₦airaland Forum

Godons1:
IPOB are behind this attempted Jail break. They thought their Delector Nnamdi Kanu is in that particular Prison. They don't know that, Kanu is kept in a DSS underground Solitary Prison.

BadNews:
See More Photos Via www.. com

Kyase:
i get headache because of them

Kyase:
aswear if not ehn

baralatie:
Over vex sef

flexyrule:
This Alonso should just retire from football and go into fish farming.

Hudson Odoi should be a bank teller.

Timo Werner should take up a career in hunting. With that, the world's widlife would be save because he will miss a shot at an elephant even at close range.

Jorghino should be in jail.

Kyase:
we are executing the game plan wella

UncleKoboko:
Or deh
I guess the theory of 72 virgins originated from your father...

Economic and financial experts have warned the Federal Government that Nigeria risks losing key national assets to China in the event that it defaults in paying back loans obtained from China which is currently put at $3.48bn.

They spoke against the backdrop of the possible takeover of Uganda’s only international airport and other key assets over the East African country’s inability to repay a $207m loan obtained on November 17, 2015 from the Export-Import Bank of China.

The loan has a maturity period of 20 years including a seven-year grace period. According to the deal signed with the Chinese lenders, Uganda will have to surrender its only international airport.

The Uganda Civil Aviation Authority said some provisions of the financing agreement with China exposed the Entebbe International Airport and other Ugandan assets which might be taken over by Chinese lenders upon arbitration in Beijing.

China has reportedly rejected recent pleas by Uganda to renegotiate the toxic clauses of the 2015 loan.

This came as Nigeria’s Minister of Transportation, Rotimi Amaechi, in August 2020 hinted about the possibility of Nigeria forfeiting its assets to China in the event of loan default.

Amaechi reportedly said Nigeria had waived immunity on a loan, which means China could take the country to arbitration in the event of a default.

The minister, however, added that there would be no need for China to claim any infrastructure once Nigeria repaid its loans to the Asian country.

“We must learn to pay our debts and we are paying, and once you are paying, nobody will come and take any of your assets,” Amaechi said.

However, financial analysts hinted about the possibility of Nigeria forfeiting key national assets to China if the country defaulted on its $3.48bn loans.

They also advised the Federal Government to properly review the loan agreements with China to save the country from facing a situation similar to that of Uganda.

The Chief Executive Officer of SD& Capital Management, Idakolo Gbolade, said Nigeria might forfeit certain assets in the event of a loan default.

Asked if Nigeria faced any risks on its China loans, Gbolade said, “Yes, it is very possible. If you remember about a year ago, there was serious concern in the National Assembly on the loans given by the Chinese Exim Bank to us, and I am sure the loan clause also includes forfeiture of national assets.”

The expert, however, expressed confidence that Nigeria was capable of paying back its debt.

An economist and professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said the development in Uganda was worrisome and exemplified some of the dangers of borrowing from external sources.

He, therefore, advised the government to ensure that loan agreements with China were properly appraised.

Ekpo said, “It is an issue of concern; that is why in any loan agreement with China, we have to read in between the lines. We have to make sure we really understand their agreements.

“We should make sure that Nigerians are involved in the loan negotiation process. Experts should be carried along so that they can properly understand both the agreement in English and in Chinese.

“If the loans have clauses that may cost us our assets or even our sovereignty – as the debate was earlier in the year – that would be disastrous.

“So they should take experts with them when they go to negotiate the loans they collect from China, not just people from foreign affairs.”

A professor of Economics at the Olabisi Onabanjo University, Ogun State, Sheriffdeen Tella, equally expressed a similar view, stressing that all loan agreements between Nigeria and external sources should be properly studied by experts.

An economist and professor of Economics and Public Policy at the University of Uyo, Akpan Ekpo, said the development in Uganda was worrisome and exemplified some of the dangers of borrowing from external sources.

He, therefore, advised the government to ensure that loan agreements with China were properly appraised.

Ekpo said, “It is an issue of concern; that is why in any loan agreement with China, we have to read in between the lines. We have to make sure we really understand their agreements.

“We should make sure that Nigerians are involved in the loan negotiation process. Experts should be carried along so that they can properly understand both the agreement in English and in Chinese.

“If the loans have clauses that may cost us our assets or even our sovereignty – as the debate was earlier in the year – that would be disastrous.

“So they should take experts with them when they go to negotiate the loans they collect from China, not just people from foreign affairs.”

A professor of Economics at the Olabisi Onabanjo University, Ogun State, Sheriffdeen Tella, equally expressed a similar view, stressing that all loan agreements between Nigeria and external sources should be properly studied by experts.

Although the Federal Government has been mostly secretive about the terms of the agreement of its China loans, the Debt Management Office has made some statements on them in recent times.

