Connect with us

Markets

World Bank to Spend $611m to Tackle Nigeria’s Out-of-school Children

Published

on

World Bank
  • World Bank to Spend $611m to Tackle Nigeria’s Out-of-school Children

The World Bank has approved the sum of $611 million to support Nigeria in addressing the menace of out-of-school children, which recent statistics put at over 10.5 million across the nation.

This came as the federal government yesterday flagged off the 2017/20198 Annual School Census exercise across the 36 states of the federation and Federal Capital Territory (FCT).

The Minister of Education, Malam Adamu Adamu, who kicked off the enumeration exercise in Abuja, stressed the imperative of data in planning for delivery of quality and all-inclusive education in the country.

Adamu explained that there would be simultaneous commencement of enumeration of all schools, pupils, teachers and facilities in the basic and post-basic school levels in 36 states and FCT.

He added that the census would provide reliable data that would lead to proper planning, management and administration of education in Nigeria.

Adamu announced at the event that federal government has commenced geo-positioning of schools, saying this would help in getting the exact and accurate number of schools and validating the annual census school data collection.

He lamented that some state governments, agencies of government and private schools had failed to comply effectively with the enumeration exercise in the previous years, appealing to them to diligently adhere to the guidelines so as to get the data right.

He also disclosed that the federal government would soon put the operational plan of the new Ministerial Strategic Plan for the development of education into action, which the minister said requires accurate and reliable data to implement.

“I will also urge for cooperation and full participation of the military, para-military and private schools, both registered and unregistered, almajiri centres, and integrated Koranic schools in this exercise so that we can explore and improve all school environments in order to begin to solve the problem of out-of-school children, “ he said.

Meanwhile, the World Bank Education Specialist and Consultant, Mr. Adebayo Solomon, speaking at the flag-off ceremony, disclosed that the bank approved the sum of $611 million to support Nigeria in tackling the menace of out-of-school children.

He said the gesture was to support the federal and state authorities in their efforts to foster inclusion and revive growth, in alignment with the Economic Recovery and Growth Plan (ERGP) of the federal government.

He said the 611 million dollars to Better Education Service Delivery for All (BESDA) Programme was aimed at bringing out-of-school children into the classroom, improve literacy, and strengthen accountability for results in basic education.

Solomon said the fund was also designed to support both the Federal and state governments in generating credible and reliable data in the education sector.

He noted that many states were not able to conduct annual school census because they did not prioritise it, saying with the project the World Bank is doing with the Ministry of Education, there is now money available for each of the state to be able to do it.

“He said the money is available to the level at which data are collected first of all by the states themselves. They have to spend their money and after they have spent their money somebody will now verify.

“We are working with the National Bureau of Statistics to ensure that the data are verified. Immediately they are verified, each school will collect 30 dollars. And each state government will collect $100,000.

“The more you continue to publish the data and it is becoming accurate, there is a bonus that is given to you. There should not be challenge in respect of collecting the data. State need to be on top of it and proactive,” he said.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Continue Reading
Comments

Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

Published

on

Crude oil - Investors King

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

Continue Reading

Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

Published

on

power project

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Continue Reading

Crude Oil

Again NNPC Raises Petrol Price to N897/litre

Published

on

Petrol - Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending