The Presidency says a total of 15 projects, spread across the six geo-political zones of the country, are to be financed with more than $4 billion from multilateral institutions.
The loan is under the 2018-2021 medium term (rolling) external borrowing plan.
Malam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, stated this on Saturday in Abuja.
He revealed that President Muhammadu Buhari had already requested the Senate to approve sovereign loans of $4.054billion and €710million as well as grant components of $125million for the proposed projects.
He quoted the letter by the president as saying that the sovereign loans will be sourced from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE).
He said: “The President’s request to the Senate listed 15 proposed pipeline projects, the objectives, the implementation period, benefiting states, as well as the implementing Ministries, Departments and Agencies (MDAs).
“A breakdown of the Addendum to the Proposed Pipeline Projects for the 2018-2021 Medium Term (rolling) External Borrowing Plan shows that the World Bank is expected to finance seven projects including the $125million grant for ‘Better Education Services for All’.’’
According to him, the Global Partnership for Education grant is expected to increase equitable access for out-of-school children and improve literacy in focus states.
He expressed the hope that the grant, which would be implemented by the Federal Ministry of Education and the Universal Basic Education Commission (UBEC), would strengthen accountability for results in basic Education in Katsina, Oyo and Adamawa States.
Other projects to be financed by the World Bank, according to Shehu, are the State Fiscal, Transparency, Accountability and Sustainability Programme for Results as well as the Agro-Processing, Productivity, Enhancement and Livelihood Improvement Support Project.
He said the benefiting states for the agro-processing project included, Kogi, Kaduna, Kano, Cross River, Enugu and Lagos with the Federal Ministry of Agriculture and Rural Development as the implementing ministry.
The presidential aide stated that the objective of the project was to enhance agricultural productivity of small and medium scale farmers and improve value addition along priority value chains in the participating states.
Shehu added that the World Bank would also be financing the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project in Delta, Ekiti, Gombe, Kaduna, Katsina, Imo and Plateau States, for the next five years.
According to him, the project, when completed, is expected to improve rural water supply, sanitation and hygiene nationwide towards achieving Sustainable Development Goals (SDGs) for water supply and sanitation by 2030.
“Under the external borrowing plan, the World Bank supported projects also include Nigeria’s COVID-19 Preparedness and Response Project (COPREP), under the supervision of the Federal Ministry of Health and Nigeria Centre for Disease Control (NCDC).
“The project, which has an implementation period of five years, will respond to threats posed by COVID-19 through the procurement of vaccines.
“Furthermore, no fewer than 29 states are listed as beneficiaries of the Agro-Climatic Resilience in Arid Zone Landscape project, which is expected to reduce natural resource management conflicts in dry and semi-arid ecosystems in Nigeria,’’ he said.
He gave the names of the benefiting states for the project to be co-financed by World Bank and European Investment Bank (EIB) to include: Akwa Ibom, Borno, Oyo, Sokoto, Kano, Katsina, Edo, Plateau, Abia and Nasarawa.
Others are; Delta, Niger, Gombe, Imo, Enugu, Kogi, Anambra, Niger, Ebonyi, Cross River, Ondo, Kaduna, Kebbi, Jigawa, Bauchi, Ekiti, Ogun, Benue, Yobe and Kwara.
He said the World Bank would also be funding the Livestock Productivity and Resilience project in no fewer than 19 states and the Federal Capital Territory (FCT) while the China EXIM Bank is expected to finance the construction of the branch line of Apapa-TinCan Island Port, under the Lagos-Ibadan Railway modernisation project.
Shehu said: “The French Development Agency will finance two projects, which include the National Digital Identity Management project and the Kaduna Bus Rapid Transport Project.
“The digital identity project will be co- financed with World Bank and EIB.
“The Value Chain Development Programme to be financed by IFAD and implemented in Anambra, Benue, Ebonyi, Niger, Ogun, Taraba, Nasarawa, Enugu and Kogi States will empower 100,000 farmers, including over 6,000 and 3,000 processors and traders, respectively.
“The loan facility to be provided by European ECA/KfW/IPEX/APC will be spent on the construction of the Standard Gauge Rail (SGR) linking Nigeria with Niger Republic from Kano-Katsina-Daura-Jibiya-Maradi with branch to Dutse.
“The specific project title, Kano-Maradi SGR with a branch to Dutse, has an implementation period of 30 months and will be implemented by the Federal Ministry of Transport.
“The Chinese African Development Fund through the Bank of China is expected to provide a loan facility of $325 million for the establishment of three power and renewable energy projects including solar cells production facility Phase 1 & II, electric power transformer production, Plants 1, II, III and high voltage testing laboratory.
“The National Agency for Science and Engineering Infrastructure (NASENI) will implement the project aimed at increasing local capacity and capability in the development of power and renewable energy technologies and infrastructure,’’ he further disclosed.
Shehu revealed that the Credit Suisse would finance major industrialisation projects as well as micro, small and medium enterprises schemes to be executed by the Bank of Industry.
