News
FG Borrows $2.02bn From China, DMO Confirms
Data obtained from the Debt Management Office (DMO) has revealed that President Muhammadu Buhari’s administration has borrowed $2.02billion as loans from China from 2015.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38billion.
However, as of March 31, the country’s debt portfolio from China had risen to $3.40billion.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.
The debt office said that the terms of the loans were compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.
The loans from China are tied to project.
The projects, (11 in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), the Abuja Light Rail Project, four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and the rehabilitation and upgrading of Abuja-Keffi-Makurdi Road project.
The DMO said the low interest rates on the loans reduced the interest cost to government while the long tenor enabled the repayment of the principal sum of the loans over many years.
However, as of March 31, a total of $719.61million had been made as debt service payment to China since the third quarter of 2015.
Of the amount paid as debt service, 46.15 per cent ($332.03million) was paid to service the interest on the loans.
In the first quarter of 2021, $102.19million was used to service debt to China.
This is about 11 per cent of the total $1.0billion used to service external debts within the period.
The DMO recently disclosed that Nigeria had more than $5.83billion foreign loans that had been approved but not yet disbursed as of December 31, 2020.
Out of this amount, $1.25billion is supposed to come from the Export-Import Bank of China.
Apart from multilateral agencies, China has remained the nation’s largest creditor.
There had been fears among Nigerians that the country may forfeit some of the projects in case of loan defaults.
The fear grew when the Minister of Transportation, Rotimi Amaechi, in August, 2020, confirmed that the country waived its sovereign immunity to obtain Chinese loans.
The minister, however, added that as long as debts were repaid, there would be no need for China to claim any infrastructure.
“We must learn to pay our debts, and we are paying, and once you are paying, nobody will come and take any of your assets,” he had said.
Despite the assurance, fear persists that the Chinese loans contain some obnoxious clauses that could breach the nation’s sovereignty, especially as the loan agreements are not available in the public domain.
However, Amaechi denied knowledge of any clause that hands over a national asset to China in case of any default in an Arise TV interview, last Monday.
He disclosed that the administration of President Muhammadu Buhari had paid $150million out of the $500million borrowed by the administration of President Goodluck Jonathan for the Abuja-Kaduna Rail project.
The minister also commented on other issues such as the suspension of Bala Usman, and the impacts of the country’s Deep Blue Project on every Nigerian.
When asked about the plans of the Federal Government to pay back the loans so as to avoid the Zambian experience where some national assets such as the Kenneth Kaunda International Airport, the Zambia National Broadcasting Corporation and the National Power and Utility Company were reportedly used to settle Zambia’s financial obligations to China, Amaechi said borrowers should meet their obligations.
He said, “When you take loans, you are expected to pay back. Today, we are paying back. Under the regime of President Goodluck Jonathan, the loan for Abuja-Kaduna was taken. It was about $500million. Today, we have paid about $150million on that loan.
“Nigeria has never defaulted when it comes to repayment. I do not also expect that we should default on any other loan that we have taken.”
Responding to how the $195million Deep Blue Project will affect all Nigerians who are not seafarers, he said, “What we have done with the Deep Blue Project is that we will reduce the cost of producing oil in Nigeria.
“By the time we provide security on the waters, the economy would improve because there would be more money coming into the economy. That is the impact it will have.”
He added that the company that handled the project guaranteed to refund of the money spent on the project if there was no improvement in the economy six months after the project.
News
Rivers DPOs Receive Awards For Outstanding Performance In Crime Prevention …As Students, Media Group Honour CSP Worgu, CSP Yusuf
The beneficiaries are the DPO of Afam Police Division, CSP Endurance Worgu and his counterpart at Oyigbo Police Division, CSP Bello Yusuf.
CSP Worgu was honoured by a group of students under the aegis of Rivers State Graduate Students Associations for what they described as his commitment and outstanding performance in the discharge of his duties.
The students, led by Chidi John Enyie, Esq. said CSP Worgu was selected based on his track record and status as one of the longest-serving young DPOs of Rivers State origin.
According to the group, CSP Worgu has made significant contributions to the protection of lives and property in the area since assuming office following the #EndSARS period.
The students said they were particularly impressed by the improvement in community-police relations under his leadership, noting that professionalism had remained a key feature of his service.
Enyie represented by Comrade Briggs Soku, said the students community was pleased to identify with a Rivers indigene who had distinguished himself in the police force.
He said the students considered it necessary to encourage and celebrate CSP Worgu because of his achievements as a young Rivers man excelling in a profession that many people from the state were often reluctant to join.
Receiving the award at his office in Afam, CSP Worgu expressed gratitude to God and the students for finding him worthy of the honour.
The DPO said the recognition had boosted his morale and encouraged him to sustain his efforts towards maintaining peace and security in the area.
He said he least expected the honour, particularly because it came from the students, adding that the recognition would further motivate him to serve the people better.
CSP Worgu assured residents of Afam that the police would sustain the existing peace in the area.
He appealed to members of the public to support the police by providing credible and timely information, stressing that useful information from residents would make the job of security personnel easier.
Meanwhile, the Ikwerre/Etche Media Association has also honoured the DPO of Oyigbo Police Division, CSP Bello Yusuf, for his efforts in tackling criminal activities in the area.
The media group presented the award following the swift tracking and arrest of five suspected kidnappers who had allegedly terrorised residents of the Kom-Kom axis and other parts of Oyigbo.
