Nation
Lagos Assembly Approves Sanwo-Olu’s N85bn Special Bond Request
The Lagos State House of Assembly has approved Gov. Babajide Sanwo-Olu’s request for N85 billion Special Dispensation Bond to finance capital projects in the state.
The Chairman, House Committee on Finance, Rotimi Olowo, disclosed the approval to the House of Assembly Correspondents yesterday in Lagos.
Olowo said the request from the governor had two aspects; the first was request for an approval for Bond Bridge Loan which would allow the state to access bond market as soon as possible.
He added that the second was a loan from a commercial bank at the interest rate of 9.25 per cent, which, he said, was very cheap.
Olowo said that the House speedily approved the governor’s request since it was for the implementation of infrastructure development in the state.
The Lagos lawmaker said that there could not be a better time than now for the state to go for the bond market which he called “Special Dispensation Bond.”
He explained that as at February this year, the Federal Government went to bond market at coupon rate of 12 per cent.
He noted that by June this year, it had increased to 13.5 per cent.
Olowo recalled that the state government had in 2016 and 2017 secured bonds for between 16.6 per cent and 17.25 per cent.
The lawmaker said that the opportunity the market provided at present was enough for the state to access the bond at a cheaper rate since the current bond of the state would mature in 2024.
He said: “When you look at our Consolidation Debt Service Account (CDSA), we have about N22 billion and we are talking N101.2 billion in the next two or three years.
“It will amount to a lot of pressure on our debt obligation, so what we thought it necessary to quickly access the bond market with the approval of the House so that we can get it at cheaper rate and it will be for 10-year with two years moratorium.
“What it means is that, in the next two years after securing the bond, we will not pay any money. We will not pay the interest and the capital, it will be like tax holiday. It will relieve the state of the burden of sourcing for money to pay the creditors.
“On the second aspect, if today we don’t access the commercial loan from one of the banks at a single digit rate of 9.25 per cent, we will be losing, because we will still have to pay the holders of the bond between now and the next months.
“That means we will have been able to save money worth an average of N1.5 billion in form of seeking fund to be able to make up to 2023,” Olowo said.
The lawmaker noted that if the state did not pay in the next three years, it means that it had gotten a saving of about N75 billion.
Nation
Gombe Opens Bid For Construction Of Three-Arm Zone Project
Gombe State Ministry of Works, Housing and Transportation has opened bids for the construction of three arms zone complexes within the Gombe Capital Special Development Zone which held at the Ministry’s conference hall.
Speaking while presiding over the bid opening proceedings, the Commissioner, Engr. . Usman Maijama’a Kallamu assured the bidders that the bid opening would be carried out using procurement process which is based on specific regulations that are credible, fair, and transparent.
The Commissioner, who was represented by the Permanent Secretary of the Ministry, Alh. Idris Yambiu Buba said that the Ministry will continue to align itself for optimal results in the implementation of government policies and projects in line with Governor Muhammadu Inuwa Yahaya’s commitment to bringing development to the State.
While assuring the bidders of a transparent process, the SSA to the Governor on Special Project, Arch. Yakubu Mamman thanked Governor Muhammadu Inuwa Yahaya for his foresight in infrastructural development of the State, adding that government is committed to ensuring that all bidders had an equal chance to participate and compete based on merit to maintain standards and specifications.
Nation
Gov Mbah Signs Bill To Establish Teaching Hospital In Enugu
Governor of Enugu State, Dr Peter Mbah, yesterday, signed the Enugu State University of Medical and Applied Sciences (SUMAS) Teaching Hospital Bill 2024 into Law, promising to expedite action to actualise the teaching hospital immediately to provide quality training and healthcare services in the Enugu North part of the State and the State in general.
Mbah, while commending the Enugu State House of Assembly for accelerating action on the processing and passage of the Executive Bill, said that establishing SUMAS Teaching Hospital was in line with his manifesto.
He said, “What we have done by signing into law the Enugu State University of Medical and Applied Sciences Teaching Hospital Bill is that we now have in place a legal framework to immediately begin to put in place all that is required to upgrade SUMAS to a teaching hospital. This is part of our campaign promises and we are committed to delivering on that expeditiously.
“We believe that the importance and significance of siting a teaching hospital in our Enugu North zone can never be lost on us. So, we are not going to spend any time in making sure that everything that is necessary and required to upgrade and get the teaching hospital operational is put in place. With this Law, we are going to redouble our commitment and our efforts to achieve that.”
He assured the Governing Council and the Management of SUMAS of his continued support, adding that his administration would equally be counting on their pedigree and contacts to bring the teaching hospital to fruition in record time.
“We are going to continue to support you and we are also going to continue to count on your experience, network, and profile in raising resources to actualize the project.
“This year alone, we are going to spend 33 per cent of our budget on education. This underscores the importance of education to this administration. So, be sure to come to us whenever there is a need. We are going to support you because we are interested in education and we are investing heavily in it,” he said.
On his part, the Speaker, Enugu State House of Assembly, Hon. Uchenna Ugwu, who also spoke at the Bill signing witnessed by the Chairman of SUMAS Governing Council, Msgr. Obiora Ike, and the Vice Chancellor, Prof. James Ogbonna, and top hierarchies of the institution, commended Governor Mbah’s speed and faithfulness in delivering on his campaign promises. He assured that the House of Assembly was ever ready to fast-track every executive bill that would impact positively on the state and its people.
“We promised we are going to support this administration by doing our job expeditiously to ensure that there is no delay in your delivery of democracy dividends to our people. Therefore, the SUMAS Teaching Hospital Bill received expedited hearing and today you have the signing of the bill into law,” he stated.
Nation
Ododo Applauds Security Agencies Over Rescue Of 43 Bus Passengers
Kogi State Governor, Ahmed Usman Ododo has applauded security agencies in the State for their efforts in the rescue of 43 bus passengers.
The Special Adviser on Media to the Governor, Ismaila Isah disclosed this in a statement yesterday.
The statement noted that the governor welcomed the news of the release of the abducted bus passengers in Okehi Local Government Area of the State and called for sustained collaboration between security agencies and local communities to improve intelligence gathering and prevent crime and criminality in all parts of the state.
Ododo commended the caretaker chairman of Okehi LGA, Mr Amoka Eneji, the Nigeria Police, Nigeria Professional Hunters, Ebira Local Hunters Group and other security agencies for their intervention, which led to the rescue of the passengers who were abducted outside the state.
“Governor Ododo also commends the response of security agencies to the robbery incidence in Felele area of Lokoja and called for more urgency in addressing cases of insecurity in any part of the state.
“The Governor reassured the people of the state that his administration will not relent in its efforts in deploying maximum resources to ensure that all communities in the state remain unsafe for criminal elements.”
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