billion naira – Tedxyouth Caltech http://tedxyouthcaltech.com/ Sat, 26 Mar 2022 06:48:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tedxyouthcaltech.com/wp-content/uploads/2021/10/icon-5-120x120.png billion naira – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 Akwa Ibom legislature approves Governor’s N150bn loan request – The Sun Nigeria https://tedxyouthcaltech.com/akwa-ibom-legislature-approves-governors-n150bn-loan-request-the-sun-nigeria/ Tue, 08 Mar 2022 16:14:21 +0000 https://tedxyouthcaltech.com/akwa-ibom-legislature-approves-governors-n150bn-loan-request-the-sun-nigeria/ By Joe Effiong Uyo Despite the outcry generated by a sudden request for approval of an additional appropriation by Governor Udom Emmanuel, members of the Akwa Ibom Legislative Assembly during their Monday plenary collapsed to hastily approve a request for 150 billion naira loan to the governor. The idea was that after attracting a lot […]]]>

By Joe Effiong Uyo

Despite the outcry generated by a sudden request for approval of an additional appropriation by Governor Udom Emmanuel, members of the Akwa Ibom Legislative Assembly during their Monday plenary collapsed to hastily approve a request for 150 billion naira loan to the governor.

The idea was that after attracting a lot of condemnation following the accelerated approval of the additional N45 billion credit, of which more than 90% is recurrent, the assembly would take a while to really consider the loan request and possibly to reject it.

But the state was surprised by the enthusiastic verbalizations of the members of the house in their tortuous effort to justify the blanket approval of the loan request.

Their justification for approving the loan request seemed either absurd, or funny, or very unreasonable.

The legislative comedy started with the leader of the assembly, Mr. Udo Kierian Akpan, who wholeheartedly justifying the approval of the loan, said; “The instrument requested by the governor is not a loan. It has what it takes to create money in the money market. When I read the news in the media, I approached the governor and asked him. He told me he didn’t take any loans. He said to me, I swear to God, I don’t take loans. “What I’m going to do is create money.”

“He’s a banker. He knows how to create money from banks. He knows how to settle financial instruments. He has what is available to use as something to create money. Having said that he is not taking a loan, I think we should allow him to raise funds,” Akpan said.

On his part, the former Speaker of the House of Assembly, Mr. Aniekan Uko, said; “The Governor’s explanation is very clear about where he is going to get this money and what projects this money is going to support. One thing we need to know is that no leader will want the projects he undertook are abandoned I am a case study.

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“There is a project that I tried to build in my constituency. If I have the liberty to write to the House of Assembly to give me leeway to get money and complete the project, Mr. Speaker, I will. I would like to say on behalf of Ibesikpo Asutan State Constituency that I fully support His Excellency’s completion program. On this, I support the request so that the Governor can carry out his projects.

Deputy Head of the House and Chairman of the House Information Committee, Mr Aniefiok Dennis, said: “After listening to the explanation given by the Head of the House, the Right Honorable Udo Kieran on the need for us to approve the request, per the requirement of Rule 1, Rule 13 of the Standing Orders of the House, which states that whenever the leader speaks, I must second him. I therefore call on the Chamber to support the request.

Obong Godwin Ekpo representing Ibiono Ibom State Constituency would waste no words on much reasoning. He simply said; “Whether it’s a loan, an instrument, or whatever, the federal government continues to collect loans. For the simple fact that he is attached to projects, I support him. The governor said he must complete all his projects. Our duty is to support His Excellency.

It seems every member was eager to speak up and point out an unfinished project in their constituency. Charity Ido representing Ukanafun said; “I agree with all past speakers that this request is in order. I would like to add that given that His Excellency the Governor is a great leader and accountant, he knows what he is doing. He’s a leader without reputation; he can’t lead us astray.

“As an accountant, I want to say that we have to make sure that we support the governor to leave the state better than he met. Considering the fact that I am from Ukanafun and we have an unfinished general hospital in Ukanafun, I know that some of this money will be used to complete this project. Mr. President, I have the mandate of my people to fully support this request.

