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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...

The loans were part of the external borrowings President Muhammadu Buhari had, in May 2020, asked the Senate to approve to finance various priority projects of the Federal Government and to support the state governments facing fiscal challenges. Ordia, while presenting the report, said $1.5bn would be sourced from the World Bank to finance projects of state governments facing fiscal challenges arising from the COVID-19 pandemic. The projects, according to Ordia, are States Fiscal Transparency, Accountability and Sustainability program to provide fiscal support to states (SFTAS) and COVID-19 A...

Daily Post Nigeria Published Good morning! Here is today’s summary from Nigerian Newspapers: 1. Armed bandits, yesterday, attacked a military base in Zazzaga community, Munya Local Government Area of Niger State, setting the premises on fire. The state’s Police Public Relations Officer, PPRO, ASP Wasiu A. Abiodun confirmed the incident. 2. Lagos State Independent Electoral Commission (LASIEC), yesterday, released timetable for election into the 20 local governments and 37 local council development areas (LCDA). Chairman of LASIEC, retired Justice Ayotunde Phillips stated this on Wednesday...

Nigerian Senate has approved the sums of $1.5 billion and €995 million external loans for the federal and state governments. The red chambers gave the approval after considering the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government. Chairman of the committee, Clifford Ordia, told the […]

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...