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CBN disburses N1.3 trn to support power supply in 5 yrs

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By Matthew Eloyi

The Central Bank of Nigeria (CBN) claims to have disbursed about N1.3 trillion to support the provision of power to Nigerians in the last five years.

Mr Godwin Emefiele, the CBN Governor, said this at a press conference following a meeting of the Bankers Committee in Abuja on Monday.

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In his words, “So, what we are trying to say here is that the CBN has always been there to support the power sector.

‘’Like you all know, we have disbursed over N1.3 trillion in the last five years to support through the Generators or Discos or to acquire equipment or to buy meters or to improve what is being paid to electricity generating companies.”

Emefiele further said that the bank had disbursed N11.11 billion to power sector players under the Nigeria bulk electronic trading payments assurance facility, bringing the cumulative disbursement under this facility to N1.28 trillion.

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He, however, pledged the apex bank’s commitment to continue to support Distribution Companies (DISCOs) to provide stable power supply to Nigerians.

He said that the apex bank would be engaging with the Power Minister and NERC to see what could be done to support them.

Emefiele also said that the bank would be providing interventions for the NNPC to ensure they import petroleum products that would end the shortage in the country.

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He noted that the Minister of Finance was holding engagements with Monetary Policy Committee (MPC) towards ensuring adequate funding to make petroleum products adequately available in the country.

“We are also saying we will be engaging NNPC ourselves, if there’s any kind of intervention that we can provide to help make it easy for them to bring in these products, so that this shortage can stop.

“Then we will see that when supply increases, people are relatively confident that when they sell whatever they’re holding, be it petrol or diesel that they can easily go and replace them, then the arbitrary price increases will reduce.

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“When arbitrary price reduces, of course, we can begin to see that there will be gradual moderation in the price of this product.

’’This would ultimately result in the moderation in the prices of other products that its price would have gone up as a result of the arbitrary increase in the price of these items.

“This is simply how we think CBN can work with them,’’ he said.

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Tinubu arrives Katsina to receive Buhari’s body for burial

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President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.

The News Agency of Nigeria (NAN) recalls that Vice-President Kashim Shettima departed London in the early hours of Tuesday with the remains of Buhari back to Nigeria.
On arrival at the Umaru Musa Yar’adua Airport Katsina, Tinubu was received by Gov. Dikko Radda,  former Vice-President Yemi Osinbajo, governors, Chairman of Dangote Group, Alhaji Aliko Dangote, Deputy Senate President, Jibrin Barau, and Speaker of the House of Representatives,  Tajudeen Abbas.
Others are Ministers, former governors, former and serving Senators, Alhaji Dahiru Managl,  former Minister of Information and Culture, Lai Mohammed, members of the All Progressives Congress (APC) National Working Committee (NEC), amongst others.
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“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

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Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.

Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.

“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.

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Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.

“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.

Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.

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“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.

Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.

“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.

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On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.

The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.

Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.

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King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

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His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.

In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.

King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”

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He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”

Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”

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