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Why FG Is Borrowing Fresh $3bn From World Bank -Minister

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The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said the $3billion loan being sought by the Federal Government from the World Bank would be deployed for reforms in the power sector.
She said this during an interview with journalists on the sidelines of the World Bank/International Monetary Fund meetings holding in Washington DC, United States.
Ahmed, who is leading the Federal Government’s delegation to the meeting, said she would be holding further discussions with the management of the Bank to present how the fund would be disbursed for the project.
She said based on the plan of the Federal Government for the power sector, the loan would be used for the development of transmission and distribution networks to enhance the delivery of electricity.
Ahmed also said the loan would be used in addressing some of the challenges that the country is currently facing in the power sector.
She said, “There is a proposed $2.5billion to $3billion facility for the power sector development programme in Nigeria and this will include development of the transmission networks and the distribution networks as well as removing the challenges that we currently have now in the electricity sector.
“We are going to have a full meeting to discuss the power sector recovery programme and back home we have been working a great deal with the World Bank to design how this programme will be implemented.
“So, we have an opportunity now to have a direct meeting with the leadership of the bank and to tell them the plan we have and how much we need from one to five years.”
The finance minister explained that the government would be pushing for the disbursement of the $3billion facility in two tranches of $1.5billion each.
When asked to comment on concerns being raised by the IMF about Nigeria’s debt which stands at N25.7trillion the finance minister insists that Nigeria does not have a debt problem.
She said what the government needed to do is to increase its revenue-generating capacity in order to boost the revenue to about 50 per cent of Gross Domestic Product.
She said with Nigeria’s current revenue to GDP ratio standing at just 19 per cent, it’s underperformance is significantly straining the government’s ability to service its debt obligation.
The minister said, “Nigeria does not have a debt problem. What we have is a revenue problem.
“Our revenue to GDP is still one of the lowest among countries that are comparable to us. It’s about 19 per cent of GDP and what the World Bank and IMF recommended is about 50 per cent of GDP for countries that are our size. We are not there yet. What we have is a revenue problem.
“The underperformance of our revenue is causing a significant strain in our ability to service debt and to service government day-to-day recurrent expenditure and that is why all the work we are doing at the ministry of finance is concentrating on driving the increase in revenue.”
When asked why the Federal Government decided to increase the revenue projection in the 2020 budget to N8.9trillion at a time when government revenue performance is less than 60 per cent, she said a lot of measures are being put in place to correct the anomaly.
Meanwhile, the Federal Government is considering introducing excise duties on carbonated drinks, according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.
Ahmed gave the indication in an interview with newsmen, yesterday, on the sidelines of the ongoing World Bank/IMF Annual Meetings in Washington DC, United States.
She said the idea was one of other areas, besides the proposed increase in VAT, that the government was looking at to broaden its revenue base.
The minister explained that the government was working hard to ensure efficiency in existing revenue streams while searching for new ones.
She said the government would consult with all stakeholders on the proposal in line with standard policy formulation process.
“Any tax that you are introducing will involve a lot of consultations and also amendments of some laws or introduction of new regulations,” she said.
Carbonated drinks include soft drink brands such as Coca Cola, Sprite and Fanta, while excise duty is a tax levied on locally produced goods.
Ahmed said her ministry was working with all the agencies to ensure that collaboration was strengthened in revenue generation.
“The government is trying to ensure that the work of the agencies is complementing each other as opposed to the past where everybody is working in silos.
“Efforts are ongoing to improve the monitoring performance of the revenue generating agencies, especially government-owned enterprises.
“We have now in place rigorous monthly reconciliation of revenues and that is ensuring that the leakages are minimised.
“There is several cost cutting measures in the SRGI and a number of cost cutting measures initiatives such as innovation and automation as well as capacity building of our people,” she said.
The minister reiterated government’s resolve to sanction revenue generating agencies that fail to meet their targets.

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Fubara Tasks Nigeria’s Surveyor-General On C of O …Says Surveyors’ Role Pivotal In Governance

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Rivers State Governor, Sir Siminialayi Fubara, has expressed concern over certain unprofessional practices within the surveying profession, urging practitioners to address issues surrounding the acquisition of Rights of Way and seismic operations in the State.

