CBN Gov. blocks Mark, Bankole's N70 billion loan request from two banks
…Jonathan angry over N700 billion illicit additions to 2011 budget
…Says "I Wont Sign It"

Attempts by the outgoing leadership of the National Assembly , led by David Mark ,and Dimeji Bankole, to get a dodgy N70 Billion bond from two banks have been frustrated by the Governor of Central Bank (CBN), Sanusi Lamido Sanusi , Pointblanknews.com has learnt.

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Senate President Mark and Speaker Bankole were alleged to have approached GTBank and Intercontinental Bank for the N70 Billion bond following the financial crises that have hit the National Assembly, especially the House of Representatives.

This is coming on the heels of revelations that the outgoing Senate leadership has hiked the quarterly allowance of members of the upper chamber from about N60 Million to N250 million each. This is couched under the subhead ‘constituency allowance’.

The Speaker of the House of Representatives is alleged to have bought over 86 cars for his private and campaign uses, while the Deputy Speaker also took delivery of over 60 cars before the last campaign

Recall that Sanusi, had blew the whistle when he revealed that the National Assembly’s budget for overhead is 25.4% of the nation’s total. Sanusi had at a lecture delivered at the eighth convocation of the Igbinedion University , Okada, Edo State, said 25% of the nation’s resources are spent on the lawmakers. This annoyed the Senators who ordered him to appear before them and defend his statement, which he did.

Pointblanknews.com also learnt that President Goodluck Jonathan has vowed not to accept any illicit additions to the 2011 Budget smuggled in by the outgoing leadership of the National Assembly. Acc ording to our source “He has told the NASS leadership to remove all the additions, slash their salaries and allowances, he has told them to take out anything that can be deferred”

In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest (the coupon) to use and/or to repay the principal at a later date, termed maturity. A bond is a formal contract to repay borrowed money with interest at fixed intervals. [1]

Thus a bond is like a loan: the issuer is the borrower (debtor), the holder is the lender (creditor), and the coupon is the interest. Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure. Certificates of deposit (CDs) or commercial paper are considered to be money market instruments and not bonds.

The National Assembly had hiked the 2011 Budget by N700 Billion. This development had left President Jonathan fuming. He had returned the document to the legislators insisting that all the illicit additions be expunged. The hike was spread under several sub heads in the recurrent and capital expenditure.

A top source in Abuja hinted that of the N700 Billion added to the controversial budget, N20 Billion was under sundry subheads for Senate President Mark, Speaker Bankole, Deputy senate president, Ike Ekweremadu, deputy speaker, Usman Bayero Nafada, and other officers.

“It is all a racket. Of the N700 Billion, N20 Billion is scattered over several subheads for the leadership alone. If Mark returns as the Senate President, he would ensure all those who did not return are taking care of. Even if Bankole is not coming back as Speaker, they will take care of him if the additions are approved. All those angling to be Speaker were all beneficiaries of Bankole’s largess and will also ensure his interest is protected.”


Pointblanknews.com sources hinted that when the leadership approached GT Bank and Intercontinental Bank for the bond, the CBN warned them to stay away because there would be no provisions for repayment in the 2011 Budget. So the request was declined.

According to the source, “ The outgoing leadership led by David Mark and (Dimeji) Bankole had approached the two banks for a N70 Billion bond. As you may be aware the books of the National Assembly is in the red. They have used everything to bankroll illicit things like jumbo allowances, cars, renovations etc. Don’t forget they had earlier built over N700 Billion into the Budget. But when it got to the President he sent it back. So they tried to get N70 Billion from the Banks but the CBN Governor stopped it. The banks were told not to do it because there are no provisions for repayment. “

Pointblanknews.com also learnt that at a recent meeting with Jonathan, the Accountant General maintained that the President should insist the National Assembly took out all the additions because the economy would not be able to handle it.

Said our source “ At that meeting the Accountant General told Mr President not to bulge because the original budget would be serviced at a little over N200 Billion a month, but with the additions by the National Assembly it would go up drastically…even with the original N423 Trillion we will struggle to meet.”

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Ramtzy:

Pointblanknews.com also learnt that President Goodluck Jonathan has vowed not to accept any illicit additions to the 2011 Budget smuggled in by the outgoing leadership of the National Assembly. Acc ording to our source “He has told the NASS leadership to remove all the additions, slash their salaries and allowances, he has told them to take out anything that can be deferred”

Way to go Mr President.

GEJ should work more closely with Sanusi(though Sanusi may be erratic at times),he appears ready to do his utmost to ensure the mind-boggling allaowances of the senators and reps is cut down to something that reflects the true state of the Nigerian economy

Oh my God, save us. These people ought to be shut and killed. What sort of rubbish is all these?