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Ebonyi Seeks Approval For $80m Islamic Bank Loan - Politics - Nairaland

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Ebonyi Seeks Approval For $80m Islamic Bank Loan by AtikuNetwork: 11:51am On May 15, 2020
The Ministry of Finance, Budget and National Planning, has presented a request of the Ebonyi State government to borrow US$80 million from the Islamic Development Bank to the Federal Executive Council.

Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed this while briefing the media on Wednesday’s virtual meeting of the Federal Executive Council presided over by President Muhammadu Buhari.

She said the ministry presented the request to council on behalf of the Ebonyi State government for the construction of the Abakaliki Ring Road, which would link the 13 local government areas in the state.

“So, while the federal government is the one borrowing from the bank, the federal government will be on-lending this loan to the Ebonyi state government.

“We have done our debt sustainability analysis that proved that Ebonyi State has the capacity to repay this loan, which is provided on the basis of liable plus and also with a long tenure for repayment.

“The Ebonyi ring road connects 13 Local Governments in the state as well as the neighbouring Cameroon Republic.

“It is a major road that will provide access to the citizens in the states, from farmers to the markets, and it will enhance economic activities in the state.”

The minister said that neighbouring states to Ebonyi would also benefit from road when constructed.

Nnenna.O

https://www.von.gov.ng/ebonyi-state-seeks-approval-for-80m-islamic-bank-loan/

7 Likes 1 Share

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Davash222(m): 11:53am On May 15, 2020
Ebonyi is one of States with high poverty rate presently, together with Yobe, Zamfara, and other Muslim states.
Goat wey no dey eat yam come dey follow Goat wey dey eat will eventually start eating yam.
Poverty is contagious.

28 Likes 8 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by helinues: 11:53am On May 15, 2020
The Ministry of Finance, Budget and National Planning, has presented a request of the Ebonyi State government to borrow US$80 million from the Islamic Development Bank to the Federal Executive Council

Islamatization of Ebonyi state loading... grin cheesy

120 Likes 5 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by BranddesignerH: 11:55am On May 15, 2020
Enough food for chopping

Abeg joor I will Design a Professional Logo for your Product or Services for 2500 Only. Please see my signature.

8 Likes

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Tissaia(f): 12:00pm On May 15, 2020
shocked he wants to islamalise Ebonyi lamidi cownu most hear this. Ebonyi is not Islamic State, Ebonyi governor av converted to Islam. Fualni will take over Ebonyi.

143 Likes 15 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Nobody: 12:03pm On May 15, 2020
The headline is very misleading ....the federal government is the one taking the loan ....

Ebonyi is just receiving part of the loan simple and I'm sure it's not the only State getting this loan

45 Likes 3 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Melezenawii: 12:07pm On May 15, 2020
Igbochief001:
The headline is very misleading ....the federal government is the one taking the loan ....

Ebonyi is just receiving part of the loan simple and I'm sure it's not the only State getting this loan
No , it is Ebonyi . Whenever a State want to borrow from outside the country, from any multilateral institution , you have to go through Federal Govt . It is the sovereignty they recognize. Federal Govt will be the guarantor . That is why FG make deductions from FAAC Monthly Allocation to States

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Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Nobody: 12:08pm On May 15, 2020
Melezenawii:

No , it Ebonyi . Whenever a State what to borrow from outside the country, from any multilateral institution , you have to go through Federal Govt
Do you have comprehension issues ?

13 Likes 6 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Melezenawii: 12:12pm On May 15, 2020
Igbochief001:

Do you have comprehension issues ?

I am teaching you finance, but you don't want to learn. Some people paid thousands of dollars to get what I am teaching you.

