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Buhari Approves N320Bn Funds To Tertiary Institutions

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President Muhammadu Buhari on wednesday approved the 2023 financial disbursement of over 320 billion Naira as intervention funds to public tertiary institutions in line with the Tertiary Education Trust Fund (TETFUND) approved guidelines.

The Executive Secretary, Tertiary Education Trust Fund (TETFUND) Sonny Echonor made this known at the 2023 Annual Strategic Planning Workshop Organized for TETFUND Beneficiary Institutions in Abuja.

Echonor disclosed that President Buhari approved the sum of N320,345,040, 835. (Three hundred and twenty billion, three hundred & forty-five million,Forty thousand, eight hundred & thirty-five Naira only) for the public tertiary institutions in the country.

Each university gets one point one five billion Naira, Each polytechnic gets six hundred and ninety nine million naira and each Colleges of education gets eight hundred million naira.

Pres Buhari Okays N4.7b For Tetfund Research Grant

According to the Federal Government, the disbursements are the highest since 1999.

President Muhammadu Buhari has however received commendations from the education ministry permanent secretary, Daniel Adejo the executive Secretaries National Universities Commission, Abubakar Rasheed and the Colleges of education commission, Paulinus, but the NBTE executive secretary, Idris Bugaje reacted differently.

In their remarks, the Executive Secretary, National Board For Technical Education, Prof. Idris Bugaje immediately criticized the disbursement, insisting it is less than 0.2 percent of the country’s Gross Domestic Product, GDP and a far cry from accrued 2.5 percent education tax.

Bugaje therefore called for increased action on intervention funds, describing TETFUND Interventions as the source of infrastructural development for public tertiary institutions in Nigeria.

Adequate funding of tertiary institutions has been a major challenge for the Nigerian government and a major bone of contention for strikes by academic and non-academic staff.

Since TETfund establishment in 1993, intervention funds have been disbursed yearly, yet poor funding bedevils the country’s institutions.

Stakeholders have also appealed to President Mohammadu Buhari to assent to the Finance Bill, before the end of its tenure, which makes Education tax 3 percent.

Ondo to raise N1bn for education endowment fund

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The state government has set up an Education
Endowment Fund aimed at raising money towards repositioning
the education sector in the state.
The endowment fund requires all taxable residents of the state to
voluntarily contribute a sum of N1, 000 annually to support the
government in funding the education sector of the state.
Speaking with journalists about the development, the state
Commissioner for Education, Science and Technology, Femi
Agagu, said the state government has set up a board comprising
prominent indigenes of the state to judiciously administer and
regulate the fund for the development of education at all levels in
the state.
According to the commissioner, the number of schools the state
government is funding is enormous, hence the need for collective
responsibility from all residents to assist the government.
He noted that the government was targeting over N1bn annually
from the endowment fund if one million people of the state pay
their N1,000 levy.

He stated that the fundamental conception is that the fund will
perpetual existence and that all and sundry within Ondo State
and beyond will be encouraged and indeed urged to contribute to
it according to their abilities and at all times as they feel able to
do so.
He however mentioned that there was no penalty for whoever
could not pay the amount, adding that the government would
begin to embark on state-wide sensitisation to inform the people
about the significance of funds to the education sector of the
state.
The state Commissioner for Finance, Wale Akinterinwa, in his
remarks, said the fund would supplement capital projects being
implemented in the education sector coupled with the budgetary
provisions.

These funds are to enhance whatever the state has been able to
do.
The board is made up of reputable individuals. Nothing has
affected the budget for education.
We are able to fund our budget. The state is able to meet all its
obligations in the budget as per education. This fund is to
enhance whatever the state government is doing in the education
sector.

READ ALSO: TETFUND, FARA To Establish Agricultural Fellowship Platform

The endowment fund requires all taxable residents of the state to
voluntarily contribute a sum of N1, 000 annually to support the
government in funding the education sector of the state.
Speaking with journalists about the development, the state
Commissioner for Education, Science and Technology, Femi
Agagu, said the state government has set up a board comprising
prominent indigenes of the state to judiciously administer and
regulate the fund for the development of education at all levels in
the state.
According to the commissioner, the number of schools the state
government is funding is enormous, hence the need for collective
responsibility from all residents to assist the government.
He noted that the government was targeting over N1bn annually
from the endowment fund if one million people of the state pay
their N1,000 levy.
He stated that the fundamental conception is that the fund will
perpetual existence and that all and sundry within Ondo State
and beyond will be encouraged and indeed urged to contribute to
it according to their abilities and at all times as they feel able to
do so.
He however mentioned that there was no penalty for whoever
could not pay the amount, adding that the government would
begin to embark on state-wide sensitisation to inform the people
about the significance of funds to the education sector of the
state.
The state Commissioner for Finance, Wale Akinterinwa, in his
remarks, said the fund would supplement capital projects being
implemented in the education sector coupled with the budgetary
provisions.

