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$22.7bn Loan Request Meant For Infrastructure -FG

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The Federal Government has said that the proposed amount of the 22.7 billion dollars requested by President Muhammadu Buhari in the External Borrowing Plan (2016 to 2018) would be invested in infrastructure development and not consumption.
Minister of Works and Housing, Mr Babatunde Fashola, Minister of Finance, Mrs Zaynab Ahmed and Minister of State, Transport, Ms Gbemisola Saraki made this known in a public hearing before the joint house committees yesterday.
The house committees are Aids, Loans and Debt Management, and Rules and Business. According to the Debt Management Office, Nigeria’s Total Public Debt Portfolio as at June 30 stood at $83.88 billion (¦ 25.7 trillion).
The 8th National Assembly had received the proposed projects for 2016 to 2018 Medium Term (Rolling) External Borrowing Plan put at 30 billion dollars.
The ministers, however, presented the same proposal at 22.7 dollars and gave reasons why the country should have funds as soon as possible.
They emphasised that the loans would promote infrastructure development and job creation.
The Minister of Finance said that the country had a revenue-generating challenge and stressed the need to invest in sustainable projects that would generate revenue. Ahmed said the loan would be “strictly for infrastructure development.
“So that we can address the deficit that we have. We know we must comply with some criteria; every kobo borrowed will be judiciously used,” she said.
Also, Minister of Works and Housing said Nigeria’s debt portfolio and debt service were being considered.
Fashola emphasised that investing in capital projects were needed to help the country achieve a self-sustaining economy.
“As we cannot ignore the concerns about debts, so we cannot ignore the concerns and demands for the provision of life-sustaining infrastructure.
“We have passed a budget of several hundreds of billions, but the reality is that over four years, we have never received full funding for any budget. And the reason is simple, there is a deficit, and we cannot finance it.
“Some of the roads we are investing in will last for upwards of 20 to 30 years if well maintained and not abused. For rail assets, usually, the tracks will last for at least 100 years. Power plants like the Mambilla will be there for many decades.
“So, we will be spending today’s money to secure tomorrow’s assets that will sustain our growing population and growing economy.”
The Minister of State for Transport also said there was the need to complete Kano-Lagos and Niger Delta coast rails.
Meanwhile, t he Debt Management Office says the public debt stock of the country is a cumulative figure of borrowings by successive governments over many years.
The DMO said this in a statement released in Abuja yesterday .
It said that it was not appropriate to attribute the Public Debt Stock to any particular administration.
It, however, explained that President Muhammadu Buhari submitted a request to the National Assembly for approval of the 2016 – 2018 Medium Term External Borrowing Plan for the sum of 22.718 billion dollars.
“This request is not a new one as being perceived but rather it represents those borrowings which have been submitted to the National Assembly but are yet to be approved before the expiration of the eighth Assembly.
“The requests in the Plan are proposed borrowings from multilateral and bilateral lenders.
“The proposed loans are concessional, semi-concessional, long-tenored and are for the purpose of financing infrastructure and other developmental social projects.
“All of which have multiplier effects in terms of job creation, business opportunities and overall increase in Nigeria’s Gross Domestic Product.
“Also, the benefits are long term and will serve generations of Nigerians.
“The proposed New Borrowing is consistent with the subsisting Debt Management Strategy which seeks to replace short term high –interest cost domestic debt.
“With low interest long term external debt and is one of the measures that is being implemented to moderate the level of Debt Service.
“The achievements in this regard are evidenced in the declining share of Domestic Debt in the Total Public Debt from over 83 per cent in December 2015 to about 68 per cent in June 2019,” it explained.
The statement noted that Nigeria had a ceiling of 25 per cent on the total public debt stock to GDP which is Debt to GDP and it had operated within.
It said that the ratios for Dec. 31, 2018 and June 30, 2019 were 19.09 and 18.99 per cent respectively.
“The Debt Service to Revenue Ratio (Debt Service/Revenue) has however, been higher than desirable and provides strong justification for the current drive to increase Oil and Non-Oil Revenues significantly.
“The debt service to revenue for the years 2017 and 2018 were 57 per cent and 51 per cent respectively.
“The debt service figures have grown as a result of the increase in the Debt Stock and relatively high domestic Interest Rates.
“Still on the issue of debt sustainability, when compared to a number of countries, Nigeria’s Debt to GDP is relatively low but the Debt Service to Revenue is relatively high.
“The United States of America, United Kingdom and Canada had Debt/ GDP ratios of 105, 85 and 90 per cent in 2017 which were much higher than that of Nigeria.
“But because they generate adequate revenues, their debt service to revenue for the same year were 12.5, 7.5 and 7.5 per cent respectively.
“The case was also similar for Brazil, South Africa, Kenya and Mexico who had higher Debt to GDP than Nigeria (74, 53, 57 and 46 per cent respectively but had lower debt service to revenue of 32.20, 11.4, 13.2 and 13.6 per cent respectively.
“This is clear evidence that Nigeria’s revenues are low. This is further demonstrated by Nigeria’s tax to GDP ratio of only six per cent in 2018 compared to Kenya’s 15.7, Morroco 21.8, Cameroon 12.2 and South Africa 27.5 per cent in 2017″
The statement pointed out that the above figures attested to the fact that Nigeria had a revenue challenge rather than a debt problem.
According to the statement, it is in this regard that all efforts are in top gear to increase revenues through measures such as the Finance Bill and Strategic Revenue Growth Initiative.
“Overall, the justification for the borrowing is that many of the projects in the plan are for the development of infrastructure in the areas of roads, railways, waterways and power which will help to unleash the potential of the Nigerian economy.
“Other loans such as those for the educational sector will contribute to the development of Nigeria’s human capital, while loans for Agriculture will be used to diversify the economy.
“There will also be funding for Development Finance Institutions to enhance access to finance for Micro, Small and Medium Scale Enterprises.”

