Despite public outcry over incessant borrowing by the current administration, President Muhammadu Buhari on Tuesday, asked the Senate to approve $4 billion and €710 million external loans.
The development was captured in a letter addressed to Senate President Ahmad Lawan and read at plenary.
According to the president, the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.
Buhari noted that the loan, if approved, would enable the Federal Government to fund critical infrastructural projects in different sectors across the country.
The letter reads: “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.
“The distinguished Senate President may recall that we submitted a request on 2018-2020 borrowing plan for the approval of the Senate in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.
“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”
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Lagos APC To Adopt Consensus Candidate For Oct. 2 State Congress
The Lagos State APC Caretaker Committee has reaffirmed the likelihood of employing consensus arrangement to produce the state executives during the forthcoming Oct. 2 state congress.
The State’s Caretaker Committee Publicity Secretary, Seye Oladejo, gave this indication in an interview with the News Agency of Nigeria (NAN) at the state’s secretariat in Lagos on Thursday.
The ruling party used consensus option to produce its executives during the July 31 and Sept. 4 Ward and Local Government Congresses respectively.
Oladejo said the consensus arrangement would be repeated in the forthcoming state congress election to reduce acrimony within the party when it elects its officials.
He said: “The national headquarters has advised the state chapter to consider consensus arrangement for the state congress as well, which I believe will be adopted for the national convention.
“I am sure you are also aware that the party constitution allows for the consensus candidate option to save cost,” he said.
“We have resolved and directed officers of our party at all levels to engage in dialogue that would lead to meaningful reconciliation of aggrieved members within the party.
“This is in order to ensure that all opinions are accommodated and all members who are willing to serve the party are given positions in the various executive bodies at ward, local and state levels.”
Speaking, the APC state’s Chairman, Alhaji Babatunde Balogun, also assured members of the party’s readiness in ensuring a hitch-free exercise on Oct. 2.
The chairman explained that appropriate arrangements had been made by the National Headquarters of the party to ensure the success of the exercise.
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Ndume Blasts Buhari’s Unending Loan Requests, Decries Senate’s Speedy Approvals
Ali Ndume, the Senator representing Borno South, on the platform of the All Progressives Congress (APC), says the rate of borrowings by the Nigerian government is increasing and worrisome.
President Muhammadu Buhari had in a letter on Tuesday sought the approval of the Senate to borrow another $4billion (4,054,476,863) and €710million loan from bilateral and multilateral organisations to fund the deficit in the 2021 budget.
Buhari’s latest request comes barely two months after the National Assembly approved his earlier request to borrow $8.3billion and €490million loans contained in the initial 2018-2020 borrowing plan.
While he said the loan request was an addendum to the 2018-2020 borrowing plan, he also asked the lawmakers to approve grant components of $125 million.
He told the lawmakers that the need to borrow more funds was to meet “emerging needs” for some “critical projects.”
Speaking during a press briefing at the National Assembly on Thursday, Ndume said it was more worrisome when there was little or nothing to show for what the loans were used for.
This was even as he faulted the Senate for rushing to approve the loan requests.
He said, “I’m not an expert in debt analysis. Honestly, the rate of our borrowing is increasing and is worrisome. But it is not the borrowing that is the problem as I always say, it is what you do with what you borrow.
“It is not the borrowing. And this request for loans that the president sent to the National Assembly is part of the approved external borrowing.
“You guys should look at what the borrowing is for in the first place. Is it necessary? Are the terms good? Borrowing is not a crime but when the rate of debt servicing increases and I understand it is getting to 80, 90 per cent, you have to be cautious. You have to look at alternatives.
“This is what we should analyse and see if it is necessary. Let us look at the implications and what the money is meant for. For example, we have infrastructural deficit in this country and with what we hear when people come to Abuja or when allocations are made, you can’t tell what is done with it.
“Another thing I’m worried about is the way the Senate is handling it. The Senate, by definition, is House of deliberation. When things like this (loan request) comes, you don’t just say, because you want to be good, you approve it. No.
“You’re supposed to look at it critically. Cross the Ts, dot the Is, ask questions, carry the people you are representing along, ask if they agree. Not that we just sit down and just approve it.
“We thought it might be good but the way we do it makes the people we represent look at us suspiciously. There are situations where the time is short and we need to act fast, then we’ll have to carry the people along. I feel the pain when they say ‘you people again’. You call us rubber stamp and all that.”
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Shehu Sani Defects To PDP
Senator Shehu Sani, who represented the Kaduna Central Senatorial district in the National Assembly, has joined the People’s Democratic Party (PDP).
Sani was elected a senator on the platform of the All Progressive Congress (APC) into the eight assembly from 2015 to 2019.
The Senator was unable to return to the senate in 2019 following an unresolved issue with serving Governor Nasir el-Rufai.
The controversies stopped him from getting the party ticket, which forced him to defect to the People’s Redemption Party (PRP) under which he contested but lost.
Recently the senator dumped the PRP but he did not state his new party.
According to Daily Trust, his close aide, Malam Suleiman Ahmed, confirmed his defection on Thursday, when he had a meeting with relevant PDP stakeholders in Kaduna.
“Yes, Distinguished Senator Shehu Sani has finally settled to join the PDP but official ceremony and reception will be in the next two weeks all things being equal,” he said.
263 total views, 263 views today
- Lagos APC To Adopt Consensus Candidate For Oct. 2 State Congress
- BBNaija: Angel Tells Pere How To Deal With Saga After ‘Betraying Him’
- Ndume Blasts Buhari’s Unending Loan Requests, Decries Senate’s Speedy Approvals
- Doctors Advised Me To Drink More Water — Bawa, Chairman Of Anti-graft Agency, EFCC Speaks On Slumping At Event
- Shehu Sani Defects To PDP
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