These funds are to enhance whatever the state has been able to
do.
The board is made up of reputable individuals. Nothing has
affected the budget for education.
We are able to fund our budget. The state is able to meet all its
obligations in the budget as per education. This fund is to
enhance whatever the state government is doing in the education
sector.

Rail Project: Nigeria’s Senate Approves China Development Bank As New Financier

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Nigeria’s Senate has approved the China Development Bank as the new financier for a rail project, which is set to cost close to a billion dollars.

Another Chinese lender had been due to fund the line between Kaduna and Kano – the largest city in the north – but it pulled out in 2020.

When President Muhammadu Buhari came to power eight years ago, he prioritised upgrading the country’s poor transport network and power supply.

However, funding has been a major constraint.

Parliament has approved several billion dollars worth of loans from Chinese and other international lenders but funds have yet to materialise.

If president-elect Bola Tinubu takes over in May, he will inherit a raft of challenges including double-digit inflation and widespread insecurity.

Joint Venture: Cruise Saudi, Aman To Launch Luxury Cruise Ship

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Cruise Saudi has teamed up with high-end hotel brand Aman to launch a new, ultra-luxury yacht aimed at very high net worth travelers, it was announced on Monday.

The 183-meter superyacht Aman at Sea will have 47 spacious suites along with amenities including an Aman-style spa with a Japanese relaxation garden, several international Michelin-quality restaurants, and an on-board beach club, giving guests access to the water from the stern of the yacht.

The vessel was unveiled by Cruise Saudi’s Managing Director Fawaz Farooqui at the Seatrade Cruise Global event in Fort Lauderdale, Florida.

He featured on a panel discussing how leading luxury hotel brands Aman, Four Seasons, Orient Express and Ritz Carlton are changing the cruise ship landscape by launching luxury ships to rival operators such as Regent Seven Seas and Silversea.

Fawaz revealed the new Aman at Sea superyacht will have a 2:1 crew ratio to guests, placing a priority on the guest space ratio while creating the biggest suites in the industry.

The panel also discussed the type of ships being built by hoteliers, how the offering contrasts with big-name cruise liners, how hotels are competing to attract customers new to cruising, and the role they play in opening up new destinations for cruises.

Aman at Sea is expected to be ready for cruising by 2027.

Ukraine-Bound Cargo Ship Carrying Aluminum Sinks Off Turkish Coast

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VAN, TURKEY - SEPTEMBER 29: Members of the Turkish Coast Guard search for boats carrying refugees and migrants during a patrol conducted for the press on Lake Van on September 29, 2021 in Van, Turkey. Since the U.S. pull-out from Afghanistan and the Taliban taking control of the country, Turkey has seen a steady rise in Afghan migrants entering the country illegally via a centuries-old smuggling route through Iran. To halt the flow of refugees and migrants, Turkey's law enforcement agencies have increased security along its border and taken new measures to effectively close the border to illegal migrants. "The world has to know that our borders are closed to any migrant influx," said Mehmet Emin Bilmez, governor of the eastern border province of Van. Over the past three months, construction has increased on the 230km Iran border wall which was started in 2017, as trenches, barbed wire and 24hr border security patrols have been implemented, drones have been deployed to monitor border areas and more than 6000 additional soldiers, Jandarma and police have been added to reinforce border areas and to monitor well known smuggler routes. Turkey’s President Tayyip Erdogan recently urged European countries to step up and take responsibility in the event of a new refugee influx, stating that Turkey would not become "Europe's migrant storage unit". Turkey currently hosts more than 4.4 million refugees and migrants and has called on the international community and the United Nations to assist with any further influx. (Photo by Chris McGrath/Getty Images)

A Guinea-Bissau flagged cargo ship with 14 crew members on board sank off Turkiye’s Mediterranean coast on Wednesday, killing at least three of them.

Five people were rescued while efforts continued to find the other missing crew, officials and news reports said.

