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Buhari Seeks $30bn Foreign Loan …Wants N180bn Virement In 2016 Budget …Explains Why 2017 Budget’ll Hit N6trn
President Muhammadu Buhari has forwarded requests to the National Assembly to approve external borrowing plan of $29.960billion for execution of key infrastructural projects across the country between 2016 and 2018.
The president also requested for virement of N180.8 billion in the 2016 budget for provision of needed votes for some sectors.
The president made the requests in two separate letters to the Senate President, Dr Bukola Saraki and Speaker of the House of Representatives, Mr Yakubu Dogara which were read on the floor of both chambers, yesterday.
Buhari, in the external borrowing plan, explained that targeted projects cut across all sectors with special emphasis on infrastructure , agriculture, health, education, water supply, growth and employment generation.
Other sectors he said included poverty reduction through social safety net programmes and governance and financial management reforms, among others.
According to him, the cost of the projects and programmes under the borrowing (rolling) plan is $29.960billion.
This is made up of proposed projects and programmes loan of $11.274billion, Special National Infrastructure projects $10.686billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5billion.
He explained further that the loan was very necessary in view of the serious infrastructure deficit in the country.
He said the country had huge infrastructure deficit and enormous financial resources required to fill the gap in the face of dwindling resources.
“This is in addition to the inability of our annual budgetary provisions to bridge the deficit. It has become necessary to resort to prudent external borrowing to bridge the financing gap.
“This will largely be applied to key infrastructure projects namely power, railway and roads among others”, he added.
Buhari in the virement request, said the N180 billion would be moved from monies already appropriated for special Intervention programmes both recurrent and capital for funding of critical recurrent and capital items.
He said the request arose due to shortfalls in provisions for personnel costs; inadequate provision ab initio for amnesty programme; continuing requirements to sustain the war against insurgency; and depreciation of the naira.
The letter reads in part:” In the course of implementing the 2016 Appropriation Act, several MDAs have presented issues pertaining to salary shortfalls, the settlement of part of which has led to the depletion of the Public Service Wage Adjustment. “This Vote, which had a provision of N33, 597,400,000, now has a balance of N2, 758,296,000.
“The provision for NYSC in the 2016 budget is inadequate to cater for the number of corp members to be mobilised this year.
“In fact, an additional N8.5billion is required to cover the backlog of 129, 469 corps members who are due for call-up but would otherwise be left out till next year due to funding constraints.
“Similarly, the provision for meal subsidy for the Unity Colleges is inadequate for the number of students in the schools.
“Due to the devaluation of the naira, the budgetary provisions for the foreign missions are no longer sufficient to cover all their costs.”
Meanwhile, the Minister of Finance, Mrs Kemi Adeosun, yesterday, told the Senate that the Federal Government would sustain its over N6trillion national budget in the 2017 appropriation bill, expected to be submitted by President Muhammadu Buhari, after the consideration and subsequent approval of the pending 2017—2019 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by the National Assembly.
Adeosun told members of the Senate Committee on Finance, led by its Chairman, John Owan Enoh (PDP, Cross River Central), who were on oversight visit to her ministry, that government would maintain its over N6trillion annual budget because it spends over N3 trillion out of the budget sum for salaries, pension and debt services, leaving a paltry amount for capital projects.
She insisted that the country would be gambling with the figure for now as it can’t go below it anymore in the face of high expectations from its citizens.
Enoh had told the minister that the committee’s visit was “actually driven by the collective decision of the Senate a few weeks ago that all its standing committees embarked on oversight visits to all ministries, departments and agencies of government.
“So, for us as a committee, in addition to having to respond to that requirement, it also became imperative that we embark on this maiden visit.
“Our hope is that on this visit, the minister, quite apart from giving us some highlights of the implementation of the Ministry of Finance budget in the year 2016, would also throw some highlights on few of some of the things that she feels the committee should know, especially the performance of our economy, no matter how briefly, and some things that we could take advantage of because we oversight her ministry, so that we don’t just hear as secondhand but hear as firsthand.
