Connect with us

News

Boost climate action funding, Tinubu urges World Bank, IMF

Published

on

President Bola Tinubu has called on the World Bank, International Monetary Fund (IMF), and African Development Bank (AfDB) to scale up financing for climate action.

Tinubu, represented by Vice-President Sen. Kashim Shettima, made the call at a Climate Summit during the 80th Session of the United Nations General Assembly (UNGA) in New York, United States.

The president stated that the climate emergency demands not just words, but courageous and sustained leadership.

Tinubu said Nigeria was mobilising $20 to $25 billion in climate finance by 2030, including green bonds, blended finance, and public-private risk-sharing mechanisms.

He called on global partners to scale up concessional finance, knowledge sharing, and technology transfer to accelerate not just Nigeria’s transition, but Africa’s contribution to a safer, more sustainable world.

He said, “We aim to unlock at least $7 to $10 billion in grants and concessional finance from global partners, while promoting technology transfer, regional energy integration, and green entrepreneurship to drive inclusive growth. For Nigeria, a country acutely vulnerable to climate impacts, climate action is not a choice; it is an existential necessity.

“To mobilise resources, we have undertaken significant domestic reforms. We have simplified and modernised our tax laws to ease compliance, removed unproductive fossil fuel subsidies, reduced burdens on households and businesses, and enhanced revenue efficiency. At the same time, we are strengthening our business environment through legislation and policies that improve the ease of doing business. This is to attract private capital and expand opportunities for investment in clean energy and sustainable infrastructure.”

See also  Tinubu nominates Oyedele as minister

Tinubu said that in March 2025, Nigeria launched the Nigeria Carbon Market Activation Policy, establishing a robust framework for high-integrity emissions reductions.

He added, “This positions Nigeria as a credible hub for Article 6, Voluntary, and Compliance carbon markets. Through this mechanism, our target is to mobilise up to $2.5 billion by 2030 in high-quality credits and related investments.

“We are under no illusion: no country can tackle the climate crisis alone. Like other developing nations, Nigeria requires significant support to implement effective mitigation and adaptation strategies. We therefore call on International Financial Institutions, notably the World Bank, IMF, and African Development Bank, to scale up financing for climate action. Likewise, developed countries must honour their climate finance commitments, including the $100 billion annually pledged under the Paris Agreement.”

He said that as a demonstration of its unwavering commitment, Nigeria had updated its Nationally Determined Contributions (NDC 3.0), in line with UNFCCC guidance.

Tinubu continued, “This enhanced NDC reflects greater ambition, integrating mitigation and adaptation measures to safeguard our people, protect ecosystems, and accelerate inclusive growth. It was formally submitted to the UNFCCC Secretariat on September 21. This NDC 3.0 departs from the business-as-usual approach to an absolute economy-wide emission reduction, our highest ambition level to date.”

The president said the targets were better defined and will be supported by an investment plan to accelerate implementation.

Tinubu added, “Nigeria’s NDC 3.0 commits to significantly increasing mitigation and adaptation ambitions with clearer targets compared to NDC 2.0. Within the LULUCF sector, Nigeria aims to lower the deforestation rate by 60 percent, which offers a substantial mitigation potential of 304.8 MtCO2eq, while also pursuing a mitigation potential of 34.4 MtCO2eq by increasing forest area through reforestation and afforestation.”

See also  US lifts visa restrictions on Ghana, restores eligibility for five-year multiple-entry visas after deportee agreement

He said Nigeria was increasing the adoption and use of cleaner energy systems, especially in manufacturing and industries.

“We are increasing captive generation capacity using cleaner fuels by installing seven GW, 50 percent renewable and 50 percent natural gas, for a practical Energy Mix Plan on our journey to net-zero by 2060; electrifying key sectors such as public transport and industry. We are also implementing national energy efficiency standards to deliver absolute reductions in energy intensity by 2030.”

The president said that for the first time, “Health” and “Action for Climate Empowerment” have been included as priority sectors in Nigeria’s NDC 3.0, demonstrating its commitment to economy-wide climate governance.

He added that Nigeria was scaling climate-smart agriculture to reach five million smallholder farms by 2030, with a view to increasing yields by 20–30 percent and expanding drought-resistant crops.

“We are building resilient infrastructure, integrating early warning systems, climate-informed urban planning, and resilient housing to reduce climate-related damages by 50 percent. We plan to restore mangroves, forests, and wetlands to enhance carbon sinks by 200 metric tonnes of Carbon Dioxide Equivalent (MTCO2e) cumulatively by 2030, while protecting biodiversity and livelihoods. Nigeria aims to lower the deforestation rate by 60 percent, which offers a substantial mitigation potential of 304.8 MtCO2eq, while also pursuing a mitigation potential of 34.4 MtCO2eq by increasing forest area through reforestation and afforestation,” Tinubu added.

He said that institutionally, Nigeria had established the National Council on Climate Change (NCCC), supported by a cross-ministerial Secretariat, to ensure coherence, accountability, and measurable results.

He reaffirmed that for Nigeria, climate action is not a trade-off between growth and sustainability; it is the pathway to sustainable growth, innovation, security, and shared prosperity.

