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FG Borrows $2.02bn From China, DMO Confirms
Data obtained from the Debt Management Office (DMO) has revealed that President Muhammadu Buhari’s administration has borrowed $2.02billion as loans from China from 2015.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38billion.
However, as of March 31, the country’s debt portfolio from China had risen to $3.40billion.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.
The debt office said that the terms of the loans were compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.
The loans from China are tied to project.
The projects, (11 in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), the Abuja Light Rail Project, four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and the rehabilitation and upgrading of Abuja-Keffi-Makurdi Road project.
The DMO said the low interest rates on the loans reduced the interest cost to government while the long tenor enabled the repayment of the principal sum of the loans over many years.
However, as of March 31, a total of $719.61million had been made as debt service payment to China since the third quarter of 2015.
Of the amount paid as debt service, 46.15 per cent ($332.03million) was paid to service the interest on the loans.
In the first quarter of 2021, $102.19million was used to service debt to China.
This is about 11 per cent of the total $1.0billion used to service external debts within the period.
The DMO recently disclosed that Nigeria had more than $5.83billion foreign loans that had been approved but not yet disbursed as of December 31, 2020.
Out of this amount, $1.25billion is supposed to come from the Export-Import Bank of China.
Apart from multilateral agencies, China has remained the nation’s largest creditor.
There had been fears among Nigerians that the country may forfeit some of the projects in case of loan defaults.
The fear grew when the Minister of Transportation, Rotimi Amaechi, in August, 2020, confirmed that the country waived its sovereign immunity to obtain Chinese loans.
The minister, however, added that as long as debts were repaid, there would be no need for China to claim any infrastructure.
“We must learn to pay our debts, and we are paying, and once you are paying, nobody will come and take any of your assets,” he had said.
Despite the assurance, fear persists that the Chinese loans contain some obnoxious clauses that could breach the nation’s sovereignty, especially as the loan agreements are not available in the public domain.
However, Amaechi denied knowledge of any clause that hands over a national asset to China in case of any default in an Arise TV interview, last Monday.
He disclosed that the administration of President Muhammadu Buhari had paid $150million out of the $500million borrowed by the administration of President Goodluck Jonathan for the Abuja-Kaduna Rail project.
The minister also commented on other issues such as the suspension of Bala Usman, and the impacts of the country’s Deep Blue Project on every Nigerian.
When asked about the plans of the Federal Government to pay back the loans so as to avoid the Zambian experience where some national assets such as the Kenneth Kaunda International Airport, the Zambia National Broadcasting Corporation and the National Power and Utility Company were reportedly used to settle Zambia’s financial obligations to China, Amaechi said borrowers should meet their obligations.
He said, “When you take loans, you are expected to pay back. Today, we are paying back. Under the regime of President Goodluck Jonathan, the loan for Abuja-Kaduna was taken. It was about $500million. Today, we have paid about $150million on that loan.
“Nigeria has never defaulted when it comes to repayment. I do not also expect that we should default on any other loan that we have taken.”
Responding to how the $195million Deep Blue Project will affect all Nigerians who are not seafarers, he said, “What we have done with the Deep Blue Project is that we will reduce the cost of producing oil in Nigeria.
“By the time we provide security on the waters, the economy would improve because there would be more money coming into the economy. That is the impact it will have.”
He added that the company that handled the project guaranteed to refund of the money spent on the project if there was no improvement in the economy six months after the project.
News
Court Hears ATROMPCON Leadership Suit Today
This followed an earlier order directing all parties in the dispute to maintain the status quo pending the determination of the application.
The matter comes up tomorrow before Hon. Justice E. Teetito at the Rivers State High Court, Port Harcourt, after the court, at its previous sitting, had adjourned proceedings and ordered that the subject matter of the suit be preserved pending the hearing of the Motion on Notice for interlocutory injunction.
The suit, marked PHC/2819/CS/2026, was instituted by HRH Eze Alwell Okwudiwa Owhonda, JP, Nye-Nwe-Eli and Paramount Ruler of Rumuokoro Clan; HRH King Stephen J. Tobins, Akee X Nwamo-Ema of Bukuma (Agum); HRH Mene Daniel F. Nwidag Mene Bean, Secretary of the Khana Traditional Rulers Council; and HRH King Taalor Tornwen Mene Bua Boue, a member of ATROMPCON in Rivers State.
The defendants are HRM Major General F.A. Mujekperuo (Rtd.); HRH Dr. Obafemi Ogbaro; HRH Emmanuel U.N. Assor; and HRH Ndubisi Ogbuji Ehie II, who were sued for themselves and as representatives of other members of the National Executive Council elected at the association’s 2021 National Conference held in Asaba, Delta State.
Also joined in the suit are HRM Eze Akuwueze Raphael Ikegwuruka and HRH Eze O.E. Nwagbara, who were sued as the remaining trustees of the association.
The claimants are asking the court to determine whether the National Executive Council elected in 2021 can lawfully continue to administer the affairs of the association after the expiration of its constitutional tenure.
They are equally seeking the court’s interpretation of provisions of the ATROMPCON Constitution relating to the tenure and powers of the National Executive Council, the legality of convening an Expanded Executive Council meeting, the proposed establishment of a caretaker committee, the composition of the Board of Trustees and the association’s rotational leadership arrangement.