The preponderance of opinion in the state is that the very recurrent supplementary credits and the loan are all instruments to make money not only to be used for the general election, but more importantly, to push the candidate in the anointed governorship of Udom Emmanuel in the PDP primaries. victory, while members of the state assembly seeking another term or higher positions would also receive not only the governor’s endorsement, but also financial support for their campaign.

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Lagos Assembly approves N18 billion naira loan request from Sanwo-Olu https://tedxyouthcaltech.com/lagos-assembly-approves-n18-billion-naira-loan-request-from-sanwo-olu/ Fri, 24 Dec 2021 08:44:23 +0000 https://tedxyouthcaltech.com/lagos-assembly-approves-n18-billion-naira-loan-request-from-sanwo-olu/ [ad_1] The Lagos House of Assembly approved the request of the State Governor, Mr. Babajide Sanwo-Olu, to approve the loan for the transition facility offered by the Federal Ministry of Finance, Budget and Planning National Road to facilitate the early completion of the Lekki-Epe Regional Road and Motorway Project. . The House, which is currently […]]]>


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The Lagos House of Assembly approved the request of the State Governor, Mr. Babajide Sanwo-Olu, to approve the loan for the transition facility offered by the Federal Ministry of Finance, Budget and Planning National Road to facilitate the early completion of the Lekki-Epe Regional Road and Motorway Project. .

The House, which is currently engaged in defense of the budget by the MDAs, hastily called for the plenary to accede to the governor’s request.

Following the request, the Chamber approved the sum of 3,750,000,000.00 for the regional road project and the sum of 15,000,000,000.00 for the Lekki-Epe motorway project respectively, totaling the sum of 18 750,000,000.00.

Speaking on the report, the Hon. Rotimi Olowo, chairman of the House of Representatives’ finance committee, argued that the interest rate is 5% the first two years and 9% the following years, giving him a two-year moratorium.

Supporting the approval, the Hon. Setonji David, noted that the loan is single-digit with a 30-year repayment period under which the project will boost the state’s sustainable economic growth and development.

Also contributing, the Hon. Bisi Yusuf said the loan would help the Lekki Free Trade Zone, which is the state’s trading center.

Other lawmakers supporting the request praised the state government for being proactive, saying the goal of the request was well articulated and would bring immense infrastructural benefits to the state.

Subsequently, the President, Rt Hon. Mudashiru Obasa asked the Acting Clerk of the House, Mr. Olalekan Onafeko, to send a blank copy of the approval to the governor.

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President Muhammadu Buhari on Friday at State House Abuja urged MTN Group to make premium service available to its Nigerian subscribers… Lagos Assembly Approves Sanwo-Olu’s Loan Request Lagos Assembly Approves Request for loan from Sanwo-Olu Lagos Assembly approves N18 billion naira loan request from Sanwo-Olu Lagos assembly approves N18 billion naira loan request from Sanwo-Olu.

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Nigeria: Delta Assembly Approves Okowa’s N20 Billion Loan Request https://tedxyouthcaltech.com/nigeria-delta-assembly-approves-okowas-n20-billion-loan-request/ Wed, 15 Dec 2021 10:33:01 +0000 https://tedxyouthcaltech.com/nigeria-delta-assembly-approves-okowas-n20-billion-loan-request/ The loan is to enable the state government to fund its 5% stake in a liquefied natural gas project, the governor said. The Delta State Assembly on Tuesday approved a request by Governor Ifeanyi Okowa for a 20 billion naira facility from Fidelity Bank Plc. The governor’s request is contained in a letter read by […]]]>

The loan is to enable the state government to fund its 5% stake in a liquefied natural gas project, the governor said.

The Delta State Assembly on Tuesday approved a request by Governor Ifeanyi Okowa for a 20 billion naira facility from Fidelity Bank Plc.

The governor’s request is contained in a letter read by the president, Sheriff Oborevwori, during the assembly’s plenary in Asaba.

Mr Okowa said the request was to fund the state government’s 5% stake in the UTM offshore Limited Floating Liquified Natural Gas (FLNG) project.

He said the project falls under the Central Bank of Nigeria (CBN) differentiated cash reserve requirement window.

“The facility is in line with the state government’s intention to diversify its strategic portfolio by investing in a floating liquefied natural gas plant project.

“Delta is expected to invest in the project through a five percent share of the company,” he said.