In a statement in June, 2020, the DMO said, “The total borrowings from China of $3.121bn as at March 31, 2020, are concessional loans with interest rates of 2.5 per cent per annum, tenor of 20 years and grace period (moratorium) of seven years.”

According to the DMO, the terms are compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.

In addition, the low interest rate reduces the interest cost to government while the long tenor enables the repayment of the principal sum of the loans over many years.

Eleven projects, ranging from water supply, power generation, railways, airport terminals, communication to agricultural processing are funded by the loans acquired.

The Director-General, DMO, Patience Oniha, had in February said, “So far, let’s be very clear that there has not been any default, whether of local or international debt.”

The earliest of the funding agreements between Nigeria and China was signed in 2010 with an interest rate of 2.5 per cent yearly, a repayment period of about 20 years and a grace period of seven years.

If Nigeria is unable to pay its first debt by 2038, the country may have to lease out any of the Chinese-funded projects in Nigeria to China.

The first loan project was for the Nigerian national public security communication system project with $399.50m agreed on December 20, 2010 and disbursed.

The second loan was for the Nigerian railway modernisation project (Wu- Kaduna section) with $500m agreed on December 20, 2010 and disbursed.

While the third loan was for the Abuja light rail project with $500m agreed on November 7, 2012 and disbursed, the fourth loan was targeted at Nigerian ICT infrastructure backbone project with $100m agreed on January 5, 2013 and disbursed.

The fifth loan was meant for the Nigerian four airport terminals’ expansion project (Abuja, Kano, Lagos and Port Harcourt) with $500m agreed on July 10, 2013 but $455.28m was disbursed, which is 91.06 per cent of the agreed amount.

The sixth loan was for the Nigerian Zungeru hydroelectric power project with $984.32m agreed on September 28, 2013 but only $518.24m was disbursed, which is 52.65 per cent of the agreed amount.

The seventh loan was for the Nigerian 40 parboiled rice processing plants project (Federal Ministry of Agriculture and Rural Development), with $325.67m agreed on April 26, 2016, but nothing was disbursed.

The eighth loan was for the Nigerian railway modernisation project (Lagos – Ibadan section), with $1.27bn agreed on August 18, 2017 but only $759.84m was disbursed, which is 17.50 per cent of the agreed amount.

The ninth loan was targeted at the rehabilitation and upgrading of Abuja-Keffi-Markurdi road project with $460.82m agreed on August 18, 2017 but only $80.64m was disbursed, which is 59.96 per cent of the amount agreed.

The 10th loan was meant for the Nigeria supply of rolling stocks and depot equipment for the Abuja light rail project with $157m agreed on May 29, 2018, but nothing was disbursed.

Lastly, the 11th loan was for the Nigeria greater Abuja water supply project with $381.09m agreed on May 29, 2018, but nothing was disbursed.

In terms of repayments, Nigeria paid $102.68m to China in the first six month of 2021, while it still owes about $3.48bn

Nigeria also paid a total of $102.68m to the Exim Bank of China in the first half of this year.

Nigeria paid an interest fee of $42.54m, which is 73.76 per cent of the principal fee of $57.67m as debt service to the Exim Bank of China in the first three months of 2021.

Alongside commitment charges of $1.98m, Nigeria paid a total of $102.20m.

In the second quarter of 2021, Nigeria paid an interest fee of $306,050, without paying the principal fee, as debt service to the Exim Bank of China in the second three months of 2021

Alongside commitment charges of $170,680, Nigeria paid a total of $476,730 in Q2 2021.

The PUNCH had reported that Nigeria spent $591.11m in five years on servicing the debts owed to the Exim Bank of China.

Nevertheless, Nigeria still owes China $3.48bn as of the end of June 2021.

President Muhammadu Buhari yesterday expressed his frustration with the continued reliance of Nigeria on imported food and raw materials, despite the abundant resources and knowledge available in the country.

Buhari also admonished Nigerian universities to intensify their research to develop the COVID-19 vaccine to tackle the dreaded virus afflicting the country.

He made these remarks at the convocations of the Federal University, Dutsin-Ma, Katsina State and Michael Okpara University of Agriculture Umudike (MOUAU), Abia State.
Buhari, who was represented by the Minister of Agriculture, Dr. Mohammed Abubakar at MOUAU, said the agricultural sector, apart from helping the nation to attain food security, “remains the major driver in industrial development and diversification from heavy dependence on non-renewable mineral oil.”

The president added that the expectation of his government was for the universities of agriculture “to drive the rapid development of the knowledge and skills (needed) to increase local production of food and raw materials”.

“We can and should be able to feed ourselves on the rich soils and diverse ecologies that God has endowed Nigeria with. We should be determined to wisely exploit the natural resources and inheritance of our nation to feed our people and possibly export to other nations.

