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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.
The Rivers State Government has distributed science equipment and materials to all senior secondary schools across the state to support students during the ongoing West African Examinations Council exams and to strengthen practical learning.
Flagging off the distribution at the Rivers State Senior Secondary Schools Board premises in Port Harcourt, on Monday, the State Commissioner for Education, Dr. Peters Nwagor, said the move demonstrates Governor Siminalayi Fubara’s commitment to improving education standards in the State.
Nwagor said the materials were approved and provided by the state government specifically to boost the teaching and learning of science subjects, describing science education as the foundation for technological advancement, innovation, and national development.
“No society can compete globally without deliberate investment in science and technology,” the Commissioner stated.
He commended the governor for consistently prioritising the education sector by providing tools needed for effective teaching and hands-on learning.
The Commissioner directed principals to ensure that the equipment are used strictly for practical lessons in their schools, warning that any principal or administrator found diverting, hoarding, or selling the materials wil face disciplinary action under public service regulations.
Nwagor also warned against examination malpractice, saying any principal found aiding or encouraging malpractices will be decisively sanctioned.
“We must collectively restore the dignity and credibility of our educational system,” he said.
Also speaking, Chairman, Rivers State Senior Secondary Schools Board, Tony Egwurugwu, urged school heads to make judicious use of the materials for students’ benefit.
He thanked the State Government for providing the resources, and assured that monitoring mechanisms would be put in place to ensure the materials serve their intended purpose.
In his own remarks, a Board Member for Technical Education, Nwisabari Bani Samuel, expressed appreciation to the governor for prioritising education and acknowledged the Commissioner’s role in advancing education development in the State.
He said the distribution covers all senior secondary schools in the State and is intended to improve students’ performance in both internal and external science examinations.
Akujobi Amadi
Rivers State Governor, Sir Siminalayi Fubara, has commended workers in the State for their resilience, dedication, and invaluable contributions to development in the State.
Fubara gave the commendation during the 2026 Workers’ Day celebration at Isaac Boro Park in Port Harcourt, last Friday.
Represented by his deputy, Prof. Ngozi Nma Odu, the governor noted that Workers’ Day, which originated from the struggle for an eight-hour workday in the United States, has evolved into a global event recognising the contributions of workers to national growth and development.
He described workers as the backbone of sustainable development, saying no society can thrive without their efforts.
Fubara commended Rivers workers for their loyalty and commitment to service, noting that workers play vital roles across key sectors, including education, healthcare, infrastructure and industry.
He noted that their contributions have enhanced access to quality education and healthcare, supported job creation, and stimulated economic activities across the State.
While acknowledging the economic challenges faced by many workers, including the rising cost of living, Fubara assured that the the State Government remains committed to implementing policies that will enhance workers’ welfare and overall well-being.
The governor also hailed the bold and daring economic reforms of President Bola Tinubu which, he said, have stabilized the economy, enhanced foreign exchange liquidity, lowered inflation, and achieved significant growth in the nation’s gross domestic product.
He noted that, in addition to raising the minimum wage, the President recently approved new welfare incentives for federal civil servants.
“Our economy is on an unstoppable positive path under our President, and it can only improve further for the nation and everyone. Let us continue supporting the policies and programmes of Mr President,” he said.
Fubara highlighted the importance of workers in revenue generation and governance, noting that taxes paid by workers enable government to provide security and essential social services.
He reaffirmed the State Government’s recognition of labour as a critical partner in achieving its development blueprint, appreciating workers’ daily contributions to building a peaceful, secure, and prosperous Rivers State.
The governor urged the organised labour to use the occasion to reaffirm its commitment to the progress of the State, while continuing to advocate for democracy, social justice, and improved welfare for workers.
He also expressed gratitude to workers for their service to the State and the nation, encouraging them to remain steadfast in their contributions to development.
In his address, the State Chairman of the Nigeria Labour Congress, Comrade Alex Agwanwor, commended Fubara for his steadfastness, genuine commitment, and passion for workers in the State.
He highlighted key achievements of the administration, including the implementation of the National Minimum Wage Act, the renovation of the State Secretariat, the reopening of the Rivers State Transport Company (RTC), and the consistent payment of end-of-year bonuses to public workers.
Comrade Agwanwor noted that workers, as drivers of productivity, understand the challenges involved in building a prosperous Rivers State, stressing that they are well-equipped to contribute meaningfully to the growth and development of the State.
