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Senate okays Buhari’s $5.8bn 2018-2020 external borrowing request

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**Gives approval for to $10m grant component 

The Senate has approved the sum of $5,803,364,553.50 USD and a grant component of N10 million USD under the 2018-2020 External Borrowing (Rolling) plan. 

The approval was coming after the consideration of a report by the Committee on Local and Foreign Debts.

Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the $2,300,000,000 would be sourced from the World Bank, $2,300,000,000 from the German Consortium, $90,000,000 from the Islamic Development, 786,382,967 from the China Exim Bank, $276,981,586.50 from the Bank of China, and $50,000,000 from the International Fund for Agricultural Development.  

He recalled that President Buhari in a communication dated May 6, 2021, had requested the Senate to consider and approve the Federal Government 2018-2020 External Borrowing (Rolling) plan.

According to him, the 2018-2020 External Borrowing (Rolling) Plan contained a request for approval in the sum of $36,837,281,256 (Thirty Six Billion, Eight Hundred and Thirty Seven Million, Two Hundred and Eighty One Thousand Two Hundred and Fifty Six United States Dollars) plus €910,000,000 (Nine Hundred and Ten Euros) and Grant Component of $10,000,000 (Ten Million United State Dollars).

Ordia noted that a report was laid by his Committee before the Senate in July 2021 recommending approval of the sum of $8,575,526,537 (Eight Billion, Five Hundred and Seventy Five Million, Five Hundred and Twenty Six Thousand, Five Hundred and Thirty Seven United States Dollars) and €490,000,000 (Four Hundred and Ninety Million Euro).

He further recalled that the Senate at Plenary in July 2021 approved financing for projects as recommended by the Committee above whilst the Committee continued further legislative action and consideration of the outstanding request.

He added that on September 15, 2021, the President of the Senate read another Communication from the President containing an addendum to the 2018-2020 External Borrowing (Rolling) Plan in the sum of $4,054,476,863, €710,000,000 and Grant Component of $125,000, 000 for various projects and same was also referred to the Committee for further legislative action.

Consequently, Ordia stated that a second report was laid by the Local and Foreign Debts Committee before the Senate in November 2021 recommending approval of the sum of $16,229,577,718 (Sixteen Billion, Two Hundred and Twenty Nine Million, Five Hundred and Seventy Seven Thousand, Seven Hundred and Eighteen usd), €1,020,000,000 (One Billion and Twenty Million euros) and a Grant component of $125,000,000 (One Hundred and Twenty Five Million usd).

In accordance with the recommendation of the Committee, the Senate at Plenary in November 2021 approved the sum as financing for projects as recommended by the panel.

He explained that the request for the approval of $5.8 billion USD was part of the mandate of the Committee in respect of the 2018-2020 External Borrowing (Rolling) plan. 

The Committee on Local and Foreign Debts in its observations noted the Genuine concerns of Nigerians about the level of sustainability and serviceability of Nigeria’s borrowing within the last Decade.

It nevertheless reiterated its stance on the need for a more proactive and broad based approach to revenue enhancement related issues, adding that, “there are noticeable improvements in the country’s revenues.”

The Committee underscored the need for rapid infrastructural and human capital development.

It noted that the projects to be financed with the loan would have great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, health care and improvement of the nation’s security architecture.

