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Acting President, Yemi Osinbajo seeks House of Representatives approval on $1.28bn and €9m loans

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The approval of the House of Representatives by the Acting President, Prof. Yemi Osinbajo, for fresh $1.28bn and €9m loans under the 2016-2018 External Borrowing (Rolling) Plans of the Federal Government.

The letter  he wrote was read to the House of Representatives on the matter by the Speaker, Mr. Yakubu Dogara, on Tuesday in Abuja.

Osinbajo explained that the $1.28bn was to support the operations of the Development Bank of Nigeria.

He said the “multi-donor supported bank” was approved during the administration of former President Goodluck Jonathan and had its financial agreements executed on February 25, 2015.

However, the acting President stated that the $1.28bn, which ought to have been included in the 2014-2016 borrowing plans, was inadvertently omitted.

He noted that there was an urgency to re-list the $1.28bn in the 2016-2018 borrowing plans because the creditors were ready to provide the funding.

For instance, Osinbajo said the World Bank Group would provide $500m; African Development Bank, $450m; Kfw Development of Germany, $200m; and French Development Agency, $130m, bringing the total to $1.28bn.

The letter added that the €9m would go into the Fund for Agricultural Finance in Nigeria.

Osinbajo stated that the Kfw Development Bank of Germany would provide the money.

He stated, “The first phase (FAFIN-I) was in the €10.5m and the financing agreement was executed on the 3rd of October, 2013. It is an investment facility in agricultural financing. The first tranche of FAFIN-I has been fully disbursed and the donor is ready to provide another tranche of €9m for FAFIN-II.

“The second tranche is for the consolidation of the gains in the investment of the first tranche.”

Earlier on April 26, 2017, President Muhammadu Buhari had written the National Assembly seeking approval to include another $6.9bn in the borrowing plans.

The facility was requested for the execution of key rail projects, the rehabilitation of the North-East and projects in education, agriculture and health sectors.

According to the President’s request, the Chinese, through the China Eximbank, will provide over $5.8bn of the loan, while the World Bank will make provisions for the balance.

Among the rail projects are the Coastal Railway Project (Lagos-Calabar segment), estimated at $3.4bn; the Lagos-Kano Railway Modernisation Project (Lagos-Ibadan segment), $1.2bn; and the Lagos-Kano Railway Modernisation Project (Kano-Kaduna segment), $1.1bn.

Source: ( Punch Newspaper )

National News

BREAKING: Hoodlums Invade Ondo Prison, Release Inmates

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BREAKING: Hoodlums Invade Ondo Prison, Release Inmates
BREAKING: Hoodlums Invade Ondo Prison, Release Inmates

Ondo State map

According to reports, no less than 58 inmates of the National Correctional Service Centre located in Okitipupa, the headquarters of Okitipupa Local Government Area of Ondo State have been released by hoodlums on Thursday.

It was gathered the hoodlums stormed the center, burnt down a vehicle, and forcefully released the inmates.

Also Read: #EndSARS: Hoodlums Hijack Benin Protest, Free Prisoners

It was also gathered that several items were also destroyed on the premises of the prison service.

This is the second jailbreak to be recorded this week, following the jailbreak recorded in Benin, Edo State earlier in the week.

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Ikoyi Prison On Fire, Inmates Attempt Jail Break (Video)

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Ikoyi Prison On Fire, Inmates Attempt Jail Break (Video)
Ikoyi Prison On Fire, Inmates Attempt Jail Break (Video)

Ikoyi prisoners attempt jailbreak

An attempted jailbreak has reportedly occurred at the Ikoyi Prisons of the Nigeria Correctional Service located in Lagos State.

Videos circulating on social media suggest the Ikoyi prison has been broken into, some building set on fire, and gunshots are been heard as officials try to control the pandemonium.

Also Read: Lekki Shooting: No One Can Explain Buhari’s Silence, Says Kukah

A video clip of the jailbreak shows smoke coming from the prison premises while gunshots were heard in the background.

According to reports gathered the police and military personnel had been deployed to assist prison guards to foil the attempt by inmates to escape.

Watch the video below:

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National News

Buhari Holds National Security Meeting Amid EndSARS Protests Violence

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Buhari Holds National Security Meeting Amid EndSARS Protests Violence
Buhari Holds National Security Meeting Amid #EndSARS Protests Violence

Muhammadu Buhari

Amid the violence erupting from the #EndSARS protests across the country, a meeting of the National Security Council been presided by President Muhammadu Buhari is currently holding at the Presidential Villa in Abuja.

A presidential media aide, Bashir Ahmed made this known via his Twitter handle on Thursday.

Present at the meeting are the Vice President, Prof. Yemi Osinbajo; Secretary to the Government of the Federation Boss Mustapha; Chief of Staff to the President Professor Ibrahim Gambari and the National Security Adviser, Major General Babagana Monguno (retd).

Also Read: Sanwo-Olu Confirms Lekki Toll Gate CCTV Still Intact

The service chiefs led by the Chief of Defence Staff, General Gabriel Olonisakin; as well as the Chief of Army Staff Lieutenant General Tukur Buratai; Chief of Naval Staff Vice Admiral Ibok Ekwe Ibas and Chief of Air Staff, Air Marshal Sadique Abubakar are also in attendance.

Also present are the Inspector General of Police, Mohammed Adamu, Director General of National, Department of State Services, Yusuf Bichi, Director General, National Intelligence Agency, Ahmed Rufa’i and the Directorate of Military Intelligence.

The Minister of Defence, Bashir Magashi; Rauf Aregbesola (Interior); Mohammad Dingyadi (Police Affairs) and Geoffrey Onyeama( Foreign Affairs) are also present.

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