federal government – Tedxyouth Caltech http://tedxyouthcaltech.com/ Sat, 26 Mar 2022 06:48:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tedxyouthcaltech.com/wp-content/uploads/2021/10/icon-5-120x120.png federal government – 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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Delta Assembly approves Okowa’s N12b loan request https://tedxyouthcaltech.com/delta-assembly-approves-okowas-n12b-loan-request/ Wed, 16 Feb 2022 22:05:44 +0000 https://tedxyouthcaltech.com/delta-assembly-approves-okowas-n12b-loan-request/ The Delta House of Assembly has approved Governor Ifeanyi Okowa’s request for a N12 billion bridge financing facility. The approval follows a motion by Majority Leader Chief Ferguson Onwo at yesterday’s plenary in Asaba. Okowa, through a letter read by the Speaker, Chief Sheriff Oborevwori, sought Assembly approval for the facility. The Governor said the […]]]>

The Delta House of Assembly has approved Governor Ifeanyi Okowa’s request for a N12 billion bridge financing facility.

The approval follows a motion by Majority Leader Chief Ferguson Onwo at yesterday’s plenary in Asaba.

Okowa, through a letter read by the Speaker, Chief Sheriff Oborevwori, sought Assembly approval for the facility.

The Governor said the State expected a bridge funding credit from the Central Bank of Nigeria (CBN) to cushion the effect of the resumption of repayment of the Federal Government’s intervention facilities upon the expiry of the abstention period.

“This bridge funding sum is to be received in six consecutive equal monthly installments of N3.037 billion.

“The House may further note that for the purpose of reimbursing outstanding certificate arrears earned by contractors with respect to the completion of certain ongoing critical legacy projects awarded by this administration.

“It will also help the state take advantage of the remaining dry season to galvanize contractors towards completion and achieving milestones in ongoing projects.

“This has become necessary to secure bulk funds at minimal costs, pending receipt of full bridge funding credits from the Federal Government of Nigeria (FGN) in May 2022,” Okowa said in the letter.

He said that the Executive Council, at its first meeting on January 20, considered and approved the state government’s request for a bridge financing facility of N12 billion from Zenith Bank PLC, in relation to to the expected monthly inflows of FGN-CBN.

According to Okowa, the purpose of the letter is to seek permission from the House of Assembly, for the state government to accept and utilize Zenith Bank PLC’s loan facility, with terms and conditions.

Also, issue an appropriate irrevocable standing payment order (ISPO) to repay the loan.

Consequently, the Majority Leader moved a motion for approval of the Governor’s request and the motion was carried unanimously by the Assembly when put to a voice vote by the President.

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Federal Home Loan: What Freddie Mac is Doing About the Rent Affordability Crisis https://tedxyouthcaltech.com/federal-home-loan-what-freddie-mac-is-doing-about-the-rent-affordability-crisis/ Wed, 09 Feb 2022 20:49:16 +0000 https://tedxyouthcaltech.com/federal-home-loan-what-freddie-mac-is-doing-about-the-rent-affordability-crisis/ Read your local newspaper or visit any social media platform and you’ll hear countless stories of families under pressure from rising prices and wages that just aren’t keeping up. Rents, for example, which have fallen in some markets during the pandemic, have risen by an average of almost 10% over the past year, and Freddie […]]]>

Read your local newspaper or visit any social media platform and you’ll hear countless stories of families under pressure from rising prices and wages that just aren’t keeping up. Rents, for example, which have fallen in some markets during the pandemic, have risen by an average of almost 10% over the past year, and Freddie Mac’s Multifamily prospects shows that we are likely to see an average increase of 4% in 2022.

What we are seeing is the pairing of new inflationary pressures with a long-term shortage in the supply of multi-family housing. Freddie Mac has been raising concerns about this for over a decade. The aggravation of things is even more pronounced shortage of single-family housing, where inventories are at historic lows and prices at record highs. In short, people have few good options when the cost of their housing increases.