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Disu Takes Over As New IGP …Declares Total War On Corruption, Impunity

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President Bola Tinubu has charged the newly decorated acting Inspector-General of Police, Tunji Disu, to make the Nigeria Police Force better than he met it, as the country grapples with banditry, terrorism, and other criminal activities.

The President, who personally decorated Disu with his new rank at the State House, Abuja, said the appointment comes at “a defining moment for our nation’s security,” expressing confidence in the new police chief’s ability to restore public confidence in the Force.

“The commitment that I expect from you is for you to make it better than you met it. And I’m sure you can do it. Nigeria is challenged right now with banditry, terrorism and all sorts of criminal activities,” Tinubu stated during the decoration ceremony on Wednesday.

The President, who drew on his personal knowledge of Disu from his tenure as Lagos State Governor, said he believes in the dedication the new IGP exhibited while serving in Lagos.

“I know your record. I believe in the dedication that you’ve exhibited while you were in Lagos and I was the Governor of Lagos State.

“Now you assume this responsibility at a defining moment for our nation’s security,” the President said.

Tinubu outlined specific expectations for the new police chief, emphasising discipline, professionalism, and inter-agency collaboration.

“I expect you to strengthen the discipline, enhance inter-agency collaboration, and restore public confidence in the Nigeria Police.

“Lead firmly but fairly, demand professionalism at every level and ensure that safety of lives and property remains your highest priority,” he charged.

Acknowledging the magnitude of the task ahead, the President assured Disu of his full support.

“It is a daunting challenge. I know you can do it.

“You have my full support as you advance the security pillars of the Renewed Hope agenda.

“You are a straightforward individual, committed and respected. You have sufficient discipline,” Tinubu stated.

The President urged the new IGP to draw from the experience of his predecessor, Kayode Egbetokun, who attended the ceremony.

“You can draw from the experience of Kayode Egbetokun who had been there before you.

“You have been part of the thinking, and you’ve been part of the innovation.

