₦airaland Forum

Nigeria wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said on Tuesday.

Africa's biggest economy needs to plug a gap in its record 7.3 trillion naira ($23.17 billion) 2017 budget, which boosts capital expenditures by a quarter to end its first recession in 25 years due to low oil prices.

The government has been in talks with the World Bank for a year and wants to finalise this month a reform proposal necessary for a loan application, according to officials.

"We expected to borrow at least $1 bln dollars," Adeosun told CNBC when asked about the talks with the Washington-based bank.

"There is also some possibility of doing sector specific intervention in the power sector, they are working very closely with us on power," she added, without being more specific.

Nigeria had initially promised to submit an economic plan to the World Bank by the end of December but did not do so, sources told Reuters last month.

Adeosun also said Nigeria had been offered by China's state Export-Import Bank (Exim) a $1.3 billion loan to fund railway projects.

Nigeria will also present a reform proposal to the African Development Bank to release a second loan tranche worth $400 million, officials have said.

The bank had paid out a first tranche of $600 million but has held back the rest pending reforms. Its president has criticized hard currency curbs hitting investment.

On Monday, the central bank made a step towards reforms by devaluing the naira for retail customers. President Muhammadu Buhari had objected a devaluation, but he is on sick leave in Britain.

Adeosun also said the government wanted to harmonise policies with the central bank and that non-oil revenues were improving, with giving details.

She also said there was no need for a loan from the International Monetary Fund (IMF).

"The IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn't have balance of payments problems per se, it has a fiscal problem."

Adeosun also said one or two banks have yet to remit state revenues via a Treasury Single Account (TSA) at the central bank created in 2015 to combat corruption.

"Interestingly our whistle-blowing programme (to track down graft) actually picks up tips that bankers were being instructed to rename accounts when they knew that the money belongs to the federal government." She did not name the banks. ($1 = 315.0000 naira).

Lalasticlala, Mynd44

Lalasticlala, Mynd44

The Ahmed Makarfi-faction of the Peoples Democratic Party was stopped from holding its meeting at the International Conference Centre, Abuja, on Monday to “forestall breach of peace,” the police told PREMIUM TIMES.

Security details attached to the ICC confirmed to PREMIUM TIMES that police officers led by the Commissioner in charge of the FCT mounted a barricade at the entrance of the event centre, thereby preventing PDP leaders and members from gaining entrance to hold their “stakeholders’ meeting”.

Asked what prompted the police action, the force spokesperson for FCT, Manzah Anjuguri, said, “we acted to forestall breach of peace.”

As the politicians were denied access to the ICC, they moved to the Asokoro lodge of the Ekiti State Governor, Ayodele Fayose, and issued a statement in series of tweets to condemn the police action which they said was masterminded by the All Progressives Congress and Ali Sheriff who leads another faction of the party.

The police spokesperson, Mr. Anjuguri, however, denied the police acted on the order of the APC or following any petition from Mr. Sheriff.

“The primary function of the police is to ensure security of lives and properties,” Mr. Anjuguri said, adding that “we have our own way of gathering intelligence which determine our actions.”

The Port Harcourt Division of the Court Appeal had last week affirmed Mr. Sheriff as the authentic chairman of the opposition party. It was based on this that the other faction led by Ahmad Makarfi called Monday’s meeting.

The meeting at Mr. Fayose’s lodge had various caucuses of the party in attendance, including forums of former ministers, National Assembly members and governors.

The former governors sighted at the meeting include Sule Lamido, Jigawa State; Idris Wada, Kogi State; Godswill Akpabio, Akwa Ibom State; Babangida Aliyu, Niger State; and Sam Egwu, Ebonyi State. Other top politicians in attendance were Bode George, Dimeji Bankole, Austin Okpara and Chairman of the party’s Board of Trustees, Jibrin Wali.

The caucuses took turns to endorse the Makarfi-led caretaker committee and rejected the judgement of the appellate court.

The Deputy Senate President, Ike Ekweremadu, and a former information minister, Jerry Gana, were also at the meeting.

Speaking at the end of the meeting, the host, Mr. Fayose, who also chairs the party’s governors forum, said the faction had decided to approach the Supreme Court for redress.

