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FEC approves $2.2bn borrowing plan to boost economic growth

Published

4 hours ago

November 15, 2024

Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja on Thursday approved a $2.2 billion external borrowing plan to strengthen the country’s finances and support economic reforms.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this to State House Correspondents at the end of the meeting.

He explained that the financing package would be raised through a combination of Eurobonds and Sukuk bonds, with approximately $1.7 billion expected to come from the Eurobond offer and $500 million from Sukuk financing.

He added that the move aimed at completing the federal government’s borrowing programme and would proceed once the National Assembly reviewed and approved the plan.

According to Edun, the borrowing would occur within this fiscal year, and the ultimate funding arrangement would be decided by market conditions and transaction adviser advice.

He said, “The first objective is to complete the federal government’s external borrowing program with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds—approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing.

“The actual composition of the financing will be finalized once the National Assembly has considered and approved the borrowing plan. After the external borrowing approval is granted, the funds will be raised as soon as possible within the year.”

The minister said, “The exact combination of instruments will depend on the advice of transaction advisers and market conditions when we decide to enter the market.

“Earlier in the year, we demonstrated the resilience of the Nigerian financial markets and their capacity to handle more complex and sophisticated offerings, such as the domestic issuance of dollar bonds that attracted investors from both Nigeria and abroad.”

As an indication of increased trust in Nigeria’s economic recovery under President Tinubu’s administration, Edun emphasised the significance of this approval.

He used recent triumphs in issuing domestic dollar bonds that drew in both domestic and foreign investors to demonstrate the Nigerian financial market’s tenacity.

He said that this most recent overseas borrowing was made possible by the government’s economic agenda, which includes market-based pricing for important economic variables like foreign exchange and petroleum goods.

News

Bury the thought, it’s not your destiny to be president – Wike’s Aide carpets Atiku

Published

18 minutes ago

November 15, 2024

Naijablitznews

Senior Special Assistant on Public Communications and New Media to Federal Capital Territory FCT Minister, Lere Olayinka, has told former Vice President, Atiku Abubakar to jettison his ambition to govern the country in 2027, saying the 2023 Peoples Democratic Party PDP presidential candidate was not destined to rule the country.

Olayinka in a statement in Abuja yesterday, said “The PDP presidential ticket will no longer be available to be wasted by serial betrayals of the party, who are obviously suffering the consequences of their past sins against the party and its members”.

Insisting that Atiku should perish the thought of contesting the 2027 presidential election as candidate of the PDP, Olayinka said “Alhaji Atiku Abubakar and those egging him on for their benefits should let the PDP breathe.”

FCT Minister, Ezenwo Nyesom Wike had said during a live media parley in his office in Abuja on Wednesday that there would be no chance for Atiku, who was the 2023 Presidential candidate of the PDP to secure the party’s ticket in 2027.

Reacting through his Media Aide, Phrank Shaibu, Atiku had alluded to his defeat of Wike to pick the 2023 PDP presidential ticket as well as the former governor of Sokoto State, Aminu Tambuwal, to emerge as the candidate in 2019.

However, in a statement yesterday, Olayinka, said Atiku’s “celebration of his narrow and fraudulent defeat of Wike in the 2022 PDP primary was funny and childish”, adding that “it is like Arsenal fans jumping to the rooftops to celebrate the club’s narrow defeat of Super Falcons.”

He said: “That Atiku is venerating himself for contesting PDP ticket with Wike and Tambuwal, people who were just a little above 25 as of 1993, when he contested the Social Democratic Party SDP presidential primary and came third, is the more reason he needs to go home and rest and stop acting like the proverbial cock that failed to realize that it is now elderly.”

Describing Atiku as someone not destined to be president of Nigeria, Olayinka said; “It is obvious that he (Atiku) is paying the price of betraying the PDP in 2003, 2007 and 2014. If not, the same presidency he has contested twice and lost, could have been his to just pick if he had avoided being inordinately ambitious while he was Vice President.”

“It was this desperation that made him to contest for president as candidate of Action Congress in 2007, while still serving as Vice President, elected under the platform of the PDP. A serving Vice President joining others to form another party and contesting as candidate of the new party against his own party.

That’s Alhaji Atiku Abubakar!

“Most importantly, Atiku’s conscience will continue to prick him on his roles in Lagos in 2023, and I am sure that even his apology to PDP members in 2018 can never remove from his body, that garment of betrayal.
“Therefore, it is again being sounded to his ears and those of the people lying to him that he is the only one who can win the presidency for the PDP that the ticket of the party will not be for someone like him, who will lose election and run to Dubai, only to come back two years to another election”, Olayinka added

CityNews

News

Confusion As ‘Baltasar Engonga’ was cornered and fl0gged by husbands of the women he sl3eps with

Published

25 minutes ago

November 15, 2024

Naijablitznews

A man dubbed Zimbabwe’s own “Baltasar” faced violent retribution from a group of enraged husbands after being accused of having affairs with their wives.

In a video shared by Crimewatch Zimbabwe on X (formerly Twitter), several men from the Mapostori sect were seen beating the man, holding him down while others struck him with what appeared to be rubber sticks.

The video, recorded by a witness and later posted on social media, shows the men interrogating him. At one point, one of the attackers questions, “How many women have you slept with, and why did you do it?” Reports indicate that the man allegedly engaged in these relationships after some women claimed their husbands were not satisfying them.

Social media reactions were swift, with users tagging the police to intervene and arrest the men involved in the assault. Many viewers expressed shock, noting a recent rise in arrests related to assaults on cheating partners and their spouses.