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Fresh $4.9 Billion Loan: Buhari’s North-West, Osinbajo’ s South West get highest project allocations

 

North-West and South-West, the geopolitical zones of the President Muhammadu Buhari  and the Vice President, Prof Yemi Osinbajo, respectively have the highest number of projects allocated to them among the projects that will be funded with the fresh external loans the President is asking the National Assembly to approve for his government.

Buhari had asked the National Assembly to approve fresh external loans of $4.05bn and €710m for his regime.

He also sought the legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan.

These were contained in a letter addressed to both chambers of the National Assembly and read by the Senate President, Ahmad Lawan, and Speaker of House of Representatives, Femi Gbajabiamila, respectively on Tuesday on the floor at the resumption of plenary.

Buhari in the letter, dated August 24, 2021, explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank International Fund for Agricultural Development, Credit Suisse Group and Standard Chattered/China Export and Credit in the total sum of $4,054,476,863 and €710m and grant components of $125m.

According to the President, a summary of some key projects in each of the six geopolitical zones that will be funded by the loans and a summary on the expected impacts on the socioeconomic development of each of the six geopolitical zones were attached to the letter.

According to the breakdown obtained exclusively by our correspondent, 13 key projects each to be funded with the loans were listed for the North-West and South-West, making them the geopolitical zones with the highest number of projects.

The President is from Katsina State in the North-West while Vice-President Yemi Osinbajo is from Ogun State in the South-West.

Sources however, noticed that most of the projects that were listed for the two zones are projects that are common to all the geopolitical zones or more than two zones, leaving only one project that is peculiar to the South-West and two that are peculiar to the North-West.

The only project peculiar to the South-West is the Lagos-Ibadan railway modernisation project (Apapa-Tin Can Island Ports Project); while the two that are peculiar to the North-West are the Kaduna Bus Rapid Transport Project and the Kano-Katsina-Jibiya-Maradi Rail Line.

Apart from the North-West and South-West that have 13 projects each, 11 projects each were allocated to the North-Central, North-East and South-East while 10 projects were allocated to the South-South.

Curiously, however, the provision of 17 megawatts hybrid solar power infrastructure for the National Assembly complex which is to be funded with the $62,120,000 to be provided by Standard Chartered Bank/China Export and Credit (SINOSURE) was listed as item 9 for all the six geopolitical zones as beneficiaries.

This is despite the fact that the impact of the project was stated in one of the documents as “to address the National Assembly complex’s power supply deficit and to reduce higher overhead burdensome cost of running and maintaining fossil fuel generators (25 megawatts installed capacity) to power the National Assembly complex.”

Besides the projects peculiar to the geopolitical zones, however, are many others that have all the geopolitical zones as beneficiaries.

They include the $750,000,000 World Bank’s facility for State Fiscal, Transparency, Accountability and Sustainability Programme for Results: the $400,000,000 Nigeria COVID-19 Preparedness and Response Project – Additional Funding; the $700,000,000 Agro-Climatic Resilience in Arid Zone Landscape Project; and the $700,000,000 Nigeria Sustainable Water Supply, Sanitation and Hygiene Project.

Others are the €100,000,000 National Identity Management Project; the $500,000,000 Livestock Productivity and Resilience Support Project; the $276,981,586 three power renewable energy projects and the $200,000,000 Agro-Processing Productivity Enhancement and Livelihood Improvement Support Project, among others.

It can be recalled that five bodies would jointly provide the $4,054,476,863 component of the loan.

They include the World Bank – $3,250,000,000; China Exim Bank – $225,120,000; IFAD- $50,000,00; European ECA/KfW/IPEX/APC -$190,255,276; Bank of China -$276,981,587; and Standard Chartered Bank/China Export and Credit (SINOSURE) – $62,120,000.

The Euro component of €710m will be provided by AFD – €210,000,00 and Credit Sussie Group €500,000,000 while the World Bank will provide the grant components of $125m.

Part of Buhari’s letter to the National Assembly had read, “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.

“The distinguished Senate President may recall that I submitted a request on the 2018-2020 borrowing plan for the approval of the Senate in May 2021.

“However, in view of other emerging needs and to ensure that all critical projects approved by the Federal Executive Council as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710m and grant components of $125m.

“A summary of some key projects in each of the six geopolitical zones and a summary on the expected impacts on the socioeconomic development of each of the six geopolitical zones are attached herewith as Annex II and III.”

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BREAKING: IGP suspends Abba Kyari over Hushpuppi million-dollar fraud

The Nigerian police boss has recommended that Abba Kyari, a deputy commissioner of police, indicted by American authorities for alleged involvement with a $1m fraud be suspended.

DCP Kyari was indicted by a suspected fraudster, Ramon Olorunwa Abbas, also known as Hushpuppi, standing trial for internet fraud in the U.S.

In Abba Kyari’s defense made available on Facebook, he claimed that his only financial involvement with Hushpuppi was a ‘fashion deal’.

Inspector-General of Usman Alkali Baba made the recommendation to the Police Service Commission in a July 31 letter.

“The Inspector-General of Police, IGP Usman Alkali Baba, psc (+), NPM, fdc has recommended the immediate suspension of DCP Abba Kyari, the Head of the Police Intelligence Response Team (IRT), from the Service of the Nigeria Police Force, pending the outcome of an ongoing internal investigations touching on him,” Nigerian police spokesman Frank Mba said on Sunday morning.

Mba said the suspension is also expected to create an enabling environment for the NPF Special Investigation Panel to carry out its internal investigations.

