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House Committee Probes Non-Remittance To Housing Fund

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A House of Representatives Committee will soon begin the investigation into the non-remittance of funds to the National Housing Fund (NHF) and how the fund has been used since 2011.

The committee has sent an invitation to critical stakeholders for its investigative hearing set to commence on Wednesday, august 23.

Chairman of the committee, hon Dachung Musa Bagos in a memo to that effect, said that the speaker of the house of representatives, Tajudeen Abbas will inaugurate the investigative hearing.

Among the critical stakeholders invited include the head of the service of the federation; the accountant-general of the federation; the auditor-general of the federation; the chairman of the independent corrupt practices and other related offences commission (ICPC); the acting chairman of economic and financial crimes commission (EFCC) and the surveyor-general of the federation.

Others include; the managing director/chief executive federal mortgage bank of nigeria; the officer in charge of the  department of estate development loan; the managing director/chief executive of, federal housing authority; the permanent secretary of  the ministry of finance, budget and national planning; the permanent secretary of the ministry of works and housing; the executive secretary, federal government staff housing loans board; the president/chairman of the council, real estate developers association of nigeria; all ministries, departments and agencies; the commissioner for insurance/chief executive officer, national insurance commission (NAICOM), other concerned stakeholders and the general public

The statement also urged the affected institutions and government officials to submit their memorandum and other relevant documents to the committee’s secretariat.

Tour Operators Association Congratulates New Tourism Minister

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The Nigeria Association of Tour Operators (NATOP) has congratulated Lola Ade-John, the designated Minister of Tourism, urging her to devise ways to create a development fund for the growth of the industry.

Mrs Ime Udo, National President of NATOP, said this during an interview with the News Agency of Nigeria (NAN) in Lagos.

“We congratulate the new minister for tourism, with her background in Information Technology and being in the technological age, she must bring to bear her expertise in data collation and tourism technology.

“And as a former banker, we expect that she will be able to devise ways through which tourism development fund can  be created to advance the industry.

“One of the major inhibitors for tourism growth is the lack of funding and inability to attract investors.

“Tourism is first of all a business and should be approached as such,” she said.

Udo advised the minister to embark on physical tour of some of the heritage sites within the country in view of the deplorable state of most of the sites.

She said Ade-John would have to connect with the tourism board in each state to ascertain the current state of their activities to evaluate and plan on tourism development.

“The minister must be very intentional about making Nigeria a destination, she must immediately call for a roundtable stakeholders’ meeting to rub minds and know the true state of things in the industry.

Udo said the integration of a Minister of Tourism in Nigeria with an Information Technology background presents numerous intriguing possibilities for the country’s tourism sector.

She said the development and promotion of e-tourism platforms could provide a seamless experience for tourists.

According to her, such platforms can include online visa applications, digital city guides, and easy online booking for accommodations and attractions.

She said leveraging technologies such as  Internet of Things (IoT) could help develop “smart tourist destinations”.

“For instance, smart signage provides real-time information or smart bracelets for tourists that offer guided tours and ensure safety

“The minister’s expertise can drive the digital transformation of Nigeria’s tourism sector, from online ticketing systems to virtual tours of historical sites, the possibilities are vast.

“It is certain that she would understand the importance of data, which will lead to better-informed decisions based on tourism trends, visitor preferences, and feedback.

“Being in a technological age, historical sites and museums could be enhanced with Augumented Reality (AR) and Virtual Reality (VR) technology, providing interactive experiences and bringing Nigeria’s rich history to life,” she said.

Federal Govt. To Repay $3.4bn IMF Loan

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The current administration of President Bola Tinubu is expected to pay off a $3.4bn owed to the International Monetary Fund (IMF) during his tenure.

Reports said that the Federal Government of Nigeria is expected to pay the IMF a total of $3.51bn between 2022 and 2026 to offset the $3.4bn loan.

However, according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of July 31, 2023,’ there is an outstanding of $3.19bn, which will be paid off during the current administration.

In April 2020, the IMF disbursed a $3.4bn emergency financial assistance to Nigeria.

The loan was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28 ‎to address challenges arising from the economic impact of COVID-19 in the country.

The loaned amount was disbursed on April 30, 2020.

