national assembly – 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 national assembly – Tedxyouth Caltech http://tedxyouthcaltech.com/ 32 32 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 $ 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 $ 16 billion, € 1 billion and $ 125 million loan request https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-e-1-billion-and-125-million-loan-request/ https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-e-1-billion-and-125-million-loan-request/#respond Thu, 11 Nov 2021 07:10:48 +0000 https://tedxyouthcaltech.com/senate-approves-buharis-16-billion-e-1-billion-and-125-million-loan-request/ [ad_1] THE Senate on Wednesday approved President Muhammadu Buhari’s request to borrow $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan. The approval follows the review and approval of its committee’s report on local and foreign debt. The loans were, however, approved without the terms and conditions […]]]>


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THE Senate on Wednesday approved President Muhammadu Buhari’s request to borrow $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan.

The approval follows the review and approval of its committee’s report on local and foreign debt.

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

President Muhammadu Buhari had, in a letter read on the Senate floor on September 15, 2021, asked lawmakers to approve the loans.

Loans must come from the World Bank, China EXIM Bank, Industrial and Commercial Bank of China, Chinese Development Bank, African Development Bank (ADB), 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 Senator Clifford Ordia said his panel found that out of more than $ 22.8 billion previously approved for borrowing by the National Assembly under the Rolling Plan of 2016-2018 external borrowing, only $ 2.8 billion, or 10 per cent, was disbursed in Nigeria.

“The Committee therefore notes that the pressure exerted on the human and financial resources of the National Assembly to approve loans within the framework of 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 the security architecture, ”he said.

Ordia 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 under the 2018-2020 external borrowing plan.

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ALLEGATION 1: A Twitter user claims that UNICEF has said that any effort to prevent children from accessing pornography could violate their human rights.

VERDICT: MISLEADER!

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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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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.

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

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Senate committee rejects Buhari’s $ 700 million loan request for water project https://tedxyouthcaltech.com/senate-committee-rejects-buharis-700-million-loan-request-for-water-project/ https://tedxyouthcaltech.com/senate-committee-rejects-buharis-700-million-loan-request-for-water-project/#respond Wed, 27 Oct 2021 17:26:48 +0000 https://tedxyouthcaltech.com/senate-committee-rejects-buharis-700-million-loan-request-for-water-project/ [ad_1] Members of the Senate Committee on Local and Foreign Debt on Wednesday rejected President Muhammadu Buhari’s request for a $ 700 million loan to the National Assembly for the sustainable supply of water, sanitation and hygiene in the environment. urban and rural (SURWASH) under the Ministry of Water Resources. It comes 24 hours after […]]]>


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Members of the Senate Committee on Local and Foreign Debt on Wednesday rejected President Muhammadu Buhari’s request for a $ 700 million loan to the National Assembly for the sustainable supply of water, sanitation and hygiene in the environment. urban and rural (SURWASH) under the Ministry of Water Resources.

It comes 24 hours after the health ministry appeared before the committee to seek approval for loans of $ 200 million for the purchase of mosquito nets and malaria medicine.

Lawmakers who in turn questioned the Urban and Rural Water, Sanitation and Hygiene Sustainable Supply (SURWASH) loan asked the ministry to provide the committee with updates on the loans collected. so far for water projects within the ministry.

According to the chairman of the committee, Senator Clifford Ordia, said that three different loans have been approved for various water projects.

Ordia said: “$ 450 million for the Ministry of Water project financed by the African Development Bank and another loan of $ 6 million under the integrated development program also financed by the African Bank of development and the Gurara water project.

“You have to tell us what you are doing with $ 700 million for water projects.”

The Committee therefore agreed to summon the Minister of Water Resources, Adamu Suleiman, to appear before it to explain the loans and the status of loans collected so far.

Speaking against the loan, Senator Obinna Ogba (Ebonyi Central PDP) said he would be against approving the loan as some of the loans collected so far for water projects are unsuccessful.

He said: “This loan, I no longer support this one, that’s enough”

Also opposing the loan, Senator Ibrahim Oloriegbe (APC Kwara Central) asked what the criteria for selecting recipient states were, adding that the details provided by the permanent secretary of the ministry were not sufficient to justify the loan.

