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PMB Retables Loan Restructuring Request Before NASS

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FULL TEXT: President Buhari Delivers Last New Year Message To Nigerians

 

President Muhammadu Buhari has gone back to the National Assembly (NASS), with a request for the securitization of the N22.7 trillion Ways and Means drawn from the Central Bank of Nigeria (CBN).

Buhari, while signing the 2023 Appropriation Bill into law and the 2022 Supplementary Appropriation Bill on Tuesday, urged the NASS to revisit the decision on his request, so as to save the country the pressure that servicing the interest on the exposure would bring.

It was gathered that interest on the exposure would amount to about N1.8tn in additional interest in 2023 and a 40-year repayment period on the securitized debt.

Biztellers reports that the President’s appeal is coming about a week after the Upper Chamber turned down his initial request for the restructuring of the N22.7tn Ways and Means advances.

Biztellers note that this is the eighth and final budget of Buhari administration.

Senior government officials who graced the signing ceremony of the 2023 transition budget at the Council Chambers of the Presidential Villa, Abuja, include, Vice President, Prof Yemi Osinbajo, Senate President, Ahmed Lawan, Speaker, House of Representatives, Femi Gbajabiamila, and others.

Urging the legislature to revisit his request, the President asserted that he had no intention of circumventing the NASS’ powers to interrogate the process.

In his words, ”As I stated, the balance has accumulated over several years and represents funding provided by the CBN as lender of last resort to the government to enable it to meet obligations to lenders, as well as cover budgetary shortfalls in projected revenues and/or borrowings.

”I have no intention to fetter the right of the National Assembly to interrogate the composition of this balance, which can still be done even after granting the requested approval.

”Failure to grant the securitization approval will however cost the government about N1.8 trillion in additional interest in 2023 given the differential between the applicable interest rates which is currently MPR plus 3% and the negotiated interest rate of 9% and a 40-year repayment period on the securitized debt of the Ways and Means.”

The President expressed gratitude to the NASS for approving his request for an extension of its validity date to March 31, 2023.

He instructed the Ministry of Finance, Budget and National Planning to work towards early release of the 2023 capital votes to enable ministries, departments and agencies commence the implementation of their capital projects in good time to support efforts to deliver key projects and public services as well as improve the living conditions of Nigerians.

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Tinubu Makes History at Windsor Castle, Vows Stronger Nigeria-UK Partnership

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Nigeria’s President, Bola Tinubu, has made history at Windsor Castle by addressing a state banquet, pledging to strengthen the long-standing partnership between Nigeria and the United Kingdom.

Speaking before British royalty, including King Charles III, Queen Camilla, Prince William, and Catherine, the Princess of Wales, Tinubu highlighted the deep-rooted ties between the two nations, spanning centuries of shared history, culture, and governance traditions.

SEE ALSO: Tinubu Swears in Taiwo Oyedele as Finance Minister

“Standing here in Windsor Castle, one cannot help but reflect on Britain’s impact on modern democratic governance worldwide,” Tinubu said, noting the influence of the Magna Carta and British thinkers such as Thomas Hobbes, John Locke, and Edmund Burke on democracy globally.

He emphasized that Nigeria’s institutions, including courts, parliament, and civil service structures, have drawn upon British models adapted to the Nigerian context.

Tinubu also praised Nigerians living in the UK, especially doctors and nurses who form a vital part of the National Health Service, and highlighted Nigerian contributions in sports through figures such as Bukayo Saka, Eberechi Eze, and Anthony Joshua.

Addressing security concerns in West Africa, Tinubu reaffirmed Nigeria’s commitment to regional stability and emphasized the importance of continued collaboration with the UK to tackle terrorism challenges in the Sahel.

Reflecting on his personal journey, Tinubu expressed gratitude to the UK for providing refuge during Nigeria’s military dictatorship, saying the support he and other pro-democracy activists received remains “etched in our collective memory.”

Concluding his speech, Tinubu toasted to the “special bond between Nigeria and the United Kingdom, and to the bright future that we shall build together.”

 

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Workers Rejoice as Yobe Pays Salaries Early Ahead of Eid

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The Yobe State Government has commenced the early payment of March 2026 salaries to civil servants, providing much-needed financial relief ahead of the upcoming Eid al-Fitr celebrations.

Governor Mai Mala Buni approved the initiative, and the Ministry of Finance confirmed that payments have been processed and sent to banks.

ALSO READ: Power Shock: Vandals Cripple TCN Tower, Cut Supply To Borno, Yobe

A statement from the government’s Digital and Strategic Communications unit said the move is aimed at helping workers and their families prepare for the festive period with ease and dignity.

“Since inception, the Buni-led administration has maintained a track record of paying salaries promptly and without fail,” the statement added.

The government also highlighted that while ensuring timely salary payments, it has continued executing key development projects across sectors such as healthcare, education, infrastructure, and agriculture.

This early salary disbursement underscores the administration’s commitment to financial discipline, transparent governance, and improving the quality of life for the people of Yobe State.

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Fear of Crisis Looms as Sanusi, Bayero Plan Rival Sallah Durbar

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Tension is mounting in Kano as concerns grow over a possible crisis following plans by Muhammadu Sanusi II and Aminu Ado Bayero to hold separate Sallah durbar celebrations.

The development has sparked widespread anxiety among residents and stakeholders, with fears that the parallel events could trigger unrest in the state if not properly managed.

An Islamic cleric, Sheikh Yahya Maimota, has cautioned both traditional rulers against proceeding with the celebrations under the current tense atmosphere. Speaking during a Ramadan Tafseer in Kano, the cleric urged the emirs to prioritise peace and public safety over cultural displays.

SEE MORE: Kano Bye-Election Controversy: PDP, NNPP, ADC Missing as INEC Proceeds With Poll

He warned that any form of confrontation during the festivities could destabilise the relative calm being enjoyed in the state, stressing that no society thrives amid chaos and conflict.

Maimota further noted that the ongoing legal dispute surrounding the Kano emirate throne makes the situation more delicate, advising that all parties should allow the court to determine the matter before taking actions that could inflame tensions.

While acknowledging the cultural importance of the Sallah durbar, he maintained that such events should be suspended if there is any likelihood of violence.

The cleric also called on the Kano State Government and security agencies to act swiftly to prevent a breakdown of law and order, warning that the division among supporters of the two emirs could escalate despite security presence.

Reports indicate that Aminu Ado Bayero has already notified security authorities of his intention to hold the durbar from his palace in Nassarawa.

Although Muhammadu Sanusi II has yet to make an official announcement, his supporters are reportedly mobilising for a parallel celebration.

As of press time, the Kano State Government has not issued any formal statement on the matter, leaving residents uncertain as the Sallah period approaches.

 

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