The governor also raised strong objections to what he described as threats to land ownership and title in the State through the alleged issuance of Federal Certificates of Occupancy by the Office of the Surveyor-General of the Federation and other affiliated federal agencies.

According to him, such actions are contrary to Section 1 of the Land Use Act, Cap L5, Laws of the Federation of Nigeria 2004, which vests all land within a state in the Governor as trustee on behalf of the people.

Fubara made the remarks while speaking as Special Guest at the National Conference of the Association of Private Practicing Surveyors of Nigeria (APPSN), a sub-group of the National Institute of Surveyors (NIS), held at the Obi-Wali Cultural Centre, Port-Harcourt, yesterday.

Represented by the Secretary to the State Government, Dr Benibo Anabraba, the governor also expressed concern over the problem of land grabbing through illegal survey plans and the payment of inadequate compensation to landowners during compulsory land acquisition for oil and gas exploration by licence holders, urging surveyors to uphold professionalism and fairness in their practice.

He said such illegal activities negatively affect the development of the State.

Fubara urged surveyors to promote ethical and sustainable planning practices that protect the environment, including the preservation of green spaces, marine areas, and forest reserves.

He described the role of surveyors as pivotal to the growth, development, peace, and orderly governance of any society.

According to him, the services of surveyors are critical to physical and urban planning, housing development, land administration, and the provision of infrastructure.

He stressed that surveyors play indispensable roles in land use and management, infrastructure provision, environmental management, and conflict resolution, noting that their presence in government ministries, departments, and agencies ensures adherence to best practices.

“The role of surveyors in governance is pivotal to the growth, development, peace, and order of society, particularly in land administration, infrastructure development, environmental management, and conflict resolution,” the governor said.

He noted that the conference theme, “Mapping the Future: The Vital Roles of Surveyors in the Nigerian Oil and Gas Industry,” was particularly significant to Rivers State, given its position as the hydrocarbon heartbeat of the nation.

The President of the Nigerian Institution of Surveyors (NIS), Surv. Pius Eze, urged all participants to optimize the opportunity provided by the conference for professional upgrading and networking, adding that the conference displays consistency of vision and dedication to the welfare of private practitioners.

The National Chairman of APPSN, Surv. Simepiriye Kalio, thanked leaders and members of the association for their sacrifices to achieving the successes recorded.

The Chairman of APPSN, Rivers State chapter, Surv. Andy Nwikinane, said that the association was working with relevant stakeholders to prevent the infiltration of quacks  in the profession.

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African Leaders Should Be Under 50 -Jonathan

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Former President Goodluck Jonathan has called for a generational shift in African leadership, urging countries across the continent to deliberately promote younger leaders between the ages of 25 and 50.

According to him, younger leaders are more physically and mentally equipped for the rigours of modern governance.

Jonathan made the call in Abuja, yesterday, at the International Memorial Lecture and Leadership Conference marking the 50th anniversary of the assassination of former Head of State, General Murtala Ramat Muhammed.

Reflecting on the demands of leadership, the former president recalled that while in office, he sometimes had no more than two hours of sleep in 24 hours, stressing that advanced age can limit the capacity to cope with the pressures of governance.

“Why do we begin to think that you must be a hundred years old before you can rule your country?” Jonathan asked.

He noted that leadership requires unusual stamina and resilience, arguing that younger leaders are better positioned to withstand the pressure.

“If they need to stay awake for 24 hours, they can stay awake for 24 hours. When I was in office, some days I did not sleep up to two hours. If you subject an older person to that kind of stress, the person will spend 50 per cent of the time in hospital,” he said.

Jonathan aligned his position with the spirit of Nigeria’s “Not Too Young To Run” movement, which seeks to lower age barriers for elective offices and encourage youth participation in politics.

“I have to reinforce the Not Too Young To Run movement. We have to bring some of these age limits down. If we are looking for people who can run nations in Africa, we should look within the 25 to 50 age bracket. That is when you can be very vibrant, physically strong and mentally sound,” he said.

He also questioned the practice of some public office holders spending extended periods outside their states or countries.

“In a country like the United States, some governors do not leave their states for four years. But here, some of our governors spend 50 per cent of their time outside. So who runs the state? Why will we not have security problems? Coming of age must transcend many things. First and foremost, we must have the discipline to manage ourselves,” he added.

