Connect with us

Featured

Reps Suspend Buhari’s $22.79bn Loan Consideration Indefinitely

Published

on

The House of Representatives has indefinitely suspended the consideration of the $22.79bn external loan request by the President, Major General Muhammadu Buhari (retd.).

The House had listed the report by its Committee on Aids, Loans and Debt Management on the 2016–2018 Federal Government External Borrowing (Rolling) Plan as the last item for consideration on the order paper for Wednesday’s proceeding.

The Speaker, Femi Gbajabiamila, however, asked that the consideration be stood down without giving a new date.

“We will step that down for today,” Gbajabiamila said, asking the Chairman, Rules and Business, Abubakar Fulata, to move for the standing down.

When asked to respond to the indefinite suspension of the loan request by the House, the Media Adviser to the Finance Minister, Mr Yunusa Abdullahi, said, “No comments please.”

The Speaker on Tuesday had announced that the loan would be considered on Wednesday.

He had made this known in reaction to a member of the House, Mr Henry Nwawuba, who presented a petition by a group of South-East elite, against the consideration and approval of the external loan.

The Senate last week approved the loan but not without protests from the opposition senators led by the Minority Leader, Enyinnaya Abaribe.

The funding agencies for the loan, according to the Senate panel, are the World Bank ($2,854,000,000), African Development Bank ($1,888,950,000), Islamic Development Bank ($110,000,000), Japan International Cooperation Agency ($200,000,000 ), German Development Bank ($200,000,000), China-Exim Bank ( $17,065,496,773), and the French Development Agency ($480,000,000).

Some of the projects to be funded with the loans are the Nigeria Electricity Transmission and Access Project ($364,000,000); Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project, ($500,000) and the Economic Reforms and Governance Project, renamed Fiscal Governance Project ($200,000,000).

Meanwhile, the Speaker on Wednesday named the committees that would interface with the Federal Government and other stakeholders on the falling prices of crude oil globally.

The House on Tuesday had raised the alarm over the sharp fall in the global oil prices, noting the adverse effect it would have on Nigeria’s economy especially the implementation of the 2020 Appropriation Act.

The House had mandated its committees on finance, petroleum, and budget and national planning to interface with the executive and report back within two weeks.

On Wednesday, Gbajabiamila said the House Committee on Appropriations chaired by Mr Aliyu Betara, should also be part of the interaction since the crude price would affect the national budget and the oil benchmark.

At the Tuesday plenary, Chairman of the House Committee on Finance, Mr James Faleke, moved a motion of urgent public importance, warning the coronavirus outbreak, causing oil prices to fall, would frustrate the 2020 budget.

Amid tumbling prices of crude oil, the Federal Government had announced plans to cut the country’s 2020 budget.

Buhari was billed to get a report on Tuesday on what his regime could do to salvage the N10.59tn budget.

The budget review committee has a primary duty to reassess the $57 oil benchmark for the budget and ultimately recommend an appropriate size.

In another development, the Speaker has set up a panel headed by Mr Abdulraheem Olawuyi to ensure proper implementation of the 2018 Appropriation Act concerning the National Assembly’s budget.

The House had on February 20 said the Federal Government owed the National Assembly and the judiciary over N22.5bn from the previous national budgets.

According to the House, the legislature and the judiciary were underpaid to the tune of N1.2bn and N833m, respectively, between January and November 2018.

The Punch

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Featured

Stay Away from CBT Centres, JAMB Warns Parents, Threatens Arrest

Published

on

By

As this year’s Unified Tertiary Matriculation Examination (UTME) begins on Friday, the Joint Admissions and Matriculation Board (JAMB) has vowed to arrest parents found near any Computer-Based Test (CBT) centre during the 2024 UTME exercise.

The directive was issued at the final briefing of the CBT centre owners, which was held virtually on Wednesday, 17th April, 2024.

The spokesman for JAMB, Fabian Benjamin, said this directive became necessary following the intrusive disposition of some parents during the Board’s previous exercises.

