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Nigeria Hasn’t Applied For $3.5bn Emergency Loans – Adeosun

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Kemi-AdeosunThe Minister of Finance, Kemi Adeosun yesterday denied a report published by Financial Times implying that Nigeria has applied for emergency loans from the World Bank and the African Development Bank.

The minister, in a statement by her Special Adviser on Media Matters, Mr. Festus Akanbi, said Nigeria had not applied for any emergency loan.

According to the FT report, the Nigerian government asked the World Bank and AfDB for $3.5bn in emergency loans to fill a growing gap in its budget, a development it said is the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices.

It further said the request from President Muhammadu Buhari’s government is intended to help fund a $15bn budget deficit, which has been deepened by a hefty increase in public spending as Nigeria attempts to stimulate a slowing economy.

The statement quoted Mrs. Adeosun as saying “the truth is that Nigeria, as part of the plans to fund the 2016 budget currently undergoing the approval process of the National Assembly, has indicated an intention to borrow N1.8trillion principally for investment in capital projects to stimulate the economy”.

It further quoted her as saying the option to turn to the World Bank is to ensure an optimum financing structure.

She noted that the 2016 budget is part of the Medium-term Expenditure Framework of the Federal government, which the World Bank is aware of.

The proposed budget deficit of N1.84 trillion, according to the minister, will be funded equally through external and domestic sources.

Nigeria is exploring the options of multi-lateral agencies like the World Bank and AFDB and export credit agencies such as China Exim Bank due to their concessionary interest rates.

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Fayemi Presents Over N109 billion As Budget Estimate For 2021

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Ekiti Extends Curfew Indefinitely
Fayemi Presents Over N109 billion As Budget Estimate For 2021

Governor Fayemi

Governor of Ekiti State, Kayode Fayemi has presented the proposed budget for the 2021 fiscal year in the State.

The Governor on Monday presented a budget estimate of over N109 billion for the 2021 fiscal year.

Governor Fayemi, while presenting the budget at the State House of Assembly complex yesterday in Ado-Ekiti described the 2021 budget as “Budget of Recovery and Economic Restoration.”

Also Read: #EndSARS Protests Politically Motivated – Kogi Governor

The budget has a recurrent expenditure of N57, 997,898,982.62k while the capital expenditure has N51, 668,386,739.99k.

Fayemi, said the budget proposal presented contains the policy thrust, programmes, and vision of his administration for 2021, saying efforts shall be made to source the needed resources to fund the budget.

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National Broadcast: PDP Slams Buhari Over ‘Disappointing, Empty’ Speech – PDP

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National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP
National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP

Muhammadu Buhari

The Peoples Democratic Party (PDP) has blasted President Muhammadu Buhari over his nationwide broadcast over the ongoing #EndSARS protest rocking the country.

Recall that Buhari in his speech called for an end to the protest, adding that his government had already accepted and started implementing demands of the protesters.

He, however, failed to acknowledge the shooting of protesters by soldiers of the Nigerian Army at the Lekki Toll Gate on Tuesday night.

Also Read: President Muhammadu Buhari’s speech – Full text

Reacting in a statement on Thursday night by its spokesperson, Kola Ologbodinyan, the PDP said Buhari’s address was depressing and failed empathy test.

The party appealed to Nigerians, particularly the youth, to remain calm and allow a return to normal life in the collective quest for peaceful co-existence in the overall interest of the nation.

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

PDP

The Peoples Democratic Party (PDP) has condemned the killing of peaceful #EndSARS protesters at the Lekki Toll Gate, Lagos.

This was contained in a statement titled “EndSARS- Lekki Massacre,” signed by the PDP National Publicity Secretary, Kola Ologbondiyan, late on Tuesday.

Ologbodiyan said, “The Peoples Democratic Party, condemns in very strong terms, the killing of peaceful protesters at the Lekki Toll Gate in Lagos as well as other parts of our country.

Also Read: Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

“It is shocking that security agents and, in some cases, thugs, were reportedly deployed to end the lives of promising Nigerians. This, to say the least, is saddening.

“Those responsible for the heinous murder of the innocent and harmless Nigerians must account for their nefarious acts.

“The PDP calls on President Muhammadu Buhari to immediately direct an end to these wanton killings across our nation.

 

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