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Reps Suspend Buhari’s $22.79bn Loan Consideration Indefinitely

Published

6 years ago

March 12, 2020

Eric

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

Featured

Defection: Atiku’s Son, Adamu, Resigns As Adamawa Commissioner

Published

4 hours ago

March 3, 2026

Eric

Adamu Abubakar, the first son of former Vice-President Atiku Abubakar, has resigned as Adamawa State’s commissioner for works and energy development, days after Governor Ahmadu Fintiri defected from the Peoples Democratic Party to the All Progressives Congress.

Abubakar’s resignation letter, dated 2 March 2026, was addressed to the governor through the Secretary to the State Government. He gave no reason for his departure.

The timing is pointed. Fintiri announced his defection to the APC in a statewide broadcast last Friday, saying his cabinet and the PDP’s state structure had moved with him. Within 24 hours, 22 commissioners and special advisers publicly announced they were following suit. Abubakar, whose father remains one of the PDP’s most prominent national figures, was not among them.

In a statement issued Monday night, Abubakar’s media aide Abdulaziz Jauro said the former commissioner thanked the governor for the opportunity to serve and pledged continued loyalty to the administration’s developmental agenda. He also expressed gratitude to his father “for granting him the moral support and blessing to serve the people of Adamawa State” — a line that, read in context, suggests Atiku was consulted on the decision.

Abubakar said his resignation was not a withdrawal from public life. “This does not mark the end of his commitment to public service,” the statement read, “but rather the beginning of new avenues for developmental collaboration.”

The resignation leaves unresolved the question of whether it reflects a political break with the governor over his defection or a personal decision unconnected to the broader party realignment now reshaping Adamawa’s political landscape.

Featured

DSS Nabs Man over Assassination Attempt on Peter Obi

Published

6 hours ago

March 3, 2026

Eric

Nigeria’s Department of State Services (DSS) has detained a man in connection with the recent attack and alleged assassination threats targeting Labour Party’s 2023 presidential candidate, Peter Obi.

According to AIT, the shooting incident took place on February 24, 2026, in Benin City, Edo State, during a political gathering attended by Obi and several figures from the African Democratic Congress (ADC). The meeting was hosted by former APC National Chairman, John Oyegun. Gunmen reportedly opened fire at the venue, causing panic and forcing attendees to disperse for safety.

According to security sources, shortly after the attack, an individual identified as Udeme Monday Stephen allegedly took to social media claiming responsibility and issuing additional threats against Obi, warning of further violence.

Intelligence officials reportedly initiated swift investigations, employing digital tracing and forensic tools that led to the arrest of the 26-year-old suspect in Rivers State. He is said to be a teacher at a private secondary school in the Eliozu area of Obio-Akpor Local Government Area.

The suspect remains in DSS custody and is expected to face prosecution. The agency reiterated its commitment to responding to credible threats and safeguarding lives and national interests without bias.

Featured

Shiites Protest in Kano over Killing of Iran’s Supreme Leader

Published

1 day ago

March 2, 2026

Eric

Members of the Islamic Movement of Nigeria, on Sunday, took to the streets of Kano metropolis to protest the killing of the Supreme leader of the Islamic Republic of Iran, Ayatollah Ali Khamenei, following a joint attack by the US-Israel on Saturday.

The demonstrators, who are simply known as Shiites, trooped out in their numbers at about 2.30pm in and trekked from the Fegge Central Mosque the Islamic Movement headquarters situated at Kofar Waika in the State capital.

The demonstration, adjudged peaceful, lasted for about two hours, terminating after 4.00pm.

The demonstration was followed by speeches by their scholars that spoke about the state of affairs in the Middle East and its implications on the rest of the world. A special prayer was also offered seeking Allahs intervention for the people of Iran.

The Kano State Police Public Relations Officer, CSP Abudulhi Haruna Kiyawa, resisted attempts to persuade hims for official reaction to the demonstration.