Nigeria needs the loan from China to correct infrastructure deficit, achieve economic recovery as well as its growth plan within the shortest time frame.

Juliet Ibekaku-Nwagwu, the special assistant to the president on justice reform sector and National Coordinator, Open Government Partnership, said this when she reacted to criticisms that loan from China would mortgage the future of the country.

Mrs Ibekaku-Nwagwu, a senatorial aspirant in Enugu West on the platform of the All Progressives Congress (APC), said this in Enugu on Tuesday.

“How can we genuinely experience any economic growth without infrastructural development, especially when the country lacks the capacity to fund such under this current economic crunch?

“World over, developed countries build their economies by augmenting with foreign loans, so long there is a well-structured plan to repay. President Muhammadu Buhari has the discipline and prudency to manage such funds.

“The problem we experienced under previous administrations was that they were reckless in spending, especially when they borrowed to service recurrent expenditures which gave room for such monies to end up in the pockets of individuals.’’

She said that Mr Buhari’s administration had tied each loan to specific capital projects with terms and conditions of contract clearly spelt out with prospective contractors before China released such funds.

According to her, some of the debts incurred are self-liquidating.

“It is better to collect a loan and use it to build standard roads that can be repaid with monies collected from toll-gates than allowing such roads in deplorable conditions.”

On the complaint that projects to be financed with such loans would go to Chinese firms, she said that the bottom line was delivering quality projects and not who gets what.



“They must justify the huge tax payers’ funds they are giving out as loans by creating employment for her citizens and ensuring that Chinese firms are awarded the contracts.

Nigeria’s partnership with China, she added, had resulted in the execution of vital projects on infrastructure valued at over five billion dollars across the country in the last three years.

Mrs Ibekaku-Nwagwu said that the projects were in the areas of infrastructure, human capacity development, power, transport and agriculture.

She urged the people of Enugu West to support the president and his aspiration to help make appropriate legislation in the 9th Assembly for the good governance of the zone

President Muhammadu Buhari has restated the commitment of the Nigerian government to ensure the release of Chibok Girls and most of the Dapchi Girls including Leah Sharibu.

Miss Sharibu is one of the over 100 schoolgirls kidnapped by the Boko Haram in Dapchi, Yobe State, earlier in the year. While all her other schoolmates who survived the ordeal have been released by the terrorists, she was held back by the Boko Haram for allegedly refusing to denounce her Christian faith.

Mr Buhari gave the reassurance on Tuesday while sending his condolence message to the family of a Red Cross staff, Saifura Khorsa, who was recently killed by Boko-haram terrorist group.

“We will continue to do everything possible to ensure the safe return of all of our people held by Boko Haram. This is a vow we intend to fully keep. I appeal to our international partners and friends to continue to support us, even as we redouble our efforts.”

“In the last 3 years the efforts of our gallant military and intelligence agencies have resulted in the freeing of thousands of hostages, including some of the Chibok Girls and most of the Dapchi Girls. Let me again assure that no one —including Leah Sharibu —will be left behind,” Mr Buhari posted on his official Twitter handle.

PREMIUM TIMES earlier published how the Red Cross condemned the killing of one of its recently abducted staff, Saifura Khorsa.

The terrorists have equally threatened to harm others, including Ms Sharibu.

President Muhammadu Buhari and 87 other presidents are expected to address the 73rd Session of the United Nations General Assembly Tuesday, September 25 at the UN headquarters in New York.

The News Agency of Nigeria (NAN) reports that Mr Buhari is expected to deliver Nigeria’s national statement on the first day of the general debate of the General Assembly high-level events.

NAN reports that the Nigerian leader was initially placed as the number 20 on the list of the speakers out of the 193 world leaders that would address the Assembly.

However, the revised list obtained by NAN showed that Mr Buhari is now the number 18 on the list of the speakers, now speaking before the leaders of Japan and the United Kingdom.

He would deliver the address to the General Assembly during the afternoon session on the first day between 7.00 p.m. and 8.00 p.m. (between 12 midnight and 1.00 a.m. Nigerian time).

The president of Brazil would be the first world leader to present his address to the 73rd session followed by the U.S. President, Donald Trump, the traditional second speaker, being the host country.

UN Spokesperson, Stephane Dujarric, said the number of participating Heads of State and Heads of Government in 2018 are higher than that of 2017.

“In advance of the plenary session, 88 Heads of State and 45 Heads of Government have confirmed that they will attend this session, which is up from 77 Heads of State and 37 Heads of Government last year.

“Regarding other events, as of today, the Department for General Assembly and Conference Management has received 342 requests for meetings during the high-level week. Compared to the same time last year, 343 requests had been received.

“As of today, the UN has received a total of 741 requests for bilateral meetings amongst Member States.