330 Likes 19 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Nobody: 12:20pm On May 15, 2020
Melezenawii:


I am teaching you finance, but you don't want to learn. Some people paid thousands of dollars to get what I am teaching you.
Lol .....well it's nairaland

7 Likes 4 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Melezenawii: 12:24pm On May 15, 2020
Igbochief001:

Lol .....well it's nairaland

Please do your research and get back. It is what I have worked on b4 now. NO STATE CAN BORROW FROM OUTSIDE EXCEPT THROUGH FEDERAL GOVERNMENT

202 Likes 11 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Sufisunni: 12:36pm On May 15, 2020
No, we can't accept their loans; this is islamization of Igbo land

25 Likes 2 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by tetralogyfallot(m): 12:36pm On May 15, 2020
Dbdb
Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by RichDad1(m): 12:37pm On May 15, 2020
Let the wailing begins.

15 Likes 1 Share

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Neef2018: 12:37pm On May 15, 2020
I am fully based in Dubai and even despite been a church boy, I think the Islamic banking system needs to be accepted globally.
Or better still, maybe our pastors can fear God and use their billions to create something better than this...which I totally DOUBT
Nearly all the projects excuted in Dubai came from money borrowed from ADIB, RAK, and the Islamic development bank.
These banks don't charge interest! They only partner with you and collect their money back while maintaining about 1-10% of the ownership of the business depending on how much loan you want. THIS MEANS, they will ONLY borrow you money if your business is feasible and they can benefit on the long run from part of the profit you make for a limited amount of time.
My father has a business in Eleme, and he's paying an interest of 25% to a microfinance bank! This microfinance is owned by one of the strong church leaders he attends oh!
Simply because of covid19, his account is now showing debit, because he couldn't pay...I mean, this bank owned by a Christain didnt even care that my father's business was shut down, they kept texting, calling and even visited him at home. They have been eyeing his Pathfinder Jeep, and discussing its value right there infront of my father. Meaning my father wont be paying 2.5million for the 2 million naira he borrowed, if care is not taken he will have to pay roughly 2.75million or 3million by the end of the year. And he has already paid 1 million before the pandemic! Can you imagine!!! The parasitic banks in Nigeria are destroying the economy by killing small businesses! They prefer giving money out to government and politicians. Anyways, kudos to Umahi for seeing beyond the religious BS. Since the church is ONLY interested in reopening so they can continue doing magic shows and collecting tithes from their members, I think a serious leader won't mind engaging a far more sincere and positive religious institution even if it isnt christain-based.
I think i will open an account with one of this islamic bank sef once im around. I don't give a damn what any Christain thinks or say about Islamic banking, it is the most humane financial institution in the world!

264 Likes 40 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Slawormir: 12:37pm On May 15, 2020
Damnnnnn niggarrr
Isoright

1 Like 1 Share

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by benuejosh: 12:37pm On May 15, 2020
Islam amaka

11 Likes

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Nobody: 12:37pm On May 15, 2020
grin.... Ebonyi amaka right NOW grin grin grin

15 Likes 2 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by SamuelAnyawu(m): 12:37pm On May 15, 2020
Melezenawii:


Please do your research and get back. It is what I have worked on b4 now. NO STATE CAN BORROW FROM OUTSIDE EXCEPT THROUGH FEDERAL GOVERNMENT



Correct

37 Likes 2 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by potbelly(m): 12:38pm On May 15, 2020
debt loading...
Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by RichDad1(m): 12:38pm On May 15, 2020
Igbochief001:
The headline is very misleading ....the federal government is the one taking the loan ....

Ebonyi is just receiving part of the loan simple and I'm sure it's not the only State getting this loan
Read again

22 Likes 2 Shares

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by gambia(m): 12:38pm On May 15, 2020
Komai game da nigeria bashi ne

3 Likes

Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by Treborblue(m): 12:38pm On May 15, 2020
Guys this is time to join the train to become a millionaire through ethereum , don't miss this opportunity , free online seminar to know more about it, check my signature for more information
Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by seunfly: 12:38pm On May 15, 2020
Lol..
Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by UncleAboki: 12:39pm On May 15, 2020
I hope it gets to the intended projects?
Re: Ebonyi Seeks Approval For $80m Islamic Bank Loan by demolinka(m): 12:39pm On May 15, 2020
NCAN members excitedly rushing from every corner of the Earth to 'eat', because food is ready.

13 Likes

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