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 [...]
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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 [...]
About 1,500 rice farmers in Daura, Katsina state, have received various farming implements under the phase 11 of the Central Bank of Nigeria (CBN) anchor borrowers scheme.Nura Baure, chairman, Daura chapter of the Rice Farmers Association of Nigeria (RIFAN), disclosed this during the distribution of farming implements to registered farmers on Thursday.Daura is the hometown of President Muhammadu Buhari.According to [...]
The senate has approved $350 million World Bank loan for Ogun State Development Policy Operation (DPO).The approval followed the presentation of a report on the loan by Shehu Sani, chairman, senate committee on local and foreign debts.During the plenary session on Thursday, Sani said the committee detected that Ogun state DPO loan budget had been approved by World Bank in [...]
President Muhammadu Buhari has ordered the ongoing central rail projects to run through all 36 states of the federation.Chibuike Amaechi, minister of transportation, said this during a meeting on Buhari’s $5.5 billion loan request.Amaechi said the central rail project which runs through the northern and southern part of the country will be completed in June 2018.As part of the project, Amaechi said [...]
The Peoples Democratic Party (PDP) has kicked against President Muhammadu Buhari's plan to obtain $5.5 billion foreign loan.Buhari wrote to the senate on Tuesday, requesting its approval to obtain the loan, part of which he said will be used to fund the 2017 budget.Reacting, the Peoples Democratic Party (PDP) accused the president of mortgaging the future of Nigerian children through [...]
President Muhammadu Buhari has asked the senate to approve a loan of $5.5 billion to fund the 2017 budget.Buhari's request was contained in a letter read by Senate President Bukola Saraki on Tuesday.The president also said the 2017 budget had a deficit of N2.356 trillion."Implementation of the external borrowing plan approved in the 2017 appropriation Act. External borrowing to refinance maturing [...]
Acting President Yemi Osinbajo has asked the national assembly to approve $1.5 billion loan for 12 states.The states are Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.The loan is part of the 2016-2018 external borrowing plan.In letters read in both chambers of the national assembly, Osinbajo said the approval of the loan would help the states meet [...]
The International Bank for Reconstruction and Development, better known as the World Bank has agreed to give Nigeria $2.5bn loan.One of the conditions for the release of the initial tranche of $1.5bn is a reform of Nigeria's Forex market.Business Day, a leading newspaper, tweeted this on Wednesday.https://twitter.com/BusinessDayNg/status/831800660941217793Since January 2016, the federal government has been in talks with the bank on [...]
Rotimi Amaechi, the minister of transportation, has urged the national assembly to approve the federal government’s borrowing plan so as to begin the construction of rail projects in the country.The minister said the China Exim Bank was ready to loan $1.5bn to Nigeria for the Lagos-Ibadan rail line but approval was needed before the agreement can be signed.Amaechi made this known on Tuesday [...]
Senate President Bukola Saraki says the senate’s rejection of President Muhammadu Buhari’s foreign loan request is not personal.In October, the president wrote to the senate seeking approval for the borrowing of $29.9bn from external sources.But the upper legislative chamber threw out the proposal without a debate.In a statement issued by Yusuph Olaniyonu, Saraki's media aide, on Thursday, the senate president [...]
Senate President Bukola Saraki has appealed to Nigerians not to read political meanings into President Muhammadu Buhari's request to borrow $30bn from external sources.Speaking with state house correspondents after Jumat prayers, Saraki described the proposal as work in progress, saying that its rejection by the senate was not a reflection of the relationship between the executive and the legislature.On Tuesday, the [...]
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