loan request – 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 loan request – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 Bayelsa Assembly approves Diri’s N30bn loan request https://tedxyouthcaltech.com/bayelsa-assembly-approves-diris-n30bn-loan-request/ Wed, 09 Mar 2022 20:39:35 +0000 https://tedxyouthcaltech.com/bayelsa-assembly-approves-diris-n30bn-loan-request/ The Bayelsa House of Assembly on Wednesday approved a request from Governor Douye Diri for another N30 billion loan. The request was contained in a letter sent to the legislative arm by Mr. Diri which was read on the floor of the House by the clerk. According to the letter, the loan will be used […]]]>

The Bayelsa House of Assembly on Wednesday approved a request from Governor Douye Diri for another N30 billion loan.

The request was contained in a letter sent to the legislative arm by Mr. Diri which was read on the floor of the House by the clerk.

According to the letter, the loan will be used to accelerate ongoing projects in the state.

Projects include the Outer Ring Road, AIT/Igbogene Road and other major projects in the state.

The News Agency of Nigeria (NAN) reported that part of the loan will also be used to launch the Nembe/Brass road which has been on the drawing board for many decades.

Speaking in support of the loan, House Leader Monday Obolo, representing South Ijaw Constituency 1, said everyone in Bayelsa was aware of the number of projects underway in the state.

He urged the house to approve the loan to ensure inclusive development in the state.

Other speakers include Tonye Isenah from Kolokuma/Opokuma Constituency I, Tare Porri from Ekeremor Constituency I and Koku Oyal among others.

House Speaker Abraham Ingobere said the loan was for state development and would cut across all three senatorial constituencies.

Mr. Ingobere described the governor as a prudent man, noting that he used state resources wisely.

He said he has no doubt the governor will use the money for its intended purpose if the loan is approved.

“For Bayelsa State to be economically viable, we need to have hinterland roads and ensure that the roads touch the sea. The money, if collected, will not affect the allocation federal in the state.

“The wages of the workers will not be affected; pensioners will receive what is due to them at the end of the month.

“No one’s salary will be affected; therefore, we will back the loan and throw our weight behind the governor.

“The loan will be repaid by money expected from the state deducted from overtime by the Nigerian National Petroleum Corporation under a 13% diversion,” he said.

The 24-member House unanimously approved the loan request to be obtained through commercial banks or capital markets through bonds.

(NOPE)


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Yet again, Bayelsa Assembly approves Diri’s N30b loan request – The Sun Nigeria https://tedxyouthcaltech.com/yet-again-bayelsa-assembly-approves-diris-n30b-loan-request-the-sun-nigeria/ Wed, 09 Mar 2022 19:32:32 +0000 https://tedxyouthcaltech.com/yet-again-bayelsa-assembly-approves-diris-n30b-loan-request-the-sun-nigeria/ By Femi Folaranmi, Yenagoa The Bayelsa State Assembly has approved Governor Douye Diri’s N30 billion loan request. The House of Assembly on Wednesday gave express approval to the loan during the plenary session after the clerk read the letter urging lawmakers to fast-track projects underway in the state. The money must come from commercial banks […]]]>

By Femi Folaranmi, Yenagoa

The Bayelsa State Assembly has approved Governor Douye Diri’s N30 billion loan request.

The House of Assembly on Wednesday gave express approval to the loan during the plenary session after the clerk read the letter urging lawmakers to fast-track projects underway in the state.

The money must come from commercial banks or bonds via the capital markets and would be repaid

The Governor’s letter said the money will be used for the three ongoing Senate Roads, Outer Ring Road, AIT/Igbogene Road and other major projects in the state.

He also said part of the loan will also be used to launch the Nembe/Brass route which has been on the drawing board for many decades.

The Leader of the House, the Hon. On Monday, Bubou Obolo, representing South Ijaw Constituency 1, while speaking in favor of the loan, said everyone in the state was aware of the number of projects underway by the current administration, noting it would be ideal if the house approved the loan so that the development can access the hinterland.

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Obolo was backed by other lawmakers as they came out unanimously in favor of the loan and said they were ready to give it express approval to help accelerate development in the urgently needed state. of development.