In 2019, the latest year for which we currently have good data, about half of tenants were already increased cost, meaning they spent 30% or more of their income on rent. Worse still, nearly a quarter were heavily cost-burdened, spending at least half of their income on rent. Imagine the strain another rent hike puts on a family’s budget and what that means for someone working to make ends meet. Or consider the added stress of commuting and less time with family when you’re forced to travel farther out of town. In many cases, tenants are looking for cheaper housing, which may not meet their needs.

This crisis is the fundamental challenge facing rental housing markets, and as a leader in multi-family housing with a very strong commitment to our mission, Freddie Mac is committed to doing more. Here’s what we’ve done so far:

First of all, we are the market leader in financing what we call “Targeted Affordable Housing“, or subsidized or rent-limited properties based on local, state or federal government programs. Freddie Mac alone has purchased $60 billion in loans to support the financing of these highly affordable properties since 2015. Together, the agencies dominate this space.Our much-needed loans are often the glue that holds together the more affordable end of the market.Many real estate transactions involving multiple sources of state, local, federal, nonprofit, and private sector funding would not simply not possible without our funding and expertise in this region.

Second, we lead the market in supporting affordable workforce housing properties that are affordable to moderate incomes. We measure this by calculating a property’s rents relative to the median income where a property is located. Affordable rent is considered to be no more than 30% of a person’s income.

Since 2015, approximately 70% of the homes we financed through loan purchases were affordable at 80% of the regional median income (AMI) and nearly 95% were affordable at 120% of the AMI. Rents for these properties are generally not subsidized or subject to government rent and income restrictions. They are subject to market pressures, but generally represent Class B and Class C properties that will remain affordable compared to newly built or luxury properties. And unlike some market participants who will lend dollars to borrowers based on expected rent increases, Freddie Mac guarantees rents in place at the time a loan is issued. Therefore, no rent increase is necessary for the multi-family operator to meet its ongoing property maintenance and loan obligations.

Third, as the largest participant in the secondary market, we do what we can to meet supply. This includes supporting the preservation of the existing housing stock and encouraging the development of new units. Since 2018, we have invested nearly $1.7 billion in equity, not debt, to support the creation or rehabilitation of thousands of low-income housing units in the country’s most underserved communities. We have also preserved 60,000 housing units, including 25,000 affordable those on very low incomes with our cash preservation loan.

Separately, we’ve helped bring tens of thousands of new affordable housing units online using ‘term commitments’, which offer multi-family operators the ability to lock in funding for affordable housing developments before construction is completed. substantial rehabilitation or new construction. This eliminates the risk of changing interest rates, providing certainty that allows many affordable multi-family properties to come off the drawing board. Last year we supported over 20,000 new units in this way.

Finally, Freddie Mac has pioneered new market-based products that offer attractive financing to multi-family operators who agree to keep rents affordable and provide tenant services, even where there is no regulatory obligation to do it. We have purchased over $1 billion in loans through our Tenant advancement and principal financing covenants that help prevent rent increases or, in some cases, reduce rents from the market rate, in accordance with the terms of our loan agreements.

Taken together, these efforts are a tremendous force in the market and help tens of thousands of households find quality rental housing at an affordable price each year. However, they are not in themselves a complete solution.

For that, we have to tackle the elephant in the room: supply. To tackle affordability comprehensively, there is an indisputable need for a concerted effort by all actors in the housing market to increase the quantity and quality of affordable housing.

As a participant in the secondary mortgage market, Freddie Mac’s ultimate goal is to provide housing finance affordability, liquidity and stability. In short, we buy loans. Through this process, we broadly encourage and encourage affordability. We do not build or operate multi-family properties, and we are not a legislature that can set housing policy or regulation. However, we recognize the need for all of these parties to work together on this issue.

Freddie Mac looks forward to doing more to meet this challenge and continue to responsibly serve our mission to make home possible for more renters across the country.

