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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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Cleric Harps On Significance Of Thanksgiving

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The General Overseer of Firstlove Assembly and renowned preacher, Senior Pastor Simeon Afolabi, has highlighted the significance of thanksgiving, saying it remains one of the best ways to show gratitude to God, and also one of the ways to please God Almighty.
Pastor Afolabi gave the indication as the guest preacher at the annual thanksgiving celebration of Holy Hills Church in Port Harcourt last Saturday.
The 2025 Holy Hills Church annual thanksgiving, tagged, “Thanksgiving of God’s Mercies”, witnessed the gathering of christian faithful to celebrate God’s unwavering love and mercies despite insurmountable challenges.
The General Overseer said the essence of thanking God cannot be over-emphasised, considering the good things He is doing for mankind.
The renowned man of God said one of the ways to please God is not to take His act for granted but to thank Him for everything He has done.
He urged churches to endeavour to make thanksgiving their priority so as to attract more blessings from God.
Pastor Afolabi noted that gratitude is a way of God, hence, “it behooves us to do it every moment of the day,” and opined that the Holy Hills Church was on the right track by recognising God’s mercy and kindness through thanksgiving.
In his remarks, the General Overseer of Holy Hills Church and Chief Host, Pastor Sunny Ikonwa said the aim of the annual thanks- giving celebration was to thank God for His mercy, saying, the annual event which is like Christ Mass to his members could best be described as God’s faithfulness upon their lives.
He said the annuall meeting remains God’s project which the church attaches great importance to and ensures its success every year.
He noted that the church under him will continue to sensitise people and preach to them on the way of peace.
The cleric recalled that the church that started under a palm tree has made tremendous improvement by God’s grace.
Pastor Ikonwa said his mission which is doing what pleases his Maker remains his watchword.
The Holy Hills Church pastor said the mercy of God has been able to sustain his people, saying, the prayer of a Christian goes a long way to rekindle the heart of God, stressing that it is for this singular reason that the church had come in His presence with something measurable to it, as a way of showing appreciation.
According to him, anything big starts small just as his church has done.
He said to the glory of God, today, the church has been growing in His direction.
He, therefore, admonished Christians to have hope and faith in God in the face difficulties, urging the government to always put the interest of the people first, as it has everything it takes to make life meaningful for the citizenry.
Pastor Ikonwa noted that government should be able to implement policies geared towards bettering the lives of the people.
The climax of the programme was the cutting of the thanksgiving cake by the General Overseer and his wife .Various organs of the church also made special presentations to God.

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Police Confirm Death Of Two Officers In Imo, Finger IPOB

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The Nigeria Police Force has indicted the dreaded group, Indigenous People of Biafra (IPOB) over the killing of two police officers, and injuring of one civilian who was rushed to the hospital after sustaining bullet wounds in a coordinated attack in Imo State on June 11, 2024.
The State Police Command, had in a press release accused the Eastern Security Network (ESN), a wing of the Indigenous People of Biafra(IPOB) of being responsible for the killing of the two police officers and injuring of a civilian at Akabo community in Ikeduru Council Area of Imo State.
According to the police, the incident was perpetrated in the early hours of the day by the hoodlums. They attacked one Christian Ama Chukwu in front of his shop at 79, Umudike, Umunnemoche Abazu, Akabo in Ikeduru Local Government Area of Imo State.
Operatives of the Nigeria Police Force, engaged them in a prolonged gun battle and ultimately repelled the attack. Unfortunately, two police personnel lost their lives in the attack. An unnamed civilian was also critically injured in the attack,and he sustained serious injuries in the course of the shootout.
Some residents who spoke with newsmen said the hoodlums were first noticed alighting from their vehicles and harassing residents for not participating in the seat-in or seat-at-home protests. They said the situation got out of control when they opened fire on an approaching police vehicle.
Another eye witness, IfechukwuOpara, said the gunmen then moved around the village in the community,shooting sporadically to aid their escape. “They were driving around the community in a reckless manner while shooting in the air to scare people away before they finally left”, he said.
The Police Public Relations Officer (PPRO), Imo State Police Command, DSP Henry Okoye had confirmed the incident.
He described it as “a senseless, unwarranted and unprovoked act of violence which must not go unsolved.”
According to him, the police would not leave any stone unturned in the quest to arrest and prosecute the criminals.
Subsequently, the Imo State Commissioner of Police, Aboki Danjuma, had mobilised a Police Tactical Squad of the Command to track down the killers, and said, “As I am talking to you now, an intense operation is currently going on in Ikeduru Local Government Area with a view to apprehending the hoodlums responsible for the attack.”
DSP Okoye noted that killings were another painful and stark reminder of the sacrifices police officers make in the commitment to secure the country.

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‘Tinubu Committed To Environmental Sustainability, Benefits To Ogoni’

