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 [...]
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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 [...]
The federal executive council (FEC) has approved a fresh $1 billion Chinese loan for a power project.The approval was given at a meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja, on Wednesday.Confirming the loan approval, Suleiman Adamu, minister of water resources, said it will be obtained from the China-Exim Bank for the Gurara II Hydropower project.According [...]
The Central Bank of Nigeria, on Monday, released the guidelines for its new credit policy, which is aimed at providing funds to the agriculture and manufacturing sector at a single digit interest rate.According to the guidelines, the maximum amount accessible by a party is N10 billion.The loans can be received from any bank which has contributory cash reserve ratio with [...]
The total loans granted by banks to the private sector declined by N600.60 billion, from N16 trillion in the first quarter of 2017 to N15.34 trillion, in the second quarter of 2018.A report by the National Bureau of Statistics (NBS) on Selected Banking Sector Data: Sectorial Breakdown of Credit, ePayment Channels and Staff Strength (Q2 2018), showed that credit to [...]
The federal government has launched a new initiative to empower two million petty traders between now and the end of 2018.The new initiative called Trader Moni was launched under the Government Enterprise and Empowerment Programme (GEEP).According to a statement issued by Laolu Akande, spokesman to Acting President Yemi Osinbajo, the micro credit scheme would grant a minimum of 30,000 loans [...]
The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria.Earlier in the year, top executives from the bank toured some projects in the country.According to a statement released on Thursday, the seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics [...]
The Kogi state government obtained loans of at least N16 billion between May 2017 and January 2018, TheCable can report.This is despite over N20 billion which accrued to the state from the Paris Club refund.Paris Club refund is a partial settlement of long-standing claims by state governments relating to over-deductions from their federation account allocation committee (FAAC) disbursement for external [...]
Senators from Kaduna state have accused Nasir el-Rufai, governor of Kaduna, of using private companies to procure foreign loans.The Kaduna senator had blocked a $350 million loan from the World Bank requested by the state government.Shehu Sani, senator representing Kaduna central, said the loan would further erode the economic viability of the state.The governor had described the lawmakers as the [...]
Jim Yong Kim, World Bank president, says subsidies provided by African countries help the rich more than the poor.Speaking to journalists at the ongoing Spring meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, Kim said African countries could raise revenue for investing in health and education by removing these subsidies."They should be better at collecting [...]
Barnabas Bantex, deputy governor of Kaduna State, has expressed regrets over the comments he made on the senate's rejection of $350m loan request by the state government.Bantex, who represented Nasir El-Rufai, governor of Kaduna state at the law week of the Nigerian Bar Association (NBA), Barnawa, Kaduna chapter on Monday, had declared that the World Bank would not grant loan to [...]
Following the senate’s rejection of a request for a $350 million loan, the Kaduna state government has accused the three senators from the state of working against the people of the state.The senators are Shehu Sani (Kaduna central), Suleiman Hunkuyi (Kaduna north) and Danjuma Laah (southern Kaduna).Speaking at a news conference on Friday, Suleiman Abdu Kwari, commissioner for finance, alleged that the senate elevated [...]
The government of China says the claims made by the US government through Rex Tillerson, secretary of state, concerning its loan facilities to Africa are ridiculous.Tillerson, who is on his diplomatic visit to Africa, had described the rate at which China offered loans as terrible. He warned that African countries could lose their sovereignty if they are not careful.Reacting to [...]
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