He said the SINOSURE and Standard Chartered Bank would also provide funds for the provision of 17MW Hybrid Solar Power infrastructure for the National Assembly (NASS) complex.
“The project, with an implementation period of five years, is expected to address NASS power supply deficit and reduce higher overhead burdensome cost of running and maintaining fossil fuel generators (25MW installed capacity) to power the assembly complex,’’ he added. (NAN)
Senate Confirms Appointment Of Cardoso, Others As CBN Governor And Deputies
The Nigerian Senate has confirmed the appointment of Yemi Cardoso as the Central Bank of Nigeria (CBN) Governor and four others as Deputy Governors of the apex bank.
They were confirmed on Tuesday following a screening by the upper legislative body.
The deputy governors who were confirmed are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
“The nomination of Olayemi Cardoso is hereby confirmed as governor of the Central Bank of Nigeria (CBN),” Senate President Godswill Akpabio said.
Before their confirmation, the nominees had answered questions on matters related to economic and other policies.
During the screening, Cardoso promised to embrace compliance, assuring that under his leadership, the apex bank would remain apolitical.
“I believe that the Central Bank under our watch will have no choice but to embrace a culture of compliance,” he said.
“We will not wait for oversight to come and tell us what to do. We will ensure that by the time the system is passing through us, we catch it and we deal with it,” said Cardoso who promised zero tolerance for abuse of compliance.
“That is a cultural shift, a change in mindset, but we will make sure it happens,” the former Citibank Nigeria chairman assured.
Cardoso’s confirmation comes weeks after President Bola Tinubu nominated him as the acting CBN governor and four others as deputies.
He assumed office last week, replacing the then-acting governor of the CBN Folashodun Shonubi.
The recent appointments followed the suspension and resignation of Godwin Emefiele as the apex bank boss. The Delta-born began his reign in 2014 but got backlash owing to the naira redesign policy.
Emefiele, who was later arrested by the Department of State Services (DSS) but released on bail, is being tried on an alleged N6.9b fraud.
Senate Screens CBN Governor, Deputies Today – Bamidele
The Senate will on Tuesday screen former Chairman of the Board of Citi Bank Nigeria, Dr. Olayemi Michael Cardoso for the position of the Governor of the Central Bank of Nigeria (CBN).
The senate will also screen four nominees for the positions of CBN Deputy Governors, who will join forces with Cardoso to steer affairs of the apex bank in the next five years.
In a statement by the Media Office of the Senate Leader, Senator Michael Opeyemi Bamidele, the senate will screen all the nominees following its resumption from its annual recess.
The statement said: “The Senate of the Federal Republic of Nigeria will resume plenary on Tuesday, September 26. We will consider the screening of Dr. Cardoso at the Committee of the whole.
“Dr. Cardoso will be screened alongside four deputy governors namely Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
“Besides, the Senate has scheduled to screen the ministerial nominees – Dr. Jamila Bio Ibrahim and Mr. Ayodele Olawande, respectively designated as Minister of Youth and Minister of State for Youth on October 3.”
On September 15, President Tinubu approved the nomination of Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN).
He also approved the nomination of four deputy governors for a term of five years each at the first instance, pending their confirmation by the Senate of the Federal Republic of Nigeria.
CBN Confirms Emefiele’s Resignation As Cardoso Assumes Office
The Central Bank of Nigeria (CBN) has confirmed the resignation of Mr Godwin Emefiele as its governor, three months after being suspended from office by President Bola Tinubu.
Emefiele was thereafter quizzed by officials of the Department of State Service (DSS) who later charged him to court.
Following his suspension, the Federal Government appointed Mr Folashodun Shonubi, the Deputy Governor (Operations Directorate), to oversee the affairs of the apex bank.
In a statement by the Director of Information at the office of the Secretary to the Government of the Federation, Willie Bassey, the government said Emefiele’s suspension from office was due to an ongoing investigation of his office and the planned reforms in the economy’s financial sector.
However, on September 15, Tinubu nominated Olayemi Cardoso as the new CBN Governor, pending his confirmation by the Nigerian Senate.
“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” presidential spokesman, Ajuri Ngelale, said in a statement.
Corroborating this, the apex bank issued a statement on Friday, announcing the assumption of office by the acting governor.
The bank’s Director of Corporate Communications, Isa AbdulMumin, said Cardoso will act as governor pending his confirmation by the parliament.
“Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate. This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),” the statement said.
The bank also said that the “Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”
Cardoso was the former chairman of Citibank Nigeria. He is a distinguished leader in the financial and development sectors with over 30 years’ experience in the private, public and not-for-profit organisations.
With diverse corporate governance experience, Mr Cardoso has also sat on the boards of Nigerian subsidiaries of Texaco and Chevron and chaired the board of EFInA, a financial sector development organisation supported by the Bill and Melinda Gates foundation.
He served in government as Commissioner for Economic Planning and Budget for Lagos State, where he championed the financial reform process which led to the state’s development of independent tax revenues.
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