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Buhari Resends Request for $29.96bn Loan to Senate
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President Muhammadu Buhari on Thursday re-sent the $29.96bn 2016-2018 external borrowing plan to the Senate for its consideration and approval.
Buhari made the request a day after the International Monetary Fund warned Nigeria against rising debts. The Debt Management Office has said out of Nigeria’s total debt profile of N25.7tn as of June 2019, external borrowing accounts for about 32 per cent while the 68 per cent is domestic.
The President’s financial plan was approved by the Federal Executive Council in August 2016 and sent to the 8th Assembly in September 2016.
The leadership of the federal parliament led by Senator Bukola Saraki and Yakubu Dogara, invariably rejected the request in November 2016.
Buhari had asked the 8th Assembly to approve plans to borrow the amount abroad to fund infrastructure plans from 2016 to 2018.
The President of the Senate, Ahmad Lawan, who read the fresh request sent by Buhari during plenary, did not give details of the executive communication.
In the letter, dated November 26, 2019, Buhari said the 8th National Assembly approved only a part of the External Borrowing request forwarded to it in September 2016.
This, according to him, stalled the Federal Government’s implementation of critical projects spanning across the mining, power, health, agricultural, water and educational sectors.
The letter reads, “Pursuant to Section 21 and 27 of the Debt Management Office (Establishment) Act, I hereby request for Resolutions of the Senate to approve the Federal Government’s 2016 – 2018 External Borrowing plan, as well as relevant projects under this plan.
“Specifically, the Senate is invited to note that: While I had transmitted the 2016-2018 External Borrowing Plan to the 8th National Assembly in September, 2016, this plan was not approved in its entirety by the Legislature.
“Only the Federal Government’s Emergency projects for the North East, (Four (4) States’ projects and one (1) China Exam Bank Assisted Railway Modernisation Projects for Lagos – Ibadan Segment) were approved, out of a total of thirty-nine (39) projects.
“The Outstanding projects in the plan that were not approved by the Legislature are, nevertheless, critical to the delivery of the Government’s policies and programmes relating to power, mining, roads, agriculture, health, water and educational sectors.
“These outstanding projects are well advanced in terms of their preparation, consistent with the 2016 Debt Sustainability Analysis undertaken by the Debt Management Office and were approved by the Federal Executive Council in August 2016 under the 2016 – 2018 External Borrowing Plan.
“Accordingly, I have attached, for your kind consideration, relevant information from the Honourable Minister of Finance, Budget and National Planning the specific outstanding projects under the 2016 – 2018 External Borrowing plan for which legislative approval is currently sought.
“I have also directed the Minister to make herself available to provide any additional information or clarification which you may require to facilitate prompt approval of the outstanding projects under this plan.”
According to the President’s letter, the total cost of implementing the projects is $29.960bn consisting of a Projects and Programme loan of $11.274bn.
Others are, Special National Infrastructure Projects of $10.686bn, Euro Bonds of $4.5bn and Federal Government Budget Support of $3.5bn.
The letter also revealed that the projects and programmes were selected after positive technical economic evaluation and presumed contribution to the socio-economic development of the country.
The projects he said, would be implemented across the 36 States of the Federation and the Federal Capital Territory.
The President explained that it was necessary to resort to external borrowing to fund the financial gap required to address the huge infrastructural deficit in the country such as power, railway, road projects and assured lawmakers of its resolve to implement the projects in a financially sustainable manner.
The President also admitted that the World Bank had provided the sum of $575m for the purpose of reconstructing and rehabilitating the North East.
He said the amount, which was outside the 2016-2018 External Borrowing Plan had been earmarked for urgent implementation in the region.
Some of the areas of intervention according to him are, Polio Eradication support and routine immunization project- ($125m); Community and Social Development Project ($75m).
Others are the Nigeria States Health Programme Investment project ($125m); State Education Programme Investment Project ($100m); Nigeria Youth Employment and Social Support Project ($100m) and the Fadama III Project ($50m).
The President therefore urged the Senate to immediately approve the $575m grant by the World Bank to enable its immediate disbursement before further consideration and authorization of the 2016-2018 borrowing plan.
Jude Bellingham scored a dramatic extra-time winner as England overcame an unfortunate Norway to reach the semi-finals of the 2026 World Cup.
Bellingham slid home the winning goal in the first half of extra time after a second Norway goal was ruled out by the VAR for an Erling Haaland foul.
Andreas Schjelderup had given Norway the lead, but Bellingham equalised with a brilliant finish — although England were fortunate the goal stood after the ball struck the Spidercam during the build-up.
England rode their luck at times but will now face either Switzerland or old rivals Argentina as they seek to reach the World Cup final for the first time since 1966.
New York Times
Oyo State Governor Seyi Makinde has expressed relief and joy over the release of the abducted schoolchildren and teachers in Oriire Local Government Area.
“It is such a big relief for all of us. Right now, I am overjoyed and can hardly say much,” the governor told Channels Television.
President Bola Tinubu has also expressed delight over the successful rescue of abducted children and teachers, commending the military, the DSS, and the Nigeria Police Force for ending their 56-day captivity.
The President said the security operation led to the arrest of eight suspected abductors while several others were neutralised, describing the outcome as a major relief for the victims, their families and the nation.
In a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu praised the security agencies for what he described as their tireless efforts in securing the victims’ release.
He also sympathised with the children, teachers and their families over the trauma they endured during the prolonged ordeal
The President further commended the Oyo State Government for its cooperation with the Federal Government throughout the rescue operation and urged the state to strengthen security around schools to prevent similar incidents.
President Tinubu also directed emergency response agencies to work with the Oyo State Government to provide the rescued children and teachers with all necessary medical care and relief support as they recover from the ordeal.
The schoolchildren and teachers kidnapped by suspected bandits in Oriire Local Government Area of Oyo State have been rescued after about 56 days in captivity.
According to a statement by presidential spokesperson, Bayo Onanuga, the victims were freed through the efforts of security agencies.
“Finally, all the kidnapped pupils and teachers in Oriire, Oyo State, have been rescued by our security agencies,” Onanuga said.
He disclosed that eight members of the kidnapping gang were arrested during the rescue operation and are now in the custody of the Department of State Services (DSS).
Onanuga said the rescue operation did not involve any exchange or concession to the kidnappers, noting that a notorious gang leader whose release had been demanded by the abductors remains in custody and is being prosecuted for his alleged crimes.
He added that security agencies would provide a full account of the operation soon.
“In the course of the rescue operation, eight of the kidnappers were arrested and are now in DSS custody, while some of them were neutralised. There was no quid pro quo in the rescue, as one of the terrorists, a kingpin whose release was demanded by the kidnappers, is being prosecuted for his atrocities. The security agencies will give full account soon,” he added.
In a video shared alongside the statement, a woman believed to be one of the rescued teachers was seen thanking President Bola Tinubu for securing their release. The schoolchildren were also seen eating biscuits and joining the teacher in chanting, “Thank you, sir,” at the end of her remarks.
“Hello sir, our father, we are grateful. Mr President, sir, we are grateful. We understand your commitment to our safety and we appreciate all you did for us. We could see your hand in this. Thank you very much. Every security operative tried so much, and that is why we are still alive today. We are very grateful to you. Thank you very much,” the teacher said.