The IGP, in his letter to the Police Service Commission, dated 31st July, 2021, noted that the recommendation for the suspension of the officer, is in line with the internal disciplinary processes of the Force.

The IGP further noted that the suspension is also expected to create an enabling environment for the NPF Special Investigation Panel to carry out its investigations into the weighty allegations against DCP Abba Kyari without interference. The suspension is without prejudice to the constitutional presumption of innocence in favour of the officer.

The Special Investigation Panel (SIP), comprising four (4) Senior Police Officers, is headed by DIG Joseph Egbunike, the Deputy Inspector General of Police in-charge of the Force Criminal Investigations Department (FCID). The SIP, inter alia, is to undertake a detailed review of all the allegations against DCP Abba Kyari by the US Government as contained in relevant documents that have been availed the NPF by the Federal Bureau of Investigation (FBI).

The SIP is also to obtain detailed representation of DCP Abba Kyari to all the allegations levelled against him, conduct further investigations as it deems fit, and submit recommendations to guide further actions by the Force Leadership on the matter.

Meanwhile, the IGP has reaffirmed the commitment of the Force to the Rule of Law and assured the public of the sanctity of the probe as well as the absolute respect for the rights and privileges of the officer throughout the period of the investigations.

CP FRANK MBA

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS

ABUJA

1st August, 2021

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BREAKING NEWS: Sunday Igboho arrested in Cotonou

The Yoruba nation Freedom fighter, Sunday Adeyemo, popularly known as Sunday Ugboho has been arrested in Cotonou, Benin Republic.

It was gathered that he was nabbed by security forces in Benin Republic at an airport in Cotonou on Monday night.

Recall that the freedom fighter was recently declared wanted by the Department of State Services, DSS, over alleged activities threatening the corporate existence of the country.

The freedom fighter, according to a source intended to fly out through the West African neighbouring country before he was intercepted. ”He intended to travel to Germany,” the source further revealed.

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Tragedy averted as minister slumps in Bauchi, rushed to ATBUTH

What would have been a tragedy was on Monday averted in Bauchi as the Minister of State for Industry, Trade and Investment, Maryam Yalwaji Katagum, slumped at an empowerment programme in Bauchi.

Katagum who was in the Bauchi State capital to launch the empowerment programme, suddenly slumped when she was about to deliver her speech at the event held at Sanin Malam Shopping Plaza, Bauchi, which had the Bauchi State Deputy Governor, Bala Tela in attendance.

She was subsequently rushed to the Trauma Centre of the Abubakar Tafawa Balewa University Teaching Hospital (ATBUTH), Bauchi, for immediate treatment.

An eyewitness said the minister was noticed to be withdrawn when she arrived at the venue of the empowerment programme, adding that she was intermittently touching her head while the programme was going on.

It was further gathered that while Ambassador Katagum stood up upon being invited to deliver her speech, she held her head and slumped, forcing her aides and top officials at the event to quickly rush her to the hospital for treatment.

As of this evening, the minister was still at the hospital where she was said to be responding to treatment, though there is no official statement on the incident.

Officials of the Federal Ministry of Industry, Trade and Investment, who were in the minister’s entourage and present at the time of the incident were said to be at the hospital, monitoring as events unfold.

While one of them confirmed the presence of the minister in the teaching hospital, a top government official told journalists that the minister would be flown to Abuja as soon as her condition improved.

It was reported that Ambassador Katagum arrived in Bauchi last Saturday and had since then engaged in some activities, including featuring on a live programme on Globe FM of the Federal Radio Corporation of Nigeria (FRCN) on Sunday.

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BREAKING NEWS: Plane crash in Abuja, all passengers feared dead

 

Fresh reports reaching NigerianEye has it that a plane just crashed around Bassa Airport Village in Abuja. 

 All passenegers on board are feared dead.

Aviation minister Hadi Sirika confirmed the development in a short statement on Twitter Sunday afternoon.
“A military aircraft King Air 350 has just crashed short of our Abuja runway after reporting engine failure enroute Minna. It appears to be fatal. We should remain calm & wait for the outcome of investigation by the military, while we pray for the departed soul/souls if any,” the minister said.
 Story is still developing, more to follow
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Lagos records 332 new COVID-19 cases in November

Lagos recorded another 87 cases of COVID-19 on Thursday, giving it a total of 332 cases in the first 5 days of November.

Could Lagos be experiencing signs of a second wave, being expected by officials?

The NCDC did not confirm this in its latest update on the virus, which reported 180 cases across Nigeria.

Lagos, the epicentre of the virus, with 21,570 cases cumulatively has reported the bulk of the cases since Ssunday, when it reported 49 cases.

 

It reported 51 on Monday, 60 Tuesday, 85 Wednesday and on Thursday 87 cases.

Since the beginning of November, Nigeria has reported 655 cases, with Lagos accounting for more than 50 percent.

In the latest 180 new cases, Oyo followed Lagos with 51, increasing its cumulative total to 3,461, as the 4th worse-hit.

The Federal capital of Abuja recorded 12 cases, while Plateau has 10.

“On the 5th of November 2020, 180 new confirmed cases were recorded in Nigeria”, the NCDC stated on Thursday night

“Till date, 63508 cases have been confirmed, 59748 cases have been discharged and 1155 deaths have been recorded in 36 states and the Federal Capital Territory”, it said.

Here is a breakdown of cases for Thursday:

Lagos-87

Oyo-51

FCT-12

Plateau-10

Edo-4

Ekiti-3

Ogun-3

Bauchi-2

Kaduna-2

Niger-2

Kano-1

Ondo-1

Osun-1

Rivers-1