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UK Government Partners UBA Foundation, Others In £20m Drive To Support Girl-Education In Developing Countries

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UBA Redeems USD500 Million 5-year Eurobond

As part of activities to mark this year’s edition of the International Women’s Day (IWD), the United Kingdom Prime Minister, Boris Johnson has launched a new global partnership with UBA Foundation and 10 other organisations, to improve girls’ access to education and employment in developing countries.

To this end, the UBA Foundation, together with 10 other global businesses have come together with the UK government who will be working in partnership with UNICEF’s Generation Unlimited (GenU) to fund this very crucial programme that aims to provide high quality skills training to around one million girls around the world.

The UBA Foundation, other private sector players and global businesses who are partnering to fund and resource the initiative to tune of £11m are Accenture, Standard Chartered, Unilever, Microsoft, Pearson, PwC, Coursera, Vodafone, BP and Cognizant. The UK government has contributed an initial £9m to the initiative called the Girls’ Education Skills Partnership programme.

READ ALSO: Four Years On UBA’s Leo Continues To Lead In Nigeria, Africa

Explaining its drive to undertake this project which is expected to have far-reaching positive effects for the girl-child across the world, the UK Government pointed out that even before the Covid pandemic, millions of children did not have any access to school – and girls from disadvantaged families are particularly vulnerable to missing out on education, whether through poverty or prejudice. The pandemic has created even more barriers to education, with a peak of 1.6 billion children around the world having faced school closures.

Prime Minister Boris Johnson, who pointed out that this is UK’s first education partnership of its kind where the UK Government is joining forces with the private sector to boost girls’ access to education in developing countries, said, “The United Kingdom has long been a proud and mighty champion of this fundamental cause and today we take one leap further through our first Global Partnership of its kind – opening up opportunities for one million girls across the developing world to have access to high quality skills training.”

Continuing, Boris said, “Ensuring every girl and young woman across the globe receives 12 years of quality education is the greatest tool in our armoury to end the world’s great injustices. “Delivering on this mission will be one of the best defences against ignorance, ensure the greatest protection from prejudice and put a rocket booster behind our hopes and dreams for global development in the years to come.”

In his speech, Mr Johnson noted that some of the businesses involved will be contributing a range of resources including books, computers and other technology, mentoring, advice and access to their networks, skills and training programmes just as the private sector involvement will help ensure that education and learning opportunities provide girls with the skills for the future that employers need.

READ ALSO: UBA Publishes Names Of PTA Defaulters With Fake Tickets, Visas

The Group Chairman, United Bank for Africa (UBA), Mr Tony O. Elumelu, CON, who was in attendance at the event reiterated the importance of educating the girl child and giving back always as we strive towards sustainable development.

“We understand first hand, the need to empower young women in African communities to catalyse sustainable socio economic development. At the UBA Group, we are committed to women empowerment and we continue to champion women causes in our business and through our work in philanthropy. Working together, we must ensure that our girls are properly educated and attain the necessary skills that allow them to effectively compete as the world becomes increasingly global,” he added.

Mr Elumelu thanked the Prime Minister and the UK Special Envoy, Helen Grant, for the laudable initiative that will see more girls globally, being educated.

The UBA Foundation is the Corporate Social Responsibility arm of the United Bank for Africa group. The foundation is focused on initiatives that support education, empowerment and the environment on the African continent. For over 2 decades, the UBA foundation has been giving back and changing lives on the continent.

 

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Outage Looms As Electricity Workers Threaten To Shut Down National Grid

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BREAKING: National Grid Collapses Again, Triggers Nationwide Outage

Nationwide outage may soon occur as the National Union of Electricity Employees (NUEE) has again threatened to shut down the national grid.

The electricity employees are disappointed that the two-week given to the Federal Government to resolve the crisis has elapsed.

While briefing reporters in Kaduna on Thursday, Comrade Dukat Ayuba, the zonal organizing secretary, North West of NUEE, explained that while negotiation was still on-going, the shutdown of the national grid was imminent.

 READ ALSO: Why Shutdown Of Electricity Nationwide Will Continue – Workers

According to him, the so-called privatization of the sector was a scam, explaining that nine (9) years after, nothing has changed to improve its activities, especially to the consumers of electricity.

He added: “That was why we kicked against privitazing the distribution sector, because the investors don’t have the capacity and expertise. As committed Nigerians, we advised government against it. But the government was hell- bent on doing so.”

He noted that the investors were still operating with obsolete equipment dating back to 35, 40, and 50 years, stating that one would expect that with the coming of the investors, they would replace the obsolete equipment but nothing had been done.

He regretted that the nation still generates 5,000 megawatts of electricity, saying that it is the same 5,000 megawatts that they used to generate, with no benefit from privitazation.

He added that the company now generates megawatts with higher tariffs, bringing hardships to the homes of millions of Nigerians and that is what all Nigerians are experiencing at the moment.

