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Senate to Resolve Buhari’s $30bn Loan Request this Week – Ndume

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Nigeria senate house
  • Senate to Resolve Buhari’s $30bn Loan Request this Week

Strong indications have emerged that the leadership of the Senate and the Presidency have reached a deal on the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper earlier rejected by the upper chamber of the National Assembly.

A source close to the leadership of the Senate said this was the fallout of the meetings between President Muhammadu Buhari; President of the Senate, Bukola Saraki; and Speaker of the House of Representatives, Yakubu Dogara.

It was learnt on Sunday that the Senate, which returned the MTEF and FSP to the Presidency last week, had accepted to receive a detailed version of the document from the Executive this week.

The source said the preparation of the 2017 budget and the proposed $29.96bn external borrowing would be fast-tracked by the legislature.

Saraki had met with Buhari three times last week during which the issues of the MTEF and FSP as well as the foreign loan were raised.

The source further said the meetings between the leadership of the National Assembly and the Presidency were called to bridge the gap between the legislature and the executive.

Confirming the development, the Majority Leader of the Senate, Senator Ali Ndume, told our correspondent on the telephone on Saturday that the matters would be resolved this week.

Ndume had described the MTEF and FSP sent to the Senate by Buhari for legislative approval as “empty” due to missing details in the document.

“We will deal with the issues this week by God’s grace,” he said.

When asked if the Senate had got a positive response from the Presidency on the issues, he said, “Yes, of course.”

The Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, said, “As it is, we don’t even have any information that will enable us to be diligent.

“We passed the budget and the borrowing plan in the budget was clear, N3.2tn made up of N900bn from domestic sources and the balance from external lenders. But the question is: with the new one that was sent, what have they done with respect to the provisions of the 2016 budget? It is not clear. How are they going to do it?

“Those are the things we presume are in the document that Mr. President said was ‘attached’, which, unfortunately, his officials were careless about and they showed that they are truly incompetent. This is the first time we are seeing information on the budget sent to us without those details. It came as a letter. We saw the letter and it was read.

“Do we have any alternative? No, we don’t. I have seen situations where people have tried as much as possible to create and perpetuate the frosty relationship between the two arms of government. It is unfortunate.”

Also, the Vice Chairman, Senate Committee on Communications, Senator Olamilekan Adeola, said the upper chamber of the National Assembly was not against the President and his economic policies despite the recent rejection of projects from the executive.

The senator, who is also a member of the Committee on Finance, stated that the Senate only wanted Buhari and his economic team to do a thorough job when dealing with the legislature.

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

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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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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power project

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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