“Government expects that universities of agriculture should bravely confront the heavy dependence of our nation on imported food and raw materials with the view to reducing it to the barest minimum at the shortest possible time,” Buhari said.

Buhari, also the Visitor to MOUAU, said that the agricultural policy of his administration was focused on achieving a sustainable green economy.

But he emphasised that the universities of agriculture “must play their crucial specialised role in catalysing the development of the agricultural sector” to achieve the government’s stated goal.

Buhari promised that efforts were being made by his government “to put in place policies and programmes to strengthen agencies and parastatals to provide the enabling environment for increased production”.

“To this end, NALDA has been re-constituted and re-established to promote mechanised agriculture,” he said, adding that “Government expects that specialised Universities of Agriculture will collaborate with NALDA to ensure increased local production of food”.

Abia State Governor, Dr. Okezie Ikpeazu, in his remarks, commended MOUAU for its immense records of achievements in manpower training, research, and innovation since its inception.

Ikpeazu, represented by his deputy, Sir Ude Chukwu, said the abrogation of some courses that were hitherto part of the academic programmes of MOUAU has adversely affected the chances of Abia youths hungry for university education.

Earlier in his address, the Vice-chancellor of MOUAU, Prof. Maduebibisi Iwe, said 5,817 graduands were found worthy to be awarded first degree certificates of the institution with 92 graduating with first class.

At Federal University, Dutsin-Ma, Buhari admonished Nigerian universities to intensify their researches to develop a COVID-19 vaccine to tackle the dreaded virus afflicting the country.

He explained that Nigerian universities were supposed to be centres for scientific and technological discoveries, inventions, values, and character formation as well as drivers of societal development.

The president who disclosed this yesterday in Katsina during the 5th and 6th combined convocation of the Federal University, Dutsin-Ma, said the development of the vaccine would fortify Nigerians’ immune system against the virus.

Buhari, who was represented by the Minister of State for Education, Mr. Chukwuemaka Nwajiuba, noted that his administration remained committed to tackling the challenges of sustainable funding for research, capacity building, and employment creation.

He said: “You all know that in the year 2020, the COVID-19 pandemic began its devastating effect on the education sub-sectors leading to the destruction of university academic activities.”

He, therefore, urged the universities to intensify their researches “to come up with a more potent vaccine to fortify our immune system against this dreaded virus”.

Buhari also tasked the universities to explore available opportunities, including research collaboration with allied industries and development partners to create other sources of revenue generation to support his economic diversification drive.

He, however, said the federal government was committed and determined to combat and defeat all acts of criminality across the country for meaningful development to thrive.

“Our security is a collective responsibility, we must join hand with the government by providing security agents with useful information to enable proactive mitigation of any of these occurrences”, he added.

The Vice-Chancellor of the university, Prof. Armaya’u Hamisu Bichi, urged the federal government to dig trenches around the main campus of the institution because of the current security challenges in the country.

He said the university had graduated 1,201 students with 56 as holders of first-class, 92 postgraduates, one Ph.D., 24 masters students, 19 professional diplomas, and 48 PGD in different academic programmes.

Kobojunkie:
leave the devil out of this abeg!

Candidlady:
you are casting your fellow man behind you... You lots are hilarious

President Muhammadu Buhari yesterday said that for Nigeria to achieve greatness, Nigerians must join the anti-corruption war, which he says the government alone cannot win.

He urged Nigerians to entrench a culture of discipline, hard work, honesty, and inspiring leadership.

The president described education as the bedrock of national development while stressing that its importance could not be over-emphasised.

He reiterated that no country had all the resources to provide jobs for every graduate, adding that Nigerian youths should be prepared and determined to contribute their quota, by engaging in creative and innovative ventures.

Buhari, who was represented by a top official of the Federal Ministry of Education, Hajia Rikayat Gambo-Iliyasu, spoke at the remodelled Akin-Deko Auditorium of the University of Benin (UNIBEN) in Benin City, the capital of Edo State, at the higher institution’s combined (46th and 47th) convocation.

The convocation involved the presentation of prizes, award of post-graduate diplomas, conferment of higher degrees of Masters and Doctorate, conferment of honourary Doctoral degrees on five distinguished personalities and Professor Emeritus on an outstanding former Vice-Chancellor of UNIBEN, Prof. Osayuki Oshodin.

The honourary Doctoral degree awardees were an ex-Minister of Defence, Lt.-Gen. Theophilus Danjuma, rtd. (Doctor of Letters); former National Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun (Doctor of Science); a reproductive health expert, Dr. Natalia Kanen (Doctor of Science); a legal luminary, Mr. Oluwakemi Pinheiro, SAN (Doctor of Law); and a software engineer, Dr. Thomas Ilube (Doctor of Science).

Buhari said: “Universities over the years have expanded the horizon of our youths through research and technological breakthroughs to attain relevant skills and be more entrepreneurial in outlook. We must commend them for putting up the onerous task of redirecting our students on the path of moral rectitude, love for the nation, and respect for constituted authorities.

