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$30 Billion loan: Reps’ South-East Caucus Gives Buhari Conditions

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  • Reps’ South-East Caucus Gives Buhari Conditions

The South East Caucus in the House of Representatives Thursday said they were unclear as to the intent of the Federal Government concerning the $29.9 billion foreign loan for which it seeks approval from the National Assembly.

The Caucus also said the controversial Sharia Bill is a Constitutional matter that cannot be sneaked through without the knowledge of lawmakers and vowed that the Caucus will be on high alert for the piece of legislation.

While addressing the press on matters relating to the economy, the Caucus leader, Chukwumah Onyeama, Deputy Minority Leader, said the information concerning the loan needs to meet the threshold of transparency.

“Details of the terms of the loans- duration cost, and application are unclear. Details of the loan utilization must be made available, to us to ensure geographical spread and relevance to current economic outlook with a view to Jon creation and inclusive growth for all sectors/ sections if the country.

“We therefore insist that as part of this country, the South East infrastructural deficit must be captured to ensure uniform development and inclusive growth.

Recall that the Senate had earlier in the week rejected the request of the Federal Government to borrow $29.9 billion foreign loan while the House is yet to debate the loan.

The Caucus while speaking on the economic situation downturn in the country said: “”We recognize that as our country goes through an economic recession which has resulted in the loss of jobs, decreased spending, more valence of hunger and uncertainty in the polity, we stand with our fellow Nigerians in this difficult period

“We urge the Executive Arm of Government to speedily formulate Fiscal and Economic Policies that will see an end to the present economic downturn.”

The lawmakers said that there is need for the President to brief the Legislature on the true state of the economy and his road map to economic recovery. “The urgency cannot be overstated at this time,” they said.

On the controversial Sharia Bill, they said: “the passage of the Sharia bill passing second reading. You all know gentlemen of the press that any matter that concerns the constitution will, must, in fact, let me use the word “shall”, pass second reading. Then it goes into committee where we are going to debate it.

“Now be rest assured that the people you see here (the caucus members) I’m sure you recognize all of them on the floor. They cannot sit there and… We’re waiting for it to come on the floor for debate that is when we can discuss this issue.”

The Caucus also condemned the killing of prominent Ndigbo in the FCT. “Arinze Vhikwem was brutally murdered in Kabusa with over 72 knife stabs. He hails from Mbieri Mbatoli LGA of Imo State.

“David Nkwazema was stabbed to death in Kuchigoro, he hails from Amakohia Ikeduru LGA of Imo State and Ikechukwu from Enugu State was beheaded at Apo by an Okada rider.

“We strongly condemn the gruesome murders of the three prominent Mdigbo in the FCT. We call on all relevant authorities including the Nigeria Police Force and the Judiciary to expedite action in bringing the culprits to book,” The lawmakers said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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Abuja Electricity Distribution Company Issues Ultimatum to 86 Government Agencies Over N47bn Debt

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Power - Investors King

The Abuja Electricity Distribution Company (AEDC) has issued an ultimatum to 86 government agencies, including the Presidential Villa, owing a collective debt of N47 billion.

The notice comes as a response to the prolonged failure of these agencies to settle their outstanding electricity bills.

According to the public notice released by the AEDC management, some of the highest debts are attributed to prominent entities such as the National Security Adviser (owing N95.9 billion), the Chief of Defence staff barracks, and military formations (indebted to the tune of N12 billion).

Also, several ministries, including the Ministry of the Federal Capital Territory and the Ministry of Power, have sizable outstanding bills.

The AEDC has expressed its frustration over the inability of these government bodies to honor their financial obligations despite previous attempts to facilitate payment.

In response, the company has warned of imminent disconnection of services if the outstanding debts are not settled within 10 days of the notice.

The outstanding debts are attributed to various factors including the devaluation of the naira, cash scarcity resulting from demonetization programs, high inflation rates, removal of fuel subsidies, and foreign exchange challenges.

These financial burdens have adversely impacted the operations of the AEDC, contributing to a loss of N99 million in foreign exchange alone.

As the deadline for payment approaches, government agencies are under pressure to address their outstanding debts to avoid service disruptions.

The AEDC remains steadfast in its commitment to ensuring that all entities fulfill their financial obligations, underscoring the importance of prompt payment for uninterrupted electricity services.

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