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Student Loan Services Market Size 2021-2028 by Types, Applications and Major Key Players – Earnest, Sallie Mae, Credible, Discover Financial Services, College Ave – Industrial IT https://tedxyouthcaltech.com/student-loan-services-market-size-2021-2028-by-types-applications-and-major-key-players-earnest-sallie-mae-credible-discover-financial-services-college-ave-industrial-it/ Thu, 30 Dec 2021 05:12:09 +0000 https://tedxyouthcaltech.com/student-loan-services-market-size-2021-2028-by-types-applications-and-major-key-players-earnest-sallie-mae-credible-discover-financial-services-college-ave-industrial-it/ [ad_1] The Student Loan Service market report is a perfect basis for people looking for a comprehensive study and analysis of the Student Loan Service market. This report contains diverse study and information that will help you understand your niche and key market channel concentration in the regional and global Student Loan Services market. To […]]]>


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The Student Loan Service market report is a perfect basis for people looking for a comprehensive study and analysis of the Student Loan Service market. This report contains diverse study and information that will help you understand your niche and key market channel concentration in the regional and global Student Loan Services market. To understand the competition and take action based on your key strengths, market size, demand for current and future years, supply chain information, business concerns, competitive analysis, and pricing , as well as supplier information, will be presented to you. The report also contains information on the major market players, applications of student loan management, its type, trends and overall market share.

To implement your business plan based on our detailed report, you will also receive complete and accurate forecasts as well as future projected figures. This will provide an overview of the market and help design solutions to leverage key profitable elements and gain market clarity to make strategic plans. The data in the report comes from various publications in our archives as well as from many reputable paid databases. Moreover, the data is gathered with the help of resellers, raw material suppliers and customers to ensure that the end result covers all the details regarding the student loan services market, making it a perfect tool for students. serious buyers of this study.

Student Loan Management Market: Competitive Landscape

The Student Loan Service market report includes information on product launches, sustainability, and outlook for key vendors, including: (Earnest, Sallie Mae, Credible, Discover Financial Services, College Ave, Federal Government, CommonBond, MEFA, SoFi, Lendkey)

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Student Loan Management Market: Segmentation

The Student Loan Services market is split by type and by application for the period 2021-2028, the growth among the segments provides accurate tricks and sales forecast by type and by application in terms of volume and value. This analysis can help you grow your business by targeting qualified niche markets.

By types:

Federal loan
Private loan

By applications:

Students
High school student
Other

Student Loan Services Market: Regional Analysis

All the regional segmentation has been studied on the basis of recent and future trends, and the market is forecast throughout the forecast period. The countries covered in the regional analysis of the Global Student Loan Services Market report are United States, Canada and Mexico in North America, Germany, France, United Kingdom, Russia, in Italy, Spain, Turkey, the Netherlands, Switzerland, Belgium and the rest of Europe. in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) Asia- Pacific (APAC), Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as part of Middle East and Africa (MEA), and Argentina, Brazil and the rest of South America as part of South America.

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Main points covered by the table of contents:

Overview: Besides a detailed overview of the global student loan services market, this segment provides an overview of the report to give an idea of ​​the nature and substance of the review study.

Analysis of the strategies of the main players: Market players can use this analysis to gain competitive advantage over their competitors in the student loan services market.

Study on the main market trends: This part of the report offers a more meaningful assessment of recent and future examples of the market.

Market Forecast: Buyers of this report will address accurate and approved valuations of all market sizes in terms of value and volume. The report further gives usage, creation, offerings, and various conjectures for the Student Loan Service market.

Analysis of local growth: All critical regions and countries have been covered in the report. Neighborhood review will help uplift players to exploit rejected common business areas, prepare express philosophies for target regions, and consider improving each regional market.

Segmental analysis: The report gives accurate and solid guesses about a piece of the pie of significant parts of the Student Loan Services Market. Market members can use this review to pinpoint key interests in key development pockets of the market.

