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PDP Condemns FG’s $5.5bn Loan Request …Says Buhari Mortgaging Children’s Future …As Senate Considers Request
The Peoples Democratic Party (PDP) has criticised the external loan request of President Muhammadu Buhari as an attempt by the All Progressives Congress-led Federal Government to mortgage the lives of unborn Nigerian children for many years to come, even as the Senate yesterday began consideration of the President’s request.
In a statement signed by the party’s National Publicity Secretary, Prince Dayo Adeyeye yesterday, the PDP said “it received with shock, the plan by the All Progressives Congress-led Federal Government to plunge Nigeria into further debt, and consciously mortgage the Future of our unborn generations through needless and mindless borrowing of the sum of $5.5billion.
“Like other well-meaning Nigerians, we consider this new bid for a foreign loan of $5.5billion being sought by the administration of President Muhammadu Buhari as an attempt to push the nation down into the black hole of debt that will affect negatively, the future of this nation,” the party lamented.
It stated that, “As a party that governed this nation meritoriously for 16 years and handed over a buoyant economy to the APC in 2015, we are concerned that by the time Nigerians would have the opportunity to push out the APC government in 2019, the economy of the nation would have been damaged irreparably.
“For emphasis, we are dismayed at the rate by which the APC is plunging the nation into debt through local and foreign borrowing without concomitant developmental projects in any sphere of the nation’s economy to justify the huge borrowing,” Adeyeye noted.
“The figure released recently by the Debt Management Office (DMO) stating that the nation under the administration of the APC government in the last two years of being in office, has borrowed N7.51trillion is mind-boggling.
“Mind-boggling because all-round infrastructural decay has now reached alarming proportions. The roads have deteriorated, the state of power supply has become worse, and there is no increase in wages to match the skyrocketing inflation. As a result, workers in educational institutions and other government agencies have spent more time at home observing strike action than they spent at work; insecurity has sky-rocketed beyond what anyone can imagine, while those in power continue to delude themselves that they are providing plausible leadership for the country,” the party said.
“We are constrained to ask the government of President Muhammadu Buhari to explain to Nigerians what his government has done with the several huge sums borrowed in the last two years in the name of financing infrastructural development in the country.
“The data shows that since President Buhari was sworn-in, the nation’s debt has risen by 61.96 per cent in only two years.
“As major stakeholders in the Nigerian Project, we are worried that if the National Assembly does not stop this latest demand for foreign loan, the money when released, will go the way of other loans obtained in the last two years without any tangible result to show for it,” the PDP said.
Meanwhile, the Senate has begun consideration of President Muhammadu Buhari’s request for the approval of an external loan of $5.5billion to enable the Federal Government finance the 2017 budget as well as re-finance domestic debts.
The move by the Senate to commence consideration of the external loan request followed Executive Communication by the Senate Leader, Senator Ahmad Lawan, yesterday, who said that the “Senate do consider the Request of Mr.. President C-in-C for the Approval of External Loans for: 1. Issuance of $2.5billion to finance the 2017 Appropriation Act; and ii. $3billion to re- finance debts.”
After the communication, Deputy Senate President, Ike Ekweremadu, who presided over yesterday’s plenary session, referred the request to the Senator Shehu Sani, APC, Kaduna Central-led Senate Committee Foreign and Local Debts, and report back in two weeks.
It would be recalled that President Muhammadu Buhari had, last Tuesday, written to the Senate, asking for the approval of an external loan of $5.5billion to enable the Federal Government finance the 2017 budget.
Buhari’s request for external borrowing to the tune of $5.5billion was contained in a letter to the Senate President, Dr Bukola Saraki which was read on the floor of the Senate.
The four-page letter, which was addressed to Senate president, was entitled, “Request for the approval of External Loans for: 1. Implementation of the External Borrowing Approved in the 2017 Appropriation Act: 11 External Borrowing to Re-finance maturing domestic debts through the issuance of $3.00billion Eurobond in the International Capital Market or through a loan syndication.”
According to the letter, while $3billion would be sourced through Eurobond, the remaining $2.5 would come from other sources in the international capital market.