The Joe 2 sank off the coast of Kumluca, in Antalya province, while heading to Ukraine from the Turkish port of Iskenderun, said Gov. Ersin Yazici said. It was transporting aluminum.

The cause of the ship sinking was not immediately clear. An investigation has been launched by the chief prosecutor’s office for Kumluca.

The Turkish Coast Guard Command said it received a distress call at 3:47 a.m. and dispatched a vessel, several boats and two helicopters.

Two crew members were rescued by the coast guard helicopters while three others were saved by other vessels in the area, it said.

All of the crew were Syrian nationals.

The rescue efforts were being hampered by a storm.

Fitch Rating: Saudi Arabia’s Economy Upgraded To A+

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Saudi Arabia’s economy has been handed a boost after international credit rating agency Fitch upgraded its grade for the Kingdom to A+.

The increase was attributed to Saudi Arabia’s strong financial position, favorable debt-to-gross domestic product ratio, and secure sovereign net foreign assets.

Fitch added the improved rating is conditional on Saudi Arabia’s continuous commitment to steady progress with fiscal, economic and governance reforms.

D13RCD Headquarter Fitch Ratings Manhattan, Financial District, NYC,

The rating rise directly followed the Kingdom’s surprise announcement of oil production cuts, along with other members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, which led to a spike in global prices. 

The report said: “The upgrade of Saudi Arabia’s ratings reflects its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers in the form of deposits and other public sector assets.”

The Fitch report went on to warn of potential pitfalls, pointing out that despite government efforts to diversify the economy and enable the non-oil sector, Saudi oil revenue will make up around 60 percent of total budget revenue in 2023-2024.

“Oil dependence, weak World Bank governance indicators and vulnerability to geopolitical shocks remain relative weaknesses, although there are some indications of improvement in these factors,” said the agency.

The Kingdom’s fiscal breakeven price in 2022 hit $86 per barrel. 

Brent crude priced over $85 per barrel on Wednesday, days after oil production cuts when it was near $80 per barrel.

In 2022, it recorded its first budget surplus in a decade, reaching SR103.9 billion ($27.68 billion), as higher oil prices boosted government revenues by 31 percent.

Fitch further noted that the outlook on the Kingdom’s rating was “stable”.

Last month, Moody’s updated its credit report for Saudi Arabia, affirming its “A1” rating for the Kingdom and revising the stable outlook rating to positive, at the time with a focus on its non-oil sector growth. 

The rating then was based on Moody’s assessment of the government’s track record of fiscal policy effectiveness and the comprehensive regulatory and economic reforms that will support the sustainability of the economic diversification efforts over the medium and long terms. 

These included the reforms and investments in various non-oil sectors that will reduce the Kingdom’s reliance on hydrocarbons over time.

The agency also lauded the important role of the government-sponsored diversification projects and initiatives, supported by private sector investment, and their positive impact on economic growth and improved outlook rating.

Moody’s report was a validation of the Kingdom’s fiscal policies as part of its Vision 2030 programs, and keeping debt at a moderate level, which is lower than most similarly rated sovereign debts, offering robust fiscal buffers and a competitive position in the global energy market.

Colombian Volcano: Over 40 Families Evacuated

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About 120 residents living near Colombia’s Nevada del Ruiz volcano have been evacuated, officials said, after increased seismic activity.

A 1985 eruption by the volcano that killed 25,000 people is considered the worst natural disaster in Colombian history and one of the deadliest eruptions of the 20th century.

The governor of the Caldas department, Luis Carlos Velasquez, said around 40 families living near the volcano would be relocated as a “preventative” measure.

Some of the homes near the smoking crater are not reachable via cell phone or radio, he said, making it difficult to warn them in case of an emergency.

There has recently been a “significant increase in seismic activity,” the ministry of mines said in a statement last week while Colombia’s SGC geological service warned of a “probable eruption within days or weeks.”

And President Gustavo Petro tweeted: “We have an orange alert due to the change in seismology at the Ruiz volcano. Mayors must prepare the protocols for this state of alert.”

According to Colombia’s UNGRD disaster risk management unit, the orange level meant the likelihood of an eruption “bigger than any in the last decade.”

Severe Storms, A Possibility From Texas To The Great Lakes

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Severe thunderstorms were expected to bring hail, strong winds — and the threat of tornadoes — to parts of the Midwest and South that are reeling from a weekend of deadly weather.

Officials warned residents to have shelter ready Tuesday night before going to sleep.