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Key questions answered in the report:

  • What will be the pace of development of the Student Loan Service market?
  • What are the key factors driving the global student loan management market?
  • Who are the main manufacturers in the market?
  • What are the outlets, the risks and the contours of the market?
  • What are the sales, revenue, and price analysis of the major manufacturers of the Student Loan Service market?
  • Who are the Distributors, Traders and Resellers of the Student Loan Service Marketplace?
  • What are the opportunities and threats in the Student Loan Services market facing the providers of the global Student Loan Services industries?
  • What are Deals, Revenue, and Value Reviews by Market Types and Uses?
  • What are the reviews of transactions, revenue and value by business line?

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Senate approves Buhari’s $5.8 billion external loan request https://tedxyouthcaltech.com/senate-approves-buharis-5-8-billion-external-loan-request/ Thu, 16 Dec 2021 08:00:00 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-5-8-billion-external-loan-request/ The Senate on Wednesday approved $5,803,364,553.50 and a $10 million grant component under the 2018-20 external borrowing plan (rollover). The approval follows consideration of a report by the Local and External Debt Committee. The chairman of the committee, Senator Clifford Ordia, said in his presentation that the $2.3 billion would come from the World Bank, […]]]>

The Senate on Wednesday approved $5,803,364,553.50 and a $10 million grant component under the 2018-20 external borrowing plan (rollover).

The approval follows consideration of a report by the Local and External Debt Committee.

The chairman of the committee, Senator Clifford Ordia, said in his presentation that the $2.3 billion would come from the World Bank, $2.3 billion from the German Consortium, $90 million from Islamic Development, 786.3 million from the China Exim Bank, $276.9 million from the Bank of China and $50 million from the International Fund for Agricultural Development.

He recalled that President Buhari, in a communication dated May 6, 2021, requested the Senate to consider and approve the Federal Government’s External Borrowing (Rollover) Plan 2018-2020.

According to him, the external borrowing plan (rollover) 2018-2020 contained a request for approval of 36.837 billion dollars plus 910 million euros and a grant component of 10 million dollars.

Ordia noted that a report was tabled by his committee before the Senate in July 2021 recommending approval of $8.575 billion and €490 million.

He further recalled that the Senate, during the July 2021 Plenary, had approved project funding as recommended by the Committee above, while the Committee continued legislative action and consideration of the pending request. .

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Senate Approves Buhari’s $ 16 Billion, $ 1 Billion, $ 125 Million Unconditional Loan Request | The Guardian Nigeria News https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-1-billion-125-million-unconditional-loan-request-the-guardian-nigeria-news/ Thu, 11 Nov 2021 08:00:00 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-1-billion-125-million-unconditional-loan-request-the-guardian-nigeria-news/ [ad_1] • World Bank report shows massive gaps in poor countries’ debt monitoring systems• The FEC approves the national development plan 2011-2025 with a value of 348.7 tr N• External reserves will exceed $ 42 billion by the middle of next year, according to Emefiele The Senate yesterday approved the sum of 16 billion dollars, […]]]>


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• World Bank report shows massive gaps in poor countries’ debt monitoring systems
• The FEC approves the national development plan 2011-2025 with a value of 348.7 tr N
• External reserves will exceed $ 42 billion by the middle of next year, according to Emefiele

The Senate yesterday approved the sum of 16 billion dollars, 1 billion euros and a subsidy of 125 million dollars in the form of foreign loans to President Muhammadu Buhari to finance the heritage projects of his administration.

The red chamber specifically approved the issue of 500 million euros from the Bank of Industries and 750 million euros of Eurobonds on the international capital market. He asked the President to transmit to the National Assembly the modalities of donor loans.

The implication of Nigeria’s ever-growing debt service, however, is that the government spends almost all of its income on servicing recurring expenses and debts, forcing the federal government to resort to foreign loans, thus increasing again the profile of the country’s external debt.

The federal government revealed in July 2021 that it had spent 1.8 trillion naira on debt service in the first five months of the year, which is about 98% of the total revenue generated during the year. same period.

A total of 4.86 trillion naira was spent by the federal government between January and May 2021. While recurrent expenditure during the reporting period amounted to 3.67 trillion naira, the service of the debt was 1.8 trillion naira.

