NDC STATEMENT ON COURT RULING. (PHOTO). #PRESS RELEASE.

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 NDC STATEMENT ON COURT RULING Our attention has been drawn to a ruling by the Federal High Court sitting in Lokoja this morning, wherein His Lordship, Honourable Justice Isah Dashen, gave a ruling on an application filed by an unregistered association known as Peace Movement Party. The public knows that by December 2025, the Nigeria Democratic Congress  as an association complained of INEC’s refusal to register us as a political party, whereupon we proceeded to the Federal High Court. The Federal High Court upheld our constitutional right to freedom of association under the Constitution and compelled INEC to register us, which INEC did. Since then, we have started political activities, embarked on the registration of members, held congresses from ward to national levels, held conventions, and concluded primaries to all offices following INEC’s timetable. We have been fully participating in all INEC activities without let or hindrance. NDC also fielded candidates, and fully pa...
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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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