Buhari had, however, allayed fears of Nigerians on possible effect or problems that may come up; saying that the proposed external borrowing of $3.0billion re-finance maturing domestic debt would not lead to an increase in the public debt portfolio against the backdrop that the debt exists, already in the form of high interest short term domestic debt.
According to him, the substitution of domestic debt with relatively cheaper and long-term external debt will lead to a significant decrease in debt service cost, just as he said that government’s moves in re-financing of domestic debt through external debt would also achieve more stability in the debt stock, adding that it would create more borrowing space in the domestic market for the private sector.
Also recall that the Senate had, last week, stepped down the recommendation of its committee to consider the issue of external borrowing for the executive on grounds that it was yet to receive any formal request in that regards.
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Fubara Reads Riot Act To New SSG, CoS …Warns Against Unauthorized Meetings
Rivers State Governor, Sir Siminalayi Fubara, has charged the newly appointed Secretary to the State Government (SSG) and Chief of Staff (CoS) to carry out their duties with discipline, loyalty and a firm commitment to the success of the administration and the wellbeing of the people of Rivers State.
The governor warned that any involvement in unauthorised nocturnal meetings or any conduct capable of embarrassing the government will attract immediate dismissal.
Fubara gave the warning yesterday shortly after the newly appointed Secretary to the State Government (SSG), Dr Dagogo S.A. Wokoma and the new Chief of Staff (CoS), Barrister Sunny Ewule, were sworn in at the Executive Council Chambers of Government House, Port Harcourt.
As part of the ceremony, the Chief Registrar of the State High Court, David Ihua-Maduenyi administered the Oath of Allegiance and Oath of Office on the duo before the governor gave his charge.
Addressing the appointees, Fubara reminded them that their elevation to the new positions was a call to service and not a platform for political grandstanding or the pursuit of personal ambition.
He stressed that their foremost responsibility should be to themselves and to the people of Rivers State, stressing that their conduct must always reflect integrity, restraint and dedication to public good.
Speaking directly to Dr. Wokoma, whom he described as an accomplished academic and mathematician, the governor expressed confidence in his intellectual depth and capacity to deliver on the new assignment.
The office of the Secretary to the State Government, Fubara stressed, demands thoroughness, discipline and a deep sense of responsibility. He charged the SSG to represent the State with honour at all times.
“Your duty includes representing the state government. You need to represent us in a way and manner that will bring honour to us.
“What is important to this administration is to see that the good works that we started and the ones that we met, are concluded in a way that will bring progress and development to our dear state,” he stated.
Turning to the new Chief of Staff, the governor explained that he is expected to ensure smooth administrative coordination, managing official engagements effectively and safeguarding the image of the Government House.
He underscored the sensitive and personal nature of the role and emphasised that the position operates strictly under the authority of the governor.
Fubara stressed that the role does not permit independent political engagements or private strategy meetings without his knowledge and consent.
“Let me sound it here very clearly. Your duty is to make sure that you handle the administrative duties and image making roles perfectly well, liaising with whoever is coming for any official assignment here.
“If you involve yourself in nocturnal meetings and all those things, I will sack you. I’m very serious. What is important to me today is peace, progress and prosperity of this state. I’m not going to compromise anything for it,” he said.
The governor cautioned that involvement of the new appointees in any action capable of bringing the government or his office to disrepute would attract appropriate sanctions.
While congratulating the new appointees, Fubara expressed optimism that they would justify the confidence reposed in them.
He called on all public officials to work together in unity, observing that collective success is stronger and more enduring than individual achievement.
The governor who also addressed the Permanent Secretaries present at the ceremony, directed those of them who have reached retirement age to start preparing their handover notes without delay.
The notice, he said, was not intended to scare anybody but to prepare their minds towards the inevitability of exiting the service one day and to pave way for an orderly transition.
He warned against any attempt to engage in financial misconduct or last-minute irregularities, stressing that he was closely monitoring the system to ensure strict enforcement of accountability rules.
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Fubara Dissolves Rivers Executive Council
Rivers State Governor, Sir Siminialayi Fubara, has dissolved the State Executive Council.
The governor announced the cabinet dissolution yesterday in a statement titled ‘Government Special Announcement’, signed by his new Chief Press Secretary, Onwuka Nzeshi.