The Speaker of the House, Rt. Hon. Abraham Ingobere noted that the loan is for the development of the state which crosses the three senatorial districts.

According to him, Governor Diri is a prudent man who has used state resources wisely, emphasizing that he has no doubts about the wise use of the money for the purpose for which it was obtained.

“For Bayelsa State to be economically viable, we need to have hinterland roads and ensure that the roads touch the sea. The money, if collected, will not affect the allocation federal in the state.

“Workers’ wages will not be affected, pensioners will receive what is due to them at the end of the month. No one’s salary will be affected, so we will back the loan and throw our weight behind the governor.”

The money must come from commercial banks or bonds through the capital markets and is expected to be repaid over time through deductions by the Nigerian National Petroleum Company under a 13% diversion.

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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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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-2/ Fri, 24 Dec 2021 08:00:00 +0000 https://tedxyouthcaltech.com/lagos-assembly-approves-n18-billion-naira-loan-request-from-sanwo-olu-2/ [ad_1] The Lagos State House of Assembly on Thursday approved a request from Governor Babajide Sanwo-Olu for a N18.2 billion loan from the Federal Ministry of Finance, Budget and National Planning. The loan is intended to ensure the rapid completion of projects such as the Lekki-Epe motorway. The approval was granted in a session chaired […]]]>


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The Lagos State House of Assembly on Thursday approved a request from Governor Babajide Sanwo-Olu for a N18.2 billion loan from the Federal Ministry of Finance, Budget and National Planning.

The loan is intended to ensure the rapid completion of projects such as the Lekki-Epe motorway.

The approval was granted in a session chaired by the Speaker of the House, Mudashiru Obasa, after a report on the loan request was filed and presented by the Chairman of the House Finance Committee, Rotimi Olowo. .

President of the House of Lagos, Mudashiru Obasa

Providing further information on the report, Mr Olowo told colleagues that the loan facility carries an interest rate of five percent in the first two years and nine percent in subsequent years, with a two-year moratorium.

Many lawmakers who contributed to the debate argued that the facility would be approved because it would further help the state maintain its status as a mega-city.

They commended the state government for being proactive, saying the loan will bring immense infrastructural benefits to Lagos.

They further stated that the loan was favorable given the conditions that came with it.

In his contribution, the Chairman of the House Committee on Information, Setonji David, noted that the loan has a single-digit interest rate with a 30-year repayment period.

President of the House of Lagos, Mudashiru Obasa
President of the House of Lagos, Mudashiru Obasa

He said the project for which the loan was requested would promote sustainable economic growth and development in the state.

Mr Obasa, after a voice vote from lawmakers in favor of approval, ordered Acting House Clerk Olalekan Onafeko to send a blank copy of the approval to the governor.

Christmas message

Meanwhile, Mr. Obasa described Nigeria as a blessed nation beloved by God in a message released by his media office in commemoration of the 2021 Christmas celebration.

Mr. Obasa urged Christians and fellow Nigerians to continue to replicate this love of God in their daily activities, as love is what the country needs at this phase of its journey to greatness.

“Jesus Christ, the famous face of Christians around the world, preached and taught love as one of God’s greatest commandments.

President of the House of Lagos, Mudashiru Obasa
President of the House of Lagos, Mudashiru Obasa

“If we think deeply, we will understand that love is an ultimate solution to the many challenges facing humanity.

“All the commandments that God has given to man can be summed up in the need to love him and to love our neighbor.

“So it is undeniable that if we maintain our resolve, individually and collectively, to love one another as Jesus pointed out, the world would be a better place,” the president said.

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The government withdraws a loan request of 96 million euros for 5 oil roads https://tedxyouthcaltech.com/the-government-withdraws-a-loan-request-of-96-million-euros-for-5-oil-roads/ Tue, 21 Dec 2021 13:37:52 +0000 https://tedxyouthcaltech.com/the-government-withdraws-a-loan-request-of-96-million-euros-for-5-oil-roads/ [ad_1] The government has suspended plans to finance critical oil road construction with a € 96.3 million loan from the China Construction Bank Corporation. The loan request had been submitted to parliament for the financing of roads including Masindi – Biiso (54 km), Hohwa – Nyairongo-Kyarushesha – Butole (25 km) and Kabaale-Kiziranfumbi (25.7 km). The […]]]>


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The government has suspended plans to finance critical oil road construction with a € 96.3 million loan from the China Construction Bank Corporation.