According to Wisdom Nwachukwu, a member of Central Executive Committe, the federal government now wants to sell the Transmission Company of Nigeria (TCN).

He stated that they were going behind meeting with some stakeholders and that they would not allow that, as they were patriotic Nigerians that want the best for the country.

READ ALSO: Nationwide Blackout Begins As Grid Collapses

Ado Gaya, the Vice President, North West, NUEE, while elaborating further, revealed that the 16 months remunerations demanded by the electricity workers are their legitimate earnings which involved 55,000 workers.

He explained that nine years after, the workers have not received a dime, regretting that many of the workers have died, while those who were laid off are suffering with their families receiving nothing to help them make a living.

 

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BREAKING: Nigeria’s Debt Hits N42.84 Trillion

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BREAKING: Nigeria's Debt Hits N42.84 Trillion

Nigeria’s total public debt stock is now N42.84 trillion ($103.31 billion), according to the Debt Management Office (DMO).

It was N41.60 trillion ($100.07 billion) in March.

According to a statement from DMO’s website on Tuesday, the total debt represents the domestic and external debt stocks of the federal government, the 36 states and the Federal Capital Territory (FCT).

It noted that while the foreign component of the debt remained at the same level of N16.61 trillion ($39.96 billion), the local component increased to N26.23 trillion ($63.24 billion).

The local component of the country’s borrowings was N24.98 trillion ($60.1 billion) as of March 30. The DMO said a larger percentage of the external debts were concessional and semi-concessional loans.

READ ALSO: Nigeria’s Public Debt Hits N38.005 Trillion

“Over 58 per cent of the external debt stock are concessional and semi-concessional loans. They were obtained from multilateral lenders such as the World Bank, International Monetary Fund, Afrexim and African Development Bank, and bilateral lenders including Germany, China, Japan, India and France,” explained the DMO.

It added that the total domestic debt stock increased from N24.98 trillion ($60.1 billion) in March to N26.23 trillion ($63.24 billion) in June, pointing out that it “is due to new borrowings by the FGN to part-finance the deficit in the 2022 Appropriation (Repeal and Enactment) Act, as well as new borrowings by state governments and the FCT.”

The DMO further mentioned that the total public debt-to-GDP ratio remained within limits, at 23.06 per cent, while debt-service-to-revenue was still high.

It, however, assured that President Muhammadu Buhari’s regime is committed to increasing revenue to reduce the amount that went into debt servicing.

“The debt-to-GDP as of June 30 was 23.06 per cent compared to the ratio of 23.27 as of March 30. It remains within Nigeria’s self-imposed limit of 40 per cent,” the DMO noted.

“While the federal government continues to implement revenue-generating initiatives in the non-oil sector and block leakages in the oil sector, debt service-to-revenue ratio remains high.”
(NAN)

 

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23 Million Jobs Lost Under Buhari – Abubakar Atiku

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Only Ayu Can Decide To Resign As PDP Chair - Atiku

Over 23 million Nigerians have lost their jobs since Muhammadu Buhari became the nation’s president, according to former Vice President Atiku Abubakar.

Abubakar, the presidential candidate of the Peoples Democratic Party, also lamented that Nigeria’s economy was “crawling” instead of growing, and Nigerians were miserable under Buhari’s rule.

“The Nigerian economy is crawling rather than growing,” the PDP standard-bearer stated.

The former vice president noted that per capita income, “a measure of citizens’ well-being, has progressively fallen since 2015 because of declining output and a fast-growing population.”

He added, “Nigerians are worse off today than they were in 2015.”

READ ALSO: Keyamo Once Sued Tinubu For Certificate Forgery – Atiku Campaign Spokesman

“More Nigerians are poorer and more miserable today than in 2015,” Abubakar further stated.

“Basic commodities are now beyond the reach of the average Nigerian. A loaf of bread costs 100 per cent more today than it did in 2020.”

Abubakar, Nigeria’s vice president between 1999-2007, disclosed this while speaking on Tuesday at the Private Sector Economic Forum organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.

“Under the present administration, our people are not working. More than 23 million people are out of jobs,” Abubakar claimed. “In just five years between 2015 and 2020, the number of fully employed people dropped by 54 per cent, from 68 million to 31 million people.”

The opposition presidential candidate was once in the same party, APC, as Buhari.

On Friday, however, Buhari claimed the Nigerian economy was growing under his leadership despite the COVID-19 pandemic disruption, Russia-Ukraine war and internal crises besetting the country.

“In this period, challenges faced by the world have been many, including lockdowns as COVID-19 raged; disruptions to supply chains around the world, and sharp fluctuations in prices,” the Nigerian leader explained.

“Our economy continues to grow despite the adverse effects of rising interest rates, a stronger U.S. dollar and higher inflation across the world.”

 

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