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Tag: Loan

  • Arsenal to send goalkeeper away on-loan

    Arsenal to send goalkeeper away on-loan

    Premier League club Arsenal are ready to send Alex Runarsson away on-loan.

    The Athletic says the Gunners have now deiced they’d be willing to loan out Runarsson, should they be able to bring in a replacement.

    Arteta is said to believe the Iceland international would benefit from some regular playing time, in order to rebuild his confidence.

    However, with funds limited, it may prove difficult for Arsenal to sign another goalkeeper this month.

    The club wanted to bring in David Raya from Brentford earlier in the summer but their attempts were rebuffed by the Bees.

    Given he only cost £1.5m from Dijon, the report adds that Runarsson was only initially viewed as a No 3 goalkeeper but Arteta still felt he was capable of providing back-up for Leno.

    A host of European and Championship clubs would be interested in taking him on loan.

  • BREAKING: World Bank finally approves $1.5billion loan to help Nigeria reduce poverty

    BREAKING: World Bank finally approves $1.5billion loan to help Nigeria reduce poverty

    The World Bank has finally approved Nigeria’s request for a $1.5 billion loan.

    This was announced in a statement by World Bank on Tuesday noting that the facility is a five-year Country Partnership Framework (CPF) that will last from 2021 to 2024.

    “This Country Partnership Framework will guide our engagement for the next 5 years in supporting the Government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” World Bank Country Director for Nigeria, Shubham Chaudhuri said.

    World Bank Board of Directors approved the $1.5 billion for two projects, which include: Nigeria Covid-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and the State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS).

    READ ALSO: UN Calls For Immediate, Unconditional Release Of Abducted Katsina Pupils

    The CPF will focus on four areas of engagement which include investing in human capital by increasing access to basic education, quality water, and sanitation services; improving primary healthcare; and increasing the coverage and effectiveness of social assistance programs.

    Promoting jobs and economic transformation and diversification by supporting measures to unlock private investment and job creation and increasing access to reliable and sustainable power for households and firms.

    The CPF will also focus on boosting digital infrastructure, and developing economic corridors and smart cities, to provide Nigerians with improved livelihoods.

    Strengthening the foundations of the public sector by improving public financial management and strengthening the social contract between citizens and government through improved fiscal and debt management.

    World Bank in the statement added that Nigeria is at a critical juncture, hence the approval of the loan.

    “With the sharp fall in oil prices as a result of COVID-19, the economy is projected to contract by over 4% in 2020, plunging the country into its deepest recession since the 1980s. Government revenues could fall by more than 15 billion dollars this year, and the crisis will push an additional 5million Nigerians into poverty in 2020,” the statement read in part.

    The World Bank noted that the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

    This CPF proposes a collaborative approach of how resources across the entire Bank Group can best support the Government’s effort to achieve its goal to lift 100 million citizens out of poverty.

    “The Country Partnership Framework leverages the World Bank Group to enable business growth that is inclusive and sustainable,” IFC Director for Southern Africa and Nigeria, Kevin Njiraini also said.

    -Condition for loan approval-
    World Bank country director for Nigeria, Shubham Chaudhuri had earlier said Nigeria needs more monetary reform in order to access $1.5 billion loan.

    The loan was then delayed with Chaudhuri saying Nigeria needs to carry out more currency reform and make plans for sustainability in later years.

    “What is sustainability in 2021 and beyond? And that is why we are thinking about the overall prospects going forward, in terms of the macro adequacy and the flexibility and exchange rate management,” he said.

    Last week, in the World Bank Nigeria update report, the Country Director said the approval of the loan was in the works and the board will meet to decide their position on December 14th.

    He added that Nigeria needs to do more to meet up with the loans particularly more reforms in forex liquidity.

  • Arsenal decide against sending Pepe on loan

    Arsenal decide against sending Pepe on loan

    Arsenal will not be loaning Nicolas Pepe during the January transfer window.

    The Ivorian seemed to have completely ruined with relationship with Mikel Arteta after was sent-off against Leeds United on Sunday.

    Pepe was given his marching orders after headbutting Leeds defender Ezgjan Alioski.

    Gunners manager Arteta was furious after the game, calling Pepe’s actions ‘unacceptable’.

    But The Times claims that reports about Arsenal planning to move Pepe are incorrect.

    Arteta has said to have put his arm around Pepe with a few days past since the Elland Road incident.

    The 25-year-old will now get a chance to prove himself for the rest of this season.

  • Chelsea: Kepa willing to accept pay-cut for loan exit

    Chelsea: Kepa willing to accept pay-cut for loan exit

    Chelsea goalkeeper Kepa Arrizabalaga is willing to take a pay-cut to leave on-loan in January.

    The Sun says for Spain, Kepa, 26, is now behind David De Gea and Unai Simon, leaving him in the wilderness for both club and country.

    He has not started for Chelsea since October 17 — and the team has flourished in his absence.

    And that convinced Kepa his time is up at Stamford Bridge and to get out in January.

