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Senate Gives Committee One Week To Work On Buhari’s $4bn Loan Request

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The Senate has asked its Committee on Foreign and Local Debts to work on President Muhammadu Buhari’s $4.054bn, €710m and $125m external borrowing request.

This is coming a week after Buhari’s letter seeking the Red Chamber’s approval for the loan was read on the floor of the Senate.

Buhari, in his letter dated 24th August, 2021, said the loan was to fund projects captured under the 2018-2021 borrowing plan.

Buhari said the projects listed in the 2018-2021 Federal Government Borrowing Plan are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chatered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.

He explained that the amount would be used to fund Federal and States Government projects cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID-19 Response efforts.

On resumption of plenary on Tuesday, Senate President Ahmad Lawan referred the borrowing request to the Foreign and Local Debt committee for further legislative work.

The panel, chaired by Senator Clifford Ordia (PDP, Edo), was given one week to report back to the plenary.

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How Tinubu Caused Tax Reform Pushbacks — Sowunmi

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A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi, says President Bola Tinubu is responsible for the stiff opposition that has greeted the tax bills introduced by his administration.

Sowunmi, who was a guest on Channels Television’s Sunday Politics, faulted Tinubu of the All Progressives Congress (APC) for appointing his tribesmen as finance minister, revenue boss, governor of the Central Bank of Nigeria (CBN) and tax reform chair.

The PDP chieftain said that though the tax bills were good, the President created distrust among northerners by allegedly excluding their kinsmen from his economic and tax teams.

Sowunmi said, “They (Tinubu and his team) created it by themselves. You can’t have FIRS chairman Yoruba, finance (minister) Yoruba, Customs (boss) Yoruba, CBN (governor) Yoruba. You can’t do that. And then suddenly, the Yoruba people came and said we have a new tax regime. They (people of other tribes) will be nervous.

“People are not in the National Assembly or the Senate not to protect the interest of their people; that’s why they are there. They are representatives of their people. That’s why the pushbacks will come.”

He said there is no bill without grey areas but the Tinubu government “caused it by itself”.

“You may mean well but let me have some of my own seated at the table to be sure that you mean well. Nobody will sit at the table and cause injury to his tribe,” he said.

The new tax bills introduced by the Tinubu administration have been enveloped in widespread controversy and sparked scathing criticisms and stiff opposition from many including the 36 state governors under the aegis of the National Economic Council (NEC). The 19 governors in northern Nigeria have also unequivocally rejected sections of the bills.

Sowunmi said, “I think the President needs to tell them in very clear language that I won’t be sitting here as president and refusing to do the right thing for the country only because you want to threaten me with elections. When we get to the bridge of election, we will cross it.”

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EPL: Chelsea Edge Tottenham In Seven-Goal Thriller

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Chelsea came back from two goals down to defeat Tottenham 4-3 in Sunday’s Premier League game.


Details later…

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Ghana: Tinubu Congratulates Presudent-Elect John Mahama In A Telephone Call

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President Bola Tinubu has congratulated President-elect John Dramani Mahama on his victory in the December 7 general election in Ghana, following his opponent’s concession speech.

In a telephone call to Mahama, President Tinubu hoped that Mahama’s ascension to power for the second time would further bring stability to the Economic Community of West African States (ECOWAS), of which President Tinubu is the chairman.

President Tinubu commended the people of Ghana for their commitment to democracy, which was demonstrated through the peaceful and successful conduct of both the presidential and parliamentary elections.

He applauded Ghanaians for demonstrating again to the world that democracy is the preferred path to achieving political stability, economic development, social justice, and transparent governance in Africa.

He affirmed that Nigeria’s and the region’s belief in the principles of the people’s right to choose their leaders freely will remain a source of pride.

The Nigerian leader applauded the candidate of the governing New Patriotic Party (NPP), the Vice President of Ghana, Dr Mahamudu Bawumia, for conceding defeat before the official announcement by Ghana’s Electoral Commission.

President Tinubu said Bawumia’s stance reinforced Ghana’s democratic ethos.

President Tinubu noted that President-elect Mahama’s return to Jubilee House, having served as President from 2012 to 2017, reflects the Ghanaian people’s trust in his stewardship and vision to take the country to greater heights.

Mahama served as Vice President of Ghana from 2009 to 2012, Member of Parliament from 1997 to 2009, and held deputy and ministerial roles between 1998 and 2001.

President Tinubu renews his steadfast support for deepening the fraternal bonds between Nigeria and Ghana, underpinned by shared history, cultural ties, mutual support and cooperation, Pan-African goals, democracy, the rule of law, and economic integration.

The Nigerian leader thanks President Nana Akufo-Addo for his exemplary leadership and numerous contributions to Ghana’s progress and regional peace and stability.

The President looks forward to working with President Mahama’s incoming administration to strengthen bilateral ties across various sectors and build a brighter future in the West Africa region

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