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$1b Eurobond: Fayose Blasts FG, Says Loan Burden on Future Generations

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Ekiti State Governor Ayo Fayose.
  • Fayose Blasts FG, Says Loan Burden on Future Generations

Governor of Ekiti State and Chairman of the Peoples’ Democratic Party (PDP) Governors’ Forum, Mr. Ayodele Fayose has described the Federal Government’s plan to secure Eurobond which re-payment would last till 2032 may plunge the nation into prolonged economic misery.

The governor, who challenged the federal government to make clarifications on the beneficiaries of the bond, stating whether it would be both the federal government and the federating units or federal government alone, adding; “questions must also be asked on repayment of the Eurobond because deductions from what should accrue to the federation account on a bond to be taken by the federal government for its own use only.”

In a statement issued on Friday by his Chief Press Secretary, Idowu Adelusi, the governor said; “What I’m even worried about and which they must explain to us is that you cannot get a bond without committing it to the source.

“Is the repayment going to be made by direct deductions from Nigeria’s crude oil sales or from federal government share from the federation account?

“If it is going to be made directly from proceeds of crude oil accruing to Nigeria as a country, then the bond belongs to the federal, state and local governments and not federal government alone.

“The federal government is just one of the federating units making up Nigeria and revenue accruing to the country cannot be used to repay bond taken by the federal government for its own use alone.

“The federal government must therefore tell Nigerians how it intends to repay the facility from now till 2032. If it is going to be through direct deductions from revenue accruing to Nigeria, such that money would be taken from source which would not be part of the accruals to the central body, it means the $1 billion bond belongs to Nigerians and it must be shared among the federating units.

“So, we have to find out and take steps. It is either they bring the money and we share it; we take our percentage and they take theirs. The federal government cannot take that money and take it from source and tell us that the money, which belongs to all of us federating units, is its.”

Speaking further, Governor Fayose said; “Fiscal federalism is not manifesting in the agenda of this government. The way they are running the affairs of this country is shrouded in secrecy. We will definitely go to Court and ask questions.”

Expressing the fear that the $1 billion Eurobond may plunge the nation into more serious economic woes as its repayment was sheduled to last till 2032. Fayose said: “the APC government was behaving like the prodigal son who asked for his inheritance and spend it lavishly.

“It is a prodigal government who wants to destroy this country. The rate at which they are taking loans which would keep this country indebted till 2032 is quite unfortunate.

“Currently our currency has been badly devalued to N500 to a Dollar. So, how do we pay back the Dollar? They went to tie the money to the source; the accruals outside the country where crude oil revenue goes.

“Apparently, they don’t care what happens tomorrow. They said they want to use the money to fund 2016, 2017, 2018 budgets which means after they are gone, the country can go into blazes and our children’s children can wallop in indebtedness. How can you appreciate that?”.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

COVAX Delivered 38m Vaccine Doses To Over 100 Countries, Says WHO

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The World Health Organisation (WHO) yesterday announced that more than 100 countries have received life-saving COVID-19 vaccines from COVAX, the global mechanism for equitable access to COVID-19 vaccines.

It said the milestone comes 42 days after the first COVAX doses were shipped and delivered internationally, to Ghana on February 24th.

In a statement, the United Nations’ Agency revealed that COVAX has now delivered more than 38 million doses across six continents, supplied by three manufacturers – AstraZeneca, Pfizer-BioNTech and the Serum Institute of India (SII).

Of the over 100 economies reached, 61 are among the 92 lower-income economies receiving vaccines funded through the Gavi COVAX Advance Market Commitment (AMC).

It, however, said despite reduced supply availability in March and April – the result of vaccine manufacturers scaling and optimising their production processes in the early phase of the rollout, as well as increased demand for COVID-19 vaccines in India – COVAX expects to deliver doses to all participating economies that have requested vaccines in the first half of the year.

According to the CEO of Gavi, the Vaccine Alliance, Dr. Seth Berkley, “In under four months since the very first mass vaccination outside a clinical setting anywhere in the world, it is tremendously gratifying that the roll-out of COVAX doses has already reached 100 countries.

“COVAX may be on track to deliver to all participating economies in the first half of the year yet we still face a daunting challenge as we seek to end the acute stage of the pandemic: we will only be safe when everybody is safe and our efforts to rapidly accelerate the volume of doses depend on the continued support of governments and vaccine manufacturers. As we continue with the largest and most rapid global vaccine rollout in history, this is no time for complacency.”

