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By Deji Elumoye and Udora Orizu The Senate yesterday gave the federal government the nod to borrow a total of $2.7 billion out of the $5.5 billion external borrowing request sent to the National Assembly by President Muhammadu Buhari in May last year. The external loans comprise $1.5 billion, to be sourced from the World Bank, and €995 million ($1.2 billion) from other international agencies, for the federal and state governments. If the loans are accessed, it will jack up Nigeria’s total public debt, which as of December 31, 2020 was N32.915 trillion ($84.574 billion), according to...

Daily Post Nigeria Published The Ooni of Ife, Oba Enitan Adeyeye Ogunwusi has refuted claims that he would honour former presidential aspirant, Adamu Garba, with a traditional title. Garba had announced that the monarch would bestow on him the title of Aare Atunluse of Oodua on May 1, 2021. Garba tweeted that Ooni found him “worthy of the title of Aare Atunluse Oodua Award of Honor to be conferred on the 3rd World Omoluabi day 1st May 2021.” He shared a letter of invitation to the event World Omoluabi Day Festival organised by the Igbimo Apapo Yoruba Lagbaye. A statement by Ooni’s Direc...

Daily Post Nigeria Published The Senate, on Wednesday, approved the sum of $2.6 billion out of the $5.5 billion external borrowing request sent to the National Assembly by President Muhammadu Buhari in May last year. The approval came after the Upper Chamber considered a report by the Committee on Local and Foreign Debts during plenary. The approved sum, according to the Chairman of the Local and Foreign Debt Committee, Clifford Ordia, would see €995 million euros going to finance priority projects of the federal government, while $1.5 billion (USD) would be disbursed to the thirty-six stat...

Daily Post Nigeria Published As part of efforts toward sanitising the state’s natural resources sector, the Government of Osun State has warned mineral resources explorers who fall short of environmental standards in the state to henceforth comply with the government’s regulations or face legal action. Governor Adegboyega Oyetola disclosed this on Wednesday while inaugurating the Osun Mineral Resources and Environmental Management Committee in the state. Oyetola, who bemoaned the negative impacts of the activities of some players in the sector, charged the committee to work towards revers...

By Emmanuel Addeh The Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, yesterday resolved to gradually ease its oil output cuts from May till July. Sources said OPEC, which has been implementing deep cuts since oil prices collapsed in 2020 due to the COVID-19 pandemic, agreed to ease production cuts by 350,000 barrels per day in May, another 350,000bpd in June and a further 400, 000 to 450,000bpd in July. Saudi Arabia is also expected to ease up on its own voluntary cuts of one million bpd, which it has been implementing in addition to reductions under the ...