“This number will increase during the next week. Later in the week, the number of bi-laterals for the Secretary-General will be announced,” the UN spokesperson said.

UN Secretary-General Antonio Guterres, in his remarks at the opening of the 73rd session of the UN General Assembly, told the Member States that they would have a busy session ahead of them.

Mr Guterres said that the UN needed action for peacekeeping, financing for the 2030 Agenda, empowerment for the world’s young people, urgent steps to end poverty and conflict, and much else.

The secretary-general encouraged the Ambassadors to tell their leaders to come to next week’s high-level week ready to be bold, ready to cooperate, and ready to forge solutions.

(NAN)

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David Mark is obviously a joker. He should simply list his impacts on the people of Benue state since he has being in the senate for years.

David Mark has being in the Senate for years now and even the people of benue state didn't feel any impact and now he has suddenly become a magician that the whole Nigeria will feel his impact. Am sure he thinks Nigeria is a joke

Indeed Nigeria is moving forward and kudos to the FG for such an incredible effort in revitalizing our economy

Who else will do this if not a paid agent of the PDP. The PDP should simply define what they tend to achieve this 2019 weather they intend criticizing a government that basically did 100% better than them.

I won't obviously expect less critic from Saraki. He is certainly speaking out of frustration. A man that left his party to another and now he's back again is that what explains what true governance or possibly leadership is?

The Central Bank of Nigeria has said that any failed Nigerian Instant Payment (NIP) transaction not reversed into the customer’s account within 24 hours based on complaint of the sender and/or beneficiary will attract a fine of N10,000.

The CBN, in a circular also said delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.

The apex bank made this known in its ‘Circular on the regulation on instant inter-bank electronic funds transfer services in Nigeria’, issued to Deposit Money Banks, microfinance banks, and other financial institutions.

The circular, signed by Dipo Fatokun, CBN’s director of banking and payment system department, said the new regulation takes effect October 2, 2018.

The circular stated that where a sending entity erroneously sent value contrary to the customer’s instructions due to wrong account number, wrong amount, duplication among others to a receiving entity and requested the reversal in writing within 14 working days of the transaction, the receiving entity should oblige within one business day without recourse to the customer (beneficiary) of the receiving entity provided funds were available.

An automatic indemnity would be inferred against the sending entity making the reversal request, it stated. Where funds were not available, it added, the receiving entity should immediately notify its customer that the account was wrongly credited and provide proof of such notification to the sending entity.

It added that the receiving entity should notify the customer about the consequences of not funding the account within 24 hours, which included watch-listing in the banking industry, credit bureau and reporting to law enforcement agencies.

In the circular, the receiving entity would watch-list the customer if he failed to provide funds within seven days, the CBN stated.

If a customer claims to have made a transfer in error where the beneficiary is known to the complainant, the CBN said the Sending Entity shall encourage the complainant to contact the beneficiary for an amicable settlement. But where the beneficiary is not known to the complainant or a known beneficiary refused to effect a refund to the complainant, the Sending Entity having received a tenable claim from customer shall notify the Receiving Entity who shall place a lien on the amount in the account of the beneficiary and thereafter obtain the consent of the beneficiary to execute refund.

The circular explained that the Sending Entity shall mean a Nigerian company or Financial Institution licensed by the CBN to carry on the business of facilitating Electronic Funds Transfer services in Nigeria and who initiates an Instant EFT on behalf of its customers while the Receiving Entity shall mean a Nigerian company or Financial Institution licensed by the CBN to carry on the business of facilitating Electronic Funds Transfer services in Nigeria and who receives the proceeds of Instant EFT on behalf of its customer.

https://www.premiumtimesng.com/news/headlines/284099-cbn-goes-tough-on-nigerian-banks-announces-fines-for-failed-transaction-reversals-others.html

Forbes a research institute recently rated Nigeria's economy best in Afrrica...This is indeed a great achievement as it indicates that we are moving forward

The FG's effort to diversify the transport system in the country is highly commendable as this have a direct effect on the economy of the nation

And some persons will still say the President is being nepotistic and tribalism. The President is concerned more on competency and ability to deliver and this is commendable

The President is a man of integrity as he has proved this times without number. He believes in Competency of an individual and not necessarily where the individual is from and this is what we need to move forward

The homosexual candidate is at it again...I wonder what people like this has to offer Nigerians. But Donald is advised to sit back and learn leadership from the president Buhari

Desperation for power can make one loose their integrity. Ambode is going nowhere...The PDP should stop trying to reap where they did not sow

This administration has proved beyond reasonable doubt its commitments in establishing the Nigerian youths. This is highly commendable

It really baffles me how some persons will cook up stories that is clearly impossible and begin to spread. On what ground will the EFCC decide the freeze the account of Davido...Absolute nonsense

And FFK obviously thinks he knows better. Here he is all against Fayose's probe by the EFCC but was all mute when the so called Fayose refused to pay salaries of workers in his state for months.