Oloriegbe asked, “What are the criteria for selecting recipient states, the details you provide are not enough, what projects do you want to do with $ 640 million and how many water projects are you going to do.”

“You give $ 3 million to each state to develop staff capacity, do we need a loan to do that function, you mean all states can’t do it alone.”

Senator Sani Musa (APC Niger), while opposing the loan, advised the Committee to consider all requests and choose the one that is necessary.

The Nigerien senator said, “We should look at this loan and take the ones that are needed and we should give up the ones that are not needed. We have to look at it very critically. “

Senator Brima Enagi also protested against the request for loans of $ 700 million for sustainable urban and rural water supply, sanitation and hygiene (SURWASH) which asked the ministry to know the status of the project. Gurara.

Previously, the Permanent Secretary of the Ministry of Water Resources, Ms. Esther Didi Walson-Jack, who was unable to provide an explanation on previous loans approved for water projects, told the Committee that the supply in Urban and Rural Sustainable Water, Sanitation and Hygiene (SURWASH) will last five years.

She added that $ 640 million will be used for the project while the $ 60 million will be used for capacity building.

The permanent secretary said the proposal was negotiated with the World Bank in April 2021 and approved by the Federal Executive Council (FEC) on August 11, 2021.

The states that will benefit from the $ 700 loan from the World Bank are Delta, Ekiti, Gombe, Imo, Kaduna, Katsina and Plateau with matching funding of $ 175 million.

The program will provide improved water sanitation and hygiene (WASH) services to 2,000 schools and health facilities and help 500 communities achieve open defecation free status.

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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 posted as a post several times in the past. Senate committee rejects Buhari’s $ 700 million loan request for water project

Senate committee rejects Buhari’s $ 700 million loan request for water project

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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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Senate panel rejects Buhari’s $700m loan request for water projects https://tedxyouthcaltech.com/senate-panel-rejects-buharis-700m-loan-request-for-water-projects/ Wed, 27 Oct 2021 07:00:00 +0000 https://tedxyouthcaltech.com/senate-panel-rejects-buharis-700m-loan-request-for-water-projects/ Sunday Aborisade, Abuja Published October 27, 2021 The Senate Local and External Debts Committee on Wednesday rejected the President’s request, Major General Muhammadu Buhari (Retired), for a loan to the National Assembly for sustainable water supply, sanitation and hygiene in the environment. urban and rural, under the aegis of the Ministry of Water Resources. The […]]]>

The Senate Local and External Debts Committee on Wednesday rejected the President’s request, Major General Muhammadu Buhari (Retired), for a loan to the National Assembly for sustainable water supply, sanitation and hygiene in the environment. urban and rural, under the aegis of the Ministry of Water Resources.

The development came 24 hours after the Ministry of Health appeared before the Committee to seek approval for $200 million for the purchase of mosquito nets and malaria drugs.

Panel members alternately criticized the loan for sustainable urban and rural water supply, sanitation and hygiene.

They asked the officials of the Ministry of Water Resources led by the Permanent Secretary, Ms. Esther Didi Walson-Jack, to provide the committee with an update on the loans collected so far for the water projects of the ministry.

The chairman of the committee, Senator Clifford Ordia, said three different loans had been approved for various water projects.

Ordia said, “$450 million for the Ministry of Water project funded by the African Development Bank and another $6 million loan under the Integrated Development Program also funded by the African Development Bank. development and the Gurara water project.

“You have to tell us what you are doing with $700 million for water projects.”

The Committee therefore agreed to summon the Minister of Water Resources, Adamu Suleiman, to appear to give an explanation on the loans and the status of the loans collected so far.

Speaking against the loan, Senator Obinna Ogba said he would be against approving the granting of the loan as some loans have been collected for water projects and have yet to see the result.

He said, “This particular loan? I can’t support this one anymore, that’s enough.

Also opposed to the loan, Senator Ibrahim Oloriegbe demanded the criteria for selecting the beneficiary states.

He added that the details provided by the permanent secretary were not sufficient to justify the loan.

The senator said, “What are the criteria for selecting recipient states, the details you provide are not enough, what projects do you want to do with $640 million, and how many water projects are you going to do.