The Senate yesterday gave its approval following consideration of the report of its committee on local and foreign debts, chaired by Senator Clifford Ordia.

During the presentation of the report, Ordia said that the projects, for which funds are requested in the 2018-2020 borrowing plan, are ongoing.

“The projects will stimulate a revival of business and engineering activities and the consequent tax revenues payable to the government as a result of these productive activities will increase.”

“We will recall that the Senate in plenary session in July 2021 approved the funding of projects as recommended by the Committee. Subsequently, on September 15, 2021, the President of the Senate read another communication from the President containing an addendum to the 2018-2020 (sliding) external borrowing plan in the amount of $ 4,054,476,863, € 710,000,000. and a grant element of $ 125,000,000 for various projects and it was also referred to committee for further legislative action.

“The commission noted that out of a sum of more than $ 22.8 billion approved by the National Assembly as part of the rolling external borrowing plan 2016-2018, only $ 2.8 billion, or 10%, were paid to Nigeria, ”Ordia said.

However, some senators raised eyebrows at the lack of general conditions attached to the loan application. Senate Deputy Speaker Ovie Omo-Agege said he was concerned about the issue, saying he was unaware of the terms and conditions attached to the loans.

He said, “We looked at the terms, but there were allegations that they were written in Chinese and at that time it became clear even from the responses given by the budget office officials; but they sent back to us to give our approval.

HOWEVER, at a time when the sovereign debts of the poorest countries have reached dangerously high levels, global and country-by-country monitoring systems are proving insufficient. These gaps make it more difficult to assess debt sustainability and, for over-indebted countries, to quickly restructure their debt and generate a sustainable economic recovery, according to a new World Bank report.

The report, Debt Transparency in Developing Economies, released yesterday, marks the first comprehensive assessment of global and national sovereign debt surveillance systems.

He finds that debt monitoring today depends on a patchwork of databases with different standards and definitions and varying degrees of reliability, cobbled together by various organizations. Such inconsistencies result in large variations in publicly available debt counts in low-income economies – the equivalent of up to 30 percent of a country’s GDP, in some cases.

“Poorer countries will emerge from the COVID-19 pandemic with the heaviest debt burden in decades, but limited debt transparency will delay critical debt reconciliation and restructuring,” said World Bank Group President David Malpass.

“Improving debt transparency requires a strong legal framework for public debt management, integrated debt recording and management systems, and improvements in global debt monitoring. International financial institutions, debtors, creditors and other stakeholders, such as rating agencies and civil society, all have key roles to play in promoting debt transparency.

The study finds that 40% of low-income countries have not published any data on their sovereign debt for more than two years and that many of those that do publish it tend to limit the information to central government debt.

Many developing countries are increasingly relying on asset-backed loans, in which governments secure funding by pledging future sources of income. Natural resource-backed loans accounted for nearly 10% of new borrowing in sub-Saharan Africa between 2004 and 2018. More than 15 countries have such debts, but none provide details on guarantee agreements.

In addition, the World Bank’s chief economist Carmen Reinhart said that the existing systems for tracking the sovereign debt of the poorest countries are inadequate and mask hidden debts, as they are likely to owe much more than the poorest countries. currently estimated record levels.

The Multilateral Development Bank yesterday released the first comprehensive assessment of global and national debt surveillance systems, saying it had found “huge gaps” in the ability to track how much each country owes – and to whom.

The World Bank, which has long criticized the lending practices of China, the world’s largest creditor, said last month that the debt burden of low-income countries rose 12% to a record 860 billion in 2020, and called for comprehensive efforts to help low-income countries. and middle-income countries achieve more sustainable debt levels.

Reinhart said the actual number could be “significantly higher” as the new study highlighted the need for reforms to ensure better debt statistics, coordinated data collection and integrated debt management systems.

She said the opaque nature of many debt contracts and the utter failure of the private sector to participate in a G20 debt relief initiative clouded the prospects of countries for timely debt restructuring efforts. low and middle income.

