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$22.7bn Loan Request: CUUP Sues Buhari, AGF, Others
A group of opposition parties – the Coalition of United Political Party (CUPP), has sued the Federal Government, President Muhammadu Buhari and others over move by the government to borrow $22.7billion.
The CUPP, in a suit filed before the Federal High Court, Abuja, through one of its members, Action People’s Party (APP), is praying the court to among others; restrain the Federal Government from further engaging in any form of borrowing.
In the suit filed, yesterday by APP’s lawyer, Chibuzor Ezike, the party particularly wants the court to set aside or nullify any approval for external loan granted the Federal Government by the National Assembly.
Other defendants in the suit, marked: FHC/ABJ/CS/2020 include that Attorney-General of the Federation (AGF), the Minister of Finance and the National Assembly.
Part of the reliefs are: A declaration that it is unlawful and unconstitutional for the National Assembly to offer to undertake any guarantee for the requested external loan made by the President when the terms and conditions of the said loan has not been duly laid before, considered and approved by the NASS as mandatorily stipulated by the law.
The party is equally praying the court to declare as unconstitutional, unlawful and ultra vires the executive powers of the President to borrow external loan and participate in the negotiation and acquisition of any external loan without proper legislative framework by the NASS.
No date has been fixed for the hearing of the suit.
In a statement, yesterday, CUPP’s spokesman, Imo Ugochinyere, said his group has also written to all the lenders to halt the loan request in view of the pending legal action.
He said “The loan request is riddled with project lopsidedness, lack of financial prudence, secrecy, plan to use loan for frivolous projects, over costing of projects, corruption, misapplication and incompetence.
“The Senate leadership has clearly and unambiguously shown it is not on the side of the people and it is not representing the Nigerian people but their selfish interest.
“There unpatriotic stand on national issues and lack of vision has become all the more apparent and have turned the Senate into a chamber filled by political Allelluya boys.
“Fellow Nigerians, the exchange rate of the Dollars due to certain vagaries, including gross mismanagement of our economy is now chasing N400 to a Dollar.
“This means that at this rate, the $22.7billion foreign loan will be the equivalent N9.8trillion.
“This is more than the entire 2019 budget and just a little less than the entire 2020 budget.
“How can a government borrow its entire budget yet citizens are in doubt as to the contents of the loan package,” he said.
However, the Minister of Finance, Mrs. Zainab Ahmed, yesterday, disclosed that the Federal Government has suspended its $22.7billion external borrowing plans due to current realities in the global economic landscape.
Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission (SEC), Ahmed stated that the government would not go ahead with the borrowing programme even if it secures the approval of the National Assembly.
The finance minister explained that the decision of the government to suspend the borrowing was due to the fact that market indices do not support external borrowings at the moment.
She said, “The parliament is still doing its work on the borrowing plan. One arm of the parliament has completed theirs and the other arm is still working and it is a process that is controlled by the parliament itself, so we are waiting.
“However, we are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get approvals we will defer it and watch the market and go out only when the timing is right.”
She explained that the Federal Government was not relenting on its plans to diversify the country’s economy, noting that unfolding events of the past few months, the Coronavirus pandemic and the oil price war, had further reinforced the resolve to diversify the national economy.
She disclosed that the current challenges in the global economy had brought to the fore the need for the country to develop a non-oil attitude to everything.
According to her, the Federal Government planned to prioritize expenditure in favour of major capital expenditures that would have greater impact, and which would create job and visibility and also enhance the ease of doing business in the country.
She noted that expenditures that are not critical must be deferred to a later date when things become more normal.
The minister said, “Several national plans, programmes and projects have been directed at diversifying the production and revenue structures of our economy.
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Fubara Redeploys Green As Commissioner For Justice
The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.
Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.
This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.
According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.
The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.
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Fubara Restates Commitment To Peace, Development …Commissions 10.7km Egbeda–Omerelu Road
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration will ensure the delivery of developmental projects and the prevalence of peace in all parts of Rivers State.
The Governor emphasized that the achievement of these lofty ideals can only occur through the unwavering contributions of all Rivers stakeholders.
Speaking during the commissioning of the 10.7-kilometre Egbeda–Omerelu Road constructed by his administration, the governor said Rivers State can only move forward when its people choose unity over division.
He assured Rivers people that development projects would reach every part of the State but cautioned that progress cannot thrive where conflict persists.