Asked what would follow in the event of loss at the apex court, he said, “I don’t know tomorrow.”

Lalasticlala, Mynd44

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Dele Momodu, Publisher of Ovation International, says President Muhammadu Buhari is not comfortable disclosing his actual ailment.

He added that images released by the presidency proved that the nation’s leader was not yet fit to return to Nigeria to resume the task of governance.

This is just as Coalition of Urhobo Nation Youth Leaders and Stakeholders (CUNYLS), has asked the presidency to release video recording of President Buhari.

In his latest article published on Saturday, titled ‘President Buhari and his London vistors’, Dele Momodu lamented that there was a theatre of the absurd ongoing in the city of London.

He said “the patrons are very important personalities from Nigeria who have turned the supposed illness of President Buhari into a stage play.

“At the rate these medical tourists are going, Nigeria may be empty of all its fat cats as they jostle to pay obeisance lest anyone accuses them of nonchalance and of plotting against the President or wishing him dead”.

Dele Momodu recalled that when President Buhari suddenly left Nigeria, he did what late President, Umaru Musa Yar’Adua failed to do which was to send a simple letter to the National Assembly about his intention to go on vacation and hand over authority to his Vice President, Dr Goodluck Ebele Jonathan.

The article reads in parts further: “For God’s sake, it is not a crime to fall sick. We all do, in various degrees, from time to time. At over 70 years on the surface of this earth, no one would expect President Buhari to be in the most perfect state of health.

“It is a miracle that he survived the harrowing vicissitudes of life after he was thrown into a dungeon in 1985 during the military coup that toppled his dictatorship. He also had to contest some bloody elections a record four times before fortune smiled at him. Naturally, all of these events would have combined to conspire against his health.

“So why should he be ashamed of telling the world that his health is failing and that he would have to attend to it as frequently as possible? No one needs to consult a doctor or a prophet to know our President is not very well at this moment and that he deserves our understanding and prayers.

“Even if we thought otherwise, his London visitors have virtually confirmed our worst fears. Aso Rock media gurus who have been regaling us with tales of how well and fit the President is should have worked harder on their powerful friends to stay in Nigeria and wait to flood the airport whenever it pleases God to bring him back in one piece to Nigeria.

“Rushing to London to mark register is absolutely unnecessary and a total waste of scarce resources. The London visitors have wittingly or inadvertently attracted more attention to the President’s frailty.

“I have taken time to study some of the pictures that have emerged from the President’s shrine in London and most of them did not do justice to whatever it is some people are trying to cover up by fire by force.

“The pictures have shown clearly why the President cannot just yank himself off from London and return home pronto as his tedious job demands. It is very obvious that the President is no longer in London of his own free volition, even if he ever was at some point. Someone should please beg the Good Samaritans to allow the President receive his medical treatment in peace and hopefully recuperate handsomely and adequately.

“Only his immediate family should be allowed access to him at this moment. The visitors actually make it look like they are on an espionage mission to ascertain the true state of the President’s health in order to plot, position and manipulate what seems an impending power game, sooner or later”.

Lalasticlala, Mynd44

The Peoples Democratic Party, PDP’s National Chairman, Senator Ali-Modu Sheriff says he will shut out Governor Ayodele Fayose of Ekiti State and the Rivers State Governor, Nyensom Wike from the party.

An Appeal Court sitting in Port Harcourt, Rivers State, on Thursday, held that Sheriff remains the authentic Chairman of the PDP.

Reacting to the judgment, Senator Sheriff, vowed to put in place a machinery that would not give room to people like Wike and Fayose in any future arrangement in the party.

The former Borno State Governor told reporters, “I will engineer a restructuring of PDP such that characters like Wike and Fayose cannot find a way through to attain any position of prominence in our party in the future.

“They have brought shame and agony through the application of their crude and godless politics which is at variance with the principles upon which our founding fathers built our great party.

“We must find a way to sieve things so that only men of character and integrity can come through for positions of responsibility at all levels of our political engagement in the country.

