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FG External Borrowing Plan Gets Senate Approval

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The Senate has given the green light to President Bola Tinubu’s proposal regarding the 2022-2024 external borrowing rolling plan, totaling $7.4 billion and 100 million euros.

This decision aligns with the Senate Committee on Local and Foreign Debt’s report, which acknowledged the significant concerns among Nigerians regarding the nation’s borrowing activities over the past decade.

Sen. Haruna Manu, the Vice Chairman of the Committee, highlighted these concerns during the presentation of the report.

Manu emphasized that the debt service figures have become a significant burden on the nation’s revenue, constituting over 30% of its annual budget expenditure.

Manu highlighted that the shortfall between the nation’s annual revenue and the requirements for swift infrastructural and human capital development has led to the National Assembly passing deficit budgets annually.

Consequently, borrowing becomes necessary to cover these deficits in the budget. He clarified that the borrowing request submitted for National Assembly approval aimed to secure funds from multiple financial institutions.

As per Manu, the proposed projects within the Ministries of Education, Agriculture, and Women Affairs largely involve ongoing initiatives that have previously utilized external borrowed funds, including loans.

These projects are anticipated to have a substantial multiplier effect, stimulating economic growth by fostering infrastructure development, generating employment opportunities, and reducing poverty.

Additionally, he stated that they’re expected to stimulate commercial and engineering activities, leading to subsequent tax revenues payable to the government due to increased productive endeavors.

Manu further mentioned that the committees discovered the World Bank’s readiness to offer funds aimed at enhancing the reliability of electricity supply, achieving financial and fiscal sustainability, and reinforcing accountability. The objective is to ensure the full utilization of all existing grid-connected capacity to deliver increased power output.

According to Manu, the projects also aim to enhance states’ land administration, foster a business-friendly environment, and promote public-private partnerships.

The Senate swiftly granted approval for the securitization of the remaining N7.3 trillion Ways and Means revenue in Nigeria’s Consolidated Revenue Fund (CRF).

This decision came after President Bola Tinubu’s request, conveyed in a letter to Senate President Godswill Akpabio, which was read during the plenary session.

Additionally, the Senate confirmed the appointment of Executive Commissioners for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

This action came after the Senate Joint Committee on Petroleum Upstream adopted the report regarding the screening of the nominees.

The confirmed individuals include Bashir Indabawa from the North-West as the Executive Commissioner for Exploration and Acreage Management.

Kelechi Ofoegbu representing the South-East as the Executive Commissioner for Corporate Services and Administration.

Enorense Amadasu from the South-South appointed as the Executive Commissioner for Development and Production.

Babajide Fasina from the South-West serving as the Executive Commissioner for Economic Regulation and Strategic Planning.

Following these confirmations, the Senate adjourned plenary until January 23rd.

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NEWS

N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden

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Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.

In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.

READ ALSO: CSR: Dangote Cement Fuels Education With Support Projects At Lagos Schools

He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.

The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.

“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.

He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.

“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.

Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.

“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said

He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.

“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”

Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.

He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.

“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.

Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.

“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.

He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.

 

 

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International News

ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others

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The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.

The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.

In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”

READ MORE: Osun Govt Decries Attempted Murder Of Park Mgt  Chairman By Police

The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.

Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.

The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.

With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.

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NEWS

Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles

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Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.

The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.

READ ALSO: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations

Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.

He urged the committee to carry out its assignment thoroughly and within the bounds of the law.

In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.

“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.

“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”

The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.

“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”

He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.

“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.

The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.

 

 

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