“The challenge as you hold the baton of this leadership is the belief that you will excel and Nigeria will prevail,” he said.

Tge President expressed gratitude to the former IGP, Kayode Egbetokun for his service while linking his legacy to the success of his successor.

“To the outgoing Inspector-General of Police, I extend the gratitude of the entire country.

“Nigeria, we are a grateful nation to you for your dedication in service, expression of good leadership attributes within the Force.

“You have served with commitment and distinction, and Nigeria appreciates your contribution to maintaining law and order in our country,” the President said.

He added, “What you should look back and remember is this: you have not succeeded without a good successor.

“Therefore, the success of Tunji Disu as IGP, when confirmed, is part of your responsibility and the joy you should look forward to.”

Tinubu noted that Disu’s previous role as Principal Staff Officer to Egbetokun positioned him well for the new assignment.

“Having been part of your Principal Staff Officer, I have no doubt he understands the ins and outs of the operation.

“He will only improvise. He’s an operational person from what I know,” the President stated.

The decoration ceremony, which took place at 4:00 pm at the President’s office, had in attendance Chief of Staff to the President Femi Gbajabiamila, and other senior government officials.

President Tinubu personally pinned the new insignia on Disu’s uniform, marking the formal transfer of leadership of Africa’s largest police force.

In his response, Disu pledged to justify the confidence reposed in him, vowing to end impunity and enforce zero tolerance to corruption within the Force.

“The President mentioning a lot of activities about me, mentioning areas I’ve worked, mentioning successes I’ve recorded as a policeman, brought emotion to me, almost brought me to tears,” Disu told State House correspondents.

He added, “I will let them know that the era of impunity is over. I will ensure that I train them and encourage them to follow human rights. I will ensure that they know that I will try to follow a regime of zero tolerance to corruption.”

The new police chief emphasised that Nigerian citizens are the ultimate bosses of the police.

“One of the first lectures I’m going to have with my men, I’m going to talk to them, let them know that the citizen, the citizen of the country, are the boss. No police anywhere in the world can succeed without the cooperation of members of the public,” Disu stated.

Egbetokun, in his remarks, expressed confidence in his successor’s ability to surpass his achievements.

“I invested in likely successors in the Nigerian Police Force, and I’m happy that one of those that I’ve invested in has been found most suitable for the job. I have so much confidence that he would surpass what I have done,” Egbetokun stated.

The decoration came barely 24 hours after Egbetokun submitted his resignation letter on Tuesday, citing family issues that require his undivided attention.

The new Police Chief later proceeded to the Police Headquarters to assume duty following his decoration by President Tinubu earlier in the day.

He took his first salute as Inspector-General from members of the Quarter Guard and other officers at the Force Headquarters after returning from the Presidential Villa at about 4:15 p.m. He thereafter proceeded to the official handover ceremony with Egbetokun.

Disu outlined three priorities for his tenure: professionalism and modernisation; accountability and integrity; and community partnership.

However, multiple Presidency sources told our correspondent that Egbetokun was asked to step down during a meeting with the President on Monday evening at the Presidential Villa.

Disu’s appointment came just 48 days before his scheduled retirement on April 13, 2026, when he would have reached the mandatory retirement age of 60 years.

However, under the amended Police Act, which allows Inspectors-General of Police to serve a four-year tenure regardless of age, Disu may remain in office until 2030.

According to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu will convene a meeting of the Nigeria Police Council shortly to formally consider Disu’s appointment as substantive Inspector-General of Police, after which his name will be transmitted to the Senate for confirmation.

Born on April 13, 1966, on Lagos Island, Lagos State, Disu joined the Nigeria Police Force on May 18, 1992, and has served for over three decades across multiple operational and leadership roles.

He rose to national prominence as Commander of the Rapid Response Squad in Lagos State, where he served for six years. Under his leadership, the unit won the Best Anti-Crime Squad award in West Africa in 2016.

On August 2, 2021, he was appointed to head the Intelligence Response Team, replacing the suspended Abba Kyari.

