₦airaland Forum

President Muhammadu Buhari has called on world leaders to consider debt forgiveness, given Nigeria's and other developing countries present economic realities.

Buhari, speaking at the 77th session of the United Nations General Assembly on Wednesday, stressed that developing countries were facing numerous challenges, including being able to service external debts. He asked the world leaders to address what he described as the burden of unsustainable external debts.

“Nigeria implores our global partners to do more to complement our endeavours. Indeed the multi-faceted challenges facing most developing countries have placed the ability to address their fiscal place,” he said. “This equally calls for the need to address the burden of unsustainable external debts by a global commitment to the expansion and extension of the debt service suspension initiative to countries facing fiscal and liquidity challenges as well as outright cancellation for countries facing the most severe challenges.”

The promise of a free and fair elections Furthermore, in his speech, President Buhari told the world leaders that he would be addressing the diplomatic community as President for the last time, underpinning that Nigeria will have a new president representing her by this time next year. He vowed to entrench a process of free, fair, transparent and credible elections through which Nigerians elect leaders of their choice.

The President also reiterated his commitment to constitutional term limits and Nigeria’s effort to promote rule of law and democracy in West Africa, citing the country’s support to The Gambia, Guinea Bissau and Chad during their political impasse.

He said: “Indeed, we now are preparing for general elections in Nigeria next February. At the 78th UNGA, there will be a new face at this podium speaking for Nigeria. “Ours is a vast country strengthened by its diversity and its common values of hard work, enduring faith, and a sense of community. We have invested heavily to strengthen our framework for free and fair elections.

I thank our partners for all the support that they have provided for our elections. “As President, I have set the goal that one of the enduring legacies I will like to leave is to entrench a process of free, fair and transparent credible elections through which Nigerians elect their choice.

https://www.legit.ng/business-economy/economy/1493469-buhari-calls-world-leaders-debt-cancellation-bids-farewell/

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The man needs new glasses......

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....How manage?

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Freemasonry Illuminati frat.............

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.....Devils in Frocks!

Wonderful....OsiBaba self go wear hat for church!

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September 19, (THEWILL) – The Presidency has said the $311 million loot by the late former military Head of State, General Sani Abacha, which was repatriated to the country, had been paid directly to contractors for various jobs executed for the government.

Senior Special Assistant to the President on Public Affairs, Ajuri Ngelale, who made this known on Sunday, said the direct payment was to prevent the National Assembly and the Ministries, Departments and Agencies (MDAs) from diverting the money.

Ngelale spoke during a virtual town hall meeting hosted on Twitter by the Bola Ahmed Tinubu Media Centre.

The Federal Government had in May, received $311,797,866.11 as part of recovered assets of the former military dictator. The fund, which was repatriated from the United States and the Bailiwick of Jersey, was committed to expediting the construction of the Lagos-Ibadan expressway, Abuja-Kano road, and the Second Niger Bridge,

While presenting the scorecard of the Buhari administration, especially, in the area of infrastructure, Ngelale said the country would not be able to expand its revenue base without putting the infrastructure on ground.

“The cycle does not begin until you put the infrastructure on the ground. What we’ve been doing for the last 40-50 years before this administration was essentially living on borrowed time, where you have oil revenues coming in very effortlessly and all of that and we’re simply sharing it across import purchase and other forms of misuse”, he said.

Ngelale explained that considering the infrastructure deficit in the country, the Buhari government devised innovative ways to finance, to bridge 50 years of infrastructure neglect in the country. He said it was based on this that the Sukuk bond was issued in 2017, which he said was oversubscribed when it was floated.

“So, I think the country was shocked when there was an oversubscription to the tune of about 120 percent. When we were asking for N100 billion and we came away with about N133 billion due to oversubscribed Sukuk from the private investors on the stock market”, he added.

The Presidential aide explained that the Sukuk bond was oversubscribed because investors had confidence due to the verifiable mechanisms put in place by the government for Sukuk fund application. He said the fund would go towards the construction of roads and the investors would get the money back through the utilisation of those roads

He added that the federal government also initiated the Presidential Infrastructure Development Fund (PIDF), which helped to provide a large sum for the construction of three major projects – the Second Niger Bridge, Lagos-Shagamu-Ibadan Expressway, and Abuja-Kaduna-Zaria Expressway. Ngelale stated, “So you have three major projects under the PIDF that we have been able to fund directly to the contractor through the Nigerian Sovereign Investment Authority (NSIA).

“And Nigerians have seen the truth of that, we don’t have to boast about it or talk about it because they can see it. Whether it’s a Second Niger Bridge, whether it’s the Lagos-Ibadan Expressway or whether it’s the Abuja-Kano, they know the work that is going on, it’s not in dispute.

“And because of the structure of the Presidential Infrastructure Development Fund conceived by President Muhammadu Buhari, nobody, no middleman can put his finger on a kobo of that money or $1 of that money.

“And, of course, we’ve been able to further galvanise other funding inputs from, of course, the Abacha loot, signing deals with the US government and the Jersey authorities to ensure that $311 million was put back into those three projects, with each project taking about $103 million or 33.3 percent of the total Abacha loot that was sent back.

“So, that’s another one where we’ve been able to mobilise private and public financing to be able to directly get this money into the hands of contractors straight without National Assembly diversion, without MDAs diversion, and all of that.”

Ngelale said the Apapa-Oworonsoki-Tollgate road would be completed by December 2022, as well as the Lagos-Sagamu-Ibadan Expressway and Second Nigeria Bridge.

He said the Abuja-Kaduna-Zaria-Kano Expressway would be completed in 2023, while the Lekki Deep Sea Port would be completed by December this year.

https://thewillnigeria.com/news/how-fg-spent-repatriated-311m-abacha-loot-presidency/

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Lovely interactive 'Sing-Song Along'....

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....Me, I dey clap 'My Balls' !

Confirmed...

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JagaBandits ,,,,,

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Jagabandits.......how market?

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P.utin

D.ey

P.lay

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A.nother

P.athetic

C.onfiscation

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Wetin Jagaban talk?

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...2023% looming!

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