News

President Tinubu Seeks Legislative Approval for $8.6bn External Borrowing Plan

Published

2 days ago

November 19, 2024

By Gloria Ikibah

President Bola Tinubu has written to the National Assembly, seeking the approval for N1.767 trillion ($2.209 billion) new external borrowing plan in the 2024 Appropriation Act.

This request from President Tinubu was contained in a letter addressed to the Speaker, House of Representatives, Rep. Abbas Tajudeen titled: “Request for a Resolution of the National Assembly for the Implementation of the New External Borrowing of N1.767 trillion (About $2.209 billion) in the 2024 Appropriation Act”.

In the letter read by Speaker Abbas at the resumed plenary on Tuesday, the President said the borrowing was to part-finance the 2024 budget deficit of N9.179 trillion.

According to President Tinubu, the 2024 Appropriation Act approved the sum of N7.828 trillion as New Borrowings out of which Domestic Borrowing stood at N6.061 trillion and New External Borrowing pegged at N1.767 trillion to part-finance the N9.179 trillion budget deficit.

The letter reads in part: “In accordance with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) (Establishment, Etc.) Act, 2003, and the approval of the Federal Executive Council, I write to request for a Resolution of the National Assembly to raise the sum of N1,767,610,321,779.00 (equivalent of USD2,209,512,902.22 at the Budget Exchange Rate of USD1.00/N800) provided as New External Borrowing in the 2024 Appropriation Act to part finance the budget deficit of N9.179 trillion.

“The Right Honourable Speaker may wish to recall that the 2024 Appropriation Act approved the sum of N7,828,529,477,860.00 as New Borrowings to part-finance the 2024 budget deficit of N9.179 trillion. The total New Borrowings of N7.828 trillion was further subdivided into New Domestic Borrowing of N6.061 trillion and New External Borrowing of N1.767 trillion”.

The President also explained that external borrowing funds were needed to give more momentum to the ongoing implementation of the projects and programmes in the 2024 Appropriation Act, which were designed to stabilise the economy and put it on the path of sustainable growth and development.

According to him, the key projects to which the proceeds will be deployed include the priority sectors of the economy, such as power, transport, agriculture, defence and security, while increasing accretions to the external reserves.

Likewise, President Tinubu in aletter transmitted to the House requested that it approve the 2025-2027 Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF/FSP).

Naijablitznews.com reports that the Federal Executive Council last week, approved the MTEF/FSP which pegged the 2025 budget at N47.9 trillion, oil price benchmark at $75 per barrel, oil production of 2.06 million barrels per day, an exchange rate of N1,400/$1, and GDP growth of 4.6 per cent.

The president asked the House to expeditiously consider the

MTEF/FSP as the 2025 budget was prepared based on the document.

“It is with pleasure that I forward herewith, the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF&FSP) for the kind consideration and approval by the House of Representatives. The 2025- 2027 (MTEF&FSP) was approved during the Federal Executive Council (FEC) meeting of 10th November, 2024.

“The House is invited to note that, as the 2025 budget of the Federal Government will be prepared based on the parameters and fiscal assumptions of the approved 2025-2027 (MTEF&FSP), it is imperative to seek National Assembly’s expeditious legislative action on this submission,” the letter stated.

In another letter to the House, President Tinubu transmitted to the House, the National Social Investment Programme Agency Establishment Amendment Bill, 2024, and requested expeditious consideration and passage.

He said the purpose of the bill was to make National Social Register a primary targeting tool for the implementation of social investment programmes of government.

According to the President, this will ensure social welfare programmes are data driven and implementation processes are transparent, targeted, dynamic and effective in delivering social protection benefits to vulnerable Nigerians.

“Pursuant to Section 58(2) of the Constitution of The Federal Republic of Nigeria 1999 (as amended), I forward, herewith, for the kind consideration and passage by the House of Representatives, the National Social Investment Programme Agency (Establishment) (Amendment) Bill, 2024, for the amendment of the National Social Investment Programme Agency Act, 2023.

“The purpose of the bill is to make the National Social Register the primary targeting tool for the implementation of social investment programmes of Government. This will ensure our social welfare programmes are data driven and implementation processes are transparent, targeted, dynamic and effective in delivering social protection benefits to vulnerable Nigerians,” the letter read.

News

BREAKING: Finland Police Nab Simon Ekpa, 4 Others Over Terror-related Activities

Published

1 hour ago

November 21, 2024

Naijablitznews

The Central Criminal Police in Finland has announced the arrest of Finnish-Nigerian separatist agitator, Simon Ekpa and four other individuals over terror-related activities.

According to a tabloid in Finland, Ekpa, the self-declared Prime Minister of Biafra Republic Government In-Exile, was remanded in custody by the district court of Päijät-Häme on suspicion of public incitement to commit a crime with terrorist intent.

In a Thursday statement published on its website, the Central Criminal Police in Finland said it arrested five persons on suspicion of terrorist crimes.

The police said the main suspect was arrested “on suspicion of public incitement to commit a crime with terrorist intent”, while four others were arrested “for financing a terrorist crime”.

The police added: “Claims will be heard in Päijät-Häme district court today, November 21.”

The statement reads, “The detention demands are related to the preliminary investigation, in which a Finnish citizen of Nigerian background, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent.

