Okechukwu Nnodim, Abuja

The Federal Government has appealed to the African Development Bank to fast-track the $1bn loan facility it promised as support for the implementation of Nigeria’s 2016 budget.

According to the government, the loan is expected to cover the 35 per cent shortfall in the budget.

The Minister of Budget and National Planning, Senator Udo Udoma, made the appeal in Abuja during a meeting with the AfDB team.

The minister, in a statement issued on Sunday by the Director of Information in the ministry, Mr. Adedeji Ajibade, was quoted to have said, “I want to thank you for the support. We value the relationship with the AfDB and we appreciate the budget support. We want the AfDB also to fast-track the loan facility. It is important to note that the AfDB is standing with us.”

Udoma, while giving an overview of the government’s plan to boost the economy and spend out of the current recession, said that the Federal Government was trying to contain the militancy in the Niger Delta as the development had negatively affected oil production.

He said the government was hoping to restore production to 2.2 million barrels per day at the end of the year.

The minister also stated that the government was committing funds to infrastructure development, processing of export zones and providing loans through the Central Bank of Nigeria at a single digit interest rate to support farming.

According to him, the Economic Recovery Plan of the government was designed to consolidate and harmonise all the sectoral plans in a single document and set out in broad details an integrated road map for the growth and sustainability of the country’s economy.

The ERP, he said, was also part of the commitment that the Federal Government made with Nigerians, whether there was a recession or not.

The Director-General, Budget Office of the Federation, Mr. Ben Akabueze, said what the government was doing differently concerning budget releases was that it had shifted from the old practice of releasing funds quarterly to specific requests, which were tied to projects.

Akabueze, according to the statement, said that so far, over N750bn had been released for capital projects and expressed the hope that revenue generation would improve in the second half of the year as the Federal Inland Revenue Service and the Nigeria Customs Service would do better, having overcome some of the challenges faced in the first half of the year.

The statement noted that the AfDB team came to seek further clarifications on policy reforms and the level of budget implementation as touching on capital budget releases.

It stated that the team also requested the minister to highlight if there was any new policy introduced in the 2017 budget, as well as give updates on the Social Protection Policy of the Federal Government.”

http://punchng.com/fg-begs-afdb-fast-track-1bn-loan/

As desperation sets in..

http://punchng.com/fg-begs-afdb-fast-track-1bn-loan/

Ok

APC account is blinking red alert and it doesn't appear like Tinubu will be funding the next election...

we dey wait oooooo

BUHARI HAS SENT US 50 TIMES BACKWARDS FROM WHERE JONATHAN LEFT US.

More Money for the SGF to clear grasses around IDP centres and Presidential Villa

Is it the channels TV FAST TRACK

Buhari sef. Money to implement a budget wch d year is alredy getting to its conclusion. What will buhari now use to implement 2017 budget?

Buhaari turned Nigeria into a beggar nation.... Imgine a whole Nigeria begging for loan from ADB. Buhari hs finally finished this country! Chai this Akpa amu clled president is something else...

Are they saying 2016 budget hasn't been implemented yet? Because this is October and just two months to go.

APC - Hunger to the people.

Nigerians have hear am..

Confuse government. You remove Subsidy. implement full TSA. Yet you go around the world begging for money. What did you do with taxpayers money. Recession everywhere.

Who will pay all this debt Buhari is collecting?

daniella04:
Are they saying 2016 budget hasn't been implemented yet? Because this is October and just two months to go.

the year has ended,next week is November..... they will implement that budget next year

[size=16pt]GIANT OF BEGGERS[/size]

i wonder how we will fund 2017 budget we we borrowing these much for diz years budget?

I have a question for our economists in the house , abeg if this loan is injected into the Nigerian economy , would it be enough to stabilise the the naira(temporarily). Or the money would have no effect like all those 100 millions of dollars government dey always dey claim say they recover from abacha, dasuki e.t.c

Nice

reminds me of the story of Joseph and his brothers...the current president of the AFDB served under the past administration.. he was the minister of agriculture, but the likes of oshiomole and his paid minions said negative things about him of which he had to put forth a statement to highlight the ministry's achievement even in Edo state during their tenure... Now the APC led government are going back to this man for help..one by one they will all eat their vomits..some of the paid e-minions here said the past administration did nothing in agriculture, but it was this man's achievements and sound policies that catapulted him to where he is now..God bless Adesina, God bless Jonathan, God bless Iweala...

trishapal:
APC account is blinking red alert and it doesn't appear like Tinubu will be funding the next election...

hahahhaha

You bad gurl

Mr President, why not use the money you said you've got from corrupt office holders, and if that's not enough, use the trillions you said you've gained from TSA. How about the money you've saved from subsidy removal. $1 billion is chicken feed compared to these funds. Or is there something you're not telling us?

Why cant buhari adopt the quantitive easing fiscal policy of America? Just print money, stabalise the local economy, borrow to local manufactures, stimulate some kind of internal growth... Thereafter, inspire businesses to build great products, subsidized and sold globally to attract foreign exchange and investors?

Is that not what Germany did after ww2?? China after Mao?

These countries didnt witness a miracle or billions from the US, infact Germany is still paying reparation to France and other countries (whatever that means). But when youre selling BMWs and Mercedes, foreign exchange is bound to exceed gdp.

Nigeria shouldnt be waiting or clamoring for America to create $1 billion from thin air, they should be creating money themselves.

Money largely is printed without collateral, basic economics guys.

Money to explore oil in the cursed land of northeast.

CHIJIOKE1314:
Okechukwu Nnodim, Abuja



http://punchng.com/fg-begs-afdb-fast-track-1bn-loan/

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Thisis2raw:
Who will pay all this debt Buhari is collecting?

U na.. dont you know before??

Fund a Budget in Oct... How will 2017 be funded? The current leaders of this nation are behaving accursed already