Connect with us

NEWS

PMB Retables Loan Restructuring Request Before NASS

Published

on

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.

NEWS

2027: ‘Even If Insecurity Worsens, Power Will Not Change Hands’ – Okpebholo Declares

Published

on

Governor Monday Okpebholo of Edo State has insisted that political power in Nigeria will remain unchanged even if insecurity in the country worsens, declaring that the ruling party remains firmly in control ahead of future elections.

Okpebholo made the statement on Tuesday during the flag-off of the All Progressives Congress (APC) campaign for the upcoming local government council elections in Edo South Senatorial District.

The governor said the recent rise in insecurity across parts of the country is being politicised, alleging that some actors are deliberately worsening the situation to discredit President Bola Tinubu’s administration.

SEE ALSO: Army Releases Six Kwara Vigilantes Arrested Along Edo Highway

He maintained that such efforts would not succeed in altering the political direction of the country.

“Even if insecurity worsens, power will not change hands. They can even kidnap all of us—there is no vacancy in Aso Rock,” Okpebholo declared.

He further argued that those behind the alleged political manipulation of insecurity have no viable alternative agenda, stressing that violence would only harm ordinary citizens rather than achieve political gain.

The governor also defended the performance of the federal government, noting that key policy decisions, including the removal of fuel subsidy, were beginning to translate into visible development projects across states.

He commended candidates of the All Progressives Congress who emerged from the party primaries for the forthcoming council polls, urging them to take the party’s message of development to grassroots communities.

Okpebholo expressed confidence that the party’s performance at the local government elections would strengthen its position ahead of the 2027 general elections.

The event also featured the official unveiling of APC candidates for various positions in Edo South Senatorial District.

Continue Reading

NEWS

Senate Queries SEDC Over N153m Abuja Office Rent, Demands Full Spending Breakdown

Published

on

Why Orji Kalu should return to Senate — Abia North constituent

The Senate has raised concerns over the financial operations of the South East Development Commission (SEDC), questioning alleged expenditures including N153 million reportedly spent on renting a single-room liaison office in Abuja.

The matter was raised during an investigative hearing of the Senate Committee on the South East Development Commission, chaired by Senator Orji Uzor Kalu, as lawmakers examined the commission’s 2025 budget implementation and spending records.

The committee disclosed that the SEDC received N16.6 billion in December 2025, with about N13 billion reportedly remaining in its account, suggesting that roughly N3.6 billion had already been expended.

ALSO READ: Kalu Dubs SEDC As Historic Milestone

Lawmakers expressed dissatisfaction with the financial report submitted by the commission, insisting that several figures were unclear and required detailed justification.

A key concern was the alleged N153 million spent on office rent in Abuja, despite the commission’s headquarters being located in Enugu.

Senator Orji Uzor Kalu described the financial submission as unacceptable and demanded proper accountability.

“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu said.

Other members of the committee also questioned additional expenditures reflected in the report, including about N2.5 billion described as unclear or insufficiently explained.

Responding to the concerns, the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, defended the commission’s spending, insisting that all expenditures were carried out prudently and within available resources.

Okoye explained that the commission operates based on actual cash releases rather than full budgeted allocations, noting that this approach helps prevent financial mismanagement.

“For example, having a budget of N140 billion does not automatically mean that N140 billion in cash is available. It would be irresponsible to award contracts worth the entire budget if only N10 billion or N20 billion has actually been released,” he said.

However, the committee was not satisfied with the explanations and directed the commission to submit full documentation of all expenditures, including contract details, payment records, and supporting documents, on or before June 23.

Senator Kalu added that the committee would review the documents before fixing another date for further appearance.

“By the 23rd, we want to have the complete documentation. Once we receive and review the documents, we will determine the date for your next appearance before the committee,” he stated.

The hearing was thereafter adjourned, with lawmakers insisting on full transparency and accountability in the management of public funds allocated to the commission.

Continue Reading

NEWS

‘Enough of the Speeches’ – Sharia Council Demands Immediate Action on Insecurity

Published

on

The Supreme Council for Shariah in Nigeria has called on the Federal Government to move beyond promises and take urgent, decisive action to address the worsening security crisis across the country.

The Council, in a statement issued by its Secretary-General, Nafiu Baba Ahmad, expressed concern over the persistent wave of killings, kidnappings, banditry and terrorism, saying Nigerians continue to live in fear despite repeated assurances from authorities that security challenges are being tackled.

According to the Council, the security situation has reached an alarming stage, with recent incidents in Borno, Oyo, Niger and Zamfara states underscoring the vulnerability of communities already struggling with years of violence and criminal activities.

SEE ALSO: ‘Enough Is Enough!’ — NLC, TUC Threaten Nationwide Strike Over Insecurity

The Council also cited the recent abduction of a retired Army General and his wife in Katsina State, describing it as further evidence of the growing reach of kidnappers and armed gangs across the country.

It noted that many attacks occurring in rural and underserved areas often go unreported, suggesting that the true extent of the crisis may be far greater than official figures indicate.

Citing reports from security monitoring and human rights organisations, the Council said thousands of Nigerians have been killed, displaced or abducted in recent months.

It added that reports indicate more than 1,000 people were kidnapped across northern Nigeria during the first quarter of the year.

Expressing frustration over what it described as a lack of meaningful progress, the Council said repeated appeals by traditional rulers, religious leaders, civil society organisations and concerned citizens for stronger security measures have yet to produce significant results.

“Nigerians are tired of speeches, promises, condolences, committees and official rhetoric that are not matched by concrete action and measurable outcomes. What the nation requires now is decisive intervention and visible results,” the statement read.

The Council reminded the Federal Government that the protection of lives and property remains one of its core constitutional responsibilities, stressing that no administration can be considered successful while citizens continue to face threats from criminal elements.

While acknowledging the sacrifices and commitment of military personnel and other security operatives, the Council said its criticism was directed at broader leadership and strategic shortcomings in the fight against insecurity.

It also called for greater transparency and accountability in the management of public funds allocated to the security sector, insisting that citizens deserve to know how resources earmarked for defence and intelligence operations are being utilised.

The Council further urged the government to embrace innovative and proactive measures, including improved intelligence gathering, deployment of modern technology, stronger collaboration among security agencies, enhanced community participation and tighter border security.

Warning against complacency, the Council said Nigerians are expecting competent leadership, concrete action and measurable progress in restoring peace and security across the country.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x