Reflecting on the project, Governor Fubara recalled that the road was a promise he made during the inauguration of the first phase about a year ago.
“We made a promise that we were going to do this project, and today I am happy that the government has fulfilled that promise made to Emohua people, Egbeda community and Omerelu people,” he said.
He noted that the essence of governance is service to the people, adding that responding to their needs is a core responsibility of any administration.
“We decided to do this because you know where we are coming from, and if we don’t tell our story, many won’t know what we are doing. Even in the face of tribulations, we have remained focused on delivering the dividends of democracy. We will continue to serve our people with respect and honour,” he affirmed.
Governor Fubara also reiterated his support for President Bola Ahmed Tinubu, pledging to back all groups working towards securing the President’s victory in 2027.
Giving technical details of the project, the Permanent Secretary of the Ministry of Works, Dr. Austin Ezekiel-Hart, explained that the contract was awarded on October 27, 2024, to Messrs Johnson Roadworks Limited.
He said the road links communities in Emohua and Ikwerre LGAs and shortens travel time for motorists commuting from Ahoada East, Ahoada West and Omoku through Egbeda to Owerri in Imo State.
He added that the infrastructure features a 12-metre clearing width and an 8-metre asphalt surface, comprising a 50mm binder course and a 40mm wearing course. It is complemented by 24 kilometres of drainage channels with a 1.05m² cross-sectional capacity to ensure durability and efficient water flow.
In his remarks, the Chairman of Emohua Local Government Area, Dr. Chidi Lloyd, described the road as a crucial link for surrounding communities, significantly easing movement for residents.
He praised the governor for demonstrating continuity and consolidation and prayed for God’s strength to enable him to achieve even more for the people.
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Oil & Gas: Rivers Remains The Best Investment Destination – Fubara
Governor Siminalayi Fubara says Rivers State remains the best investment destination for investors in the oil and gas sector.
Governor Fubara stated that since the economic development of Rivers State is closely connected to the growth of the oil and gas industry, his administration has continued to collaborate with the Federal Government and host communities to protect natural assets in the sector.
The Governor stated this during the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation Oil and Gas Roundtable in Port Harcourt.
Represented by the Secretary to the State Government, Dr. Benibo Anabraba, he pointed out that since the economy of Nigeria relies substantially on the oil and gas sector, his administration will continue to collaborate with relevant stakeholders to ramp up production.
“The Nigerian oil and gas sector is the lifeblood of our nation’s economy, contributing over 90% of Federal Government’s foreign exchange earnings. Similarly, Rivers State, home to numerous national and multinational oil and gas companies, is the centre of Nigeria’s hydrocarbon industry, with the State’s oil and gas resources generating over 40% of the country’s revenue.
“?Considering this, the survival and economic development of Rivers State are closely connected to the growth of the oil and gas industry. That is why, since the beginning of this administration, we have focused on safeguarding the national oil and gas assets in collaboration with the Federal Government, security agencies, communities and other stakeholders, and we will maintain this commitment for as long as it is necessary.
“Furthermore, we have established and maintained a conducive, peaceful, and secure environment for companies to open and flourish in the State as part of a strategic plan to stimulate our economy, generate jobs, and enhance the well-being of our citizens.
“We therefore recognise and applaud the vital role that indigenous companies are currently playing in bridging gaps and advancing the development of Nigeria’s oil and gas industry,” he stressed.?
Governor Fubara affirmed that Nigerian-funded companies can only succeed and make meaningful contributions to the nation’s economic prosperity when challenges that limit the nation are effectively tackled, and expressed his administration’s stand to support indigenous organisations such as the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation.
Declaring the roundtable open, the Governor assured the Nigerian-Owned companies in the oil and gas sector, that “we are ready and willing to respond positively to any administrative, policy, or legislative recommendations within our jurisdiction as a subnational State.”
The Founder of the Nigeria and Entrepreneurship Summit and Honours (NESH) Foundation, Mr Emeka ugwu-Ozu, disclosed that the summit, held only in an oil and gas producing place, is a forum for all in the industry to brainstorm and suggest best practices for local players.
“This roundtable discussion takes place in only oil and gas producing states, and it is intentional. And that is to make sure that sooner, it becomes like what we say is the equivalent of Houston in the United States of America.
“I would say that from what I have seen so far, Rivers State is back and open, safe and good for business. The oil and gas players should come and see what we have seen,” he said.
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