Benjamin, who quoted JAMB Registrar Prof. Is-haq Oloyede, said any parent, who disobeys the order would not only be arrested but his ward would also be disqualified from sitting for the examination.

Oloyede explained that this measure became necessary as it has been discovered over time that many of these intruding parents are facilitators of examination infractions while others have, by their actions, disrupted the Board’s examinations in the past.

He added that some miscreants also disguise as parents to infiltrate the centres to perpetrate all forms of infractions.

“The Board’s helmsman noted that going by the extant national policy on education, a candidate for the examination must have attained the age of 17 years.

“Therefore, it is evident that these parents had not allowed their wards to pass through the classes as defined in the document, hence the desperation to follow their wards to the examination venue with the aim of compromising examination officials.

“At any rate, it is clear to any discerning observer that these parents deserve to be sanctioned as they had obviously ‘smuggled’ underage children into the ranks of those scheduled to sit the examination,” the Board note through a statement.

Furthermore, the Registrar said all arrangements have been concluded for the conduct of the 2024 UTME, which will be held in over 700 CBT centres across the nation.

He disclosed that the Board expects a seamless exercise but it has nevertheless made adequate provision to tackle any technical glitch that might occur in the course of the examination.

He, however, warned that if a session experienced any technical challenge, candidates in subsequent sessions would be allowed to sit their examination as scheduled while the candidates in the challenged session would be rescheduled for the last session for the day or the following day or even further depending on the centre schedules.

Continue Reading

Featured

Oyo Govt Demolishes Operational Base of Yoruba Nation Agitators

Published

on

By

The Oyo State government, on Wednesday, demolished a building serving as the operational base of the Yoruba Nation agitators led by Modupe Onitiri-Abiola, in Ibadan.

Onitiri-Abiola, one of the widows of late Bashorun M.KO Abiola, had declared the creation of the so-called Yoruba Nation in a video posted online, which has been widely condemned.

Last Saturday, some armed men in military uniforms invaded the Oyo State Secretariat, with the motive to forcefully take over the State House of Assembly, before they were dislodged by the combined efforts of police and troops for the Nigeria Army 2 Division..

Mr. Fatai Owoseni, Special Adviser on Security Matters to Governor Seyi Makinde, confirmed the demolition of the house located at Toye Oyesola Street in Ibadan South West Local Government Area.

Already, no fewer than 29 suspects – including a lecturer – arrested in connection with the foiled armed invasion were on Wednesday arraigned by the police before a Chief Magistrates’ Court in Ibadan.

In a case with charge number Mi/520c/2024 between the Commissioner of Police and the 29 suspects, they were accused of a seven-count charge of treasonable felony, unlawful society, illegal possession of firearms, and conduct likely to cause breach of peace.

Inspector Bakare Rasaq, the Investigative Police Officer (IPO) at the State Criminal Investigation Department, Iyaganku, Ibadan, said the offence contravenes, and is punishable under Section 516 of the Criminal Code, Cap 38, Vol. II, Laws of Oyo State of Nigeria, 2000.

Continue Reading

Featured

PDP BoT Queries Damagum, Anyanwu’s Continued Stay in Office

Published

on

By

The Board of Trustees of the Peoples Democratic Party has queried the continued stay in office of the party’s acting National Chairman, Umar Damagum, and National Secretary, Samuel Anyanwu.

Recently, many party members have raised concerns about the ongoing tenure of Damagum and Anywanwu in their respective positions.

Previously serving as the PDP National Deputy Chairman (North), Damagum assumed the role of acting National Chairman following the court’s suspension of the party’s National Chairman, Iyorchia Ayu, in March of the preceding year.

With the National Secretary being selected as the PDP candidate for the Imo State 2023 governorship election, the South zone has been grappling with nominating a replacement. Despite this, he, along with other party leaders, contested and retained the position of party secretary after losing to Governor Hope Uzodinnma.

The Punch

Continue Reading

Trending