At least two tornadoes were confirmed Tuesday in Illinois as storms targeted the state and eastern Iowa and southwest Wisconsin before nightfall. Areas of southern Missouri, Arkansas, southwestern Oklahoma and northeastern Texas were most at risk overnight.

The National Weather Service issued tornado warnings in Iowa and Illinois on Tuesday evening and said a confirmed twister was spotted southwest of Chicago near Bryant, Illinois.

Officials said another tornado touched down Tuesday morning in the western Illinois community of Colona. Local news reports showed wind damage to some businesses there.

The storms were expected to hammer some areas hit by severe weather and possibly dozens of tornadoes just days ago that killed at least 32 people, meaning more misery for those whose homes were destroyed in Arkansas, Iowa and Illinois.

The fierce storms that started Friday and continued into the weekend spawned deadly tornadoes in 11 states as the system plodded through Arkansas and onto the South, Midwest and Northeast.

Endangered Rare Pearl Mussels Discovered In Scottish Lochs

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Critically endangered freshwater pearl mussels have been discovered living in two Scottish lochs.

Scientists said the protected species, which is vulnerable to pollution and poaching, had previously only been found in rivers.

Researchers using remotely-operated underwater drones and snorkelling equipment made the discoveries in lochs in Sutherland and the Trossachs.

Scotland’s nature agency, NatureScot, said they likely entered the lochs by clinging to the gills of fish.

Early in their life cycle the mussels live harmlessly on young salmon and trout, before dropping off to live on riverbeds.

NatureScot’s Iain Sime said other lochs would now be surveyed for the species.

He said: “Other mussel species, including the much more widespread swan and duck mussels, are known to live and breed in Scottish lochs, but up until now we’ve had no evidence to suggest that pearl mussels routinely do this too.

“This project was an exciting first step in exploring our lochs and we’re keen to do further surveys to better understand more about this critically endangered species.”

He added: “We don’t yet know whether they can breed in lochs and we want to learn more about a loch pearl mussel’s relationship with their host fish.”

Freshwater pearl mussels are similar in shape to common marine mussels, but can grow larger and live for up to 130 years in fast-flowing rivers.

In history, Julius Caesar’s admiration of pearl mussels is cited by his biographer as a motive for the first Roman invasion of Britain in 55BC.

Ex New Zealand P.M., Jacinda Ardern Appointed Trustee Of Prince William’s Earthshot Prize

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Jacinda Ardern has been appointed a trustee of the Prince of Wales’ prestigious environment award, Kensington Palace has confirmed.

Prince William said it was an honour to welcome the former leader of New Zealand to the Earthshot Prize.

Ardern resigned in January saying she no longer had “enough in the tank” to lead the country.

The former prime minister said she was “humbled and excited to be working with the Earthshot team”.

Speaking of the appointment, Prince William said Ardern’s “life-long commitment to supporting sustainable and environmental solutions” and her experience would “bring a rich infusion of new thinking to our mission”.

“Four years ago, before the Earthshot Prize even had a name, Jacinda was one of the first people I spoke to, and her encouragement and advice was crucial to the prize’s early success.

“I am hugely grateful to her for joining us as she takes the next steps in her career,” he added.

The Earthshot Prize was created by Prince William to fund projects that aim to save the planet.

Last year’s awards in December, hosted by Prince William and Princess Catherine, saw five prizes handed out to winners from the UK, India, Australia, Kenya and Oman.

On joining Earthshot’s board of trustees, Ms Ardern said since its creation she had believed in the prize’s “power to encourage and spread not only the innovation we desperately need, but also optimism”.

The former prime minister of New Zealand attended the Earthshot Prize Innovation Summit in New York in September 2022 where she spoke on behalf of Prince William, who had stayed in the UK following the death of the late Queen Elizabeth.

Chair of the board of trustees Christiana Figueres said she was “thrilled” to welcome Ms Ardern and had long been inspired by her “work as a catalysing force in the effort to combat climate change”.

Since her resignation, Ms Ardern is also due to serve as an unpaid special envoy for the Christchurch Call, which she co-founded in 2019 to bring technology companies and countries together to combat extremism, according to Reuters news agency.

Prince William and Ms Ardern have met on numerous occasions, including when the former leader of New Zealand visited Kensington Palace during a visit to Britain in July last year.

Alongside his wife Catherine, Prince William also visited New Zealand in 2019 where he met survivors of the Christchurch mosque attacks.