IMF Retains Nigeria’s Economic Growth Forecast at 3.2%

A statement by the IMF on the loan read, “The IMF approved $3.4bn in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices.”

It was also disclosed that out of four agreed loans, disbursement was made on only one loan.

Under a section titled ‘Overdue Obligations and Projected Payments to Fund’, a breakdown of how much Nigeria is expected to pay each year is provided.

The amount to be paid was provided in the Special Drawing Rights. The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.

SDR1 is currently $1.33 based on the exchange rate provided by the IMF on its website.

As a result, in 2023, Nigeria is expected to pay SDR373.81m ($497.17m), which includes principal (SDR306.81m/$408.06m) and interest fee (SDR67m/$89.11m) on the loan.

Nigeria is expected to pay a total of SDR1.32bn ($1.76bn) in 2024. This comprises a principal fee of SDR1.23bn ($1.64bn) and an interest fee of SDR94.76m ($126.03m).

In 2025, Nigeria is expected to pay a total of SDR650.58m ($865.27). This comprises a principal fee of SDR613.63m ($816.13m) and an interest fee of SDR36.95m ($49.14m).

The country is expected to pay a total of SDR25.56m ($33.99m) each in 2026 and 2027, which is only an interest fee. This is the least amount during the repayment period.

Reports said that repayment had been extended to 2027 from the initial 2026 earlier stated.

In total, the new administration is expected to pay $3.19bn to the IMF, which further suggests that the previous administration likely paid $320m on loan.

In its 2022 financial statements, the CBN made reference to the loan.

It stated, “In 2020, the Bank entered into rapid financing instrument’s arrangement with International Monetary Fund on behalf of Federal Government of Nigeria. The loan is a 5 years tenor facility, repayable after a moratorium of 2 years and the interest rate is 1% per annum.”

The CBN added, “Repayment of the IMF loans as well as charges is the responsibility of the bank.”

World’s Largest Solar Project Expected To Be Operational By 2025

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In a major boost to Saudi Arabia’s sustainability efforts, an ACWA Power-led consortium has secured financial closure for the Al-Shuaibah solar projects, with an investment of $2.37 billion, the company said in a press statement.

Touted to be the world’s largest solar project with a capacity of 2,061 megawatts, Al-Shuaibah 1 and Al-Shuaibah 2 projects, located in Jeddah are expected to be operational by 2025, it added.

Once completed, the solar project is expected to provide power to approximately 450,000 households, as stated in the press release.

ACWA Power CEO Marco Arcelli, said: “Securing financing for this groundbreaking project marks a significant step toward achieving Saudi Arabia’s clean energy goals, in alignment with the National Renewable Energy Program, which aims to generate 50 percent of electricity from renewable sources by 2030.”

The consortium, in addition to ACWA Power, includes Saudi Arabia’s Public Investment Fund unit Badeel and the Saudi Arabian Oil Co., also known as Saudi Aramco.

“We are truly proud of this milestone and look forward to working closely with our key partners PIF, Aramco, and other contributors to successfully realize a sustainable future,” added Arcelli.

In the press release, the company stated that the senior debt financing for this plant, amounting to $1.63 billion, comprises a $450 million Saudi riyal-denominated loan from the National Development Fund on behalf of the National Infrastructure Fund. Additionally, the financing includes a $1.18 billion US-dollar-denominated commercial facility provided by a consortium of local, regional, and international banks.

Saudi Power Procurement Co. is the procurer and off-taker for the projects. The new project will be jointly owned by Badeel, which will have a 34.99 percent stake, while ACWA Power and SAPCO will hold shares of 35.01 percent and 30 percent respectively.

Husam Al-Ghailani, CEO of Badeel, said the PIF unit will continue its efforts to support the renewable energy sector in the Kingdom, and to develop 70 percent of Saudi Arabia’s renewable energy by 2030.

Jordan Launches Study On Women’s Empowerment For National Economic Roadmap

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Jordanian women work on a harvest of green beans at a farm in Ghor al-Haditha, around 80km (50 miles) south of the capital Amman, on April 20, 2021. - Experts say Jordan is now in the grip of one of the most severe droughts in its history, but many warn the worst is yet to come. The country's environment ministry says it is among the world's most four water-deficient countries, and fears that a heating planet will make the situation more severe. (Photo by Khalil MAZRAAWI / AFP)

The Jordanian government on Sunday launched a comprehensive study on women’s empowerment to promote wider engagement in the country’s Economic Modernization Vision 2023-2033, Jordan News Agency reported.

