LASG ISSUES TRAFFIC ADVISORY AHEAD OF FANTI CARNIVAL. (PHOTO). #PRESS RELEASE.

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 LASG ISSUES TRAFFIC ADVISORY AHEAD OF FANTI CARNIVAL The Lagos State Government has announced traffic diversions and restrictions ahead of the Lagos Fanti Carnival scheduled to hold on Monday, 6th April, 2026, around Tafawa Balewa Square (TBS), Lagos Island. In a bid to ensure a seamless and hitch-free carnival procession, vehicular movement will be restricted along major adjoining roads linking TBS. Affected Routes are; King George V Road (by Mobil Filling Station), Flag House inbound TBS, Force Road inbound TBS, Onikan Roundabout inbound TBS, and WaterBoy Roundabout by Old Defence House. Additionally, all link roads to Moloney Road, such as Military Road (by Old Defence Building), Ajasa Street, Boyle Street, and Hawley Street, will be closed to traffic during the event. To ease parking challenges, designated car parks have been arranged for public use, these include; the Yoruba Lawn Tennis Club Car Park, Zone 2 Car Park (opposite Island Club along King George V Road), Museum Kit...
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FG APPROVES $3.45BN WORLD BANK LOAN TO BOOST POWER AND OTHER SECTORS.(PHOTO).

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 FG approves $3.45bn World Bank loan to boost power and other sectors.


The Federal Executive Council (FEC) has approved a $3.45bn World Bank loan application for the financing of five items.


Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, disclosed this after the FEC meeting in Abuja on Monday, Oct. 23.


He said the council approved the loan request during its meeting at the State House, adding that the Federal Government would begin to receive the $3.5bn “zero-interest” loan.


According to him, the loan is payable within 40 years with a 10-year moratorium which means payments would start from 2033.


“Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm,” he told State House Correspondents.


“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts.


“There was a project for adolescent girls’ initiative for learning and empowerment. And then finally the fifth financing that was approved was for Women project.”


“So, those were five loans totalling $3.45 billion. And as you know, the tenure is all around 40 years, with a moratorium period of around 10 years and interest very low, or in the cases of either loans, zero interest. However, some fees would be incurred,” he added.


During the briefing, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, also said FEC approved the creation of a Humanitarian and Poverty Alleviation Trust Fund.


The minister said the Fund will help the Federal Government respond promptly to humanitarian situations in Nigeria and that the government hopes to raise at least $5 billion annually into it.

 

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