The WHO Director-General, Dr. Tedros Adhanom Ghebreyesus, said: “COVAX has given the world the best way to ensure the fastest, most equitable rollout of safe and effective vaccines to all at-risk people in every country on the planet.

“If we are going to realise this great opportunity, countries, producers and the international system must come together to prioritise vaccine supply through COVAX. Our collective future, literally, depends on it.”

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Approved Ibom Deep Sea Port, Proposed $1.4B Fertilizer Plant Will Change Akwa Ibom’s Economic Status – Gov. Udom

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Akwa Ibom State Government has said the approved Ibom Deep Seaport and the proposed $1.4 billion Fertilizer and Ammonia Plant are expected to change the economic status of the state.

The State Governor, Mr. Udom Emmanuel, made the assertion in an Easter message to the people of the state.

He maintained that with the recent approval and take off of the federal government’s approved Oil and Gas Free Zone and the ongoing construction of the Sterling Petrochemical Plant at Eastern Obolo, the state would be ready to dump its status as a civil service state.

The governor said the fertilizer and ammonia plants should be supported by all indegenes and residents irrespective of political affiliation because of its capacity to change the economic fortunes of the state.

The governor who commended President Muhammadu Buhari for approving the industrial projects in the state said construction work on the Ibom Deep Seaport would commence very soon.

“In recent past, we have been blessed with life-changing projects such as Sterling Petrochemical Plant in Eastern Obolo, where construction is in an advanced stage.

“Two months ago, the Federal Executive Council, (FEC) approved the license for us to commence the construction of our long desired Ibom Deep Seaport. Work would soon commence on this gigantic project. These are huge achievements for our State and our people.

“Ibom Deep Seaport will open up our economic fortunes; create employment and wealth opportunities for our people and throw open our State as a major maritime hub in our nation.

“We thank the President and the Commander in-Chief of the Nigerian Armed Forces, Muhammadu Buhari (GCFR) for this kind approval,” he said.

Continuing, Emmanuel said: “About three weeks ago, we signed a $1.4 billion Fertilizer and Ammonia plant with our Moroccan counterparts. The plant will again create huge employment and other supply chain activities for our people, which will transform us from a civil service oriented state to a fast industrialising one.

“These are huge achievements that should gladden the hearts of every Akwa Ibomite irrespective of political affiliations.”

He reminded the people of the state that the essence of Easter would be lost if the resurrection of Christ is not allowed to illuminate their souls through love and sacrifice to one another.

“Let the fishermen in the ocean fronts of Mbo, Okobo, Eastern Obolo and Ibeno love one another. Let the farmers in the rice plantations at Ini, Ikono, Ika, Onna and Nsit Ibom love one another.

“Let the civil servants and public servants, politicians in all political parties, members of all denominations, preachers of all faiths, love one another.

“When we let love drive our every action and every thought, when we let it drip from our lips and from our hands, then shall the joy of Easter be complete, and our State shall surely attain the lofty height set for it by our ancestors when they named it Akwa Abasi Ibom State.” the Governor stated.

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US Intelligence Says ISIS and Al-Qaeda Are Planning to Attack Southern Nigeria

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The United States has warned the Federal Government of Nigeria that Al-Qaeda and ISIS are planning to attack Southern Nigeria.

This was disclosed by Dagvin Anderson, the Commander of the US special operations command, Africa.

According to Dagvin Anderson, AlQaeda is planning to expand into the Southern part of Nigeria and other parts of West Africa.

He, however, said the US will continue to share intelligence with Nigeria.

We have engaged with Nigeria and continue to engage with them in intel sharing and in understanding what these violent extremists are doing,” he said.

And that has been absolutely critical to their engagements up in the Borno state and into an emerging area of northwest Nigeria that we’re seeing al-Qaeda starting to make some inroads in. 

“So, this intelligence sharing is absolutely vital and we stay fully engaged with the government of Nigeria to provide them with an understanding of what these terrorists are doing, what Boko Haram is doing, what ISIS-West Africa is doing, and how ISIS and al-Qaeda are looking to expand further south into the littoral areas. 

Anderson regretted that despite successes recorded in previous years, there has been a setback, adding: “We as a community of international nations, keep thinking we have defeated them or we have put them on their back foot and that they’re just moments from disintegration.” Anderson said for international efforts to yield desired results in the fight against terrorism in Nigeria, the government must take the lead. 

“When it comes to Nigeria in general, Nigeria, obviously, is a critical nation to West Africa. It is a critical nation and we realise that Nigeria is a lynchpin,” he said.

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