Governor Fubara directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
He thanked the outgoing members of the State Executive Council for their service and wished them the best in their future endeavours.
The three-paragraph special announcement read, “His Excellency, Sir Siminalayi Fubara, GSSRS, Governor of Rivers State, has dissolved the State Executive Council.
“His Excellency, the Governor, has therefore directed all Commissioners and Special Advisers to hand over to the Permanent Secretaries or the most Senior officers in their Ministries with immediate effect.
“His Excellency further expresses his deepest appreciation to the outgoing members of the Executive Council wishing them the best in their future endeavours.”
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INEC Proposes N873.78bn For 2027 Elections, N171bn For 2026 Operations
The Independent National Electoral Commission (INEC) yesterday told the National Assembly that it requires N873.78bn to conduct the 2027 general elections, even as it seeks N171bn to fund its operations in the 2026 fiscal year.
INEC Chairman, Prof Joash Amupitan, made the disclosure while presenting the commission’s 2026 budget proposal and the projected cost for the 2027 general elections before the National Assembly Joint Committee on Electoral Matters in Abuja.
According to Amupitan, the N873.78bn election budget covers the full conduct of national polls in 2027.
An additional N171bn is needed to support INEC’s routine activities in 2026, including bye-elections and off-season elections, the commission stated.
The INEC boss said the proposed election budget does not include a fresh request from the National Youth Service Corps seeking increased allowances for corps members engaged as ad-hoc staff during elections.
He explained that, although the details of specific line items were not exhaustively presented, the almost N1tn election budget is structured across five major components.
“N379.75bn is for operational costs, N92.32bn for administrative costs, N209.21bn for technological costs, N154.91bn for election capital costs and N42.61bn for miscellaneous expenses,” Amupitan said.
The INEC chief noted that the budget was prepared “in line with Section 3(3) of the Electoral Act 2022, which mandates the Commission to prepare its election budget at least one year before the general election.”
On the 2026 fiscal year, Amupitan disclosed that the Ministry of Finance provided an envelope of N140bn, stressing, however, that “INEC is proposing a total expenditure of N171bn.”
The breakdown includes N109bn for personnel costs, N18.7bn for overheads, N42.63bn for election-related activities and N1.4bn for capital expenditure.
He argued that the envelope budgeting system is not suitable for the Commission’s operations, noting that INEC’s activities often require urgent and flexible funding.
Amupitan also identified the lack of a dedicated communications network as a major operational challenge, adding that if the commission develops its own network infrastructure, Nigerians would be in a better position to hold it accountable for any technical glitches.
Speaking at the session, Senator Adams Oshiomhole (APC, Edo North) said external agencies should not dictate the budgeting framework for INEC, given the unique and sensitive nature of its mandate.
He advocated that the envelope budgeting model should be set aside.
He urged the National Assembly to work with INEC’s financial proposal to avoid future instances of possible underfunding.
In the same vein, a member of the House of Representatives from Edo State, Billy Osawaru, called for INEC’s budget to be placed on first-line charge as provided in the Constitution, with funds released in full and on time to enable the Commission to plan early enough for the 2027 general election.
The Joint Committee approved a motion recommending the one-time release of the Commission’s annual budget.
The committee also said it would consider the NYSC’s request for about N32bn to increase allowances for corps members to N125,000 each when engaged for election duties.
The Chairman of the Senate Committee on INEC, Senator Simon Along, assured that the National Assembly would work closely with the Commission to ensure it receives the necessary support for the successful conduct of the 2027 general elections.
Similarly, the Chairman of the House Committee on Electoral Matters, Bayo Balogun, also pledged legislative support, warning INEC to be careful about promises it might be unable to keep.
He recalled that during the 2023 general election, INEC made strong assurances about uploading results to the INEC Result Viewing portal, creating the impression that results could be monitored in real time.
“iREV was not even in the Electoral Act; it was only in INEC regulations. So, be careful how you make promises,” Balogun warned.
The N873.78bn proposed by INEC for next year’s general election is a significant increase from the N313.4bn released to the Commission by the Federal Government for the conduct of the 2023 general election.
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