The national economic blueprint aims to achieve an average real GDP growth rate of 5.6 percent over the next decade.

Wafa Bani Mustafa, minister of social development, stated that the study is based on a theoretical framework of gender equality and female empowerment in macroeconomics.

It aims to strategize in terms of legislative framework, legal protections, financial inclusion, digital inclusion, structural transformation, education, training, and capacity building.

Mustafa added that the study will lay out an executive plan to boost the participation of women in the trade, health, education, transportation, logistics, financial services, agriculture, and food security sectors, as well as the pharmaceutical and engineering industries.

Riyadh Seasonal Date Fair: Many Options To Choose From

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The date festival attracts many tourists and date lovers. Buraydah, Saudi Arabia 03-Aug-2022 Photo by Tasneem Alsultan

The Riyadh Seasonal Date Fair, which started on Aug. 11, offers a wide range of date products and derivatives from different regions of the Kingdom.

With more than 50 farmers and exhibitors, consumers and investors have plenty of options to choose from.

The Ministry of Environment, Water and Agriculture; the Riyadh Municipality; the National Center for Palms and Dates; and agricultural associations, all collaborate to help achieve the fair’s goals.

The event lasts for two months at the Rawabi Market for vegetables and fruits. It aims to create an economic and agricultural gathering that boosts marketing of the region’s dates — which account for 24 percent of the Kingdom’s total production, some 400,000 tons.

To ensure quality and safety, participating farmers must have the Saudi dates logo and certificates for organic farming and quality.

Authorities and organizers are working to establish domestic and international marketing channels for the Kingdom’s 123,000 agricultural palm holdings. They also aim to expand the reach of the product to the investment sector in date-based processing industries.

The fair falls within the framework of the integrated development of date production in the Kingdom, which is known for its high quality, abundance, and diversity.

The total number of palms in the Kingdom has reached 34,554,602, representing 27 percent of the world’s palm trees.

The seasonal market supports and promotes agricultural products and farmers. It aims to strengthen the palm and date sector, valued at about SR7.5 billion ($2 billion), which accounts for 12 percent of the Kingdom’s total agricultural output.

Beautiful Nigeria – Esiẹ Museum, First In Nigeria

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Esiẹ Museum is a museum in Esiẹ, Kwara State, Nigeria.

In the sleepy Igbomina town of Esie, Irepodun LGA Kwara State lays the first museum in Nigeria.

The museum was established in 1945 to house one of the greatest treasures ever bequeathed to mankind, Esie Stone Images (Ere Esie).

The museum was the first to be established in Nigeria when it opened in 1945.

The museum once housed over one thousand tombstone figures or images representing human beings.

Esie museum established 1945 is located in Irepodun LGA of Kwara State.

The museum is known for housing human-shaped stone figures.

It is reputed to have the largest collection of soapstone images in the world.

In modern times the Esie museum has been the center of religious activities and hosts a festival in the month of April every year.

More Residents Prepare For Evacuations As Fires Rage In British Columbia

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Record-setting wildfires in Canada’s western province of British Columbia are expected to push more people out of their homes this week, as firefighters battle unruly blazes that have destroyed properties and closed parts of a major national highway.

The province imposed an emergency late on Friday, giving officials more power to deal with fire risks. By Saturday, more than 35,000 residents were under an evacuation order and another 30,000 were under an evacuation alert.

The McDougall Creek fire is centered around Kelowna, a city some 300 kilometres (180 miles) east of Vancouver, with a population of about 150,000. But other blazes, exacerbated by severe drought, have been reported closer to the U.S. border and in the U.S. Pacific Northwest.

Ministers and government officials urged residents living in evacuation order zones to take immediate action, in the interest of their own lives and that of the firefighters.

British Columbia Premier Daniel Eby also imposed a ban on non-essential travel on Saturday, in order to free-up accommodation for evacuees and firefighters. Authorities urged people to avoid traveling to fire zones and operate drones to take pictures, which they said would hamper the work of firefighters.

Officials have not yet given any estimates of the total number of buildings destroyed.