    He will accept a loan and a reduction to his £150,000-a-week wages to try to revive his fortunes.

  • FG seeks $1.2 billion agriculture loan

    FG seeks $1.2 billion agriculture loan

    The Federal Government is seeking the approval of $1.2 billion loan from the National Assembly to address issues in the agriculture value chain, finance minister Zainab Ahmed said on Tuesday in Abuja at the ministry’s budget defence.

    Ahmed told the House of Representative Committee on Finance that the loan would be sourced from the Brazilian Government.

    “We need to address issues in the agriculture value chain as the country moves towards other sources of revenue.

    “Already, the federal government is making efforts to acquire 100,000 hectares of land per state for food production.

    “Roads will be built in such locations to provide access for farm inputs and ease the movement of farm produce to the markets.

    “If the farmers can move their farm produce to markets, it will reduce post-harvest losses,” she said.

    The minister also spoke on the Police reforms and prayed that the review would be completed quickly so that while the appropriation process is going on, the revised salaries would be included in the 2021 budget.

    “If it’s not completed, we will contemplate doing amendment or supplementary budget,” she said.

    She said that the federal government was bent on the use of Integrated Payroll and Personnel Information System (IPPIS) for the payment of Academic Staff Union of Universities (ASUU).

    She added, however, that ASUU’s newly developed University Accountability and Transparency Solution (UTAS) would also undergo verification by experts.

    The minister said that N1.647 billion was proposed for personnel cost, N1.70 billion for overhead, while N4.005 billion was allocated for the ministry’s capital expenditure in 2021.

  • Access Bank announces N50 billion interest-free loan for businesses

    Access Bank announces N50 billion interest-free loan for businesses

    Following the impact of the Covid-19 pandemic, coupled with the hijacked #EndSARS protests that led to the looting and destruction of businesses that has thrown Nigerians and business owners into debts.

    Leading financial institution in Nigeria, Access Bank Nigeria Plc. has announced N50 billion in support of Nigerians through interest-free loans and grants to support communities, the youths, and micro, small and medium-sized businesses.
    This information was disclosed by the bank through its official LinkedIn page.

    According to the bank; “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest-free loans and grants. Watch this space for more information.”

    This show of support from Access Bank will help alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.

    As a way of supporting SMEs and the working class of the country following the recent damage of properties and livelihoods experienced across the nation, @myaccessbank has rolled out interest free loans of up to N50bn. The fund is expected to serve as a kickstart to these affected communities, people and businesses. #AccessCares #All4One

  • Super Eagles star Ebuehi joins Twente on loan

    Super Eagles star Ebuehi joins Twente on loan

    Super Eagles star, Tyronne Ebuehi has joined Dutch Eredivisie side Twente on a season-long loan from Portuguese club Benfica with an option of signing him permanently.

    The defender joined the Estadio da Luz outfit in May 2018 after impressing for Nigeria at the World Cup in Russia and penned a five-year deal with the side.

    The 24-year-old, however, suffered a career-threatening injury two months after teaming up with the Eagles in a Champions Cup defeat by Juventus.

    The former ADO Den Haag defender is delighted to sign for the Pride of the East and looks forward to making his contribution for the club.

    “It feels great to be here at FC Twente. The conversations I had with the club were very positive and I am looking forward to playing here,” Ebuehi told the club website.

    “In the past, I played against FC Twente with ADO. Twente is a big club and I want to prove myself here, but of course, also help the club.

  • World bank query Nigeria’s $750m loan as country loses N28bn to epileptic power supply

    World bank query Nigeria’s $750m loan as country loses N28bn to epileptic power supply

    The World Bank has declared that Nigeria has lost N28 billion to power epilepsy rocking the country. The apex bank, which stated this in a document in which it demanded accountability on $750 million loan it approved for Nigeria’s power sector, maintained that what the country lost to inability to fix power problem was equivalent to two per cent of its Gross Domestic Product (GDP).

    “The economic cost of power shortages in Nigeria is estimated at around $28 billion, which is equivalent to two per cent of its Gross Domestic Product (GDP),” the World Bank said.

    Getting access to electricity, it said, was one of the major constraints for the private sector according to the Ease of Doing Business report. It reiterated approval of a $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO), noting that the loan was to improve electricity supply. The bank, in a statement in Abuja, said that the target was to also achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector. It explained that about 47 per cent of Nigerians did not have access to grid electricity and those who had access, faced regular power cuts.

    According to the bank, improving power sector performance, particularly in the non-oil sectors of manufacturing and services would be central to unlocking economic growth post-COVID-19. The statement quoted Shubham Chaudhuri, World Bank Country Director for Nigeria, as saying “lack of reliable power has stifled economic activity and private investment and job creation. ”This is ultimately what is needed to lift 100 million Nigerians out of poverty. “The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID- 19.”

