Business
Kwara Assembly Approves N335m Loan To Purchase Cars
The Kwara Assembly last Tuesday approved the N335 million loan request made by Governor Abdulfatah Ahmed to purchase vehicles for political office holders in the state.
The House unanimously agreed that the procurement of the vehicles would enable the beneficiaries to discharge their duties efficiently.
Abraham Asaolu, the Majority Leader and member representing Oke-Ero constituency, said in a motion without notice that the request by the governor was constitutional and urged all members to support it.
The motion was seconded by Raliat Adifa, member representing Lanwa/Ejidoganri of the state.
The Speaker, RasaqAtunwa, had earlier read the letter from the governor seeking approval for the procurement of N200 million and N135 million loan facilities from Fidelity Bank and Guaranty Trust Bank, respectively.
The governor had stated: “The loan facilities of N200 million and N135 million from Fidelity Bank and Guaranty Trust Bank respectively are to finance the project of additional monetised vehicles for political officer holders.
“The loan has 39 months and 40 months repayment tenor based on monthly contribution by the beneficiaries and government subsidy.”
The Commissioner for Finance, Mr Ademola Banu, who appeared at the House before the approval was given, explained that the loan was captured in the state’s 2012 budget.
He said the procurement of additional vehicles became imperative in view of the increase in the number of political office holders in the state.
It would be recalled that the governor’s earlier request for N1 billion loan for the purchase of vehicles for political office holders was approved by the Assembly in December 2011.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.