Before his elevation to IGP, Disu was Assistant Inspector-General of Police in charge of the Force Criminal Investigation Department Annex, Alagbon, Lagos. He was also a Commissioner of Police in Rivers State and the Federal Capital Territory, Abuja.

 

 

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Amend Constitution To Accommodate State Police, Tinubu Tells Senators

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President Bola Tinubu has appealed to the leadership of the 10th Senate to amend the constitution to provide a legal framework for the establishment of State Police to tackle insecurity nationwide.

President Tinubu made the appeal during an interfaith breakfast with senators at the Presidential Villa in Abuja, yesterday.

The president said that the creation of State Police has become urgent to address Nigeria’s evolving security challenges, strengthen grassroots policing, and enhance states’ capacity to respond swiftly to threats within their jurisdictions.

He noted that a decentralised policing structure would complement existing federal security architecture and promote intelligence-led, community-focused law enforcement.

“We are facing terrorism, banditry, and insurgency. But we will never fail to make a right response to this cause. What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.

The president commended the cordial relationship between the Executive and the Senate, saying that unity is needed to defeat terrorism and banditry in the country.

“It is a good thing that we are working in harmony, we are looking forward to a country that evolves, a country that takes care of its citizens and protects all.

Tinubu thanked the Senate for its unflinching support towards achieving various economic reforms of his administration, especially the fuel subsidy removal and tax reform policy.

“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together. What we gave up and what we stopped is monumental corruption in the subsidy system. We don’t want to participate in monumental corruption and arbitrage foreign exchange.

You don’t have to chase me for dollars; you could see what Nigeria is today. You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us. We need to work hard, and this attendance means a lot to me,” the president said.

President of the Senate, Godswill Akpabio, commended the president for hosting the leadership of the Senate to the Interfaith breaking of fast.

He commended President Tinubu for providing the visionary leadership the nation needs at this critical time, stating that the administration’s bold reforms have now brought more revenue to governors at the sub-national level for the development of critical infrastructure.

The Senate President prayed for the administration, and for the nation’s peace and prosperity.

 

 

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We’ve Made Significant Strides In Health Sector -Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has  declared  that his administration has made significant strides in the health sector in the past two and a half years.

Fubara, who stated this on Tuesday  at the Government House,  Port Harcourt, listed some of his notable achievements to include the revamping of  health facilities, the establishment of the health insurance scheme and the employment of over 2,000 health workers to boost the manpower and  efficiency of the sector.

The governor further disclosed that the administration has revived and expanded several abandoned health facilities, including the Zonal Hospitals in Bori, Omoku, Ahoada, and Degema.

He explained that the Ahoada Zonal Hospital is a 105-bed secondary facility that has capacity to cater for the health needs of the people in its catchment area.

In addition to the Zonal Hospitals, Fubara stated that his administration has also  paid very close attention to the Primary Healthcare Centres across the state to ensure that citizens of Rivers State, especially  those in the rural areas,  have easy access to healthcare within their communities.

According to him, the administration  approved the remodeling of 153 primary healthcare centers across the State to ensure their functionality.

“As an administration, we are very passionate about  the health of every citizen and resident of Rivers State. When we realised that many people have been under stress as a result of economic hardship, we decided to introduce mental health services at the primary healthcare level. We  are not just catering for those down with the common diseases such as malaria fever, we  want to ensure that our people get the right attention to their mental health at the right time.

“At the tertiary level, we have also  revamped the Intensive Care Unit of the Rivers State University Teaching Hospital  and provided it with modern equipment, including monitors, ventilators, and scanners. Most of these innovations are massive and unprecedented,” he said.

On staff welfare, Fubara also disclosed that he  approved the  promotions for over 400 staff of the Rivers State University Teaching Hospital and recruited an additional 500 staff.

In the same vein, the governor  said the  number of scholarships for indigenes of Rivers State studying at the  PAMO University of Medical Sciences has been increased from one hundred 100 to 150 under his watch.

 

 

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