Reinhart said his previous research on loans from China showed that official debt statistics captured about half of actual debt, and that fluctuating commodity prices and the continued impact of the COVID-19 pandemic could push debt levels further up.

Possible interest rate hikes on the horizon in richer economies could exacerbate challenges for developing countries, she said, as they could divert investment and increase the already high cost of the loan.

Debt service payments, linked to exports, have doubled to over 20% in 2020, she said, reflecting the growing toll that increased borrowing is taking on poorer countries.

Meanwhile, the Federal Executive Council (FEC) yesterday approved the National Development Plan (PND) 2011-2025, which succeeds the Economic Recovery and Growth Plan (ERGP). The plan has an investment size of 348.7 trillion naira to be contributed by the federal government, state governments and the private sector.

Informing reporters after the meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja, Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed, explained that the plan is structured on growth and economic development, infrastructure, public administration, human capital development, social development and regional development.

She revealed that for the size of the investment, the public sector would contribute 49.7 trillion naira while the private sector will contribute 298.3 trillion naira.

According to her, the financing strategy includes broadening the tax base and building the capacity of the private sector by creating investment opportunities and providing quality commitments and incentives.

“The federal government’s expenditure component is N29.6 trillion, or 8.5% of the total spending size, while the states will contribute N20.1 trillion, or 5.8%.”

Also speaking, Minister of State for National Planning, Clément Agba, said that by proposing the NDP, the government had taken into consideration the criticisms against the NDP, including the fact that it was not not inclusive enough.

Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday the country’s external reserve would hit $ 42 billion by the middle of next year, even as he expressed confidence in the continued recovery of the economy. the economy. Emefiele said this at the France-Nigeria Security and Economy Summit in Paris.

The external reserve fell to about $ 33 billion, the lowest in recent times, in the second quarter of the year as the economy struggled under the weight of the impacts of COVID-19 and other structural challenges. It recovered remarkably with a gross figure of $ 41.8 billion.

Yesterday, the governor of the umbrella bank admitted that the economy was not completely out of the COVID-19 strain, but noted that the country had seen the worst, as the future looked brighter. radiant.

“Nigeria’s external reserve is expected to exceed $ 42 billion by mid-2022. This is due to the sustained increase in the price of crude oil, the impact of the issuance of Eurobonds and the stability of the exchange rate, ”said Emefiele.

He was optimistic about the continued deceleration in the rate of inflation. He expects headline inflation to moderate to 15.35% by December and 14.91% by February 2022.

Stressing that “confidence in the Nigerian business environment is increasing,” the governor said that the overall business confidence index is projected at 37.7 index points this month and 57.6 points. index by mid-2022.

He cited the creation of InfraCo PLC and eNaira as some of the catalysts for the next phase of growth. He said the digital currency, which was rolled out recently, would improve the monetary management framework.

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Senate approves Buhari’s foreign loan request without knowing terms and conditions https://tedxyouthcaltech.com/senate-approves-buharis-foreign-loan-request-without-knowing-terms-and-conditions/ Wed, 10 Nov 2021 08:00:00 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-foreign-loan-request-without-knowing-terms-and-conditions/ [ad_1] The Senate on Wednesday approved the federal government’s request to borrow 16.2 billion euros, 1 billion euros and a subsidy of 125 million dollars as part of the external borrowing plan (rolling) 2018-2020. Approval follows review and approval of the Senate Committee Report on Local and Foreign Debt. The loans are however approved without […]]]>


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The Senate on Wednesday approved the federal government’s request to borrow 16.2 billion euros, 1 billion euros and a subsidy of 125 million dollars as part of the external borrowing plan (rolling) 2018-2020.

Approval follows review and approval of the Senate Committee Report on Local and Foreign Debt.

The loans are however approved without the terms and conditions as the Senate urged President Buhari to pass the terms and conditions of the loan to the Upper House.