“You give each state $3 million to build staff capacity. Do we need a loan to perform this function, you mean not all states can do it alone.

Senator Sani Musa, while rejecting the loan request, advised the committee to review all the requests and choose the one that was needed.

The Nigerian senator said, “We should look at this loan and take the ones that are needed and we should drop the ones that are not needed. We have to look at it very critically.

Senator Birma Enagi also protested the $700 million loan request and demanded to know the status of the Gurara project from the ministry.

The senators did not seem convinced by the explanation of the permanent secretary on the previous loans approved for water projects.

She told the Committee that sustainable water supply, sanitation and hygiene in urban and rural areas would last for five years.

She said, “$640 million will be used for the project while the $60 million was for capacity building.

“The proposal was negotiated with the World Bank in April 2021 and approved by the Federal Executive Council on August 11, 2021.

“States that would benefit from the $700 loan from the World Bank are Delta, Ekiti, Gombe, Imo, Kaduna, Katsina and Plateau with matching funding of $175 million.

“The program will provide improved water sanitation and hygiene services to 2,000 schools and health care facilities and support 500 communities to end open defecation free status,” said she declared.

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Senate Speaker gives committee one week to review Buhari’s loan application – Nairametrics https://tedxyouthcaltech.com/senate-speaker-gives-committee-one-week-to-review-buharis-loan-application-nairametrics/ https://tedxyouthcaltech.com/senate-speaker-gives-committee-one-week-to-review-buharis-loan-application-nairametrics/#respond Tue, 21 Sep 2021 07:00:00 +0000 https://tedxyouthcaltech.com/senate-speaker-gives-committee-one-week-to-review-buharis-loan-application-nairametrics/ [ad_1] Senate Speaker Ahmad Lawan returned President Muhammadu Buhari’s request for Senate approval to borrow $ 4.054 billion, € 710 million and $ 125 million in external loans to the Senate Debt Committee foreign and local for further legislative action. Lawan, in Tuesday’s plenary session, asked the committee headed by Sen. Clifford Ordia to work […]]]>


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Senate Speaker Ahmad Lawan returned President Muhammadu Buhari’s request for Senate approval to borrow $ 4.054 billion, € 710 million and $ 125 million in external loans to the Senate Debt Committee foreign and local for further legislative action.

Lawan, in Tuesday’s plenary session, asked the committee headed by Sen. Clifford Ordia to work on the chair’s request and report to the Senate by Tuesday next week, according to ThisDay.

The action comes at a time when many critics have expressed concern over the country’s growing national debt, estimated at more than 33 trillion naira.

The Senate Speaker’s action follows a motion to this effect that was proposed by the Senate Leader, Senator Yahaya Abdullahi, and seconded by the Minority Leader, Senator Enyinnaya Abaribe.

The president’s loan requests were the second time in 2021 that President Buhari would seek approval from the upper legislative chamber for an external loan to fund critical projects across the country.

What you should know

Recall that the upper legislative chamber resumed its annual 2-month vacation last week received a formal request from President Buhari to examine and approve an external loan to finance projects included in the 2018 borrowing plan- 2021.

The president explained in the letter that the projects listed in the federal government’s 2018-2021 borrowing plan are to be financed by sovereign loans from the World Bank, the French Development Agency, the China-Exim Bank. , the International Fund for Agricultural Development, Credit Suisse Group. and Standard Chatered / China Export and Credit for a total amount of $ 4,054,476,863.00; € 710,000,000.00 and grant component of $ 125,000,000.00.

He explained that the amount would be used to fund federal and state projects covering key sectors such as infrastructure, health, agriculture and food security, energy, education and human capital development and COVID-19 response efforts.

Buhari’s recent loan request comes barely 2 months after the National Assembly approved its previous loan request of $ 8.3 billion and € 490 million in loans contained in the original borrowing plan 2018-2020.