Reflecting on the legacy of General Murtala Muhammed, Jonathan said the late leader demonstrated that age was not a barrier to decisive and visionary leadership. Muhammed became Head of State at 38 and, despite ruling for only 200 days, left a lasting impact.

“General Murtala Muhammed assumed office at the very young age of 38. Despite a tenure of only 200 days, his achievements were profound because he was driven by a clear, unyielding vision.

“His leadership sent a clear message: leadership was to serve the national interest, not personal ambition,” Jonathan said.

The former president also referenced other Nigerian leaders who assumed office at relatively young ages, including General Yakubu Gowon, who became Head of State at 32 and later introduced the National Youth Service Corps, which remains in existence to this day.

“Young man of 32 managed to pull the country through the civil war. So why do we now think leadership must only come at old age?” he asked.

However, Jonathan cautioned that youth alone is insufficient without discipline, patriotism and strong institutions.

While praising Muhammad’s decisiveness, he stressed that democracy depends more on institutions than on individuals.

“Democracy requires vision rather than decree. It requires persuasion instead of command. It depends on institutions, not individuals. Above all, it requires respect for the rule of law and the willingness to submit power to the will of the people,” he said.

He urged African leaders to view governance as stewardship rather than entitlement and encouraged young people to see leadership as service.

“Young people must see leadership as service, not entitlement. Leaders must see governance as stewardship, not a right,” he said.

“I sometimes remember when I contested as a deputy governorship candidate. You had to be 40 years old before you could even be a senator, a deputy governor or a governor, not to talk about president. Yet the Head of State we are celebrating today assumed office at 38,” he added.

Calling on Nigerians and Africans to draw lessons from history, Jonathan said leadership should be measured by impact rather than duration in office.

“As we mark 50 years of General Murtala Muhammed’s legacy, let us remember that leadership is not measured by how long you govern; it is measured by the courage to act decisively when the nation needs direction and by the impact you make on society,” he said.

He emphasised that while military leaders govern by command and authority, democracy demands a different approach anchored on strong institutions, credible electoral bodies, an independent judiciary, well-trained security agencies and accountable governance systems.

“While General Murtala Muhammed symbolised decisive leadership, our democratic future depends on strong institutions. Democracy requires vision rather than decree. It requires persuasion instead of command. It depends on institutions, not individuals. Democracy also demands restraint and respect for the rule of law,” Jonathan said.

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Police Bust Kidnapping Syndicate In PH

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The Rivers State Police Command has confirmed the arrest of two men linked to a criminal syndicate that lured, kidnapped, and robbed women working as “run girls” in Port Harcourt hotels.

The suspects, 27-year-old Albert Koko-Ete Hanson and 18-year-old Wisdom Okon from Abak Local Government Area of Akwa Ibom State, were apprehended after victims reported the crimes to hotel security.

One of the victims, simply identified as Faith, told the police that she was invited to a hotel under the pretense of a client request and was led to a two-bedroom apartment where the suspects were staying.

She said the suspects showed her a photograph of another woman, whom they claimed was owing them N5 million, and demanded her phone password to access her bank account. Her phone was seized, though she had no money in her account.

Faith also alleged that another female victim had already been tied and blindfolded in a bathroom, and both were later stripped and sexually assaulted, with threats of organ harvesting reportedly made by the suspects.

It was learnt that a third victim alerted friends in the hotel via text message while the suspects tried to access her bank app. The quick action of the hotel security team led to the rescue of all the three victims.

The prime suspect, Albert Koko-Ete, reportedly confessed to the crimes and revealed that he had been operating the syndicate for six years, earning over N18 million naira.

Rivers State Police Public Relations Officer, CSP Grace Iringe-Koko, warned young women against engaging in prostitution, citing the high risks involved.

Iringe-Koko advised women to acquire skills and seek legitimate means of income, revealing that the syndicate specifically targeted women with high-end devices such as iPhone 15 and above.

The Police confirmed that the suspects’ method involved identifying women they could abduct to extort money from them or their relatives.

The Police said the suspects remain in custody and will be arraigned in court once investigations are complete.

The Command reiterated its commitment to protecting citizens and dismantling criminal networks preying on vulnerable individuals.

King Onunwor

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