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Legislature

Senators, Reps will resume plenary In renovated chambers next week

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Senators and the House of Representatives’ members will resume plenary at their newly renovated chambers on Tuesday next week, after 19 months of holding plenary in committee halls.
The federal lawmakers started operating from temporary chambers since September 2022 after the commencement of renovation work on their main chambers by a construction firm in June 2022.
The Chairman, House Committee on Media and Public Affairs , Hon Akin Rotimi and the Clerk to the Senate, Chinedu Akabueze, disclosed this in separate statements postponing the resumption of plenary earlier fixed for April 16 to April 23.
The House spokesman in the official announcement cited the need to resume plenary at the renovated and reconfigured main chamber , as reason for the postponement in line with the general wish of the members .
The statement read, “The House of Representatives wishes to inform the public and stakeholders of the rescheduling of the resumption date from the ongoing recess, originally slated for Tuesday, April 16, 2024, to Tuesday, April 23, 2024.
“This adjustment is necessary to accommodate the completion of renovations to the main chamber of the House of Representatives to ensure its readiness for plenary sessions, henceforth.”
Similarly, Akabueze ‘s statement read in part, ” Distinguished Senators are hereby invited to note that the resumption of the plenary sitting of the Senate, which was scheduled for Tuesday, 16th April 2024, has been postponed to Tuesday 23rd April 2024″
The site engineer of Visible Construction, which is handling the project, Tajudeen Olanipekun, has also told journalists that the two main chambers , would be ready for use by both the Senate and the House of Representatives on resumption next week.
President of the Senate , Godswill Akpabio, and the Clerk to the National Assembly (CNA), Alhaji Sani Magaji Tambawal had also hinted last month that both the Senate and the House of Representatives would move to their main chambers as soon as possible after close to two years of using temporary ones .
The Federal Capital Development Authority (FCDA) had in March 2021, awarded a N37 billion contract to Visible Construction Limited and some other firms for rehabilitation of critical segments of the National Assembly complex, construction of Library, and the permanent site for the National Assembly Service Commission ( NASC).
[15/04, 16:52] PunchAborishade: Thank you Sir
[15/04, 17:30] PunchAborishade: Clark To Tinubu: Set Up Special Military Task Force To Free Chibok Girls, Others

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Akpabio rejects one minute silence for dead innocent civilians in Okwoma

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***Insists, killers of soldiers may not be Niger deltans, Nigerians

The President of the Senate Godswill Akpabio on Tuesday rejected an ammendment to the prayer for a minute silence for innocent civilians just like the 16 soldiers who were gruesomely murdered in Okwoma in Delta State because the Senate was yet to ascertain their number.

Akpabio had also expressed doubt that those involved in the gruesome murder of 16 soldiers in Delta State are from Niger Delta or even Nigeria.

This was as the prayer for a minute silence for Innocent civilians who also lost their lives in the Okwoma community was turned down by Akpabio.
Some military personal who were involve in not just trying to keep peace but to ensure that the resources of the country are not stolen on Thursday, March 14, were attacked and killed at Okuama Community in Ughelli South Local Government Area of Delta State. 

While reading out the Prayers in the motion on the Killing of Nigerian Army Personnel in Okuama Community, Delta State and the Necessity for an Urgent investigation sponsored by Senator Abdulariz Musa Yar’adua Chauman, Senate Commitiee on Nigerian Army, Akpabio read the first prayer which was to observe a minute silence for the murdered soldiers.

Prayer one, “Observe a minute silence in honour of the military personnel who lost their lives on Thursday 14th March, 2024 in Okwoma community in Delta State which was unanimously adopted by the senate

He asked if there was any ammendment and Senator Ede Dafinone who wanted an ammendment said, “I will like to suggest that the Senate also recognized the innocent civilians in Okwoma who also lost their lives in this process, if we are observing a minute silence for the soldiers that were brutally murdered in this fracas, I believe also the innocent civilians in Okwaoma should also be recognized in a similar way. I am talking of the innocent Civilians sir.”

However, Akpabio interjected saying, 
“The number of the innocent civilians you are talking about are not yet known to the Senate. I am not saying that no innocent Civilian died. I am saying that what we know is the death of our gallant soldiers were murdered in a very horrific manner. 

“So I will take your ammendment to say that observe a minute silence in honour of those military personnel who were murdered in a horrific manner on Thursday the 14th day of March in Okwoma community of Delta state.