“The Federal Government has not relented in finding lasting solutions to the myriad of challenges facing our universities and the nation’s education sector. The Federal Government is aware of the deficit in funding and infrastructure. Concerted efforts are being made to improve the current condition.

“It is also imperative that universities should come to terms with the present realities, including the challenge of inadequate funding. While the government will continue to ensure the full implementation of the budgetary provision to the education sub-sector, universities must also evolve other ways of augmenting what they receive as allocations and grants.

“At a time like this, when the Federal Government is grappling with socioeconomic and political challenges, it is important that I reiterate its commitment to finding home-grown solutions that will outlive even my administration. We have so far diversified the economy, with focus on agriculture, through the provision of grants and start-up loans for interested individuals, especially our teeming youths.”

The President also urged university administrators, in the discharge of their duties, to be transparent, accountable, and fair in the management of human and material resources, while stressing that expectedly, the education sub-sector should be at the vanguard in the campaign to reorder the nation’s values.

Edo State Governor, Godwin Obaseki, in his remarks, stated that with his administration’s 30-year development plan, the state would be transformed into Nigeria’s education hub.

Obaseki, who was accompanied by his wife, Betsy, assured that his administration would continue to support public and private tertiary institutions in Edo state, in order to ensure human capital development and to move the Southsouth state and Nigeria forward.

The newly-installed tenth substantive Chancellor of UNIBEN, Prof. James Ortese Lorzua Ayatse, the Tor Tiv in his address, stated that President Buhari was committed to the establishment of worthy and enduring legacies for Nigeria.

lkillbrokehoes:
Vaginarians don't know what they want

Former President Olusegun Obasanjo, on Thursday, bemoaned increasing number of the out-of-school children in Nigeria, describing them as potential Boko Haram recruits.

Obasanjo said this while addressing participants at the presidential youth mentorship retreat held at Youth Development Centre , Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State.

He pointed out that with about 14 million out of school children roaming Nigerian streets, no one needs an oracle to know that those children would turn to Boko Haram recruits in the next ten years.

Obasanjo said the rate of the dropouts would expand insecurity in Nigeria.

He said “A situation today where we have 14 million children that should be in school that are not in school , does anybody need to be an oracle to tell that 10 years or 15 years from now, those will be where you will recruit pure Boko Haram.

“So, if you deal with Boko Haram by stick today in few years time the situation will be worst because we are talking about security, it will be worst. So, if we are talking of insecurity, where should we begin? If we are talking of poverty where should we begin? It is education.

” Somebody said if everybody is educated who will be a servant and I said if everybody is educated then we will get a better servant than you should have gotten from those that are not educated.”

The former president maintained that the unity of Nigeria is paramount, stressing that he would fight for the unity of Nigeria throughout his life.

He said, “If I was a Yoruba leader, I would not have succeeded as I succeeded for Nigeria, I might have succeeded for the Yorubas. Your brother from South East is right, I believed that every Nigerian is more respected in the committee of nations if Nigeria remains.

“Don’t let us deceive ourselves, will people still respect us because of our population, 200 million people, you cannot just waste them , even when I go out, people will say you Nigerians are not at the table and that is true, we are not at the table when we should be at the table.

“I have no regret for fighting for the unity of Nigeria and if it comes up tomorrow that it should be done and I have ability to do it, I will do what I have to do. I believed that the last thing is not in our fighting for the unity of this country is in subsequent leadership that we have.”

tamertery:
Omoooh over full sef, my American accent com normal again

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has extended the 14-day ultimatum earlier given to the Federal Government by seven days, raising the possibility of fuel scarcity across the country in the coming weeks.

This was contained in a statement issued by the union’s General Secretary, Afolabi Olawale, on Thursday in Lagos.

Recall that NUPENG had, on November 15, issued the 14-day ultimatum to embark on a nationwide strike due to what it called non-implementation of an agreement earlier reached with the government.

The issues at stake include non-payment of workers’ salaries and title benefits, among others.

Olawale said that in spite of the various interventions and engagements with government agencies and institutions, issues concerning the welfare of members and unfair labour practices by some oil majors had yet to be fully resolved.

“Leadership of the union is still exercising further patience and restraint to give the ongoing discussions the chances of resolving these issues once and for all.

“The decision of the union to give another seven-day ultimatum should not be misconstrued as a sign of capitulation or weakness.

“Rather, it is a demonstration of our resolve not to inflict unnecessary pains on Nigerians or create any form of artificial scarcity of petroleum products,” he said.

The NUPENG general secretary urged the government and all other concerned entities to take advantage of the extension to do the needful.

“It is our hope that the government does the needful and saves the nation the pains and losses our industrial action will bring,” he said.

Lalasticlala, Mynd44