The Senate yesterday approved President Muhammadu Buhari ’s $5.513 billion external loan request. The approval followed the consideration and adoption
Giving a breakdown of the sources of the credit, the committee chairman, Senator Clifford Ordia (PDP: Edo Central), said the Federal Government would source $3,400,000,000 at a one per cent interest rate from the International Monetary Fund (IMF) for Rapid Financing Instrument to finance the 2020 proposed revised budget and other projects.
According to him, the Federal Government would also seek $1,500,000,000 from the World Bank for Development Policy Financing of the same budget at a 2.38 per cent interest rate, and another $500,000,000 from the African Development Bank (AfDB) for the COVID-19 crisis response budget as well tackle the appropriation bill’s deficit at 1.315 per cent interest rate.
The Islamic Development Bank (IsDB) is also to give a loan of $113,000,000 to the Federal Government to part-finance the 2020 revised budget deficit at 0.4 per cent interest rate.Besides, the House of Representatives has directed MultiChoice Nigeria, the parent company of DSTV and GOTV, to suspend its 15 per cent hike in all bouquets on its networks, which took effect this Monday.
Adopting the motion moved yesterday in Abuja by Chinedu Ogah at the plenary, presided over by Speaker Femi Gbajabiamila, the lower legislative chamber mandated its committee on implementation of pay as you go tariff (PAYG) plan to investigate the matter and report back for further work.
Ogah had opposed the increase, noting the challenges posed to Nigerians by the coronavirus outbreak in the country. He had also accused the pay TV firm of charging “exorbitant rates despite not rendering a ‘per as you go’ service in line with global best practices.”
Claiming that since the beginning of the pandemic, the South African firm had not rendered any humanitarian assistance to the most populous black nation, the lawmaker argued that the increase in tariff would subject the people to more hardship.But Lynda Ikpeazu (PDP: Anambra), who made a fruitless effort to stall the motion, maintained that the firm “must not be compelled to reduce charges since it is a private organisation operating in a free market economy.”
However, Speaker Gbajabiamila noted that it behoves the Green chamber to “intervene on behalf of Nigerians who have little or no choice but to patronise MultiChoice services for now.”Besides, President Muhammadu Buhari has directed immediate security for telecommunications infrastructure nationwide.The Minister of Communications and Digital Economy, Isa Ali Pantami, who disclosed this in statement by his spokesperson, Mrs. Uwa Suleiman yesterday in Abuja, stated that the office of the National Security Adviser (ONSA), Defence Headquarters (DHQ), the Nigeria Police Force (NPF), Department of State Services (DSS) and the Nigeria Security and Civil Defence Corps (NSCDC) had been notified.
He said his ministry was ensuring enforcement through appropriate regulatory instruments. Pantami observed that the telecommunications industry depends on a number of infrastructure that plays a critical role in the smooth delivery of their services.According to the minister, the COVID-19 pandemic has led to a “massive migration to digital platforms and increased the level of importance of CNI to the sustenance of our economy and the security of the nation.”
He pointed out that the implementation of the National Broadband Plan (NBP) and the National Digital Economy Policy and Strategy had repositioned the ICT sector, corroborated by the recent ‘Nigeria’s Gross Domestic Product Report’ released by the National Bureau of Statistics (NBS) showing that the industry contributed 14.07 per cent to the total real GDP in the first quarter of 2020.Read more: The Guardian Nigeria »
Many predicted the present happenings in the Senate thru the leadership of Lawan as rubber stamp man. political party/leadership parliative loan not for the citizens don't even espect anything but you no what all the unborn citizens of Nigeria we pay for this loan unbehalf of the this poeple Obodo Nigeria! A na gwo gi ibi i n’eto afo. Azhi gbakwaa ihe ojoo.
I feel sorry for my generation because the only legacy this government is handing over is National debt. National mess from this government and worse in the history of Nigeria. How does he plan to pay back bikonu Rubber stamp senate All the senators that supported the borrowing will be happy I guess ...... 27bn nor be joke o for just renovation
Kuku sell us oo Who us going to pay all this Loans MBuhari realFFK ? Who's gonno pay ?
Senate okays Buhari's $5.513b loan request - The Nation Nigeria NewsThe Senate yesterday approved President Muhammadu Buhari 's $5.513 billion external loan request to finance the revised 2020 budget . NGRSenate MBuhari Rubber stamp senate
BREAKING: Senate approves Buhari’s $5.513bn external loan requestThe senate on Tuesday approved President Muhammadu Buhari ’s $5.513 billion external loan request to finance the revised 2020 budget ... Sultaanaliyu I tell u sharp sharp him go approve am That's what rubber stamps do! This fuelless generator is a new source of power that is completely safe, free and efficient, the durability and design is Top notch. This generator, unlike every other generator doesn't have an engine which consumes fuel/gas and makes noise. You can contact us on (07032949264)
Senate approves FG’s $5.51bn external loan request – Daily TrustThe Senate has approved the $5.513bn external loan request by President Muhammadu Buhari . One day we believe Nigeria will stand on her fit as Nation. Sinzu I see you 'Robber' stamp Senate 😃😃
National Assembly approves Buhari’s $5.5bn budget loan, $22.7bn facility|h3 style= Sinzu spending Follow I Follow back This 9th assembly is all about approving money,that’s why they’re not throwing chairs Nd carry mace... We have really suffered. This man is just borrowing with reckless abandon
Senate fumes over high cost of oil production in NigeriaSenators on Monday kicked against the revelation by the management of the Nigeria National Petroleum Corporation ( NNPC), that the corporation makes a marginal $3 profit per barrel in oil production. They called on the federal government to get the nation's economy diversified as quickly as possible to avoid a total meltdown of the country. What difference does their fuming make? You are all Mad People. You draw raw oil from here, you give it out to outsiders, they refine it and get a whole lot of other products out of it. Then they sell back the carcass to you. Whereas, you can fix our refineries here and save both cost and production. bunchofhypocrites I don't even know the essence of having two chamber in Nigeria. The house of rep should be cancel and the number of senator should be reduce. This people are just collecting billions without any useful. All there salaries is enough to finance a state budget.
FCC: Abaribe Kicks as Senate Confirms Buhari's Nominees - THISDAYLIVEBy Deji Elumoye The Senate Minority Leader, Senator Enyinnaya Abaribe, on Tuesday kicked against the lopsided nominations into the board of the Federal Character Commission (FCC). This is just as the Senate confirmed the nomination of 37 out of 38 nominees forwarded to it by President Muhammadu Buhari as Chairman and members of the Commission. … You see more lopsided appointment...? Abaribe will be kicking until he kicks 6 inches nails one day. The other pdp men from other zones will be using them as their shield but when time to chop comes no body will remember S/E. Demonic representatives fighting for party not their people, anu-ofias