The loan request had been submitted to parliament for the financing of roads including Masindi – Biiso (54 km), Hohwa – Nyairongo-Kyarushesha – Butole (25 km) and Kabaale-Kiziranfumbi (25.7 km).

The request was filed by Chief Government Whip Thomas Tayebwa and referred to the National Economic Committee for consideration.

The committee chaired by the Honorable John Bosco Ikojo (Bukedea County) is mandated, among other things, to make recommendations on all loan agreements in accordance with article 159 of the 1995 Constitution.

However, today, Tuesday December 21, 2021; Minister of State for Finance (General Functions) Henry Musasizi did in turn, revealing that the government no longer needed the loan.

“As a result of internal reviews on the project and financial performance, we believe that by using government resources, we can finance these roads without necessarily having to borrow from the outside. And in this regard, Mr. President, I wish to withdraw the loan request from the consideration of the Committee and the Parliament, ”he said.

Musasizi’s change of mind surprised some MPs including Nathan Byanyima (Bukanga County) and Fred Kayondo (Mukono Sud) who wondered how the government had suddenly mobilized resources for this purpose and yet the same government complained. repeatedly to be strapped for cash.

“Last week they presented this loan request to parliament and after a week they withdraw it…. You cannot convince this committee that in less than two weeks you have mobilized this money, ”Kayondo said.

In response, however, Musasizi said the loan application was filed in error due to “confusion”.

The construction of the oil roads, he said, “has already been provided for in the national budget and 51% of the works have already been carried out”.

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Government withdraws UGX 386 billion loan request for oil roads :: Uganda Radionetwork https://tedxyouthcaltech.com/government-withdraws-ugx-386-billion-loan-request-for-oil-roads-uganda-radionetwork/ Tue, 21 Dec 2021 08:00:00 +0000 https://tedxyouthcaltech.com/government-withdraws-ugx-386-billion-loan-request-for-oil-roads-uganda-radionetwork/ The roads include the 54 kilometer Masindi-Biiso road, the 25 kilometer Hohwa-Nyairongo-Kyarushesha-Butole road and the 25.7 kilometer Kabaale-Kiziranfumbi road. The Ministry of Finance withdrew from parliament a loan proposal of 386 billion shillings intended to finance the modernization of the oil roads in the Albertine Graben. The roads include the 54 kilometer Masindi-Biiso road, the […]]]>

The roads include the 54 kilometer Masindi-Biiso road, the 25 kilometer Hohwa-Nyairongo-Kyarushesha-Butole road and the 25.7 kilometer Kabaale-Kiziranfumbi road.

The Ministry of Finance withdrew from parliament a loan proposal of 386 billion shillings intended to finance the modernization of the oil roads in the Albertine Graben.

The roads include the 54 kilometer Masindi-Biiso road, the 25 kilometer Hohwa-Nyairongo-Kyarushesha-Butole road and the 25.7 kilometer Kabaale-Kiziranfumbi road.

The loan equivalent to 96.3 million euros was tabled in parliament last week by Chief Government Whip Thomas Tayebwa and the government said it was being solicited from the China Construction Bank Corporation.

Today, while appearing before Parliament’s National Economics Commission to defend the loan proposal, Henry Musasizi, the Minister of State for Finance – General Duties said the government had noticed that it could finance the project without borrowing from outside.

He withdrew the loan application from consideration by the committee.

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Allan Atugonza, the MP for Buliisa County, questioned whether the government has enough money to compensate those affected by the project, saying he hoped people would be compensated in time when the loan application is filed before the House.