    The bank said that PSRO would provide result-based financing to support the implementation of the Government’s Power Sector Recovery Programme (PSRP). It further explained that the PSRP was a comprehensive programme to restore the power sector’s financial viability, improve service delivery and reduce its fiscal burden.

    “The PSRO is expected to increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the poor from the impact of tariff adjustments.

    “This will enable the turnaround of power sector while helping the Federal Government to redirect large fiscal resources from highly regressive tariff shortfall financing towards critical crisis-responsive and pro-poor expenditures. It will also increase public awareness about ongoing power sector reforms and performance.

    “Specifically, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022 by strengthening the regulatory, policy and financing framework

    “It will also enhance the accountability and financial viability of the sector, helping the sector create a track record of sustainable operation necessary for unlocking much needed private investments in the future,” the bank explained.

  • FINANCIAL LITERACY: DISPLACED WOMEN RECEIVE TRAINING & SOFT LOANS IN LAGOS

    FINANCIAL LITERACY: DISPLACED WOMEN RECEIVE TRAINING & SOFT LOANS IN LAGOS

    Sesor Empowerment Foundation, one of Nigeria’s leading non- governmental organization (NGO) and its partner, The Grooming Centre have empowered 26 internally displaced women (IDP) in the first phase of its livelihood support programme with softloans to boost their businesses and help them cope with the financial livelihood challenges they are facing during the COVID-19 pandemic.

    Eight women, who had been on the programme previously, received N60,000 each and 18 women, new to the programme, received N20,000 at Sesor’s IDP Support Centre in Lagos. Prior to the disbursement, beneficiaries were trained by the Grooming Centre on book keeping and business management, as these skills will enable the women to sustain profitability

     

    Sesor’s Executive Direcor, Ier Jonathan-Ichaver, stated, that this was just the first round of disbursement as the NGO is currently assessing more women in Lagos and Benue and aim to support a total of 145 women to help them rebuild their livelihoods and re-integrate into society. ‘This is the fourth edition of the programme and we appreciate the Grooming Centre for their unwavering support through these trying times of COVID-19. Sesor is poised to continue working to improve the living standards of IDP’s across Nigeria through providing basic relief services, livelihood support programmes and educational support.

    “Since inception, over 3000 families have enjoyed basic relief services; 186 children have gotten educational support to continue schooling; and over 140 women have received funds for their livelihoods, with an average 65% repayment outcome on soft loans. 289 women also received relief assistance during the COVID-19 lockdown in Lagos and Benue.” she said.

    Grooming Centre’s Manager, Special Projects, Mr Chikezie Egbulefu appreciated the efforts of Sesor to alleviate the plight of the displaced across the country. expressed satisfaction about the level of enthusiasm displayed by the women to be financially literate and is hopeful that the disbursed loan will be put to effective use.

    One of the beneficiaries, Mrs Alli, was very appreciative of Sesor’s programme, “God bless una, as una dey remember us and continue to dey help us” she stated in Hausa

     

  • World Bank approves $750m loan to boost power supply in Nigeria

    The World Bank has approved $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO), to improve electricity supply.

    The Bank, in a statement in Abuja on Wednesday, said that the would help Nigeria achieve financial and fiscal sustainability and enhance accountability in the power sector.

    It explained that about 47 per cent of Nigerians do not have access to grid electricity and those who had access, faced regular power cuts.

    According to the bank, the economic cost of power shortages in Nigeria is estimated at around $28 billion, which is equivalent to two per cent of Nigeria’s Gross Domestic Product (GDP).

    It stated that getting access to electricity is one of the major constraints for the private sector according to the Ease of Doing Business report.

    It added that improving power sector performance, particularly in the non-oil sectors of manufacturing and services, would be central to unlocking economic growth post COVID-19.

    Shubham Chaudhuri, World Bank Country Director for Nigeria, said “lack of reliable power has stifled economic activity and private investment and job creation.

    ”This is ultimately what is needed to lift 100 million Nigerians out of poverty.

    “The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amid the COVID-19 pandemic”.

    The bank said that PSRO would provide results-based financing to support the implementation of the Government’s Power Sector Recovery Programme (PSRP).

    It further explained that the PSRP was a comprehensive programme to restore the power sector’s financial viability, improve service delivery and reduce its fiscal burden.

    “The PSRO is expected to increase annual electricity supplied to the distribution grid, enhance power sector financial viability while reducing annual tariff shortfalls and protecting the poor from the impact of tariff adjustments.

    “This will enable the turnaround of power sector while helping the Federal Government to redirect large fiscal resources from highly regressive tariff shortfall financing towards critical crisis-responsive and pro-poor expenditures. It will also increase public awareness about ongoing power sector reforms and performance.

    “Specifically, the PSRO will ensure that 4,500 mwh/hour of electricity is supplied to the distribution grid by 2022 by strengthening the regulatory, policy and financing framework.

    “It will also enhance the accountability and financial viability of the sector, helping the sector create a track record of sustainable operation necessary for unlocking much needed private investments in the future,” the Bank explained