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Reject Buhari’s new $ 4 billion, € 710 million loan request – SERAP told NASS https://tedxyouthcaltech.com/reject-buharis-new-4-billion-e-710-million-loan-request-serap-told-nass/ https://tedxyouthcaltech.com/reject-buharis-new-4-billion-e-710-million-loan-request-serap-told-nass/#respond Sun, 19 Sep 2021 07:00:00 +0000 https://tedxyouthcaltech.com/reject-buharis-new-4-billion-e-710-million-loan-request-serap-told-nass/ [ad_1] . calls for a constitutional amendment on the debt ceiling, By Olasunkanmi Akoni The Socio-Economic Rights and Accountability Project, SERAP, urged the leadership of the National Assembly to reject President Muhammadu Buhari’s new request to borrow $ 4 billion and € 710 million until publication expenditure details of all loans obtained since May 29, […]]]>


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calls for a constitutional amendment on the debt ceiling,

By Olasunkanmi Akoni

The Socio-Economic Rights and Accountability Project, SERAP, urged the leadership of the National Assembly to reject President Muhammadu Buhari’s new request to borrow $ 4 billion and € 710 million until publication expenditure details of all loans obtained since May 29, 2015, by the government.

President Buhari recently sought approval from the National Assembly to borrow $ 4,054,476,863 billion and € 710 million, due to “emerging needs”. The request was contained in a letter dated August 24, 2021.

In an open letter dated September 18, 2021 from SERAP Deputy Director Kolawole Oluwadare to Senate Speaker Dr. Ahmad Lawan and House Speaker Mr. Femi Gbajabiamila

the organization expressed concerns about the growing debt crisis, the lack of transparency and accountability in spending on the loans that have been obtained, and the perceived reluctance or inability of the National Assembly, NASS, to vigorously exercise its constitutional obligations to verify the apparently “indiscriminate government borrowing.”

SERAP said: “The National Assembly should not allow the government to accumulate unsustainable levels of debt and use the country’s scarce resources for mind-boggling and crippling debt service payments rather than better access. poor and vulnerable Nigerians to basic public services and human rights.

“The accumulation of excessive debt and unsustainable debt service are incompatible with the government’s international obligations to use the maximum available resources of the country to progressively achieve the realization of economic and social rights and access of Nigerians to services. basic audiences.

The letter read in part: “The country’s public debt has multiplied endlessly. The growing national debt is clearly not sustainable. The government has made no serious attempt to reduce the cost of governance.

“The leadership of the National Assembly should stand up for Nigerians by asserting the body’s constitutional powers to secure limits on national debt and deficits.

“SERAP urges you to urgently propose a resolution and push for a constitutional amendment on the debt limit, with the aim of reducing national debt and deficits. This recommendation is fully consistent with the constitutional oversight functions and spending powers of the National Assembly, as well as the country’s international anti-corruption and human rights obligations.

“Indiscriminate borrowing has an effect on the full enjoyment of the economic and social rights of Nigerians. Spending a large portion of the country’s annual budget on debt servicing has limited the government’s ability to ensure poor and vulnerable Nigerians have access to minimal health care, education, clean water, and more. human needs.

Read also:

“If the National Assembly and its leaders fail to curb government borrowing and ensure transparency and accountability in public loan spending, SERAP would consider appropriate legal action to force the National Assembly to shut down. fulfill its constitutional obligations.

“The National Assembly under your leadership has a constitutional responsibility to urgently address the country’s debt crisis, which is exacerbated by overspending on lavish allowances for senior officials, lack of transparency and accountability. , as well as the lack of political will to recover. billions of naira reported as missing or mismanaged by the Federation’s Office of the Auditor General. “

“The National Assembly should prevent the government from borrowing behind the backs of the people. Lack of information on the details of the specific projects on which the loans are spent and on the terms of the loans creates incentives for corruption and limits the ability of citizens to monitor the legality and compliance of loans with the Nigerian Constitution of 1999 (as amended), as well as holding the authorities to account.

“SERAP notes that if approved, the country’s debts will exceed 35 trillion naira. The government has also reportedly postponed the maturity of currently guaranteed loans between 10 and 30 years. 11,679 trillion naira is said to be committed to servicing the debt, while only 8.31 trillion naira was spent on capital / development spending between 2015 and 2020. ”

SERAP argued that ensuring transparency and accountability in government loan spending and reducing the cost of governance would solve onerous debt service and improve the government’s ability to meet the country’s international obligations to use the debt. maximum resources available to ensure the enjoyment of basic economic and social rights, such as quality health care and education.

