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World Bank Earmarks $4m for Kwara Health Sector

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World Bank
  • World Bank Earmarks $4m for Kwara Health Sector

The World Bank has earmarked the sum of $4m to strengthen health care service delivery in Kwara State.

The Head of World Bank’s Health in Africa Initiative, Prof. Khama Rogo, disclosed this during the inauguration of the Kwara Health Insurance scheme in Ilorin, capital of the state on Wednesday.

Rogo, who is also the bank’s Lead Health Sector Specialist, stated that many African leaders had attempted to carry out the health insurance scheme in their respective countries without success.

He described the scheme as a restoration of dignity to the people of Kwara State.

In his address, Governor Abdulfatah Ahmed noted that the state government had set aside N200m as an initial capitalisation of Kwara State Health Insurance Fund.

Stressing that the government would contribute one per cent of the annual Consolidated Revenue Fund to the fund, he said it would also subsidise premiums and service delivery to those considered to be among the poorest in the society. The governor said the Kwara Health Insurance Scheme had become compulsory for all the residents of the state.

He called on all to register and take advantage of the state-wide scheme to access affordable health care delivery in the state.

Ahmed said, “The Kwara Health Insurance Law also provides for the establishment of the Kwara Health Insurance Fund, which will pool resources from various sources, including a premium contribution from residents, the state government subsidy for the poor, multi-lateral grants, donations, support from the Federal Government and the National Health Insurance Scheme.

“An initial N200m had been set aside as the state’s capitalisation of the KHIF and to ensure that the scheme is well funded.”

In his address, the Executive Secretary, National Health Insurance Scheme, Prof. Yusuf Usman, promised to partner the state to guarantee the success of the scheme.

Also, the Executive Secretary, Kwara State Health Insurance Scheme, Dr. Bunmi Jetawo-Winter, noted that the scheme was thought-out and carefully planned to ensure affordable and accessible health care service delivery across the state.

She added that each enrollee would pay only N25 premium per day.

Jetawo-Winter said the Kwara State Health Insurance Agency would commence registration for the State Health Insurance Scheme in August. According to her, the registration will hold for 90 days across the 193 wards of the State.

She stated that during the period of registration, the agency would capture all baseline health information and the bio-data of all residents, which would also form the bedrock of standardisation of operations of the scheme.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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