Ned Nwoko (Delta North) had Seconded the motion ably moved by Senator Dafinone that prayer one be amended to include a minute silence for the innocent Civilian who lost their lives on the 14th of March and Akpabio acknowledge it to be the second prayer however

However, he read the second prayer which urged the Federal Government to ensure that those responsible for the heinous crime are identified, apprehended and are made to face the full wrath of the law through a fair and transparent legal process fir which the ayesha had it.

Again, Senator Dafinone moved for another additional prayer to urge the NEMA to reach out and bring relief materials to innocent civilians in Okwoma

However, Akpabio again interjected saying the innocent civillians you are referring to, we don’t have the record of them yet, to give relief materials to those who are killed? Or those who killed, how when they were the ones who killed?

‘I don’t believe that these people are from Niger Delta, those who did the killings because we respect our men and women in uniform, that is why I am saying your additional prayer should actually be to carry out a thorough investigation to know whether these were mercenaries from outside Niger Delta who came in to commit this crime, because I dont think these people are Niger Deltans.
“We are not at war, even in the field of war to lose such number of personnel, no community will go to the extent of doing this kind of thing. I don’t think they are from Niger Delta.
“I think the first point should be that we should first establish the culprits who committed this crime. We must take it seriously, supposen they arenot from Niger Delta? supposen they are not even Nigerians? We will now come and talk of giving relieve materials to people that have killed. People should stand up for the consequences of their crime we don’t support relief materials.

“Like I said this is a very shocking, horrifying and unfortunate incidence and every right thinking man must condemn it and must also mourn the lost of our personal who were involve in not just trying to keep peace but to ensure that the resources of the country are not stolen because that is Niger Delta.

“Whatever it is we have to find a way to reduce the involvement of the military in internal security so that police can do their work. 

“This has happened, while we condemn it we must as a senate set up a committee to do proper investigation and then of course come up with recommendations particularly to ensure that the culprits are brought to book and then we find a way to console the families and then also console the leadership of the Armed Forces of the country.”

Another resolutions of the Senate was to urge the recruitment and training of more police personnel to take up the job of policing responsibilities while the Nigerian Army plays its primary role in the affairs of the country.

It also urged the Federal Government to embark on enlightenment campaign to sensitize the public on their civic responsibilities as it affects their relationship with security agencies.

The Senate had condemned in clear terms the gruesome murder of 15 Nigerian Army Personnel in Okuama Community, Delta State and call for an investigations into this act of criminality. 

This is as it called for a compensation for the families of the deceased soldiers whilst investigations are ongoing.

Presenting the motion, the chairman of the Senate Commitee on Nigerian Army, Senator Yar’Adua noted that the recent tragic incident that resulted in the loss of a Commanding Officer, 2 Majors, a Captain, and 12 soldiers, highlights serious threat to the security and stability of the country. 

“Troops of 181 Amphibious Battalion, while on a peace mission to Okuoma community in Bomadi LGA of Delta State were surrounded by some community youths and killed on Thursday, 14 March 2024. The unfortunate incident occurred when the troops responded to a distress call after the communal crises between the Okuama and Okoloba communities both in Delta State. 

“The tragic incident involving the attack on military personnel from the 181 Amphitropous Battalion during the peace mission to Okuama community in Delta State underscores the urgent need for justice and accountability without resorting to retribution.”

The lawmaker voiced concern over the understaffing of the Nigeria Police which has made Nigeria’s military to take over internal policing duties such as, organised crime, oil theft, communal crisis, kidnapping, banditry and other policing responsibilities. 

He also recalled when the Defence Headquarters (DHQ) previously reported in August 2023 the loss of 36 Military Personnel in Niger State, underscoring the persistent challenges faced by the Armed Forces in carrying out their duties. 

“There is a critical requirement for a more streamlined and deliberate collaboration between the armed forces and law enforcement agencies on one side and the Nigerian populace and communities on the other. 

“This collaboration is essential to foster trust, enhance security measures, and promote a sense of shared responsibility in preventing such tragedies in the future,” he added.

On his part, Senator dafinone requested the Senate to show some concern in handling the situation.

