiative, likening it to his own “Operation Feed the Nation” policy of 1976.

He emphasized that with modern equipment now available, the impact of such initiatives can be even greater than before.

According to the former President who is a renowned farmer himself, emphasized the critical importance of agricultural self-sufficiency, stating, “Until Nigeria begins to feed itself, the challenges facing the country will persist. A nation that cannot feed itself is sitting on a time bomb.”

He urged other state governors to follow Niger State’s lead in agricultural development to ensure that Nigeria can produce the majority of its own food.

The former President encouraged Niger State to continue investing in agriculture and to explore modern methods to enhance existing practices. He expressed his intention to visit Niger State with his team to learn from their progress and exchange ideas to improve and add value to his own agricultural endeavors.

Obasanjo also advised Nigerians to consider investing in soilless farming, warning that with the current rate of land use, Nigeria could soon face a shortage of arable land. He stressed that innovative farming techniques are essential to sustaining the nation’s agricultural productivity.

The Niger State government remains committed to advancing agriculture and will continue to seek out and implement innovative solutions to ensure the state’s and the nation’s food security.

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