President Muhammadu Buhari had, in a letter read to the Senate on September 15, 2021, asked the Red Chamber to approve loans of $ 4,054,476,863, € 710,000,000 and $ 125,000,000.

The loans must come from the World Bank, the Chinese Bank EXIM, the Industrial and Commercial Bank of China, the Chinese Development Bank, the African Development Bank (ADB), the French Development Bank (AFD) , the European Investment Bank, the International Capital Market and Standard Chartered Bank.

The loans, Buhari said, were to finance critical infrastructure projects across the country.

Committee chairman Sen. Clifford Ordia (PDP, Edo) said his panel found that out of more than $ 22.8 billion previously approved by the National Assembly as part of the rolling plan to 2016-2018 external borrowing, only $ 2.8 billion, i.e. 10% disbursed in Nigeria.

“The committee therefore notes that the strong pressure exerted on the human and financial resources of the National Assembly to approve loans under the medium-term external borrowing plans is not necessary.

“The Committee observes that these projects, some of which require additional funding, will have a significant multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty reduction, health care and improving our security architecture, ”he said.

He said the committee therefore recommended that the Senate approve the “ongoing negotiation of external loans in the amount of $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 as part of the 2018-2020 external borrowing plan.

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Viral Voice Note on Fake WhatsApp Billing

Complain: A viral WhatsApp voice note, allegedly authored by the director and CEO of WhatsApp, claims that users will have to start paying for WhatsApp services.

Verdict: The viral WhatsApp voice note claim is a hoax. The content is not new and has been released as a broadcast message several times in the past.

Senate approves Buhari’s foreign loan request without knowing terms and conditions

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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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Viral Voice Note on Fake WhatsApp Billing

Complain: A viral WhatsApp voice note, allegedly authored by the director and CEO of WhatsApp, claims that users will have to start paying for WhatsApp services.

Verdict: The viral WhatsApp voice note claim is a hoax. The content is not new and has been released as a broadcast message several times in the past.

Experts say mixture of snail slime and evaporated milk cannot cure stroke

CLAIM: Facebook user claims water from snails (snail slime) and spike milk can cure partial or full stroke.

VERDICT: The claim that the water obtained from snails (snail slime) and spike milk can cure partial or complete stroke is false.

FULL STORY: On July 26, 2020, Facebook user Prince Nnamdi Enyinnaya Emelelu Eluwa claimed in an article that water obtained from snails (snail slime) and spike milk can cure an accident partial or complete cerebrovascular. The post, which is over a year old, was recently re-shared by other Facebook users.

Marburg virus: what you need to know about the disease recently detected in West Africa

On Monday August 9, 2021, the World Health Organization (WHO) confirmed the first case of Marburg virus in West Africa in Guinea. This development has sent shivers down the spines of West Africans who are still grappling with the effects of the coronavirus pandemic. But before this dreaded disease is greeted with rumors and misinformation, here’s what you need to know about the virus. APC says it’s creating a health emergency trust fund …

FACT CHECK: US failed to grant Nigeria 48-hour ultimatum to detain Abba Kyari

CLAIM: Several social media posts claim that the United States of America (United States) has given the Nigerian federal government 48 hours to arrest suspended Deputy Police Commissioner Abba Kyari on pain of severe penalties.

VERDICT: The assertion is false and misleading. The United States did not give the Nigerian federal government a 48-hour ultimatum to detain Abba Kyari.

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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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Non-us $ 200 million mosquito net loan request – NPHCDA https://tedxyouthcaltech.com/non-us-200-million-mosquito-net-loan-request-nphcda/ https://tedxyouthcaltech.com/non-us-200-million-mosquito-net-loan-request-nphcda/#respond Wed, 27 Oct 2021 16:43:40 +0000 https://tedxyouthcaltech.com/non-us-200-million-mosquito-net-loan-request-nphcda/ [ad_1] The National Primary Health Care Development Agency (NPHCDA) said it was not advocating a loan of $ 200 million for the import and local production of mosquito nets in the country. A statement made available to Tribune Online on Wednesday in Abuja, signed by its head of the public relations unit, Mohammad Ohitoto, indicates […]]]>


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The National Primary Health Care Development Agency (NPHCDA) said it was not advocating a loan of $ 200 million for the import and local production of mosquito nets in the country.