Mr. Okowa explained that the facility would not only boost employment for the large population and improve local content for Delta, but also secure the state’s future cash flow.

Consequently, Assembly Majority Leader Ferguson Onwo moved a motion for approval of the Governor’s request. He was seconded by Ika North East State Constituency Member Anthony Elekeokwuri.

The motion was passed unanimously by the chamber when put to a voice vote by the president.

(NOPE)

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Sokoto APC condemns Tambuwal’s demand for 28.7 billion naira loan https://tedxyouthcaltech.com/sokoto-apc-condemns-tambuwals-demand-for-28-7-billion-naira-loan/ https://tedxyouthcaltech.com/sokoto-apc-condemns-tambuwals-demand-for-28-7-billion-naira-loan/#respond Mon, 08 Nov 2021 17:53:17 +0000 https://tedxyouthcaltech.com/sokoto-apc-condemns-tambuwals-demand-for-28-7-billion-naira-loan/ [ad_1] The Sokoto State All Progressive Congress (APC) has accused the state governor and his political party of maladministration in the performance of his constitutional duties. The party also disapproved of the quest of Governor Aminu Tambuwal’s administration to receive a new loan amounting to N28.7 billion. The chairman of the party, the Hon. Isa […]]]>


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The Sokoto State All Progressive Congress (APC) has accused the state governor and his political party of maladministration in the performance of his constitutional duties.

The party also disapproved of the quest of Governor Aminu Tambuwal’s administration to receive a new loan amounting to N28.7 billion.

The chairman of the party, the Hon. Isa Sadiq Acida, speaking to reporters in Sokoto on Sunday, described the governor’s decision as an act of “wickedness” aimed at imposing inexplicable debts on unborn generations.

“We at the APC are seriously disbursed by the recent revelation that the Sokoto state government is going to receive another huge loan of 28.7 billion naira.

“With this development, Sokoto State is poised to become the second most indebted state in Nigeria, just behind Lagos.

“We are disburdened by the fact that a state like Sokoto, with a weak economy, becomes even more impoverished with loans that are wasted on unprofitable businesses,” Acida said.

Acida also raised the party’s concern over what he described as a deliberate removal of some people from the payroll of local government councils in the state.

According to Acida, “These deliberate suppressions, otherwise known as omissions, have become another political weapon in the hands of the PDP administration in Sokoto State.

“We want to categorically call on the state government to put an end to this political vendetta. If the government does not call its officials to order, the APC will not hesitate to roll-call victims and their relevant data, for appropriate action.

The party said it praised the people of the state for their endurance, adding that “any well-meaning state citizen should be seriously disbursed with the manner and manner in which the PDP-led administration has handled the affairs of our state “.

He further accused the party of being unable to differentiate politics from administration, stressing that the PDP-led administration in the state is a complete failure.

The press release says the few capital projects are designed more as a showcase to impress visitors.

He said the quality of the projects cannot stand the test of time because “a number of them have already started to collapse, especially the new two-lane track near the Federal College of Sciences, Sokoto “.

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APC attacks Tambuwal for new loan request of 28 billion naira https://tedxyouthcaltech.com/apc-attacks-tambuwal-for-new-loan-request-of-28-billion-naira/ Mon, 08 Nov 2021 08:00:00 +0000 https://tedxyouthcaltech.com/apc-attacks-tambuwal-for-new-loan-request-of-28-billion-naira/ [ad_1] Posted November 8, 2021 The Sokoto State Chapter of the All Progressives Congress has sounded the alarm about the state’s growing debt profile. The opposition party spoke against the backdrop of a recent request by the administration of state governor Aminu Tambuwal for a new loan of around 28.7 billion naira. APC President Isa […]]]>


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The Sokoto State Chapter of the All Progressives Congress has sounded the alarm about the state’s growing debt profile.

The opposition party spoke against the backdrop of a recent request by the administration of state governor Aminu Tambuwal for a new loan of around 28.7 billion naira.

APC President Isa Acida said this at a press conference in Sokoto on Sunday.

He described the loan request as a wicked act on the part of the governor and his administration to burden unborn generations with inexplicable debts.

Acida said: “Within the APC, we are seriously disturbed by the recent disclosure that the Sokoto State government is going to receive another huge loan of 28.7 billion naira.