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APC, PDP Bandy Words on Buhari’s New Loan Application – ::: … The Tide News Online ::: … https://tedxyouthcaltech.com/apc-pdp-bandy-words-on-buharis-new-loan-application-the-tide-news-online/ https://tedxyouthcaltech.com/apc-pdp-bandy-words-on-buharis-new-loan-application-the-tide-news-online/#respond Fri, 17 Sep 2021 01:41:43 +0000 https://tedxyouthcaltech.com/apc-pdp-bandy-words-on-buharis-new-loan-application-the-tide-news-online/ [ad_1] The President of the All Progressives Congress (APC) of Anambra State, Chief Basil Ejidike, on Monday tasked the Economic and Financial Crimes Commission (EFCC) in Awka with investigating the state’s finances in order to to uncover a “monumental deception” that thrives in the state.He said in a statement signed by his media adviser, Chief […]]]>


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The President of the All Progressives Congress (APC) of Anambra State, Chief Basil Ejidike, on Monday tasked the Economic and Financial Crimes Commission (EFCC) in Awka with investigating the state’s finances in order to to uncover a “monumental deception” that thrives in the state.
He said in a statement signed by his media adviser, Chief Dan Okeke, that the government had been fraudulent in using its monthly security vote amounting to billions of naira.
“Anambra as a state has not registered significant growth and development since the creation of the leadership of Governor Willy Obiano. Maintaining existing development structures in the state remains impractical, ” he said.
Ejidike called on the APGA government to account for all funds under its control intended for the development of the state.
“The development has not been seen or felt by the people of Anambra,” he said.
He advised the APGA to face its governance business and stop calling APC’s names.
“We urge APGA to focus on their campaign and leave APC alone.
“Harassing members of the National Assembly who left the APGA for the APC is a distraction for the party; Providing solutions to internal APGA problems should be paramount to its leadership, ” said Ejidike.
He also reminded the APGA that in a democracy there is freedom of association.
He urged more members of the House of Assembly to leave the APGA and join the ruling national party to bring the South East into national politics.
“Walk the path of your colleagues to join APC to restore the lost glory of Anambra,” said Ejidike.
He also alleged that the APGA was losing attention and that there were infrastructure deficits in roads, clean water, electricity, health care, quality education, empowerment and security of women and youth.
He also called on the electorate to avoid the APGA in the governor’s election held on November 6.
Ejidike assured the electorate that APC candidate Senator Andy Uba would change the state’s fortunes, if elected.
Responding to the accusations, APGA Chairman Chief Norbeth Obi said the party did not have to waste energy on APC’s accusation and instructed him to meet with the APGA at the meetings. November elections.
Obi said the APGA was focusing and consolidating their plans to secure a big win on November 6 and didn’t have time to joke with the APC.
Also responding, Information and Public Information Commissioner MC-Don Adinuba released APC’s comments on the APGA-led government in the state.
Adinuba said that for registration purposes, the PGAA government invited the EFCC to review its accounts in March 2018 and gave it a good health check after the exercise.
“The APGA government is the only one that has ever invited the EFCC to examine its accounts.
He added that the state had the lowest unemployment rate in Nigeria at 13.1 percent compared to 27.1 percent nationally.
“Economists around the world regard the employment rate as the most important indicator of any government’s performance,” Adinuba said.
He added that the National Bureau of Statistics also declared Anambra’s economy to be the best managed in Nigeria.
He said that the government headed by Governor Obiano was the only one in Nigeria to have built an international airport in 15 months and also an international convention center, the best in Africa with a capacity of 12,000 people.
He said that over the next month Anambra will deliver the newest fully-built international stadium without borrowing money from any bank.
Adinuba stressed that the APGA government led by Governor Obiano is not afraid of any checks on its financial records.
He advised APC to arm itself with verifiable facts at all times before going to press.
Adinuba also urged the APC to clean up the image of its gubernatorial flag bearer, Senator Andy Uba, and compare it with that of the APGA’s “world-class” candidate in the person of professor Charles Soludo.

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