“The police suspect that the man has promoted his efforts from Finland by means that have led to violence against civilians and authorities as well as other crimes in the region of South-Eastern Nigeria.”

The statement quoted the head of the investigation, Crime Commissioner Otto Hiltunen from the Central Crime Police as saying that “the man has carried out this activity, among other things, on his social media channels”.

“Four other persons are suspected of financing the aforementioned activity. All five suspects of the crime have been arrested during the beginning of the week.

“International cooperation has been carried out during the preliminary investigation,” the statement added.

News

SAD! Gunmen kill lawyer in Benue

Published

2 hours ago

November 21, 2024

Naijablitznews

A lawyer, Mike Ofikwu, has been shot dead by gunmen in Otukpo town, Benue State.

The incident reportedly occurred on Wednesday night at his residence on Otukpa Street, Otukpo.

A source close to the deceased, who spoke on condition of anonymity, disclosed that the lawyer was ambushed by two armed men while waiting for his gate to be opened.

“Two armed men had laid an ambush for him. As he was waiting for his people to open the gate, the assailants emerged from hiding and shot him at a close range,” the source said.

The victim was rushed to a nearby hospital, but medical personnel pronounced him dead on arrival.

Confirming the incident, the spokesperson for the Benue State Police Command, Catherine Anene, said an investigation was underway to apprehend those responsible for the attack.

“This incident is confirmed, and investigations are ongoing. I commiserate with his family and friends and assure them that justice will be served,” Anene said in a brief statement.

News

HoR Rejects Bill Seeking 6 years single tenure for President, Governors

Published

2 hours ago

November 21, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives moved against a bill, seeking to amend the 1999 constitution to provide for a single term of six years for the Offices of the President, State Governors and Local Government Areas Chairmen.

The piece of legislation which was sponsored by Rep Ikenga Ugochinyere and 33 other lawmakers, seeks zonal rotation of presidential and governorship seats, as well as holding of the elections in one day.

Naijablitznews.com reports that the bill was read for the first time on July 17, 2024 on the floor of the House and was read for the second time on Thursday November 21, 2024, by the clerk of the House, but it didn’t scale through as members voted against the bill.

The proposed legislation seeks to alter Sections 76, 116, 132, 136, and some others of the 1999 Constitution (as amended).

According to the general principles of the bill, “these amendments was to ensure inclusive governance and to curb wastages occasioned by four year periodic elections.

“The bill among others seeks amendment of Section 132 of the Principal Act by inserting a new subsection (2), deleting the extant subsection (4) and renumbering the entire section accordingly to provide that an election to the office of President of the Federal Republic of Nigeria shall be rotated between the North and the South regions of the country every six years.

“Other amendments include, Section 76 of the Principal Act is altered by inserting a new subsection (3) as follows; (3) For the Purposes of Section (1) of this section, all elections into the offices of President, Governors, National Assembly and State Houses of Assembly shall hold simultaneously on the same date to be determined by the Independent National Electoral Commission in consultation with the National Assembly and in accordance with the Electoral Act.

“Section 116 of the Principal Act is amended by inserting a new a subsection (3) as follows; < For the purposes of subsection (1) of this section, all elections into the offices of President, Governors, National Assembly, State Houses of Assembly and Local Government Councils shall be held simultaneously on the same date to be determined by the Independent National Electoral Commission (INEC) in consultation with the National Assembly and in accordance with the Electoral Act.

“Section 132 of the Principal Act is amended by inserting a new é subsection (2), deleting the extant subsection (4) and renumbering the entire section accordingly: An election to the office of President of the Federal Republic of Nigeria shall be rotated between the North and the South regions of the Country every six years. Provided that where it is the turn of the North or South to present a candidate for election into the office of President, it shall be rotated among the three geo-political zones that constitutes the regions. The extant subsection (2) becomes subsection (3) The extant subsection (3) becomes subsection (4) The extant subsection (4) is hereby deleted The extant subsection (5) remains subsection (5).

“Section 136 of the Principal Act is amended by deleting the a extant subsections 1 & 2 and replacing them with new subsections I, 2 and 3 as follows: If a person duly elected as President dies before taking and subscribing the Oath of Allegiance and oath of office. or is for any reason whatsoever unable to be sworn in, the person elected with him as First Vice President shall be sworn in as President and he shall appoint a new First Vice President with the approval by a simple majority of the National Assembly at a joint sitting.

“A person who was sworn in as Governor to complete the term for which another person was elected as Governor shall not be elected to such office for another term. The Principal Act is altered by inserting a new Section 188 immediately after the extant 187 and immediately before the extant 188 and renumbering accordingly as follows; 188(1) Notwithstanding any other provision, the Governor shall present a mid-term account of stewardship performance report to the State House of Assembly at the end of the third year of the six-year term. The State House of Assembly shall determine by a resolution supported by not less than two-third majority of members whether the Governor bas by the account of stewardship report justified his continuous stay in office.

“Where, upon the consideration of the mid-term report under subsection (1) of this section, the State House of Assembly is not satisfied with the performance of the Governor for the period he has been in office, the State House of Assembly shall pass a vote of no confidence on the Governor. The State House of Assembly shall immediately commence the process for the impeachment of the Governor from office.”

When the Bill was read and put to vote by the Speaker of the House, Rep. Tajudeen Abbas, who presided over the plenary session and the nays had it.