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Reps Set to Review Chinese, Other Loans Signed By FG

Published

4 years ago

August 3, 2020

Eric

The House of Representatives on Sunday said it would review all loan agreements and conditions signed by the Federal Government.

The Vice-Chairman of the House Committee on Aid, Loans and Debt Management, Mr Chris Azubogu, stated this in an interview with one of our correspondents in Abuja, just as the Lagos Chamber of Commerce and Industry as well as the Manufacturers Association of Nigeria supported the investigation by the lawmakers into Chinese loans.

The House Committee on Treaties, Protocols and Agreements had on Tuesday last week begun an investigation into the loans taken by the country.

The committee raised the alarm over loan agreements Nigeria signed with China. The lawmakers said the agreement might force Nigeria to concede its sovereignty to the Asian country if the loans were not paid back.

But the Minister of Transportation, Rotimi Amaechi, who appeared before the committee, asked the lawmakers to stop the investigation into the Chinese loans.

He said the probe would send a wrong signal to China, which could stop the loans, thereby thwarting the nation’s rail projects.

The Vice-Chairman of the Committee on Aid, Loans and Debt Management, Mr Chris Azubogu, in the interview with The PUNCH, said, “The House generally is concerned. We are reviewing all the terms and conditions to know what they are like. The House is reviewing all loans and agreements.”

Also, a member of the Treaties, Protocols and Agreements, who spoke on condition of anonymity, stated that the lawmakers would not back down on the probe.

The lawmaker asked, “Do you agree that more money (loans) should be taken when the former (previous) ones that had been taken have not been accounted for? You want transparency and you are taking loans, and we are saying ‘give us transparency.’

“If you are taking a loan for a particular project, can the project pay back the loan? We are in a capitalist economy and in that economy, we should be able to know that if we invest the money, the project should be able to pay back the loan invested. That is what informed the loans we are looking at.

“Then, what are the stringent conditions attached to the loans? If we are not able to pay back the loans, what will be the consequences? These are key legal issues. We are looking at the entire template holistically. If you are taking loans, did you abide by the Nigerian content laws which say that our instruments should be considered first before considering importation?”

The Punch

Featured

Tinubu Approves Credit Scheme Takeoff to Facilitate Purchase of Cars, Houses

Published

1 hour ago

April 25, 2024

Eric

President Bola Tinubu has approved the takeoff of the first phase of the Consumer Credit Scheme to facilitate the purchase of houses and cars by working Nigerians.

In a statement on Wednesday, presidential spokesman Ajuri Ngelale said the Consumer Credit Scheme will enhance the quality of life citizens by allowing them to “access goods and services upfront, paying responsibly over time”.

“It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, essential for ongoing stability to pursue their aspirations,” the statement added.

“Through responsible repayment, individuals build credit histories, unlocking more opportunities for a better life. Additionally, the increased demand for goods and services stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.”

In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability,” the statement noted, adding that working Nigerians interested in receiving consumer credit can visit CREDICORP’s website to express interest before the deadline date of May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”

The CREDICORP’s objectives include: “(1) Strengthening Nigeria’s credit reporting systems, ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit.

“(2) Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today.

“(3) Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.”

Featured

Again, DStv, Gotv Jack Up Subscription Rates

Published

13 hours ago

April 24, 2024

Eric

Broadcasting company Multichoice has jacked up the prices of its offerings in Nigeria four months after its last increment.

The company reviewed prices in its packages across the board. The new prices will take effect from May 1, 2024.

With the latest price hike, the DStv Premium package increased from N29,500 to N37,000. Similarly, the DStv Compact+ went up from N19,800 to N25,000 while the Compact package increased from N12,500 to N15,700.

The Comfam package moved from N7,400 to N9,300. Yanga package moved up from 4,200 to N5,100 while Padi package increased from N2,950 to N3,600. HDPVR was increased from N4,000 to N5,000, the Access Fees package from N4,000 to N5,000, and XtraView moved from N4,000 to N5,000.

Meanwhile, the Gotv Supa+ package moved from N12,500 to N15,700, Supa package from N7,600 to N9,600, and Max package from N5,700 to N7,200.

While the Jolli package was jacked up from N3,950 to N4,850, the Jinja package moved from N2,700 to N3,300, and Smallie package from N1,300 to N1,575.

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It will be recalled that the company implemented an upward review of prices in December 2023, days after announcing a $72m loss in its financial statement for the third quarter of the year.

Checks on the company’s reviewed price list then showed a 20 per cent per cent hike in the company’s packages across the board.

Featured

I’ll Resign If Yaya Bello Eacapes Prosecution, EFCC Chair Vows

Published

1 day ago

April 23, 2024

Eric

Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has sworn to follow the prosecution of the Governor of Kogi State, Yahaya Bello, to a logical conclusion.

In a chat with journalists at the EFCC Headquarters in the Jabi area of Abuja on Tuesday, the anti-graft crusader vowed to resign as EFCC chairman if Bello is not prosecuted.

He added that all those who obstructed the arrest of the former governor would be brought to justice.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

He said that no matter what anyone does or the amount of attack against the anti-graft agency, he and his men will not relent in helping to sanitise the country.

Olukoyede said the EFCC needs the support of Nigerians to succeed, emphasizing that if the agency fails, Nigeria fails. He stated that the efforts made currently have helped the value of the Naira and the foreign market.