The news in Nigeria has been awash with one thing lately -- a Chinese loan deal by the Buhari administration. On Tuesday, there was a new twist as former president Goodluck Jonathan was mentioned in the controversy. According to Rotimi Amaechi, minister of transportation, Jonathan, like President Muhammadu Buhari, also took loans from China. Reno Omokri, a former aide of the ex-president, [...]
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Access Bank Plc has secured a $50 million loan from the International Finance Corporation (IFC), a member of the World Bank Group, for small and medium-sized enterprises (SMEs) in Nigeria. The IFC, in a statement, said it is providing the loan to help the bank increase liquidity to thousands of SMEs in the country which are navigating the economic challenges of [...]
The International Finance Corporation (IFC), a member of the World Bank Group, has approved a $50 million loan for First City Monument Bank (FCMB) for lending to small and medium enterprises. In a statement on Thursday, IFC said the loans would help sustain businesses that were disrupted by the COVID-19 pandemic. The loan was facilitated through IFC's COVID-19 fast-track financing support package, [...]
The World Bank has approved a $750 million loan through the International Development Association (IDA) to improve the reliability of electricity supply in Nigeria. In a statement on Tuesday, the World Bank said the loan is for the power sector recovery operation (PSRO) to achieve financial sustainability and enhance accountability in the sector. According to the bank, the PSRO will ensure [...]
Documents seen by TheCable have shown that Nigeria is indebted to China to the tune of $3.121 billion dollars as of March 31, 2020. According to the Debt Management Office (DMO), this represents 3.94 percent of Nigeria's total public debt, which stood at $79.303 billion as of March 31 (N28.6 trillion). Nigeria's total debt to China also accounts for 11.28% of the [...]
The Central Bank of Nigeria (CBN) has waived the requirement of providing guarantors while applying for its N50 billion COVID-19 targeted credit facility (TCF). The apex bank introduced the N50 billion TCF to help households and MSMEs whose economic activities were significantly disrupted by the COVID-19 pandemic. https://twitter.com/cenbank/status/1270019723972030466 "All successful household and SME applicants who have submitted their account details for the CBN [...]
Ajibola Basiru, spokesman of the senate, says the upper legislative chamber is not quick to approve loan requests of President Muhammadu Buhari. Speaking with journalists after plenary on Thursday, Basiru said the last loan request by the executive took the senators about six weeks of scrutiny before approval was granted. Basiru spoke hours after President Muhammadu Buhari sent a letter, seeking a $5.5 [...]
Igbo Board of Deputies, a non-governmental organisation, has threatened to sue the federal government and the Exim Bank of China over the alleged exclusion of the south-east from the $22.7 billion loan. The senate had approved the loan request by President Muhammadu Buhari which he said will be used to finance key infrastructure across the country. You can read the proposed spending [...]
The senators from the south-east have alleged that the region was excluded in the spending plan of President Muhammadu Buhari's proposed $22.7 billion loan. The federal lawmakers have, therefore, met with the leadership of the national assembly to seek adjustments in the plan as presented by the president. Ike Ekweremadu, former deputy senate president, who was flanked by members of the caucus, [...]
The senate has approved President Muhammadu Buhari's $22.7 billion loan request -- years after it was rejected by the previous assembly. At its plenary session on Thursday, the upper legislative chamber approved the 2016-2018 external borrowing plan which the president said would be used for critical projects across the country. TheCable understands Nigeria's public debt profile stands at N26.215 trillion as of September 2019. According [...]
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Former Vice-President Atiku Abubakar says he cannot sit and watch the government of President Muhammadu Buhari "ruin the future of Nigerians" with his $29.6 billion loan request. Buhari had asked the senate to approve the loan, saying oil earnings are no longer enough to meet the financial needs of the country. On Monday, Senate President Ahmad Lawan said the loan request will [...]
Shehu Sani, ex-chairman of the committee on local and foreign debts in the previous senate, has defended the lawmakers’ decision to reject a $29.96 billion loan request from President Muhammadu Buhari. In a statement on Friday, Sani said the senate at the time rejected the request to save Nigeria from being ''recolonised by creditor banks''. The president first forwarded the request captured [...]
The World Bank has warned that countries should stop signing non-disclosure agreements while negotiating from lenders. David Malpass, the World Bank president, made this known on Thursday at the opening press conference of the annual meetings of the International Monetary Fund (IMF) and World Bank Group. "The challenge is countries that are developing a need to have debt, they need to have [...]
Hannatu Fika, executive secretary of the Federal Government Staff Housing Loans Board (FGSHLB) has lamented over the non-repayment of loans collected by some public servants. Speaking on Friday when she inspected some of the estates under the scheme in Abuja, Fika said the houses remain properties of the federal government until the owners liquidate their loans. In June 2018, the government had announced that [...]
Dapo Abiodun, governor of Ogun state, says he took a loan of N7 billion to pay workers’ salaries in May. Abiodun, who disclosed this while addressing leaders of the All Progressives Congress (APC) in the state, said he met no money in the treasury. The governor said he cannot disclose details of the situation he met upon assumption of office but that [...]
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