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Senate approves Buhari’s $16.2bn, €1.02bn loan request

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President Muhammad Buhari
President Muhammad Buhari
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The Senate has approved President Muhammadu Buhari’s loan request for the sum of $16,230,077,718 (USD) billion, €1,020,000,000 billion (Euros), under the 2018-2020 External Borrowing plan.

Also approved was a grant component of $125 million (USD), and the request to the Bank of Industries for the issuance of €500 million (Euros) but no more than €750 million Eurobond in the International Capital Market.

The chamber’s approval to the loan requests was, however, accompanied by a resolution that the terms and conditions of the loan from the funding agencies, be forwarded to the National Assembly prior to its execution for approval and proper documentation.

The approval followed the consideration of a report by the Committee on Local and Foreign Debt on the proposed 2018-2020 External Borrowing (Rolling) Plan.

Chairman of the Committee, Senator Clifford Ordia (PDP, Edo Central), in his presentation, said President Buhari’s request was in compliance with the provisions of the Debt Management Office (Establishment) Act 2003 and the Fiscal Responsibility Act 2007.

According to the lawmaker, the provisions of the statutes enjoins the President to seek and obtain the approval of the National Assembly in respect of the External Borrowing Programme of the Federation and States.

He explained that out of the total amount approved by the National Assembly, the sum of $3,529,300,000 billion would be sourced from the World Bank; $5,078,441,252 billion from China EximBank; $3,902,267,260 billion from Industrial & Commercial Bank of China; $2,893,693,930 billion from China Development Bank; and $698,500,000 billion from the Africa Development Bank (AfDB).

In addition, he stated that €345,000,000 million euros is expected to be sourced from the French Development Agency (AFD); €175,000,000 million euros from the European Investment Bank; $190,255,276 million USD from European ECA/KfW/IPEX/AFC; €500,000,000 euros from the International Capital Market; and $62,120,000 USD from Standard Chartered Bank/SINOCURE.

Senator Ordia explained that the Committee in reaching its resolutions, noted the serious concerns of Nigerians about the level and sustainability of the country’s borrowing in the last decade.

Ordia said Nigeria’s debt figures which continue to increase, reached an all-time high of around 95 percent of retained revenue and 35 percent of its annual expenditure.

He expressed concern that the development constitutes a drain on the nation’s economy and limits resources available for national development.

Underscoring the need for a more proactive approach to revenue enhancement, the lawmaker observed that “there are noticeable improvements in our revenues but the growth is not sufficient or rapid enough to catch up with the pace of  development required for our nation.”

He disclosed that out of the sum of over $22.8 billion approved by the National Assembly under the 2016-2018 External Borrowing Plan, only $2.8 billion – an amount representing ten percent – has been disbursed to Nigeria.

The lawmaker stressed that the projects, which require additional financing, would have great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, healthcare and improve the nation’s security architecture.

He emphasized that tax revenues accruable to Government would increase as a result of the impact of commercial and engineering activities.

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Anambra Traditional Rulers Confer ‘Dike Si Mba’ Title On Tinubu

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu
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President Tinubu crowned ‘Dike Si Mba’ of Anambra by Anambra State Traditional Rulers

Traditional rulers in Anambra State on Thursday conferred a chieftaincy title of ‘Dike Si Mba’ of Anambra on President Bola Tinubu.

The Traditional rulers led by the Chairman of the Anambra State Traditional Rulers Council, Igwe Chidubem Iweka of Obosi, gave the President the title in Awka during his official visit to the state.

‘Dike Si Mba’ loosely translates to ‘Hero from another land’, was given to President Tinubu by the traditional rulers representing all the communities in Anambra State.

Tinubu, who is in Anambra State on official visit, arrived at the Chinua Achebe International Airport in Umueri around 12:15pm, and was received by Governor Chukwuma Soludo, his deputy, Onyeka Ibezim and other government officials.

Tinubu inaugurated Anambra State’s first-ever Government House on Thursday, marking a historic milestone more than 30 years after the state’s creation.

Tinubu also inaugurated several other projects done by the administration of Governor Chukwuma Soludo.

It is the President’s second visit to the South-East this year after visiting Enugu State in January.

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 Nigerian Senate Passes 2 Tax Reform Bills

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The Nigerian Senate has passed two out of the four Tax Reform Bills which are expected to overhaul Nigeria’s tax laws.

The lawmakers approved the bills following the consideration and adoption of the recommendations of the Senate Committee chairman Senator Sani Musa during the committee of the whole

The four key bills are the Joint Revenue Board (Establishment) Bill, 2025, the Nigeria Revenue Service (Establishment) Bill, 2025, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill.

But out of the four, only the Bill to Repeal the Federal Inland Revenue Service Act and enact the Nigeria Revenue Service (Establishment) Bill, 2025 was approved

The second approved bill is the Nigeria Tax Administration Bill which is an Act to provide for the assessment, collection of and accounting for revenue accruing to the federation, federal, states and local governments.

“Prescribe the powers and functions of tax authorities and for related matters”.

Presenting the report, Sani said that the bills sought to reform Nigeria’s tax framework, strengthen institutions and enhance accountability and compliance.

Contributing, Deputy Senate President of Jibrin Barau congratulated the entire Senate and in particular, the Committee on Finance and the Elders Committee for the wisdom and leadership that has been shown in the passage of the bills.

“Initially, there were in disagreements and there were rancors here and there.

“But the Senate, standing on its position as the highest assembly in the land, decided to establish this committee, the Committee of Elders (Special Committee).

“To look at all those areas of contention and hear the views of religious leaders, regional organisations and other stakeholders.”

In his remarks President of the Senate, Godswill disclosed that the remaining two bills will be considered in plenary on Thursday.

He commended the committee on Finance and senators for a thorough job.

“He also expressed gratitude to the group of “elder senators” who collated and deliberated on areas of contention in the Tax Bill through meetings and consultation with dissenting voices.

Akpabio expressed optimism that the tax laws would revolutionalise and optimise tax collection across the country.

He expressed satisfaction that the passage of the bills have dispelled rumours that they were meant to serve the interests of a part of the country, adding that all Nigerians will benefit from them.

 

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Senate Sets Up Committee To Oversee Rivers Administrator

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The Nigerian Senate has constituted an 18-member committee tasked with overseeing the activities of the Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (rtd.).

This, it said, was in a bid to strengthen transparency and accountability in the state’s governance.

Senate Leader, Senator Opeyemi Bamidele, was named as chairman of the committee.

The announcement was made on Tuesday by the President of the Senate, Senator Godswill Akpabio, during the resumption of plenary.

Akpabio highlighted the importance of the committee’s mandate, stating that its role was critical in ensuring effective legislative oversight in Rivers State.

Akpabio also hinted that the composition of the committee might be subject to review following further consultations.

Other members of the committee include Senators Adamu Aliero, Osita Izunaso, Osita Ngwu, Kaka Shehu, Aminu Abass, Tokunbo Abiru, Adeniyi Adebire, Sani Musa, Simon Lalong, Asuquo Ekpeyong, Adams Oshiomhole, Ireti Kingibe, Onyekachi, Idiat Adebule, Ide Dafinone, and Mohammed, alongside the Clerk of the Senate.

The Senate President charged the committee to commence its oversight duties without delay, stressing the urgency of their assignment.

He also reaffirmed the Senate’s commitment to upholding democratic processes in Rivers State.

 

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