Legislature
Senate okays $800 million loan request for Tinubu
***passes N819,500 billion 2022 supplementary budget
The Senate on Thursday approved President Bola Ahmed Tinubu’s request to borrow the sum of $800 million from the World Bank
President of the Senate, Godswill Akpabio in a remark shortly after the approval was granted said,
“The approval of the request has been granted by the Senate. Let me thank colleagues for today’s deliberation. I must thank all of you for your show of patriotism despite the hiccups. That’s the Senate for you; very matured. Your attitude today has shown your commitment and determination to ensure that the present administration succeeds”
In the letter he wrote to seek the approval, Tinubu had said that the loan is for additional financing of the national social safety net programme set up by the National Assembly”.
He drew attention to the fact that “the Federal Executive Council led by President Muhammadu Buhari GCFR had approved an additional loan facility to the tune of USD800 million to be secured from the world bank to finance the social safety net programme”
He explained that “under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of 8000 a month to 12 million poor and low income households for a period of six months with a multiply effect on about 60 million individuals “
The World Bank facility, government had said, would be utilised to scale up the National Social Safety Net Programme.
President Tinubu further explained that “In order to guarantee the credibility of the process , digital transfers will be made directly to beneficiaries accounts and mobile wallets”
He said ” it is expected that the programme will stimulate economic activities in the informal sector and improve nutrition, health and education outcomes for beneficial households.
Giving the above, I wish to invite the senate to kindly grant approvals for additional loan facilities USD800milliom to be secured from world bank for the national social safety net programme.”
In another development, the senate passed the ammendments to the N819,500 billion 2022 supplementary budget.
In passing that amended supplementary budget, the senate approved N500 billion for palliatives and other capital expenditure to cushion the effect of the recent subsidy removal policy.
N185,236,937,815 was approved for Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the 6 geopolitical zones.
The sum of N19,200,000,000 was approved for Federal Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the severe flooding experienced last year.
Also, the sum of N35 billion was approved for the National Judicial Council; N10 billion to Federal Capital Territory Administration for critical projects.
The National got N70 billion to to support the working conditions of new members.
Responding to questions at a press briefing, chairman of the Senate’s Committee on Media and Public Affairs, Temi Adaramodu, said the Senate had no reason to doubt the veracity of the data and explanations given by the presidency regarding how the fund for the palliatives will be spent.
Senator Isah Jibrin ( APC Kogi East), has rejoiced with Nigerians on the occasion of 63rd Independence anniversary of the country.
In a statement he personally signed in Abuja on Saturday, the senator urged Nigerians to remain steadfast in their believe in building a strong, united and prosperous country.
“Let us be driven forward by our zeal to strengthen our diversity, culture and beliefs as we remain one nation bound in freedom.
“To my dear constituents, I want to assure you that I will continue to be your voice in the Senate, fighting for your rights and interests with integrity and dedication.
“May this Independence day anniversary bring further positive turnaround, unimaginable fortune, unity of purpose, and breakthrough for Nigeria and Nigerians.
“Once again, I felicitate with all the good people of Kogi East, Kogi State, Nigerians at home and in the diaspora, and wish you all the merits of democracy”.
***boosting industrialization, creating jobs
Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu has indicated that China’s diplomatic and trade relationships with Nigeria, as well as the cultural exchanges between them have fostered a deep understanding and appreciation of each other’s heritage.
He said that the ties between both countries has fast tracked the industrial development of Nigeria with projects such as the Abuja-Kaduna Railway and the Zungeru Hydroelectric Power Project standing as a testament to the enduring collaboration.
Kalu spoke while delivering his goodwill message at the China’s 74th National Day celebrations in Abuja on Thursday.
A statement by his Chief Press Secretary ( CPS), Mr. Levinus Nwabughiogu quoted the Deputy Speaker to have further remarked that Chinese products have become a staple in Nigerian households also stressed that Nigeria’s agricultural exports to China has continued to grow.
Kalu added that the symbiotic relationship has created jobs, boosted local industries, and increased the welfare of the people, adding that currently, Nigeria is China’s second largest trading partner in Africa.
He said: “The decades-long relationship between our two great nations, Nigeria and China has been mutually beneficial, particularly in recent times.
“The rich tapestry of our partnership has woven threads of cooperation in various sectors, from infrastructure development to trade, technology exchange, and cultural engagement. China’s significant investments in Nigeria have contributed immensely to the growth and development of our nation, fostering economic prosperity and stability.
“China has been a steadfast partner in Nigeria’s infrastructural development,
with projects such as the Abuja-Kaduna Railway and the Zungeru Hydroelectric Power Project standing as a testament to our enduring collaboration. These initiatives have not only improved connectivity within Nigeria but have also laid the foundation for sustainable economic growth.
“In the realm of commerce, our bilateral trade has flourished, opening up
new opportunities for both nations.”
The Deputy Speaker also urged the government of the People’s Republic of China to join Nigeria in her efforts to identify and resolve the tendencies that encourage xenophobic attacks at the world stage.
“I look forward to both countries taking increasing steps to engender people to people diplomacy in order to troubleshoot matters that encourage xenophobic tendencies”.
Legislature
Join Nigeria in fight against xenophobia at world stage, deputy Speaker, Kalu tells China
***Commends diplomatic, trade relationship between both countries
The government of the People’s Republic of China should join Nigeria in her efforts to identify and resolve tendencies that encourage xenophobic attacks at the world stage, the deputy Speaker of the House of Representatives Benjamin Okezie Kalu has charged.
Kalu also applauded the diplomatic and trade relationships between both countries, acknowledging that the cultural exchanges have fostered a deep understanding and appreciation of each other’s heritage.
A statement by his Chief Press Secretary ( CPS), Mr. Levinus Nwabughiogu qoted Kalu to have made the submissions while delivering his goodwill message at the China’s 74th National Day celebrations in Abuja on Thursday.
He said that the ties between the two nations has fast tracked the industrial development of Nigeria with projects such as the Abuja-Kaduna Railway and the Zungeru Hydroelectric Power Project standing as a testament to the enduring collaboration.
Kalu who indicated that Chinese products have become a staple in Nigerian households also stressed that Nigeria’s agricultural exports to China has continued to grow.
According to him, the symbiotic relationship has created jobs, boosted local industries, and increased the welfare of the people, adding that currently, Nigeria is China’s second largest trading partner in Africa.
He said: “The decades-long relationship between our two great nations, Nigeria and China has been mutually beneficial, particularly in recent times.
“The rich tapestry of our partnership has woven threads of cooperation in various sectors, from infrastructure development to trade, technology exchange, and cultural engagement. China’s significant investments in Nigeria have contributed immensely to the growth and development of our nation, fostering economic prosperity and stability.
“China has been a steadfast partner in Nigeria’s infrastructural development,
with projects such as the Abuja-Kaduna Railway and the Zungeru Hydroelectric Power Project standing as a testament to our enduring collaboration. These initiatives have not only improved connectivity within Nigeria but have also laid the foundation for sustainable economic growth.
“In the realm of commerce, our bilateral trade has flourished, opening up
new opportunities for both nations.
“I look forward to both countries taking increasing steps to engender
people to people diplomacy in order to troubleshoot matters that encourage
xenophobic tendencies”.
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