“With this development, Sokoto State is poised to become the second most indebted state in Nigeria, just behind Lagos.

“We are paying the price that a state like Sokoto, with a weak economy, becomes poorer with loans that can be wasted on unprofitable businesses.”

In her account of how the People’s Democratic Party administration allegedly mismanaged the state, Acida noted that Sokoto state under the current administration has failed completely because, while other states celebrate dividends democracy, the state has nothing to celebrate.

He said: “Even the few investment projects that were launched half-heartedly due to pressure from our party have practically advanced at snail speed, while entrepreneurs have since resorted to skeletal services. , probably because of the government’s insincerity about the financial terms of the contact.

“Many observers believe that the projects are designed more as a showcase to impress visitors, while more than 80% of local state governments remain neglected, with no investment plans in their favor.

“In addition, the quality of the work carried out is seriously flawed and of poor quality. Indeed, some of the new roads are of lower quality.

“A number of them have already started to collapse, in particular the new two-lane track near the Federal Science College in Sokoto. ”

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The strange request for a mosquito net loan https://tedxyouthcaltech.com/the-strange-request-for-a-mosquito-net-loan/ https://tedxyouthcaltech.com/the-strange-request-for-a-mosquito-net-loan/#respond Mon, 01 Nov 2021 04:38:42 +0000 https://tedxyouthcaltech.com/the-strange-request-for-a-mosquito-net-loan/ [ad_1] CRITICS continued to follow the federal government’s controversial plan to spend $ 200 million, or more than 82 billion naira, on the purchase of mosquito nets and ancillary drugs to fight malaria in 13 of the 36 states of the federation. . The disapproval of this unusual proposal by many Nigerians is not only […]]]>


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CRITICS continued to follow the federal government’s controversial plan to spend $ 200 million, or more than 82 billion naira, on the purchase of mosquito nets and ancillary drugs to fight malaria in 13 of the 36 states of the federation. .

The disapproval of this unusual proposal by many Nigerians is not only based on the colossal amount of money to be spent on what amounts to frivolity under the circumstances, but also on the fact that the government is considering taking out a foreign loan to make the purchase since he doesn’t have the money. Why is the purchase of mosquito nets so critical at this time that the country must
to increase its already colossal stock of foreign loans? Yes, malaria is still a disease that poses a serious threat to the health of many Nigerians, but they have always found ways around it, and there are no urgent or new indications of extraordinary exacerbation or serious illness-related health problems to warrant borrowing. buy mosquito nets right now. In addition, advocacy for the fight against malaria all over the world makes mosquito nets free. Even local philanthropists and non-governmental organizations (NGOs) distribute mosquito nets for free. Indeed, there is almost an overabundance of mosquito nets in the country.

And assuming, but not admitting, that there is a compelling need for bed nets in the country, why can’t the government use its goodwill to attract local and international donors to help fill any gaps? Given the commitment and dedication of many of these donors to their causes, as evidenced by the intense advocacy often given to the distribution of free mosquito nets, it is reasonable to assume that many of them would gladly partner with them. government to distribute free mosquito nets. Why does the government not explore this option, especially when it does not have the resources to obtain the mosquito nets, that leaves much to be desired. And anyway, what happens to the 450 million naira that would have been budgeted to fight against malaria in the 2022 budget bill? Is there an unclean motive behind buying mosquito nets using debt capital? Isn’t it fun and curious that “not to be sold” is always printed on the nets, when they are readily available for sale in the market?

Why does this government seem to have a frenzied predilection for loans? Does this mean good for the country? And if the government is to appease its apparent penchant for borrowing, why has it not provided for local production of mosquito nets so that at least the colossal sum to be borrowed circulates through the country’s economic system? Why should the government agree to an arrangement that gives the creditor disproportionate leeway to dictate how and on what to spend the loan, and perhaps with foreign net suppliers? How will the country benefit most from the planned foreign loan when almost all of it will be
to be pumped to foreign economies by subterfuge?

