• FG requests a $1.5 Billion Budget Support Loan from the World Bank
• Representatives discuss the acquisition of official vehicles despite national crisis
• United Nations report reveals 12,000 foreigners have sought asylum in Nigeria between January to August
• FEC meeting set to address national economic issues
• Foreign Exchange Reserves (Forex) five-month decline ceases after recent gain

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

FG requests a $1.5 Billion budget support loan from the World Bank

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, admitted that the federal government of Nigeria is acquiring a $1.5 billion budget support loan from the World Bank.

According to Mr Wale Edun, the World Bank has money through the International Development Association (IDA), which is meant for poor countries. He stated that in such a period, Nigeria felt like one such and could qualify for a loan.

“I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding, and that means that effectively, the interest rate will be zero,” he said at the Nigerian Delegation briefing on the sideline of the International Monetary Fund (IMF)/World Bank Annual Meeting in Marrakech, Morocco.

Representatives discuss the acquisition of official vehicles despite national crisis

The House of Representatives has concluded its decision to purchase and distribute official vehicles for the members of the 10th National Assembly despite the country’s current economic hardship.

The Chairman of the House Committee on Media and Public Affairs, Akin Rotimi, revealed in a statement that the management was in the process of acquiring and sharing the vehicles among the members.

These vehicles cost billions of naira to acquire, and they would be given to the 360 honourable members of the Legislative.

The news of this vehicle procurement has garnered enough public interest that it has been publicly addressed by Akin Rotimi, who states that these vehicles are not personal gifts.

United Nations report reveals 12,000 foreigners have sought asylum in Nigeria between January to August

Data received from the United Nations Human Rights Council, Nigeria, has shown that no less than 6,064 foreign nationals, majorly consisting of children, have requested asylum in Nigeria between January and August 2023.

The report revealed that most asylum seekers came from countries like Palestine, Chad, the Central African Republic, Cameroon, the Democratic Republic of Congo, Sudan, Lebanon and Syria.

According to the National Commission for Refugees, Migrants, and Internally Displaced Persons, the number of asylum seekers is 2,759 children, 1,602 women and 1,703 men.

FEC meeting set to address national economic issues

The Federal Executive Council (FEC)’s second meeting will be held at the council chambers of the Presidential Villa on October 16, after the first meeting on August 28.

The FEC boasts of taking into consideration the economic matters of the country and how best to move forward with strategies that are to be formulated and implemented across Nigeria’s 36 states and the Federal Capital Territory.

Foreign Exchange Reserves (Forex) five-month decline ceases after recent gain

Nigeria’s foreign exchange reserve has witnessed its first gain in five months of decline due to the expectations that changes in forex management rules will help mitigate the unstable forex market.

The gain occurred this weekend since May 19, and reports show that forex reserves recorded an increase of $1.72 million to close the week at $33.22 billion.

Analysts have given CBN accolades for working hard at trying to regulate forex management.