A statement made available to Tribune Online on Wednesday in Abuja, signed by its head of the public relations unit, Mohammad Ohitoto, indicates that the attention of the National Primary Health Care Development Agency has been drawn to a Online publication citing ED / NPHCDA CEO, Dr Faisal Shuaib to advocate for a loan of $ 200 million for the import and local production of mosquito nets in the country.

“This is to inform Nigerians that this statement is not only false, but also the brainchild of the writer, as the CEO never discussed the malaria program nor granted an interview on the malaria control program.

“It is relevant to specify that the malaria control program is a responsibility of the National Malaria Elimination Program (FMOH). Therefore, the chief executive has no reason to discuss or advocate funding for any intervention. This is fake news that should be ignored by all well-meaning Nigerians, ”the statement said.

The Senate Committee on Local and Foreign Loans on Tuesday spoke out against the federal health ministry’s proposal to borrow $ 200 million under the malaria program to purchase bed nets in the 2022 budget.

The committee’s condemnation was in response to the Health Ministry’s submission on its intention to borrow the proceeds to purchase bed nets for 13 vulnerable states.

The permanent secretary of the ministry, Mahmuda Mamman, had justified the proposal before the panel by declaring that “the loan, if approved by the National Assembly and accessible, will be used to medically fight against malaria in the 13 orphan states which cover 208 councils and 3,536 primary health care centers ”

Angered by his submission, the chairman of the Senate Health Committee, Senator Ibrahim Oloriegbe and the other senators present leaned heavily on the permanent secretary and the executive secretary of the National Agency for the Development of Primary Health Care, the Dr Faisal Shuaib.

Oloriegbe wondered why 450 million naira was budgeted for malaria treatment in the proposed budget for 2022 and yet there are plans underway to borrow 200 million dollars for the same purpose.

He said, “This is unacceptable. We should be able to give up when we deal with these donor or creditor organizations about what loans to take out and what they should be spent on. “

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Viral Voice Note on Fake WhatsApp Billing

Complain: A viral WhatsApp voice note, allegedly authored by the director and CEO of WhatsApp, claims that users will have to start paying for WhatsApp services.

Verdict: The viral WhatsApp voice note claim is a hoax. The content is not new and has been released as a broadcast message several times in the past.

Experts say mixture of snail slime and evaporated milk cannot cure stroke

CLAIM: Facebook user claims water from snails (snail slime) and spike milk can cure partial or full stroke.

VERDICT: The claim that the water obtained from snails (snail slime) and spike milk can cure partial or complete stroke is false.

FULL STORY: On July 26, 2020, Facebook user Prince Nnamdi Enyinnaya Emelelu Eluwa claimed in an article that water obtained from snails (snail slime) and spike milk can cure an accident partial or complete cerebrovascular. The post, which is over a year old, was recently re-shared by other Facebook users.

Marburg virus: what you need to know about the disease recently detected in West Africa

On Monday August 9, 2021, the World Health Organization (WHO) confirmed the first case of Marburg virus in West Africa in Guinea. This development has sent shivers down the spines of West Africans who are still grappling with the effects of the coronavirus pandemic. But before this dreaded disease is greeted with rumors and misinformation, here’s what you need to know about the virus. APC says it’s creating a health emergency trust fund …

FACT CHECK: US failed to grant Nigeria 48-hour ultimatum to detain Abba Kyari

CLAIM: Several social media posts claim that the United States of America (United States) has given the federal government of Nigeria 48 hours to arrest suspended Deputy Police Commissioner Abba Kyari on pain of severe penalties.

VERDICT: The assertion is false and misleading. The United States did not give the Nigerian federal government a 48-hour ultimatum to detain Abba Kyari.

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