“We have resolved not to continue complaining and lamenting while challenges persist. Instead, we must take the initiative, step out of relative obscurity, and rediscover the mission and destiny of our dear state,” he said.
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Fubara Pledges Support For Corporate Organisations In Rivers …Says PPP Business Model Responsible For NLNG’s Success
Rivers State Governor, Sir Siminalayi Fubara, has pledged the continued support of his administration for the Nigeria Liquified Natural Gas (NLNG) Limited.
Fubara gave the assurance while receiving the new Managing Director and Chief Executive Officer of the NLNG, Mr Adeleye Falade, who paid him a courtesy visit at Government House, Port Harcourt.
He assured that his administration would continue to contribute its own quota in support of the NLNG.
According to him, the success of the organisation is equally the success of the government of Rivers State and the success of the Federal Government.
“Our duty is to make sure that we support whoever is operating in our state. We are the ones here. If we don’t support you and you don’t succeed, we also will not succeed and Mr President will also not succeed.
“So, the success of your establishment is the success of our state, and overall success of Nigeria. So you can count on our support. Wherever you think we need to come in to support you, please do not hesitate to call upon us.
“You just mentioned here that your predecessor left a handover note showcasing the level of support that he got from the state. It is not going to be different in your own case. I can assure you that. I will also ensure that other units of the government will liaise with you when necessary. So even if you can’t get to me, you can always get to them and if there is anything we can do to help your establishment succeed, we will do it for you,” he said.
The governor attributed the success of the NLNG to the Public Private Partnership ( PPP) business model adopted by the Federal Government and the multinational oil companies.
The NLNG is jointly owned by Nigerian National Petroleum Corporation (NNPC) with 49%, Shell Gas B.V. with 25.6%, Total LNG Nigeria Ltd with 15%, and Eni International with 10.4%.
The partnership model allows for shared risks, costs, and expertise in the LNG sector.
The governor noted that the NLNG has not only survived the difficult business environment but has made sustained progress in the nearly three decades of its existence.
According to him, the decision of the Federal Government to allow the multinational oil companies who have the needed expertise to run the establishment while government plays a supervisory role over it has largely been responsible for its success.
“I’m very proud to say that if there is one establishment that has shown resilience, that has survived in the face of all the political issues prevalent in this country, it is the NLNG. And what is the reason? The reason is very simple. Government has no business in business. That is the truth. Leave the business for those people who can operate it. Let the government play its supervisory role to ensure that there is compliance with the laws; ensure that standards are maintained and also ensure that the right people with the needed expertise are at the helm of affairs. That’s all. I think that is the reason why we still record a lot of successes in NLNG,” he said.
In his opening remark, the new NLNG boss, Mr Adeleye Falade, who led other top officials of the company on the visit, expressed appreciation to the governor for granting them audience, and appealed to the State Government to continue to support the organisation.
“We appreciate the opportunity to meet with you and deepen this important relationship.We deeply value the support the Rivers State Government continues to extend in fostering an enabling operating environment for businesses. NLNG remains deliberate in its contribution to Nigeria’s development, and Rivers State, our primary host, continues to be central to that commitment,” he said.
Falade said the company has continued to work with its host communities to strengthen their capacity to identify, prioritise, and deliver sustainable development initiatives that create lasting impact.
According to him, communities including Amadi-ama, Abua, Ekpeye, Okrika, Kalabari, and Emohua have continued to benefit from this model.
He said that beyond community infrastructure, the NLNG has sustained investments in economic empowerment through initiatives such as Vocational Innovation and Business Empowerment Scheme (VIBES) and Micro Small and Medium Enterprise (MSME) schemes.
These, he said, were designed to support small businesses, build capacity, and stimulate local enterprise across the state.
Among officials of the company who accompanied the Managing Director were General Manager, External Relations and Sustainable Development, Dr Sophia Horsfall; Manager, Government Relations, Mr Abdul Umar; Manager, Community Relations, Dr. Yemi Adeyemi; Head of Government Relations, Mr Mike Igoni; Head of Community Liaison and Engagement, Chief Ifeanyi Umeh.
Others are Technical Assistant to Executive Leadership, Mr Hassan Saleh; Senior Media and Publicity Advisor, Mr Emma Nwatu; Government Relations Advisor, Miss Homa Nmegbu; Senior Government Relations Advisor, Mrs Kate Allison, and Audio -Visual Advisor, Mr Dawood Ahmed.