“We must urgently steer the ship of PDP clear of the path of infamy which Wike and Fayose has brought our party, making Nigerians to mistaken PDP as a training ground for thugs. That is the urgent task we have. We cannot continue to advertise thug brand and expect Nigerians to take us seriously.”

Lalasticlala, Mynd44

Some opposition lawmakers on Thursday questioned the non-inclusion of one of them in the National Assembly delegation that recently visited President Muhammadu Buhari.

The lawmakers, including House Minority Leader, Leo Ogor, suggested there was a decision to exclude members of the Peoples Democratic Party, PDP, from the visit even though one of them – Ike Ekweremadu – is the Deputy Senate President.

Notwithstanding, the PDP lawmakers —exactly a half dozen in total— who spoke with PREMIUM TIMES in separate telephone interviews ,Thursday evening, said they were happy to learn from the media that the visit was productive and the president was in good health.
The reactions came a day after Senate President Bukola Saraki travelled to the United Kingdom with Speaker Yakubu Dogara and Senate Majority Leader, Ahmed Lawan, to see Mr. Buhari in London.

The trio arrived in London around Wednesday evening and met with President Muhammadu Buhari.

Mr. Buhari left Nigeria for London on annual vacation January 19, with a promise to return on February 6. He also noted that he would see his doctors while there and handed over power to Vice President Yemi Osinbajo.
But on February 5th, a day before he was due to return, the president sent another letter to the National Assembly, informing lawmakers of his intention to extend the trip until his doctors complete ‘a cycle’ of medical examination on him.

The prolonged absence, which came amidst raging economic crisis, got many Nigerians worried.
Although he had telephone conversations spread over several days with individuals, including Messrs. Saraki and Dogara as well U.S. President Donald Trump, startling rumours about his health persisted.

But the visit by the National Assembly leaders on Wednesday helped convince many Nigerians that the president was not dead or bedridden.
Mr. Saraki declared in a Twitter update shortly after seeing the president that there was “no cause for alarm.”

[b]Mr. Dogara reported Mr. Buhari was “fit as a fiddle.”=/b]

But some PDP lawmakers said Messrs. Saraki and Dogara should have included at least one member of the opposition on the trip.

Even though the lawmakers did not allege foul play or cover up during the visit, they raised concerns about absence of one of them.

Mr. Ogor likened the visit to a similar one paid by APC leaders, Bola Tinubu and Bisi Akande.
“You’re aware that the first visit was done by Tinubu and Akande,” Mr. Ogor told PREMIUM TIMES. “There was no PDP member that participated in that visit, so you can clearly see that it is more of a political party thing.”

Mr. Ogor, from Delta State, said he got wind of the visit early enough and was elated to see the president in good spirit.

“I have a hint of the visit much earlier. I saw the president smiling. I saw the Senate President smiling. I saw the Speaker smiling. And when I saw that picture, I also smiled.
“We thank God for his live. We wish him well,” Mr. Ogor said.

But he insisted that those who made the journey did so in their own personal capacity because there was no consensus amongst lawmakers delegating any group of persons for the journey.

“But I am convinced that that visit was purely based on political colouration. So, it is totally inconsequential because we were not invited.
“It is at the discretion of the president to invite whoever he wants to see him.

“It is not a National Assembly delegation. It is like a private visit to see the president. First, you know we’re not in session. Neither was there any resolution of the House or that of the Senate to go and see the president,” he said.
Mr. Ogor’s position was echoed by another lawmaker from Kogi State.
“I did not hear about this visit before,” the lawmaker said.

“I read it last night on PREMIUM TIMES and I was initially shocked, but then said to myself: ‘no need to be surprised about anything these people do.”

“Since we weren’t told ahead, I think it’s very clear that they weren’t making the trip on our behalf,” the PDP lawmaker, who sought anonymity so as not to be seen criticising the House leadership, said. “And they’ve clearly expressed that in the manner they picked those who went on the trip.”

A source in Mr. Ekweremadu’s office claimed the Deputy Senate President was not informed about the trip.
“They didn’t invite the Deputy Senate President on the trip,” the source said, refusing to be quoted. “They bypassed him down to the Senate Leader for reasons we still don’t know.”

