News
Buhari Seeks $5.5bn Foreign Loans
President Muhammadu Buhari has requested the Senate’s approval to borrow the sum of five billion, five hundred million dollars from external financial sources, to fund capital projects in the 2017 budget and to finance local debts as well.
President Buhari in a letter read to the Senate by the President of the Senate, Bukola Saraki yesterday, said the external loan are expected to come in two parts .
First is $3.0 billion for re-financing of maturing domestic debt obligations of the Federal Government, and the second part of $2.5 billion for the financing of the Federal Government’s 2017 Appropriation Act and Capital Expenditure projects in the Act.
According to the letter, the request for the external loan of three billion was based on the resolution arrived at by the Federal Executive Council (FEC) in its meeting held on August 9.
As stated in the letter, the $2.5billion would be borrowed from international capital market, through Eurobonds or a combination of Eurobond and diaspora bonds, while , the $3 billion would be sourced from Eurobond in the international market, and, or through loan syndication by banks.
According to the letter, the $2.5 billion external loan would be used to finance the deficit in the 2017 Appropriation Act and provide funding for the capital projects in the budget, which it listed to include Mambilla Hydropower Project, construction of a second runway at the Nnamdi Azikiwe international Airport.
Other projects to be funded by this loan are: counterpart funding for rail projects and the construction of the Bodo-Bonny Road, with a bridge across the Opobo Channel.
The three billion dollars , President Buhari said would be used for the re-financing of domestic debts would be used to reduce the debt service levels and lengthen the tenure profile of the debt stock, hence the federal government seeks to substitute maturing domestic debt with less expensive long term external debt.
Buhari in the letter also told the Senate that the loan request would not lead to increase in the public debt portfolio of the country,
According to him , the substitution of domestic debt with relatively cheaper and longer term external debt will lead to a significant decrease in debt service cost, adding that the proposed refinancing of domestic debt through external debt will also achieve more stability in the debt stock while also creating more borrowing space in the domestic market for the private sector.
”It is important to note that the proposed sourcing of three billion dollars loan from external sources to refinance maturing domestic debt will not lead to an increase in the public debt portfolio because the debt already exists, albeit in the form of high interest short term domestic debt”.He wrote.
However, terms and conditions of the borrowing as indicated in the letter can only be determined at the point of issuance of finalization based on prevailing market conditions in the International Capital Market.
President Buhari futher urged the Senate to give the request expeditious consideration and ,as he reminded them to note that the external loan terms is a market based transaction specifically determined by the timing and prevailing conditions of the capital market at the time .
Meanwhile, Senate yesterday approved a budget of N152.8 billion for the 2017 expenditure of the Federal Inland Revenue (FIRS).
The approved budget indicates
a total of N31 billion representing 20.33 of the total budget mapped out for capital budget.
Following the report and recommendation of the Senate Finance committee, the Senate approved N75.8 billion as personnel cost which is 49.58 percent, N46 billion for overhead cost also of 30.09 percent.
The personnel cost however increased from N51.8 billion in 2016, to N75.8 billion in 2017 due “to the planned recruitment of 700 additional staff in 2017 and upward review of salary by 30% as approved by Salary, Wages and Income Commission,”
The FIRS has a projection of N4.9 trillion of revenue in its 2017 budget.
The Nigerian Senate also approved the sum of N270.5billion budget for the Nigeria Ports Authority (NPA) for the year 2017.
The NPA also has a revenue projection of N288.7billion in the year 2017
Also N161.9 billion was approved for the Nigerian Maritime Administration and Safety Agency (NIMASA) with a projected revenue of N161.9 billion for 2017.
In his remarks at plenary, the President of the Senate , Bukola Saraki noted that it is necessary for revenue generating agencies to live up to their mandates as this would reduce the need for borrowing by the Federal Government.
Saraki said the Senate would ensure through its oversight functions that the agencies live up to expectations.
Nneka Amaechi-Nnadi
News
We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
News
Fubara Expresses Commitment To Healthcare …As UNICEF Lauds RSG On Health Programmes
Rivers State, Sir Siminialayi Fubara, has reaffirmed his commitment to ensuring good healthcare for the people of Rivers State.
?
?Governor Fubara stated this when he played host to the Country Director of UNICEF, Wafaa Saeed Abdelatef and her management team in Port Harcourt, last Tuesday.
?
?The governor who was represented by the Secretary to the State Government, Dr. Benibo Anabraba, said he would continue to provide the necessary facilities in order to ensure accessible and good health care for all Rivers people.
?
?”We are constructing new zonal hospitals across the State. The Ahoada Zonal hospital will be commissioned in December and others are near completion.
?
?”We are grateful to UNICEF for all they have done and believe we can always work together to care for the vulnerable in the society. We appreciate your physical presence, and believe that your staff working remotely, can also do more virtually. We have a capable Commissioner of Health, Dr. Adaeze Oreh, to help foster our relationship, communication and greater collaboration,” he said.
?
?The Country Director for UNICEF Nigeria, Ms. Wafaa Saeed Abdelatef, assured Governor Fubara of UNICEF’s support to the programmes of the State Government. She appealed that health facilities such as the Oxygen Plant at Eleme Local Government Ares and the New Born Care Units be solarized.
?
?”Be assured that UNICEF will continue to work and support the programmes here in Rivers State. We have seen the Oxygen Plant at Eleme LGA which has been effective because of the Public Private Partnership. We appeal that the plant be solarized.
?
?”I commend your leadership of the State and assure that we are here to support your effort and assure you that you can count on our support and partnership. Rivers State is one of the states we can showcase how things are working so others can learn,” she added.
?
News
Dangote Unveils N100bn Education Fund For Nigerian Students
Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.
Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.
He described education as the “strongest engine of social mobility” and a critical foundation for national development.
The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.
Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.
By 2036, he said, the programme is expected to have reached at least 1,325,000 students.
“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.
A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.
Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.
“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.
-
Politics2 days agoSenate Receives Tinubu’s 2026-2028 MTEF/FSP For Approval
-
News2 days agoRSG Lists Key Areas of 2026 Budget
-
News2 days agoDangote Unveils N100bn Education Fund For Nigerian Students
-
News2 days agoTinubu Opens Bodo-Bonny Road …Fubara Expresses Gratitude
-
News2 days ago
Nigeria Tops Countries Ignoring Judgements -ECOWAS Court
-
Featured2 days agoFubara Restates Commitment To Peace, Development …Commissions 10.7km Egbeda–Omerelu Road
-
Sports2 days agoNew W.White Cup: GSS Elekahia Emerged Champions
-
News2 days ago
FG Launches Africa’s First Gas Trading Market, Licenses JEX
