Forex: NNPC Ltd Secures $3billion Emergency Crude Repayment Loan from AFREXIM Bank |PoliFocus

L-R: DR. GEORGE ELIMBI, EXECUTIVE VICE PRESIDENT, AFREXIMBANK AND MELE KOLO KYARI, OFR, GROUP CHIEF EXECUTIVE OFFICER, NNPC LTD.

The NNPC Ltd and AFREXIM bank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.

The signing, which took place today at the bank's headquarters in Cairo, Egypt, will provide some immediate disbursement that will enable the NNPC Ltd. to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.

Let's hope this will indeed be a game changer for the dwindling Naira. 

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President Tinubu And Fuel Subsidy Hullabaloo |PoliFocus

The announcement of the removal of fuel subsidy by the newly sworn-in president Bola Tinubu has been causing a lot of debates both online and offline. While some see the development as a child of necessity but majority see it as ill-timed.

Quite a number of programs should have been arranged to cushion the effect of the decision on the masses but lo and behold, the shocker is seen to be here to stay.

Our minimum wage is nothing to write home about. Increment of salaries and wages should precede the decision, as vast populace are civil servants. As at now, the minimum wage of N30,000 can only buy roughly 60 liters of petrol, this is nothing but sheer wickedness on the part of the government.

If indeed the Tinubu-led administration is sincere about raising funds to execute people's friendly and purposeful projects, he should start with reduction of the bogus allowances and takehome of public servants. Reductions in convoys and presidential fleets will make an average citizen to see him as a serious minded and emphatic leader.

Tinubu should throw the border opened and arrange some feasible palliatives in this regards as soon as possible before the masses jumps to the street. It's still possible for him to right his wrong. One of the attributes of a great leader is to admit his mistakes and work on fixing them. 

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