The group commended CSP Bello for what it described as his determined efforts to restore confidence and security in the affected communities, particularly Kom-Kom and Obeama.
According to the group, the arrest of the suspects demonstrated the DPO’s commitment to tackling criminality and safeguarding residents.
The media association said residents had received the development with relief, noting that the police action had sent a strong message to criminal elements operating in the area.
Responding, CSP Yusuf appreciated the group for the recognition and reaffirmed that there would be no room for criminality in Oyigbo.
He also commended the media for its role in disseminating credible information to the public, saying the media had remained supportive of the police in the fight against crime.
CSP Yusuf warned criminal elements operating in Oyigbo to leave the area or be prepared to face the full weight of the law.
He assured residents that the police would continue to pursue criminals and work to dismantle their hideouts, regardless of where they might be operating.
News
College Of Bishops Endorses Tinubu, APC Candidates For 2027 Polls
International President of the forum, Archbishop Lucky Aroh, disclosed this during the ordination and consecration of three new Bishops, as well as an award ceremony held in Port Harcourt.
Aroh said the performance of the APC-led Federal Government had endeared the party to the organisation, prompting the forum to declare its support for President Tinubu and other APC candidates in Rivers State.
He said the forum would support all APC candidates in the state during the 2027 elections and urged Nigerians to vote for the party.
Aroh, who is also the General Overseer of Caring Peoples Church, Port Harcourt, charged the newly consecrated Bishops to see their new positions as a great responsibility and dedicate themselves to the advancement of the kingdom of God.
He cautioned them against conduct capable of bringing their offices into disrepute, stressing that their activities would be closely watched by members of the public.
“As Bishops, the eyes of the public are on your activities. You must therefore conduct yourselves in a manner worthy of your calling,” he said.
Also speaking, the International Coordinator of the forum, Bishop Saint Robinson, urged the newly consecrated Bishops to work diligently towards winning souls for the kingdom of God.
Robinson, who was the guest speaker at the event, stressed that the activities of Bishops must at all times be guided by godly principles.
He also called on members of the church to support and cooperate with the newly consecrated Bishops in the discharge of their responsibilities.
The Secretary of the College, Apostle Elizabeth Ayadi Abaye, said the organisation was established to advance the kingdom of God and promote spiritual development.
According to her, the forum has organised several crusades, conferences, prayer meetings, ordinations, consecrations, enthronements, empowerment programmes and other spiritual development activities across the country as part of efforts to win souls for Christ.
Abaye said the organisation has members across the world and disclosed that more programmes had been scheduled to promote the spiritual development and wellbeing of humanity.
The three Bishops consecrated at the ceremony were Prince Alban Chike, Testimony Omenihu Shedrach and Prince Ifemena.
Among those honoured at the event were the Chairman of the Community Development Committee (CDC), Abali Community, Port Harcourt City Local Government Area, Manuchimso Prince Lemmy Wopara, and Clifford Oko Jaja, Coordinator of the 5,000 House-to-House for President Tinubu.
By: John Bibor
News
Police Arrest Fake Soldier, Others For Armed Robbery, Kidnapping
The State Commissioner of Police, CP Olugbenga Adepoju, disclosed this in Port Harcourt, recently during a press briefing at the Command Headquarters, where he said the arrests formed part of the operational achievements recorded by the Command between June and August 2026.
Adepoju said Atausi was arrested on August 10 by police operatives along Ada George, Port Harcourt, while dressed in military uniform and driving a Toyota Hilux painted in Army colours.
The Commissioner said investigation revealed that Atausi was not a member of the Armed Forces, adding that he was suspected to be a serial car snatcher, with three suspected stolen vehicles recovered from him.
He said the recovered vehicles included three Toyota Hilux vehicles without registration numbers and a Toyota Corona Premio with registration number BNY 380 ES, noting that the chassis and engine numbers of the vehicles had allegedly been tampered with.
Adepoju added that an axe and military accoutrements were also recovered from Atausi, as investigation continued into the circumstances surrounding the vehicles and other items recovered from him.
On the June 29 attack on police officers at Aluu Division, the Commissioner said three members of the gang allegedly responsible for the incident had been arrested by operatives of the Violent Crime Response Unit, VCRU-AKU.
The suspects, identified as Maduabuchi Emeka, 34, alleged gang leader; Doctor Chinedu Owhor, 42, and Kamachi Joe, 28, alleged armourer, reportedly led operatives to their hideout at Omagwa where two AK-47 rifles stolen during the attack were recovered.
Adepoju recalled that two police officers were killed during the Aluu attack, while others were wounded and one officer had his leg amputated, stressing that efforts were ongoing to apprehend the fourth suspect.
On kidnapping, the Commissioner said five members of a suspected kidnapping syndicate were arrested in Oyigbo Local Government Area, adding that they allegedly confessed to operations in Kom-Kom, Railway, Obeama and Afam communities.
He said two other suspects from the same network, Anele Ogbogu, 35, alleged to be the gang’s armourer, and Kenneth Eke, 38, were arrested on July 27, with one AK-47 rifle and one SMG rifle recovered.
The Commissioner further disclosed the arrest of suspects in connection with alleged firearm offences, armed robbery, cultism and one-chance robbery, with firearms, ammunition and other exhibits recovered during the operations.
Adepoju assured residents that the Command would sustain intelligence-led, proactive and community-oriented policing in collaboration with other security agencies, while urging members of the public to continue providing credible information that would assist the police in combating crime across Rivers State.
By; King Onunwor
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