Forest fires are not uncommon in Canada, but the spread of blazes and disruptions underscore the severity of its worst wildfire season yet.

Canada Wildfires: About 30,000 Households Advised To Evacuate As Fires Approach

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About 30,000 households have been ordered to evacuate in Canada’s British Columbia province, where nearly 400 wildfires are raging.

Officials have restricted travel to Kelowna, a waterside city of 132,000 people, where smoke from nearby fires hangs over Lake Okanagan.

The order is designed to ensure enough accommodation for evacuees and emergency workers.

Fires have destroyed homes in nearby West Kelowna, a city of 36,000 people.

The travel restrictions also apply to the towns of Kamloops, Oliver, Penticton and Vernon and Osoyoos.

Hundreds of miles north, a huge fire continues to edge towards the city of Yellowknife.

An official deadline to evacuate the city – the capital of Canada’s Northwest Territories – lapsed on Friday. A local official said later that day that nearly all residents had left, either by car or plane.

About 19,000 of the city’s 20,000 inhabitants had evacuated. Authorities said 39 patients were moved out of a hospital to alternative facilities on Friday evening, making them the last people to be evacuated from the city.

Environment and communities minister Shane Thompson said some people had chosen “to shelter in place”, but urged locals to leave.

In British Columbia, evacuation orders grew from covering 15,000 homes on Friday to at least 30,000 by Saturday evening. Another 36,000 homes are under evacuation alert.

The province’s emergency management minister said officials “cannot stress strongly enough how critical it is to follow evacuation orders”.

Bowinn Ma added: “They are a matter of life and death not only for the people in those properties, but also for the first responders who will often go back to try to implore people to leave.”

Premier of the province, David Eby, put the total number of people ordered to leave at 35,000, with 30,000 told to be prepared to evacuate.

Canada is having its worst wildfire season on record, with at least 1,000 fires burning across the country, according to the Canadian Interagency Forest Fire Centre (CIFFC).

Experts say climate change increases the risk of the hot, dry weather that is likely to fuel wildfires.

Extreme and long-lasting heat draws more and more moisture out of the ground – which can provide fuel for fires that can spread at an incredible speed, particularly if winds are strong.

Although no deaths have been reported in the latest fires, at least four firefighters have lost their lives during this record-breaking season.

World’s Longest Tunnel Closes To Train Passengers After Derailment – Swiss Officials

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SONY DSC

Rail journeys across the Swiss Alps will take longer for the next few months after a major derailment has left the record-breaking 35-mile (57-kilometer) Gotthard Base Tunnel partially out of action.

The world’s longest tunnel was closed last week when a freight train jumped the tracks, derailing 16 carriages and damaging about five miles of rail lines, Swiss national rail operator SBB said in a statement.

SBB said the tunnel will reopen partially on August 23, with one of the two lines through the mountains unaffected by the incident. But the reduced capacity will mean re-routing passenger trains via a scenic railway that takes up to two hours longer until early 2024.

“Until further notice, passenger trains will be diverted via the panorama route,” the SBB statement said. “The journey time is extended by 60 minutes in national traffic and between 60 and 120 minutes in international traffic.”

The company said it was examining whether passengers could be safely transported with only one track in operation but for the time being it would be closed to non-freight traffic until further notice.

Opened in 2016 after 17 years of construction, the Gotthard Base Tunnel has become a vital railway link between northern and southern Europe, as well as a destination for rail enthusiasts wanting to traverse the world’s longest and – at almost 1.5 miles below the surface – deepest tunnel.

The structure runs between Erstfeld on the northern side and Bodio in the south, connecting rail traffic between the Swiss city of Zurich and Milan in Italy. It also completes a freight rail corridor between Rotterdam in the Netherlands and the Mediterranean Italian port of Genoa.

SBB said that passenger services will be running at reduced capacity until the tunnel fully reopens because the panoramic route over the mountains cannot handle double-decker trains. Additional trains would also not be running at peak times.

The incredible tunnels pushing deep below the surface

Swiss rail investigators are currently trying to establish the cause of the accident in which no one was injured.

He said the company was aware that the accident would lead to inconvenience for travelers and freight customers.

“We would like to apologize for this and ask for your understanding. The teams deployed are doing everything they can to ensure that safe rail traffic through the Gotthard Base tunnel is possible again as quickly as possible.”