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Nigeria Has Secured $2.25B World Bank Loan With An Interest Rate Of 1% – Minister Of Finance

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The minister of Finance and coordinating minister of the economy, Wale Edun has announced that Nigeria has secured a $2.25bn World Bank loan with a 1% interest rate.

While speaking at the annual meetings of the International Monetary Fund (IMF) and World Bank Group on April 20, Edun disclosed that the loan was approved by the board of directors of the World Bank, and offers a 40-year term, a 10-year moratorium, and a one percent interest rate.

He said;

“If you look at the fact that we have qualified for the processing, just this week to the board of directors of the World Bank of a total package of $2.25 billion.

“There is no such thing as a free lunch but it is the closest you can get to free money. It is virtually a grant. It is about 40 years, 10 years moratorium and about one percent interest. That also is part of the flow that you can count.”

He added that Nigeria also secured similar budgetary support and low-interest funding from the African Development Bank (AfDB). Edun said;

“Clearly, there are also ongoing discussions with foreign direct investors. Some of these things take longer than you expect but they are relatively advanced discussions on major foreign direct investments flows into the country, specific transactions with specific companies, institutions, and authorities.”

This news has however stirred different reactions from citizens as not everyone agrees with the idea of Nigeria borrowing money.

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Teacher Arrested For Beating 8-Year-Old Pupil To Coma In Anambra

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A 30-year-old teacher at Landmark School Mgbakwu in Awka North Local Government Area of Anambra State, Faith Nwonye has been arrested for allegedly beating an 8-year-old pupil into a coma.

The state commissioner for Education, Ngozi Chuma-Udeh, who disclosed this while briefing journalists in her office on Monday, May 20, 2024, said that the school has been permanently shut down.

Chuma-Udeh said she had summoned the school’s proprietor and Nwonye to explain the incident that led to the brutal beating of the primary pupil.

“We received this unfortunate incident from an illegal school in Mgbakwu that a child was beaten to a coma over the weekend. On behalf of the State Government, we invited the proprietress of the illegal school as well as the teacher who purportedly beat the child,” she said.

“We’ve handed the matter to the police for further investigations, as we await Mr Governor’s directives. Meanwhile, the school is closed down indefinitely because it’s not supposed to exist in the first instance. Any parent who is enrolling his/her child in an illegal school is doing so at his/her own peril.

“To the proprietors of private schools, anyone running an unapproved school in Anambra is a criminal. It’s a criminal offence to run an illegal school in the state.

“Whether the school is legal or not, it’s criminal to beat a child. According to the doctor, the chances of survival of the child is 20%.”

The commissioner added that the teacher would be brought to book.

“As soon as the police are done, the teacher will face other institutions against child rights. She’s going to have the full wrath of the law brought upon her over her actions,” she said.

“Anambra state abhors violence to children, women, and any other person. It’s not part of this administration and Mr. Governor is against such.”

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BREAKING: Iran President, Ebrahim Raisi And Others Confirmed Dead After Helicopter Crash

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The Iranian President, Raisi has been confirmed dead alongside others in a helicopter crash.

The body of the President however could not be identified due to burns beyond recognition.

President of Iran, Ebrahim Raisi

According to information, A foreign minister was also involved in the crash and a list of others. They are; Foreign Minister Hossein Amir Abdollahian, Governor of Eastern Azerbaijan province Malek Rahmati, Tabriz’s Imam Mohammad Ali Alehashem, The Pilot, The Copilot, Crew Chief, Head of Security and Bodyguard.

The rescue team were at the crash site of the helicopter carrying the president and the discovery came after a long night of searching in freezing conditions.

Shortly before the discovery, Iranian Red Crescent Society head Pir-Hossein Kolivand said the situation was “not good.”

According to Reuters, the helicopter was completely burned in the crash.

Additional and Unfortunately, there is a possibility of martyrdom of all the passengers of the helicopter.

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The Peruvian Government Has Officially Classified Transgender, Nonbinary And Intersex People As “Mentally ill”

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According to the country’s ministry of health, the controversial decision was made to ensure the country’s public health services could “guarantee full coverage of medical attention for mental health” for the trans community.

It also categorises “dual-role transvestitism,” “fetishistic transvestism,” and “other gender identity disorders” under the same bracket of mental illness.

The new law will change language in the Essential Health Insurance Plan (PEAS) to reflect the view of trans and intersex people as a mental health disorder.

Trans groups across Peru have loudly condemned the decision as a step backwards for the country’s already complex relationship with LGBTQ+ rights.

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