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We Borrow For Infrastructure, Social Welfare Packages, FG Claims

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The Minister of State for Budget and National Planning, Prince Ikanade Agba, has said that President Muhammadu Buhari’s government was borrowing funds for infrastructure upgrade and social welfare packages.

The minister, who said the Buhari’s government was not borrowing to squander funds, explained that there was an ongoing effort to connect rural roads and railways to urban roads in order to exploit the agricultural potentialities of the nation.

He made the statement at Lejja, Nsukka Local Government Area of Enugu State during the inspection of an ongoing 7.5killometres Covid-19 Rural Roads Intervention Project of the Federal Government which cut across Aku, Lejja and Nsukka communities in Enugu State.

The minister while saying that the loans were acquired with only 3 per cent interest rate, added that they were gotten with 10-20 years moratorium.

“A lot of people talk about the borrowings by the present government. You need to understand the terms and conditions of the loans we are taking and what they are being used for. What is bad is when you borrow to eat, but if you borrow for something productive, you benefit.

“The interest rates we are paying for these loans we are taking is not up to 3 per cent and we have 10-20 years moratorium, that is, within those periods, we are not paying anything and some of the loans have up to 40 years repayment period. So, if you look at what it would take to pay back the loans we are taking, it could be considered as gifts.

“We are trying to connect our rural roads to urban roads and to the railways. You could see that we are spending a lot of money across the country on roads construction, but if we don’t develop our rail sector, our roads would continue to fail because of the pressure on them. In other more developed countries, heavy things are being moved on rails. That’s what we are trying to do,” he said.

While saying that the President is concerned about the plights of the downtrodden who voted him in power, he added, “he is very concerned about you, and the livelihoods of all Nigerians and he has said that Nigerians must produce what they eat, and we must eat what we produce, and agriculture has to be the main stake of our economy.

“Our country in the past depended on agriculture before the discovery of oil, we were well-nourished, but today, we have all abounded agriculture and focused on oil and the result is not good for our people.

“That is why Mr. President said he must remember those who produce the food we eat from the rural areas, and he is aware that about 50 per cent of what you produce does not get to market because of the poor access road,” he said.

He added that Mr. President encourages farmers by approving the sum of N34billion to be spent on the construction of rural roads across the country to boost agriculture.

In an address by the Coordinator of the Lejja/Aku Communities Hosting Committee, Engr. Victor Amorha, the benefiting communities lauded the President for the good gesture shown them by his government.

The communities equally appreciated the Minister for Agriculture and Regional Development, Alhaji Sabo Nanono, for ceding to get full Executive Council endorsement to get the project rolling, adding that the projects, when completed, would put back the benefiting communities on the world map.

The communities equally lauded Agba, for the harmonious working relationship between him and their son, Samuel Ekwueme, serving in his office as a Special Assistant, adding that the road would reduce post-harvest losses of agricultural produce to, at least, 85 per cent in the benefiting communities.

They equally prayed for the speedy completion of the project.

The minister and his team were earlier received by the people of Lejja at their community secondary school field.

An address by the traditional ruler of the community, Igwe Ugwuoke Nwani, read in parts, “This is the first time this ancient community of more than 2000 B.C is seeing a tarred road in the town, it is the first time our peace-loving people are working, riding and driving on a tarred road in our town, and it is the first time we have ever gathered together to celebrate such a phenomenon in this town not minding the fact that the tarring has not covered all of Lejja.

“We thank you Mr. Honourable Minister for the history you and the Federal Government have made in Lejja. 19th February 2021 is a day Lejja will ever continue to remember. On this day, you have written your name on the marble in our town.”

 

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Yahaya Bello: Senator Hails EFCC’s Probe Of N80.2bn Fraud

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Senator representing Kogi Central Senatorial District in the National Assembly, Natasha Akpoti-Uduaghan, has commended the efforts by the Economic and Financial Crimes Commission, (EFCC) to apprehend and prosecute the immediate past governors of Kogi State, Alhaji Yahaya Bello, over an alleged N80.2 billion fraud.
This is just as she also hailed the EFCC chairman, Ola Olukoyede, for ceding 14 properties that were initially forfeited to the federal government to the government and people of Enugu State.
Reacting to Bello’s excuse for not honouring the EFCC’s invitation, the lawmaker emphasized the need for the commission to investigate other corrupt public officials to avoid the impression that their actions against former governor were meant to witch hunt him.
In a now-viral video, the EFCC chairman had claimed Belloh told him that a female senator (name withheld) allegedly gathered journalists to humiliate him anytime he was at the agency’s Abuja office for interrogation.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him,” Olukoyede was quoted as saying.
But Senator Natasha in a statement signed by her Chief Press Secretary, Arogbonlo Israel and issued at the weekend in Abuja, reminded Yahaya Bello of the importance of respecting Nigeria’s laws and constitution, given his former position as the chief security officer of Kogi.
“I was surprised to hear that Yahaya Bello evaded the invitation from the EFCC, despite having served as Kogi’s former chief security officer. As a former governor, he should understand the importance of respecting Nigeria’s laws and constitution.
“It’s a well-known fact that ‘he who comes into equity must come with clean hands’. As such, I advise him to honour the invitation and clear his name while he still has the chance.
“I’d also like to take this moment to appreciate the diligence of the EFCC in handling the case so far. No Nigerian is above the law, and therefore the agency must see this case through to the end if they are to gain the trust of both Nigerians and the international community in the fight against corruption,” she said.

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Senate  Frowns Over Continued Depreciation Of Naira

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Worried over the  latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has  stated that the Legislature  is  exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability in the country.
These, according to the committee, in a statement signed by its chairman, Senator Sani Musa (APC Niger East) and released yesterday, includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
Senator Musa said the statement became necessary “to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.”
This is even as he hoped that the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.
He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”
The statement titled: “State of the Nation Economy and Naira Depreciation’, reads “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.”

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WIW: Banigo Advocates Legislative Impetus

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The Senator, representing Rivers West Senatorial District at National Assembly Sen.Dr. Ipalibo Harry Banigo has advocated for legislative backings to enforce immunisation as a pre-condition for admission into nursing, primary and secondary schools in Nigeria.
Banigo made the assertion recently in a statement to commemorate this year’s week-long immunisation campaign in line with the World Health Organisation advocacy.
Banigo, a Harvard-trained Public Health personnel, explained that such legislation would strengthen the National Immunisation Policy in the administration of vaccines, saves lives, helps in the child normal growth, prevents serious illness and disabilities such as poliomyelitis .
The former Deputy Governor of Rivers State who is also the Chairman, Senate Committee on Health (Secondary and Tertiary), noted that Nigeria must attain at least, 90 percent vaccine coverage for all childhood and adolescence; stressing that a fully vaccinated child should have received BCG, Mussels and three doses of DTP and Polio .
She emphasised the need for collective efforts by stakeholders in the campaign against preventable diseases .
The theme for this year’s World Immunisation Week is “Humanly Possible: Saving Lives Through Immunisation” while the national theme is “Vaccine Works For All”.

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