See also  PHOTOS: Troops rescue five kidnapped travellers in enugu

Tinubu assured that Nigeria was ready to work with all partners, lead where necessary, and deliver because the time for climate action is now.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Veteran Yoruba broadcaster and comic actor, Timothy Agboola, widely known as Ereke Ni Shop, has died

Published

on

Veteran Yoruba broadcaster and comic actor, Timothy Agboola, widely known as Ereke Ni Shop, has died after battling an illness.

It was reports that the entertainer passed away on Wednesday at a private hospital in Lagos after reportedly being sick for a long time.

Agboola built a strong reputation in Yoruba broadcasting and comedy.

Over the years, he became popular for programmes that mixed humour with storytelling while also promoting Yoruba culture and traditions.

Many listeners saw him as someone who loved his heritage and proudly represented Ijesa culture through his work.

Following the announcement of his death, many colleagues, friends and fans began sharing messages of condolence on social media.

One of his associates, Idris Shogbola, was among those who first shared the sad news online while mourning the loss of the veteran broadcaster.

“May the soul of our boss rest in peace. Pa Timothy Agboola ‘Ereke ni Shop’. Baba Oloye Repete… A broadcaster, actor, comedian. May God Almighty give you eternal rest in peace. Amen. Ereke ni Shop sun re o,” he wrote.

Agboola gained wide attention through his unique storytelling style and lively comedy.

His radio shows often combined humour with social observations about daily life, which made him popular among many Yoruba listeners.

During his long career in the entertainment industry, he worked with several well-known entertainers, including Baba Alajeju.

Some of his comedy performances date back to the 1970s when he was already becoming known for his lively stage presence.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

See also  Under pressure: Tinubu may drop controversial names from pardon list
Continue Reading

News

I Don’t Leave My House Without Going Through Newspapers – Tinubu

Published

on

President Bola Tinubu has assured Nigerians that he is always concerned about the welfare of the masses.

He disclosed that he reads about happenings in the country every morning before leaving home.

Tinubu stated this during an interfaith breaking of fast with senior journalists and media executives at the Presidential Villa in Abuja.

He said that he was a little bit stubborn at the beginning of his administration.

The president also stated that his administration has opened up on the principles of true federalism to the extent that local governments now get direct allocation from the Federal Government.

He said, “There’s no morning that I ever leave my house without going through the newspapers. It’s an addiction. I read all of you.

“It might not be in full detail, but headline, the one that would hit me and the ones that won’t.

“At the beginning of this administration, I was just a little bit stubborn, looking at opportunities to correct things and make life more easier for the downtrodden.”

Meanwhile, Tinubu has stated that improving Nigeria is a collective responsibility.

He asserted that the country’s development cannot be the sole responsibility of the federal government and urged the media to hold states and local governments accountable.

The President stated this on Friday when he hosted media executives and proprietors at the Aso Rock Presidential Villa in Abuja.

Tinubu cited increased financial autonomy for the lower tiers of government and urged the media to extend the same level of scrutiny they apply to his government to the local and state administrations.

See also  Again, US to deport 18 Nigerians on criminal list

“We’ve opened up the principle of federalism to the extent that local governments are now getting their money. But how they use it is in your hands,” Tinubu said.

“So don’t bombard me alone; look at the local government too. Yes, we can complain it’s not enough; we can complain we are not where we should be. But we have to manage what we have to sustain today, survive tomorrow, and make progress.

“Today, there is no state that is borrowing to pay the salaries of employees,” he told the gathering.

“Yes, we can complain that it’s not enough. We can complain we are not where we should be, but we have to manage what we have to sustain today, survive tomorrow, and make progress,” he added.

The ex-Lagos State governor reiterated his commitment to doing the job with dedication.

“And I promise you, the job that I continue to do is dedication, patriotic dedication to improve Nigeria. It’s all in our hands; it’s a collective responsibility,” he said.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

News

US Lawmaker, Moore Alleges American University Shooter Met ISIL In Nigeria

Published

on

United States lawmaker, Riley Moore, has alleged that a shooter who attacked Old Dominion University in Virginia met with members of the extremist group Islamic State of Iraq and the Levant (ISIL) in Nigeria before carrying out the incident.

Moore made the allegation on his 𝕏 account on Saturday, in response to the attack.

It was understands that the attacker, Bailor Jalloh, a former Virginia National Guard member and convicted supporter of ISIS, entered a classroom filled with Reserve Officers’ Training Corps (ROTC) students and opened fire.

According to the FBI, the gunman shouted “Allahu Akbar”, Arabic for “God is greater”, before shooting at students inside Constant Hall.

The classroom quickly descended into chaos as terrified students scrambled for safety.

However, several ROTC students bravely confronted the gunman and ultimately subdued him, preventing what authorities believe could have been a far deadlier massacre.

Reacting to the development, the lawmaker claimed that the suspect was earlier imprisoned but was released before the attack despite alleged ties to the terrorist group.

“The radical Islamic terrorist who attacked Old Dominion yesterday was let out of prison early despite meeting with ISIL in Nigeria and seeking to aide and abet ISIL in carrying out an attack on our homeland,” Moore said.

The congressman criticised the circumstances surrounding the suspect’s release, describing the development as alarming and unacceptable.

“This is insane, and it MUST END! That’s why I’m introducing a bill to denaturalize and deport any naturalized citizen who seeks to commit a terrorist attack or aids and abets terrorism against the American people,” he said.

See also  EFCC Hands Over Recovered N42.5m To 70-Year-Old Widow Defrauded By Her Account Officer In Kaduna

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Trending