Because she does not have billions in her account and yet refuse to pay salaries...Am sure that's clear enough

One can actually not expect less from the militants...Uduaghan stated clearly that only this administration tackles issues with the militants peacefully without using force and clearly the president means well for the Niger Deltans

Indeed it is honorable...And truth be told such an exit is very in our society. Adeosun's act and that of the President acknowledging her resignation are both act of integrity

Forward we are moving Nigeria...allowing a party that messed our Economy up for 16 years to return to power again is like letting the Israelite return to Egypt.

Dogara's defection was long overdue...There is certainly no news in this. He has just proved to Nigerians that he is indeed gullible nature by secretly getting the PDP nomination form

What has Okowa done for the people of Delta state that he thinks he will get the peoples' vote come 2019...I see fear in this statement

Easier said than done...Nigerians should not allow mere words deceive them

Am certain the Economists and HSBC are yet to see the latest research by forbes which is a major research firm in Africa has recently rated Nigeria as the 2018 best economy in Africa.

Here is the link for them https://www.vanguardngr.com/2018/09/forbes-names-nigeria-best-economy-in-africa/

Wailers!!!

The Vice President, Prof. Yemi Osinbajo, on Thursday said 500,000 graduates had so far been recruited under the Federal Government’s N-power programme.

Osinbajo disclosed this at a conference tagged: “Harnessing Demographic Dividend (DD) for Sustainable Development in Nigeria: The Role of Religious Leaders,’’ organised by United Nations Population Fund (UNFPA) in Abuja.

He noted that the present administration under the leadership of President Muhammadu Buhari had introduced various intervention programmes to empower women and youths in order reduce unemployment and poverty.

The vice president added that about 400,000 Nigerians were currently benefitting from the Conditional Cash Transfer Scheme of the present government.

Osinbajo also said that no fewer than 9.2 million children were being fed daily under the federal government’s school feeding programme.

Besides, he said that the states that keyed into the programme had risen from 25 to 26 as at this month.

On Democratic Dividend (DD), Osinbajo said that to avoid ‘the time bomb’ the government must build economy that would support the growing population of the country.

He said that gaining economic advantage involved national consensus and individual families must key into this programme of achieving the DD.

According to him, it is now the business of heads of families to prioritise the education and health of their dependents.

The vice president, who emphasised the need to invest in people through social inclusion, said that getting the country out of poverty was a task involving planning, physical and discipline.

“This government is committed and determined to take the country out of the current challenges therefore religious leaders must play their roles because no real progress will take place without their involvement.

“They have strong voice and they have responsibility to hold government accountable to ensure resources go round and meet the needs of the people,” he said.

Osinbajo thanked UNFPA and other partners for organising the conference, saying that religious leaders needed to know the prevailing policy issues concerning the DD.

The Minister of Health, Prof. Isaac Adewole, had earlier described the conference as timely due to the commitment of the present government in achieving DD.

Adewole stated that among various interventions of the government towards a sustainable development in July, 2017, the Office of the Vice President had inaugurated a road map in harnessing the DD in the country.

He urged the religious leaders to support the change by playing vital roles in the achievement of DD.

https://www.pmnewsnigeria.com/2018/09/13/n-power-nigerian-govt-recruits-500000-graduates-osinbajo/#comment-1312552

A major research firm, Forbes Africa has rated Nigeria as the 2018 best economy in Africa.

According to Forbes, Nigeria came top with $172 billion, which was followed by South Africa with $166.735 billion. Also on the list was Egypt as third with $78 billion, Algeria with $66, Lybia :$65, Botswana: $22.675, Ghana :$20.458 Morroco :$18, Ivory Coast :$11 and Madagascar with $6.766 billion.

Nigeria’s West-African neighbours, Ghana, is seventh with $20.458, Morroco is eighth with $18 billion, Ivory Coast is ninth with $11 billion while Madagascar is tenth with $6.766 billion.

https://www.vanguardngr.com/2018/09/forbes-names-nigeria-best-economy-in-africa/

I agree with the fact that the APC has the highest number of people with integrity in this country, The leadership has been able to introduce policies that will help control corrupt practices in the party, I appreciate the fact that they where able to introduce a direct primary to help bring the candidates to the people.

President Buhari deserve a second chance because he has achieved a lot in less than four years, he was able to introduce programs to counter corruption, insurgency and others which are still going on, he needs to be re elected to continue with these programs to build a better Nigeria.

It is good to know that the president is not relenting in the promises he made to Nigerians, he has continued to invest in the development of the people he govern, this will reduce poverty rate in Nigeria and encourage economic growth