The Senate, yesterday, approved the request of President Muhammadu Buhari to borrow a total sum of $5.5 billion made up of $2.5 billion to fund the 2017 budget and another $3 billion to re-finance the country’s domestic debts.
This was in spite of the worrisome rising debt profile of the nation, which stood at N19.6 trillion as at June 30th, 2017. However, some senators expressed concerns over the rising debt profile of the country, cautioning on the manner the executive was rushing to take foreign loans particularly, in view of the adverse effects such loans could have on the economy in case of depreciation of the national currency.
Yusuf Abubakar Yusuf (APC, Taraba Central), in his contribution, said: “We must be very careful because this is dependent on what happens in our foreign reserves. If our foreign exchange rate goes to N500/ US$1, we are going to have a very serious problem on generating enough foreign exchange to pay the foreign debts.”
The Senate expressed the concerns while adopting a report submitted by its Committee on Local and Foreign Debts, after which it still went ahead to endorse the borrowing of $2.5 billion to finance the deficit in the 2017 budget. The Chairman of the Committee, Senator Shehu Sani, informed Senate that the committee findings were that: “The terms and conditions of the loan are favourable and do not pose any compromise to the integrity, independence and interest of Nigeria and its citizens. “The projects are essential for rapid economic and social development of Nigeria.
And that the projects, when completed, will create jobs through a chain of economic activities.” The committee added that the $3 billion for refinancing of the nation’s domestic debts would not lead to an increase in the public debt portfolio, noting that it would, however, reduce the cost of the debts. In his remark, the Deputy President of the Senate, Ike Ekweremadu, who presided over plenary, said: “This Senate will continue to partner with the Federal Government in matters that concern the ordinary people of Nigeria. “The implementation of the 2017 Budget is key because any appropriation act that is not implemented is worthless.
So, whatever needs to be done to ensure that the budget is implemented, will always have the support of this Senate. “And since this is tied to the implementation of the 2017 Budget, I believe that that had informed the support that this request is now generating. “We need to urge the Debt Management Office to ensure that our debt profile is monitored so that we will always ensure that it is within the acceptable limit.”
Some of the projects to be funded with the loan are: the Mambilla Hydropower Project; construction of a second runway at the Nnamdi Azikiwe International Airport; counterpart funding for rail projects and the construction of the Bode-Bonny Road, with a bridge across the Opobo Channel.”
Sex-for-mark: Student to appear before OAU panel Tuesday
The alleged victim of sexual harassment by a lecturer in the Department of Accounting at the Obafemi Awolowo University, Ile -Ife, Miss Monica Osagie, has been summoned to appear before the investigative panel probing the incident on Tuesday.
The invitation came barely 24 hours after her lawyer and Executive Director of Women Advocates Research and Documentation Centre, Dr. Abiola Akiyode-Afolabi, claimed that the victim had not been invited by any panel.
But it was not clear why the letter dated April 19, 2018 was not immediately released to her.
Osagie is an MBA regular student of the school and is believed to have gone into hiding since the scandal broke last week.
The telephone exchange between the student and the professor, who offered to increase her marks should she succumb to his request, went viral when it became public knowledge on social media.
The lecturer has since been suspended by the university pending the determination of the investigation into the matter.
Yvonne Nwosu : Sassy designer
Yvonne Chinele Nwosu is a fearless, fierce and fun-loving designer. Yvonne is the brain behind fashion house, Vonne Couture.
Nwosu was born in France and speaks French fluently. No wonder the European culture strings along in her works. She has modernized the iro and buba which she calls ‘iro Vonne’. Yvonne loves to rock her own creations and always tries to break fashion rules to create her unique styles. Yvonne Nwosu decided to defile the basics of fashion and rock something distinctly different from what we’ve been seeing. She shared photos of herself rocking an ‘Iro & Buba’ alongside a pair of sneakers on her Instagram page and we think it looks good on her. Yvonne definitely agrees that fashion has no rules.
She’s got over 7000 followers on her Instagram page and we’ll tell you why: Yvonne Nwosu is one heck of a fashionista. She rocks her own designs often; showing off her creativity as well as her stunning body in lovely creations. She also loves to flaunt her flawless body in sexy bikini photos.
Yvonne, who has an 11year old daughter, proves that you can have children and still have an enviable figure that makes heads turn.
Commissioner alleges NEMA relief donations didn’t get to Yobe
The Yobe State government has said that it has not received any relief material from the National Emergency Management Agency (NEMA) since the Director General, Mustapha Yusuf Maihaja, assumed office.
The Commissioner of Education, Alhaji Muhammed Lami, disclosed this shortly after addressing members of the House of Representatives Committee on Emergency Disaster Preparedness conducting investigative hearing on distribution of relief materials to the IDPs.
The Commissioner said that no single donation came from the agency under the leadership of present DG of the agency in the State.
He said: “We only received a lot of donations from private and individuals organisation but not from NEMA.
In his reaction, the NEMA said relief items were distributed accordingly, but could not identify the beneficiaries or provide documents validating his claim.
He stated that the relief materials reached the IDPs in Yobe State, adding that most of the IDPs have been thanking him for his efforts.
He assured that more trucks would soon be arriving Yobe for more relief materials donations to the IDPs in the state.
It will be recalled that some months back during his official first visit to Yobe State, Maihaja had said that the NEMA is targeting 63, 966 households for the distribution of relief food items to 373, 479 Internally Displaced Persons (IDPs) taking refuge in resettlement camps and host communities in Borno, Adamawa and Yobe states.
The assorted food items to be distributed, which is under Federal Government Emergency Food Initiatives (FG-EFI) comprise 40, 000 metric tonnes (800, 000 bags) of assorted grains, the traditional staple food items among displaced persons.
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