The World Health Organization (WHO) has just approved the first vaccine against malaria. The hype around this important breakthrough may not be that high
diseases of global concern, but countries in the tropics like Nigeria where malaria is most prevalent should seriously consider
vaccinate their citizens instead of borrowing to buy mosquito nets. The plan to borrow to buy mosquito nets is strange and amounts to a serious shift in priority which casts it in the mold of an administration that is not serious or serious about good governance. And with this quirk, how will the international community now look at Nigeria and how would other world leaders view their colleague who could not set his priorities correctly?

We applaud the Senate for questioning queer lending, especially its purpose. In the current circumstances, it is unreasonable to increase the country’s already worrying external debt
in order to fight against malaria, especially if the intention is not to stimulate the local production of mosquito nets and auxiliary therapies to fight against the disease.

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Sokoto Assembly approves Tambuwal N 28.7 billion loan request https://tedxyouthcaltech.com/sokoto-assembly-approves-tambuwal-n-28-7-billion-loan-request/ Tue, 26 Oct 2021 07:00:00 +0000 https://tedxyouthcaltech.com/sokoto-assembly-approves-tambuwal-n-28-7-billion-loan-request/ [ad_1] Posted October 26, 2021 The Sokoto State House of Assembly on Tuesday approved Governor Aminu Tambuwal’s request to access two loan facilities worth N 28.7 billion for the state. Nigeria’s news agency reports that the development followed consideration of the two letters sent to the Assembly by the Governor by the Committee of the […]]]>


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The Sokoto State House of Assembly on Tuesday approved Governor Aminu Tambuwal’s request to access two loan facilities worth N 28.7 billion for the state.

Nigeria’s news agency reports that the development followed consideration of the two letters sent to the Assembly by the Governor by the Committee of the Whole, as requested by Bello Ambarura.

NAN also reports that the requests include the Federal Government Response Facility of N18.7 billion and N10 billion on behalf of the state’s 23 local government councils.

Ambarura said the federal government response facility was among the 656.1 billion naira approved by President Muhammadu Buhari for the 36 states of the federation.

He said, “The facility aims to help states cushion the repayment effects of the current federal government intervention on budget support.

“It also includes a loan backed by a gross surplus and a salary arrears rescue facility.

“In addition, it will allow the state government to close the gap in the forecast shortfall and increase current budget arrangements in some of the economic sectors.”

The legislator added that the funds would be used to finance overdue payments for investment projects and certain expenses essential to economic development.

He said the condition of the loan facility, as specified by the Central Bank of Nigeria, was to include a six-tranche disbursement mode, a term of 30 years and an interest rate of nine percent per annum.

Other conditions, according to the legislator, are a two-year moratorium, a monthly repayment method and an irrevocable standing payment order.

Regarding the N10 billion loan requested from Fidelity Bank Plc on behalf of the state’s 23 LGAs, Ambarura said it was aimed at accelerating the socio-economic development of the boards.

“The loan facility was negotiated between ISPO and Fidelity Bank for the pursuit of development projects across the state.

“This is an interest rate of five percent per year until February 2022, then nine percent per year from March 2022, with a term of 80 months and repayment via the allowance federation account allocation commitment, “he said.

Vice-Chair Abubakar Magaji, who chaired the meeting, put the motion to a voice vote after a closed-door meeting of the Committee of the Whole.

It was then adopted by the majority of lawmakers.

(NOPE)

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Dismiss Buhari’s new loan request, SERAP tells NASS – :::… The Tide News Online :::… https://tedxyouthcaltech.com/dismiss-buharis-new-loan-request-serap-tells-nass-the-tide-news-online/ https://tedxyouthcaltech.com/dismiss-buharis-new-loan-request-serap-tells-nass-the-tide-news-online/#respond Mon, 20 Sep 2021 06:42:07 +0000 https://tedxyouthcaltech.com/dismiss-buharis-new-loan-request-serap-tells-nass-the-tide-news-online/ [ad_1] Rivers State became the top subnational in the 2021 overall tax performance ranking.The rankings were included in the annual BudgIT State of States report released yesterday.BudgIT is a non-governmental organization (NGO) that focuses on the tax performance of federal and state governments across the country.In its “State of States Report 2021,” BudgIT noted that […]]]>