According to him, if the matter is not carefully handled, it will lead to a further breakdown of law and order

“We need to commensurate with the people of Okuama Community over the loss of lives of some of the innocent indigenes in the unfortunate incident. 

“I therefore plead with the President, the Defence headquarters and the Chief of Defence Staff to please tamper justice with mercy and not punish an entire community of Okuama for the sins of a few unscrupulous elements,” he added.

Contributing to the motion, Senator Barau Jibrin (APC, Kano North) lamented over the inhumane act of the murderers of the military men. 

He said, “What happened is despicable. It is inhuman and it is something that cannot be accepted. We need to commensurate with the Nigerian Armed Forces and indeed the entire nation, to condole the immediate families of the fallen heroes and the Nigerian military for what happened. 

“These were men that were trained by the Nigerian government and huge resources spent on them to defend the territorial integrity of this country and keep us safe as a nation.

“Now, they were killed for no reason; not at a time of conflict, not at the war front, they were just murdered in the worst fashion that you can think about. 

“It should be condemned, what happened is inhuman and no stone should be left unturned in trying to find out the culprits who are responsible and they must face justice and this should never happen again in this country.

“The military is doing their best trying to deal with kidnappers, bandits and a host of others challenges, trying to make us safe and now some people decided to go and murder these people and I believe that it is something that we should all condemn and proffer solutions too,” he added. 

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Anchor borrowers loan Default: Senate asks CBN to debit commercial Banks at Source

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Apparently piqued over the level of loan default by beneficiaries of Anchors Borrowers Programme of the Central Bank of Nigeria (CBN), the Senate has ordered the apex bank to debit the account of commercial banks that guaranteed the loans

The Senate adhoc Committee set up to investigate the printing of N30 Trillion by the CBN through its Ways and Means overdraft and the disbursement of Anchors Borrowers Programme under the Muhammadu Buhari administration issued order at its inaugural sitting on Tuesday.
At its session with officials of the apex bank led by Deputy Governor, Corporate Services, CBN, Bala Bello, the Senate adhoc team led by Senator Jibrin Isah, was peeved that the outstanding sum of N358billion stands the risk of being categorised as bad debt.

Senator Isah who was not impressed with explanations offered by officials of the apex bank to restructure the loans asked the apex bank to go after the collaterals offered by the defaulting beneficiaries, through the Commercial Banks
He said:”They defaulted and why do they default. You can’t restructure the loan forever.! You can go after the collateral, you must up your games, we need to recover these monies. We can’t continue to restructure forever.
“We are talking about N358b that hasn’t
been repaid and at the risk of default.
“For those that have defaulted, I suggest that we put a peg on the interest . Our focus should be on the principal. On that, those loans must have been guaranteed by the banks. I want to believe that those banks must have covered their backs through collateral. I am sure no bank will grant loans without collateral . “They must open up to you. We have the power to go through the whole hog by debiting them at source. We can do that, let them go to Court.”
Deputy Governor, CBN, Corporate Services, Bala Bello expressed regrets over the lack of supervision by the immediate past management of the CBN under its erstwhile Governor, Godwin Emefiele.
He assured the lawmakers that the new management was doing everything possible to recover outstanding loans.
“On our own part, I want to tell you that the new management of CBN have given us a mandate to get the money back. We are under responsibility to recover these money, they belong to tax payers. It saddens my heart to answer questions on things we don’t know. But we inherit both assets and liability. Things could have been done better.”
Speaking on the Ways and Means advances, the Chairman of the Senate adhoc Committee expressed disappointment that the CBN Act was observed in the breach by its immediate past Governor, Godwin Emefiele whom he noted unilaterally approved loans without recourse to the statutory approving authority, the Committee of Governors.
“Under the Ways and Means, Committee of Governors should have been the approving authority. But the CBN Governor did not do that, he unilaterally approved.
“We also want to know the total figure of the Ways and Means because what we have here, the figure didn’t add up. We want to know who got what . ”

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