Connect with us

News

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

Published

on

President Muhammad Buhari
President Muhammad Buhari
Share

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

News

Presidential Working Group Extends Deadline for State Policing Bill Submissions

Published

on

Policemen
Share

The Presidential Working Group on the National Policing Bill has extended the deadline for Nigerians and other stakeholders to submit memoranda and position papers on the proposed legislation.

The new deadline is 5:00 p.m. on Friday, August 21, 2026.

Chairman of the Working Group and Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, said the extension was to give individuals, organisations and institutions more time to prepare detailed contributions to the proposed policing reform.

He urged legal practitioners, civil society organisations, security professionals, state governments, academics, professional bodies and other interested members of the public to take advantage of the extension.

Gbajabiamila said the proposed National Policing Bill would provide the operational, administrative, institutional and funding framework for an effective and accountable policing system that responds to Nigeria’s security challenges.

He added that the Working Group would consider key issues including sustainable funding, command and control, recruitment and training, operational jurisdiction, inter-agency coordination, accountability and safeguards against political interference.

All submissions must be made through the official National Policing Bill portal, nationalpolicingbill.com, on or before the new deadline.

The Working Group said it would use the contributions from stakeholders to produce a final, implementation-ready draft of the National Policing Bill for onward legislative processing.

Continue Reading

News

Benue Lawmaker Rejects FG’s Pilot Ranching Plan, Urges Enforcement of State Anti-Open Grazing Law

Published

on

Share
Hon. Arc. Dr. Asema Achado, Member of the House of Representatives for Gwer East/Gwer West Federal Constituency, has rejected the Federal Government’s proposed pilot National Ranching Programme in Benue State, urging the state government and citizens to resist any arrangement that undermines the state’s Open Grazing Prohibition and Ranches Establishment Law, 2017. The Minister of Livestock Development, Alhaji Idi Maiha, had announced that Benue, Plateau, Nasarawa, Kaduna, Adamawa and the Federal Capital Territory were selected for the pilot phase, with rollout already commencing at the Wase Grazing Reserve in Plateau State. In a statement on Wednesday, Achado said while ranching remains a viable and modern approach to livestock production, Benue already has a comprehensive legal framework that must be respected. “Any federal intervention must respect the constitutional powers of the state and the provisions of the Open Grazing Prohibition and Ranches Establishment Law, 2017,” he said. He noted that the law was enacted to protect lives and property, promote peaceful coexistence, safeguard agricultural production and encourage modern livestock management. It prohibits open grazing and uncontrolled movement of livestock while providing for the establishment and regulation of ranches. Citing the Land Use Act, 1978, and the 1999 Constitution, Achado said land management is vested in the Governor as trustee, and states have legislative competence on agriculture and land use under Part II of the Second Schedule, particularly items 17, 18 and 20. He therefore urged Governor Hyacinth Alia to “firmly protect Benue’s land, agricultural interests and existing legal regime,” stressing that “no ranching initiative should become a disguised mechanism for the acquisition or occupation of ancestral lands.” The lawmaker recalled that previous attempts to introduce similar schemes, including the RUGA initiative under the former administration, were strongly rejected by Benue people over concerns of land ownership, security and the protection of farming communities. He also cited the May 2025 positions of the Tiv and Idoma Traditional Councils calling for the removal of armed herders from the state and the protection of farming activities, warning that insecurity in Benue directly threatens food production and national food security. Achado further referenced judicial pronouncements, including Attorney-General of Benue State & Anor v. Attorney-General of the Federation & 2 Ors (FHC/MKD/CS/56/2019), as affirming the validity of the state’s anti-open grazing legislation. While rejecting the pilot as currently conceived, Achado acknowledged that the 2017 law could be strengthened. He proposed amendments to address gaps such as longer and clearer ranching lease provisions, financial and infrastructural support for low-capital livestock farmers, livestock identification and tracking mechanisms, and broader stakeholder consultation. He called on the Benue State Government to engage the Federal Government on a law-based partnership to support implementation of the state’s existing ranching framework, and to deploy federal security agencies to support enforcement pending the establishment of a State Police structure. “I reaffirm my commitment to protecting the constitutional rights, security, land and agricultural interests of the people of Benue State, while supporting sustainable and peaceful livestock production that respects the law of the State and promotes peaceful coexistence,” Achado said.

Continue Reading

News

Police Nab Lagos Pastor for Allegedly Defiling Church Member’s 2 Daughters

Published

on

Nigerian Police Logo
Share

The Police Command in Lagos State has detained a pastor for allegedly defiling two daughters of a church member in the Isolo area of the state.

It was gathered that the suspect, who is the General Overseer and founder of the church, was apprehended following a petition dated July 28, by the father of the victims.

Following the petition, the Commissioner of Police in the state, Mr Fatai Tijani, directed the State Criminal Investigation Department (SCID), Yaba, to conduct a thorough investigation into the case.

A police source told NAN on Wednesday, that the case was reported through a petition dated July 28, by the victims’ father, an adherent of the church, against the suspect.

The source said the suspect allegedly began having sexual intercourse with the petitioner’s eldest daughter when she was 13 years old.

”The pastor allegedly began having sexual intercourse with her at the church when she was 13 years old, and continued until she turned 16 and gained admission into the university,” the source said.

The source added that the sexual escapades of the suspect was exposed after he allegedly sexually assaulted the petitioner’s younger daughter, aged 14, on two occasions.

“This he allegedly did through indoctrinating the naive minor with manipulative biblical injunctions, a gimmick he used on the elder sister.

”After the assaults, the younger daughter reported the suspect to her parents.

”It was after the suspect was exposed that the eldest daughter also opened up to her parents, alleging that the pastor had been having sexual intercourse with her since she was 13 years old.

“The investigation is being handled by the Gender Section of the SCID, Yaba, under the supervision of the Deputy Commissioner of Police in charge of the department, Mr Dayo Akinbisehin,” he said.

The source said the suspect was subsequently apprehended and had allegedly confessed to the offences.

”The investigation is ongoing and the suspect will be charged to court upon completion of the investigation,” the source added

Source: NAN

Continue Reading