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Rivers State became the top subnational in the 2021 overall tax performance ranking.
The rankings were included in the annual BudgIT State of States report released yesterday.
BudgIT is a non-governmental organization (NGO) that focuses on the tax performance of federal and state governments across the country.
In its “State of States Report 2021,” BudgIT noted that Rivers State leads the overall 2021 budget performance ranking, while adding that only three states in the country can meet their obligations in this area. operating expenses from their income.
Rivers State again topped the overall 2021 budget performance rankings despite the budget shocks induced by Covid-19 on its IGR, indicating that this state’s fiscal fundamentals, relative to others in the country , are managed with more caution.
“Two states did so, as new entrants in the Top 5 category of the 2021 overall ranking – Ebonyi state came out in 2nd position; up from 6th position in the 2020 ranking, and Kebbi State emerged in 5th position, against 11th position in 2020 ”.
He said the economic shocks of the Covid-19 pandemic took a toll on states’ Internally Generated Revenue (IGR) and their share of federal government collected revenue in 2020, lowering their cumulative IGR by 3.43 percent, with the exception of Lagos State which recorded 5.08 percent. Growth in IGR over the period.
According to the report, “the fiscal fundamentals of this state (Rivers), compared to others in the country, are being managed with more caution. “
Overall, two states – Ebonyi and Kebbi – ranked among the new entrants in the top 5 category.
This was in large part due to the growth of the IGR of the two states, as recorded by the NBS.
Ebonyi State increased its IGR by 82.3%, from 7.5 billion Naira in 2019 to 13.6 billion Naira in 2020, while Kebbi State increased its income by 87, 02%, from 7.4 billion naira in 2019 to 13.8 billion naira in 2020.
However, Ogun State (now 19th) and Kano State (now 22nd) dropped out of the Top 5 category due to a sharp drop in their IGR in 2020.
Only three states in the country could meet their operating expense obligations with a combination of their IGR and Value Added Tax (VAT) as measured in the “Index A” ranking of BudgIT.
These are Lagos, Rivers and Anambra.
According to the NGO, “For this year’s report, we looked at the fiscal health of states using four key metrics, namely; the capacity of States to cover their operating expenses with IGR and VAT, the capacity of States to cover their operating expenses and the repayment of their loans with their total revenues, the budgetary room for maneuver available to States to borrow more and the extent to which each state prioritizes capital spending over recurrent spending.
“Cumulatively, the total debt burden of the 36 states increased by 472.63 billion naira (or 8.78%), from 5.39 trillion naira in 2019 to 5.86 trillion naira in 2020. This is largely due to the volatility of exchange rates which saw the value of the naira drop from 305 naira. .9 / $ 1 in 2019 to N380 / $ 1 as of December 31, 2020.
“The most indebted states abroad have been hit hard due to negative exposure to exchange rate volatility.”
The report identified states as: Lagos, Kaduna, Edo, Cross River and Bauchi.
In addition, five states accounted for more than half (or 63.63% or 300.7 billion naira) of the net increase in subnational debt year over year of 472.63 billion naira for all states between 2019 and 2020: states are Lagos, Kaduna, Anambra, Bénoué and Zamfara.
“Based on the 2020 revenues of each state, five states prioritized infrastructure investments by spending more on capital spending than on operating expenses.
“The states are Ebonyi, Rivers, Anambra and Cross River states to the south and Kaduna state to the north.
“These states were at the top of the ‘Index D’ ranking.”
According to the NGO, 19 states, including eight oil-producing states, saw their investment spending decline year on year, while seventeen states were able to further improve their investment in capital spending, compared to 2019 levels despite the budgetary constraints induced by Covid19.
“Undoubtedly, the economic shocks of the Covid-19 pandemic have had adverse consequences on states’ Internally Generated Revenue (IGR) and their share of revenue collected by the federal government in 2020; therefore, the need to explore options for rebuilding subnational economies cannot be overstated, ”BudgIT said.
The BudgIT report said, “The economic shocks of the Covid-19 pandemic have taken a toll on states’ IGR and their share of revenues received by the federal government in 2020. Cumulatively, all 36 states have seen a decline. from 3.43% of their IGR from 1.26 trillion N in 2019 to 1.21 trillion naira in the year 2020 under review.
“In total, 18 states have seen their IGR drop year-over-year while 18 more states may weather the pandemic-induced fiscal storm, boosting their revenues – in some cases by as much as 87.02%.
“It is worth noting the state of Lagos, which although being the epicenter of the pandemic; experienced 5.08% growth in IGR, proof of the resilience of its tax strategy.
“In the 2021 performance ranking, two states dropped out of the Top 5 overall; Ogun State (now 19th) and Kano State (now 22nd), due to a sharp drop in their IGR in 2020 ”.
Regarding the comparative viability of states, BudgIT said, “Only three states in the country can meet their operating expense obligations with a combination of their IGR and Value Added Tax (VAT), these states are Lagos , Rivers and Anambra.
“On the other hand, the States at the bottom of the ranking must do more to consolidate quickly on the strategies underway to improve their IGR and by extension, their viability as federating entities. This is necessary given the comparative size of their operating expenses and the global push to move away from fossil fuels like crude oil, a key source of distributed revenue from the federal government.
“Those states at the bottom of the rankings include Jigawa, Delta, Benue, Taraba and Bayelsa.”