According to the claimants, the tenure of the National Executive Council elected in 2021 has elapsed and the executive can no longer lawfully administer the affairs of the association or convene meetings for the purpose of appointing another leadership outside a National Conference.
The claimants further contend that the ATROMPCON Constitution recognises National Executive Council meetings, National Conferences and emergency meetings, but does not provide for an Expanded Executive Council meeting or the appointment of a caretaker committee.
They are, therefore, asking the court to declare any attempt to constitute such a caretaker committee unconstitutional, illegal, null and void.
Another issue before the court is the claimants’ assertion that, in line with the association’s rotational leadership arrangement, Rivers State is next entitled to produce the National Chairman of ATROMPCON, arguing that any proposed caretaker arrangement would deny the state that constitutional opportunity.
The claimants also challenged the composition of the association’s Board of Trustees, maintaining that the constitution requires not fewer than three trustees, whereas only two trustees are currently serving, and are seeking declarations that the board, as presently constituted, is invalid until it is properly reconstituted.
Counsel to the claimants is led by A.S. Abdulkadir, SAN, with O.T. West, D.N. Adangor, G.U. Otamiri, Z.N. Nalley and C.E. Adoki, while the defendants are represented by J.N. Onyebuchi for the first defendant, Femi Bobade with O.B. Wokeh for the second defendant, and B.C. Ezenwere for the third to sixth defendants.
The outcome of today’s proceedings is expected to determine the next phase of the legal contest over the interpretation of the ATROMPCON Constitution, the tenure of its executive officers, the composition of its Board of Trustees and the process for the emergence of the association’s next national leadership.
King Onunwor
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JAMB Registrar resolves over 5,000 pending complaints in five days
?This is disclosed in a statement issued on Sunday in Abuja by the Acting Director, Public Affairs and Protocol, JAMB, Fabian Benjamin.
?Benjamin said the development followed Aina’s decision to strengthen the Board’s Service Compact with All Nigerians (SERVICOM) Unit to ensure the prompt resolution of outstanding complaints.
?He said the Registrar had relocated his seat to the SERVICOM Unit to gain first-hand knowledge of the nature of services being sought by candidates and other clients and to facilitate the resolution of pending cases.
?According to him, the move is in line with the Registrar’s Five Enduring Pillars, particularly the second pillar, “Service at Heart”.
He added that the Registrar’s move was to ensure his commitment to leveraging strategic communication to reposition the Board and deliver services commensurate with the fees paid by candidates.
?He noted that Aina had directed SERVICOM Desk Officers to address complaints holistically and promptly.
?Benjamin said the directive had already begun to yield positive results, with more than 5,000 pending and unresolved complaints addressed within five days.
?He said the complaints covered a wide range of issues, including difficulties in creating profile codes by candidates who had previously registered with telephone numbers to which they no longer had access.
?He added that biometric verification challenges were also addressed, including genuine cases of biometric failures encountered during the Unified Tertiary Matriculation Examination (UTME) registration or examination.
?He further said that the Registrar also scrutinised the operations of the Central Admissions Processing System (CAPS), where issues relating to lost phones and SIM cards, candidates who converted from Direct Entry (DE) to UTME, and candidates omitted from the National Matriculation List after graduation were identified and addressed.
?He also noted that some previously unresolved payment-related issues were swiftly resolved, alongside complaints concerning inappropriate examination venues, e-PINs, technical challenges and difficulties with the uploading of documents.
?According to him, other recurring complaints relating to changes of name, date of birth, state and local government of origin were also addressed.
?The acting director said the initiative underscored the Registrar’s commitment to placing candidates and other clients at the centre of the Board’s operations.
?He said JAMB would continue to strengthen its complaint-resolution mechanisms to ensure that candidates received timely and efficient services.
News
RIFF 2026: RIFF Takes Film Tourism To Bonny Island
Scheduled to hold from 29 October to 1 November 2026, RIFF 2026 is expected to bring together creative talents from Nigeria and across the world for four days of film screenings, industry conversations, masterclasses, networking opportunities, cultural experiences and celebrations of cinematic excellence.
The festival is being organised around the theme, “Film Tourism: A Pathway to Economic Development,” highlighting the powerful relationship between the film industry, tourism and the wider creative economy. This is with the view to promote cultural preservation, youth empowerment and economic development.
Speaking on the forthcoming fourth edition of the festival, the founder, Rivers International Film Festival/National Chairman Film Festivals Association of Nigeria, Kate Ezeigbo, said that the efforts of RIFF in conjunction with the Rivers State Government have not gone unnoticed.
According to her, “The growing significance of the Rivers International Film Festival has received commendation from the Honourable Minister for Arts, Entertainment , Culture and Creative Economy, Hannatu Musawa, who acknowledged the important role being played by the Rivers State Government and RIFF in advancing the creative sector.
The Minister stated: “I am aware that the Rivers State Government, backed by the Rivers International Film Festival, partnered with Entertainment Stakeholders, encourages the use of film and art for cultural preservation and youth empowerment. This really will make Nigeria the cultural and creative hub of Africa and Rivers State is taking a huge step in claiming that position.”
The commendation is seen as a major recognition of the festival’s vision and its commitment to using the creative industry as a vehicle for cultural development, youth engagement, tourism promotion and economic growth.
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