“This is October, the Medium Term Expenditure Framework is already sent to the National Assembly for approval so that the 2017 budget can come. We have a few revenue challenges, most of all is the performance of the independent revenue of government. So, we think that the minister would take advantage of this meeting and be able to bring us to speed with a few of these things,” he added.
The committee berated the minister for what it described as her poor handling of agencies under her watch, resulting in monumental leakages and loopholes.
“There are a lot of drain pipes and leakages in the customs, I don’t think that the ministry under your watch has given sufficient attention to the customs in particular,” Senator Hope Uzodinma, a member of the committee and chairman, Senate Committee on Customs told her.
Responding, Adeosun disclosed that government’s efforts at realising money from revenue generating agencies to meet the expectations of Nigerians were being hampered by high-level corruption still existing in the agencies, especially the Nigerian Customs Service, which she described its men as “cohesive crooks hard to break.”
To this end, she solicited an urgent intervention of the National Assembly in curbing the loopholes and excessive leakage not only in the revenue sourcing agencies but also all other Federal Government’s agencies, saying they were stinking of corruption.
The minister particular disclosed that about N2 trillion from the budget was going out for salaries of workers and pensions alone, and the sum of N1.4 trillion was also going out for debt servicing, saying the situation considerably slashes down the budget sum, a development, she noted, made it impossible to downsize the budget.
Rivers State, Sir Siminalayi Fubara, has assured members of the National Youth Service Corps (NYSC) of his administration’s commitment to supporting and strengthening the scheme in the State.
Fubara gave the assurance last Friday at the NYSC permanent orientation camp, Nonwa-Gbam, Tai Local Government Area in the State, during the swearing-in ceremony of 2026 Batch B Stream II orientation course.
Represented by the Permanent Secretary, Cabinet Bureau, Office of the Secretary to the State Government, Dr. Promise Oguzie, the governor said the State Government would remain intentional in providing the necessary support to improve the NYSC scheme and enhance the experiences of corps members deployed to the state.
He charged the corps members to be role models and quality nation-builders in their service to the good people of Rivers State in particular, and Nigeria at large.
“I charge you to be exemplary, dedicated and committed in all you do. Take full advantage of all the camp programmes and activities to enrich yourselves”, he said.
In his welcome address, the State Coordinator of NYSC in Rivers State, Mr. Moses Oleghe, urged corps members to see their deployment to Rivers State as a “veritable opportunity to make meaningful contribution to the growth of the State in particular and Nigeria at large.”
He further charged them to serve with all sense of “integrity, discipline, and the fear of God, especially when they will be engaged as INEC ad-hoc staff that will conduct the 2027 general elections.”
A total of 3,584 corps members composed of 1,421 males and 2,163 females were sworn in by the Chief Judge of Rivers State, who was represented by Justice Godspower Aguma.
Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.
The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of the church at Government House, Port Harcourt.
Fubara who hailed the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria, expressed delight that the Church had over the years, been investing in education at various levels and currently runs two universities in the country.
He commended the church for not only using its institutions to spread the gospel of Christianity but to groom future leaders for the country.
According to him, religion should not be just about defending one’s faith, but also making meaningful impact on the lives of the people.
He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria in the task of producing not only educated people but a breed of God-fearing leaders.
“Our country is where it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation, you’ll go beyond the line and that is what has brought us to where we are today.
“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.
Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society, has also given rise to other problems such as social inequality, poverty, corruption and criminality. According to him, Nigeria needs a system where the average parent could afford quality education for their children and a guarantee that upon graduation, the average child will have the capacity to compete favourably with anybody, anywhere in the world.
“If we have a situation where the little money that you’re being paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices we have today won’t be there,” he said.
Governor Fubara expressed appreciation to the delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.
Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s ministers will be undergoing an empowerment programme to further equip them for the task of herding their flocks and serving the society.
He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.
Kohler disclosed that the Church has over twenty -four million (24,000,000) members and more than 182,000 places of worship, spread across 212 countries of the world.
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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