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Kano Assembly Approves Ganduje N4bn Loan Application For Electricity Project https://tedxyouthcaltech.com/kano-assembly-approves-ganduje-n4bn-loan-application-for-electricity-project/ https://tedxyouthcaltech.com/kano-assembly-approves-ganduje-n4bn-loan-application-for-electricity-project/#respond Fri, 17 Sep 2021 07:00:00 +0000 https://tedxyouthcaltech.com/kano-assembly-approves-ganduje-n4bn-loan-application-for-electricity-project/ [ad_1] By Ibrahim Shuaibu The Kano State House of Assembly has granted state governor Abdullahi Umar Ganduje an additional loan of N4 billion for an electricity project in the state. THISDAY has learned that the Governor has forwarded a letter to the Assembly requesting approval of the loan to finance the final phase of the […]]]>


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By Ibrahim Shuaibu

The Kano State House of Assembly has granted state governor Abdullahi Umar Ganduje an additional loan of N4 billion for an electricity project in the state.

THISDAY has learned that the Governor has forwarded a letter to the Assembly requesting approval of the loan to finance the final phase of the Challawa-Goje and Tiga hydropower project.

“This is because the previous loan of 10 billion naira obtained was insufficient for the completion of the projects, and given the current economic challenge and the fluctuation of the exchange rate of the naira. And the projects depend on the dollar; c ‘that is why we have asked for an additional 4 billion naira to complete the projects, ”the governor said in a letter.

Ganduje in the letter explained that the State Executive Council, at its meeting on October 6, 2020, deliberated on the projects and approved an additional loan facility of N4 billion from the Intervention Fund for the Energy and Aviation from the Central Bank of Nigeria (CBN) upon completion.

Adopting the motion in the Assembly, the majority leader, Mr. Labaran Abdul Madari, during the plenary, explained that the Assembly unanimously approved the request.

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Assembly approves Ganduje’s N4bn power, other loan request https://tedxyouthcaltech.com/assembly-approves-gandujes-n4bn-power-other-loan-request/ https://tedxyouthcaltech.com/assembly-approves-gandujes-n4bn-power-other-loan-request/#respond Thu, 16 Sep 2021 07:00:00 +0000 https://tedxyouthcaltech.com/assembly-approves-gandujes-n4bn-power-other-loan-request/ [ad_1] Posted September 16, 2021 The Kano State Assembly approved a request from the state governor, Abdullahi Ganduje, for a N4 billion naira loan facility for the completion of the Tiga and Challawa electrification projects. The House approved the request in its plenary on Wednesday. Ganduje conveyed the request to the House via a letter […]]]>


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The Kano State Assembly approved a request from the state governor, Abdullahi Ganduje, for a N4 billion naira loan facility for the completion of the Tiga and Challawa electrification projects.

The House approved the request in its plenary on Wednesday.

Ganduje conveyed the request to the House via a letter that was read earlier by the President, Hamisu Chidari.

House Majority Leader Labaran Madari had tabled a motion calling on his colleagues to take a critical look at the request and endorse it because of the huge benefit it would bring to the people.

In another development, a motion jointly sponsored by member representing Karaye State Constituency Nasiru Dutsen Amare and his Albasu constituency counterpart Sunusi Bataiya called on the executive to provide additional cemeteries to across the state. The motion was carried unanimously.

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