The source’s claim could not be independently verified.
The source said Mr. Ekweremadu just returned from a trip abroad but would have followed them to London if invited.
“Yes, he just returned from abroad, but that could not have hindered him from being part of the delegation if they had extended him the courtesy,” he said. “If only to make him be the representative of the southern part of the country instead of all the northern politicians that made the trip.”

The House spokesman, Abdulrazak Namdas, and his Senate counterpart, Sabi Abdullahi, did not respond to requests for comments Thursday evening.
The spokespersons for Messrs. Saraki and Dogara also declined comments.

But Nicholas Ossai, a PDP lawmaker from Delta State, said he had no reservations about the makeup of the delegation.

Mr. Ossai said even though adding a PDP member would have been good, it would not make much difference since the delegates were duly elected by all lawmakers to represent the National Assembly as an institution.

“We believe in the Speaker and the Senate President,” Mr. Ossai said. “We have confidence in them that they’ll tell us the true position of things.”

“We didn’t elect them as APC Speaker or Senate President of the APC. We elected them on the basis that we have confidence in them and we believe in them to tell us the truth.”

“This is a leadership of complete explanation and transparency. Probably taking an opposition along would have been a boost, but, all the same, we believe in our leadership " Mr. Ossai Said

Nigeria’s showbiz entrepreneur, Charles Oputa also known as Charly Boy has expressed his anger at the ruling class in Nigeria.


Charly Boy, 65, accused Nigerian politicians of ruining the future of Nigerian youths through their actions in governance.


He declared that the youths were at a disadvantaged position as a result of several years of misrule by the political class.

He also blamed the youths for allowing this to happen through their complacence and inaction over the past years.


He told The Punch: “Reality bites. I hope Nigerians can now see the disadvantage of waiting for my “turn to chop”. We are all guilty. The youths have been corrupted by their docility, inaction and fear.


“The future of the youths has been stolen by very wicked, vile and insensitive politicians whose sole purpose of governance is to enrich themselves.

“If the youths can’t rise to the challenge, then it’s a shame. If we can’t pull ourselves together, millions of us will eat sand before the end of the year.”

Reacting to President Muhammadu Buhari’s continued absence from the country; Charly Boy said that although Nigeria had been down this route before, the president’s absence might really be due to ill-health, after all.

His words: “I pray for him and I wish him well. However in my opinion, Buhari is not our problem. We have a fundamental problem, which we must address. It is our miracle mindset.

“As for me and my followers, we are ready to defy the odds and challenge all constituted authorities in Nigeria, beginning from now. The battle line is drawn.

“We are ready to ensure that all Nigerians enjoy governance. We are willing to give up our lives for the good of our country and peace in the heart of poor Nigerians.


“I believe in Nigeria because I can see that it’s time for the exceptional youths of this country to come forward and fight to retrieve our stolen future.”

Lalasticlala, Mynd44

Lalasticlala, Mynd44

ABUJA—The Debt Management Office, DMO, said yesterday that the nation’s total debt profile currently stood at $57.39 billion.

Director-General of DMO, Dr. Abraham Nwankwo, who disclosed this when he appeared before the Senator Shehu Sani’s Committee on Foreign and Local Debts to defend his agency’s budget proposal, said the total debt stock comprised external and domestic debts of the federal government, those of the 36 states of the federation and the Federal Capital Territory, FCT, as December 31, 2016.

This came on a day the Presidency slashed its 2017 budget by N3 billion, in view of the present economic recession in the country.

Nwankwo explained that of the total debt stock, external debt stood at $11.41 billion, while domestic debt stock was put at $45.98 billion.

According to him, the 36 states and FCT accounted for about 32.45 percent of the total external debt as at December 31,2016, while the federal government accounted for about 67.55 percent.

He added that the disaggregated external debt stock of the 36 states and FCT as at June 2016 was $3.65 billion, while the disaggregated domestic debt stock of the states and the FCT as at September 2016 was N2,822.89 billion.

Explaining the increase in the debt profile, Nwankwo said: “We observed that the increase was about 6.5 percent and this was as a result of additional disbursement because we don’t disburse a good number of the external loan we take at a go.”

Lalasticlala, Mynd44

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