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Nathan Byanyima, the MP for Bukianga North, said the government’s decision to withdraw the loan proposal surprised him, but the country is struggling with poor roads across the country. He said the government would have used this loan window to help with the oil roads and the money available is used for road maintenance in different parts of the country.

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Byanyima demanded explanations from the Ministry of Finance on the source of the new funds that will be used for the oil roads and their plan regarding the maintenance of the various roads across the country which are in poor condition.

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Fred Kayondo, the MP for Mukono South, also said the government’s decision to withdraw a loan request within a week raises a number of planning issues by the ministry.

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Before the Minister responded to questions raised by MPs, the committee asked reporters to leave the meeting room saying they needed to have some internal interaction.

Construction work on the oil roads began in April 2019 by the China Railway Seventh Group Company Limited. It includes road widening, light grading and opening of drainage structures, branching, drainage galleries, filling potholes, blasting, crushing of base course and aggregate of concrete, excavation and clearing of topsoil.

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Officials approve Buhari’s $ 5.8 billion loan request https://tedxyouthcaltech.com/officials-approve-buharis-5-8-billion-loan-request/ Tue, 14 Dec 2021 18:22:48 +0000 https://tedxyouthcaltech.com/officials-approve-buharis-5-8-billion-loan-request/ [ad_1] The House of Representatives approved President Muhammadu Buhari’s request for a $ 5.8 billion loan and a $ 10 million grant. Mr. Buhari had in May, in a letter to the two chambers of the National Assembly, request borrow a maximum of $ 6.1 billion 2018-2020 external borrowing plan (rolling) to finance the 2021 […]]]>


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The House of Representatives approved President Muhammadu Buhari’s request for a $ 5.8 billion loan and a $ 10 million grant.

Mr. Buhari had in May, in a letter to the two chambers of the National Assembly, request borrow a maximum of $ 6.1 billion 2018-2020 external borrowing plan (rolling) to finance the 2021 budget deficit.

The Green Chamber approved the request following consideration of the House Committee’s report on AIDS, Loans and Debt Management by the Supply Committee on Tuesday.

The Chairman of the Committee on AIDS, Loans and Debt Management, Ahmed Safana, presented the report on the loan request.

Distribution of loans

The House approved $ 2.3 billion for the Presidential Power Initiative (PPI) grid modernization and expansion program. The loan is to be provided by the German consortium.

The World Bank and the Islamic Development Bank are to finance malaria-related projects to the tune of 200 million naira and 90 million naira respectively. The World Bank to fund the Immunization Plus and Advances Malaria phased program approach by accelerating and transforming service projects with $ 200 million.

To finance the first phase of the Gurara project, the China Exim Bank will provide $ 786.38 million, while the World Bank will provide $ 700 million to finance the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project.

The Chinese Africa Development Fund (CAP), through the Bank of China, will finance three electricity and renewable energy projects with $ 276.9 million. The projects are; Phase I and II solar cell production facility, production plant for electrical transformers I, II and III and high voltage testing laboratory. All these projects are domiciled at the National Agency for Scientific and Technical Infrastructures (NASENI).

In addition, the World Bank will finance four Agro projects with $ 1.486 billion. The projects are as follows: The Agri-Food Productivity Improvement and Livelihood Improvement Assistance Project will consume $ 200 million, the Agro-Climate Resilience in the Drylands Landscape Project will be funded to the tune of $ 700 million, the livestock productivity and resilience support project $ 500 million and the value chain development program $ 50 million.

READ ALSO: The Senate approves Buhari’s loan request of 16.2 billion euros and 1 million euros

The Chamber resolved that the terms and conditions of the loan from the funding bodies be transmitted to the National Assembly before the execution of the projects.

2018-2021 borrowing plan …

The 2018-2020 (rolling) external borrowing plan contained an approval request for $ 36.8 billion, € 910 million and a grant component of $ 10 million.

The request for approval was in pieces. In July, the Senate approved $ 8.3 billion and € 490 million as a bundle and $ 6.1 billion separately.

The current administration is under critical for his borrowing frenzy.

According to the Debt Management Bureau, the Buhari administration inherited 12 trillion naira although the total stock of debt hovers around 40 trillion naira.

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

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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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