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As the Ogoni cleanup programme being implemented by the Hydrocarbon Pollution Remediation Project (HYPREP) continues to record significant milestones across thematic areas, the Federal Government says such gestures further demonstrate President Bola Tinubu’s commitment under the Renewed Hope Agenda to environmental sustainability and ensuring the Project brings benefits to Ogoni people.
The Minister of Environment, Malam Balarabe Abbas Lawal, who made this assertion during the commissioning of the Bane and Gwara water schemes in Khana Local Government Area of Rivers State, in line with HYPREP’s mandate to provide potable water to Ogoniland, said the provision of potable water is a critical step towards improving public health, reducing waterborne diseases and enhancing the overall quality of life.
The latest commissioning brings the water stations to 16, providing access to potable water to 45 Ogoni communities , a development the Minister explains as part of President Tinubu’s commitment to peace ,environmental justice and socio-economic empowerment in Ogoniland, a beacon of hope for communities long affected by environmental degradation.
Lawal noted that the latest commissioning is restoring hope and dignity to the communities long deprived of this essential resource .
‘’The provision of potable water is a critical step towards improving public health, reducing waterborne diseases and enhancing the overall quality of life. It also signifies a renewed commitment to ensuring that the people of Ogoniland reap the full benefits of environmental remediation efforts.We
will continue to ensure that communities in Ogoniland have access to clean, safe and sustainable drinking water. With this initiative, we are not just commissioning infrastructure but restoring hope and dignity to the communities long deprived of this essential resource”, he said.
While commending the Project Coordinator of HYPREP, Prof Nenibarini Zabbey, development partners, stakeholders and traditional rulers, among others for their relentless commitment towards the actualisation of these projects, he urged communities to protect and take ownership of the projects, emphasising that their longevity and effectiveness depend on their collective efforts of maintaining and protecting them for posterity.
In his speech at the event, the Project Coordinator of HYPREP, Prof Nenibarini Zabbey maintained that the Project remains resolute in its resolve to ensure that it completes and delivers all projects initiated within the time frame for the use and benefit of Ogoni people in line with the directives of the Governing Council and under the leadership of the Minister of Environment, Malam Balarabe Abbas Lawal.
To achieve this, Zabbey explained that “We
continue to work closely with community leaders, youth and women, contractors and other stakeholders to ensure solutions are identified and implementation continues smoothly.
‘’We remain guided by the principle of partnership, dialogue, transparency and accountability, knowing that sustainable progress is best achieved through collaboration and mutual understanding. That is the hallmark of HYPREP,” he said.
He appealed to the people to continue to reinforce peace and understanding, using dialogue as a vital tool for resolving disputes, especially around project sites and within communities, noting that the concurrent implementation of over 100 projects across Ogoniland reflects the seriousness and dedication of HYPREP, a momentum that must be sustained through mutual trust and collaboration.
For the Project Coordinator, the event was an ideal opportunity to provide a project status update to Ogoni people, as he excitedly announced the milestone achievements recorded so far to include environmental remediation-94 percent completion in Phase 1 of mangrove restoration; shoreline at 67.1percent; Phase 2 land remediation at 36.55 percent; potable water-14 completed water facilities inaugurated, supplying potable water to 40 Ogoni communities, while the commissioning of the Bane and Gwara water facilities last Saturday increased the number of communities with access to clean and safe water to 45.
Other milestones are the Centre of Excellence for Environmental Restoration (CEER) at 92 percent complete and the processes of operationalising the Centre has begun with the just concluded colloquium, while the Ogoni Power Project is progressing steadily with wayleave compensation and construction works at Bodo and Wiiyaakara substations ongoing. The Ogoni Specialist Hospital is at 76.8 percent with 98.7 percent achieved in the Buan Cottage Hospital. The Ogoni public study being conducted by the World Health Organisation’s (WHO) International Agency for Research on Cancer (IARC); over 7,000 women and youths have benefited from various employment opportunities, while over 5,000 have been trained in multiple skills and provided start-up skits, among other programmes.
Zabbey further hinted of the commencement of some demand-driven skills areas this quarter, which include cybersecurity, full-stack development, mud logging, software development, GIS and commercial diving.
In their separate goodwill messages, the member representing Khana/Gokana Federal Constituency in the House of Representatives, Rt Hon Dumnamene Deekor; Chairman,Great Green Wall, Senator Magnus Ngei Abe; Chairman, Board of Trustees, Ogoni Trust Fund Incorporated, Hon Emmanuel Deeyah; Permanent Secretary, Rivers State Ministry of Water Resources and Rural Development, MrNwizug Gordon; representative of the Managing Director/Chief Executive Officer, Renaissance Africa Energy Company Limited and General Manager, Relations and Sustainable Development, MrIgoWeli; former Secretary to Rivers State Government, Chief Kenneth Kobani; and former Rivers State Commissioner for Environment, Prof Roseline Konya; all commended the Minister of Environment and HYPREP for their commitment to the Ogoni cleanup programme.
Earlier, the Minister and his entourage had paid a courtesy call on Mene Bua Kenwigbara, King D.Y Barile, at his palace, where the former was conferred a chieftaincy title of MeneAnua Le Maa 1 of Ken-Khana Kingdom; and the Project Coordinator of HYPREP as Mene doo Letam 1 of Ken-Khana Kingdom.

Also decorated were the Chairman of Ogoni Trust Fund Incorporated, Hon Emmanuel Deeyah; and the Permanent Secretary, Federal Ministry of Environment, Mahmud Kambari.

Highpoints of the event were the formal commissioning of the Bane and Gwara water facilities by the Minister and the Managing Director/ Chief Executive Officer, Renaissance Africa Energy Company Limited, Engr Tony Attach,represented by MrIgoWeli; the symbolic issuance of education support Items;and the visit to the Ken Saro-Wiwa Memorial Park for symbolic tree planting by the Minister; the Project Coordinator; BoT Chairman; Senator Abe; IgoWeli; Director General, NEASRA, Prof Innocent Barikor; and Zina Wiwa, the daughter of the legendary environmentalist; and the visit to the CEER.

In two years, the Minister of Environment, has visited Ogoniland five times to commission 16 water stations, supplying potable water to 45 Ogoni communities and ensuring that other projects get equal attention, a clear demonstration of his unflinching commitment to the accelerated implementation of the Ogoni cleanup programme in line with Priority 3, Deliverable 3 of President Bola Ahmed Tinubu’s Renewed Hope Agenda and driven under the visionary and passionate leadership of Prof NenibariniZabbey as Project Coordinator.

By: Donatus Ebi

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