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

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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.
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Trump Replies Episcopal Bishop’s Call for Mercy on LGBTQ+ Community and Migrant Workers

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By Kayode Sanni-Arewa

During the inaugural prayer service, Right Reverend Mariann Budde, the Episcopal Bishop of Washington, delivered a poignant message urging President Donald Trump to extend mercy to the LGBTQ+ community and undocumented migrant workers.

Her powerful appeal was made in front of a congregation gathered for the historic event, calling on the president to embrace compassion and understanding toward marginalized groups.

Following the service, President Trump was asked about the sermon and the bishop’s remarks.

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In a brief interaction with the press, the president remarked that he did not believe the service had been “a good service,” without further elaborating on his stance.

Bishop Budde’s remarks have sparked a range of reactions, with advocates for LGBTQ+ rights and immigrant communities expressing hope that her call would resonate with the president, while others have criticized the president’s response.

The appeal for mercy and inclusion comes as the new administration begins its term, and its stance on issues of social justice and human rights remains closely watched.

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Inflation, Rising Costs Behind 50% Telecom Tariff Increase – Minister

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…FG to invest ₦6bn in fibre optic expansion

 

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By Gloria Ikibah

 

The Minister of Communication, Innovation, and Digital Economy, Dr. Bosun Tijani, has attributed the recent 50 percent increase in telecommunication tariffs to inflation and rising operational costs.

 

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The Minister disclosed this during the 2025 budget defense session held by the joint House of Representatives and Senate Committees on Communication, on Tuesday in Abuja.

 

Explaining the rationale behind the tariff hike, Dr. Tijani stated that the move aligns with broader economic trends where increased tariffs lead to higher consumer prices due to added costs on imported goods.

 

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The Minister also revealed plans by the Federal Government to invest ₦6 billion in the deployment of 90,000 kilometers of fiber optic cables, increasing Nigeria’s current coverage from 35,000 kilometers to 125,000 kilometers, and he described this initiative as a critical step towards boosting communication infrastructure and fostering growth in key sectors of the economy.

 

“Tariffs act as a sales tax, causing a one-off price increase rather than sustained inflation.

 

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“Outside of South Africa and maybe Egypt or Tunisia, many African countries face a significant deficit in fiber optic cable coverage.

 

“This is going to become a big business. We want Nigerian companies not only to lay cables within Nigeria but also to provide these services for neighboring countries. And we want our people to be the workforce driving this transformation,” he said.

 

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Dr. Tijani who emphasised the importance of communication infrastructure in ensuring security and economic development, highlighted the historical reliance on private investment for telecommunications infrastructure, which has often prioritized profitable urban areas over rural communities.

 

“Private companies only invest where they see potential returns.

“They use tools like night-time satellite data to identify economic activity, represented by lights, and focus their investments in those areas. This has left many underserved regions without proper infrastructure. Addressing this disparity is a priority for us,” he explained.

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The Minister, however, lamented the inadequate funding of the Ministry, which he said hampers its ability to fulfill its mandate effectively.

 

“The Ministry is underfunded compared to agencies like the NCC. We lack the necessary resources and software to track revenue-generating activities efficiently. With better funding, the Ministry could generate significantly more revenue and enhance its impact,” he said.

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In his remarks, Senator Shuaib Salisu, Co-Chairman of the Senate Committee on Communication, acknowledged the critical contributions of the communication sector to Nigeria’s economic growth. He called for a review of the Ministry’s 2025 proposed budget to ensure it is adequately equipped to deliver on its mandate.

 

Following discussions, the Committee adopted a motion urging the Committees on Appropriation to consider an upward revision of the Ministry’s budget for 2025.

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Kalu Calls On UK Govt to Support Nigeria’s War Against Corruption

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…praised diplomatic ties between the two countries

 

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By Gloria Ikibah

 

The Deputy Speaker of the House of Representatives, Rep. Benjamin Kalu, has called on the government of United Kingdom (UK) to support Nigeria’s fight against corruption.

 

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The Deputy Speaker made the call during his speech in an event tagged “UK-Nigeria Collaboration: A Parliamentary Strategic Dialogue” which attracted the presence of the Deputy Leader of the British House of Lords, Rt. Hon. Lord Collins among other members of parliament from Nigeria and UK in London on Wednesday.

 

Kalu emphasized the importance of collaboration between the two countries in tackling corruption amongst other challenges.

 

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He commended the diplomatic ties between Nigeria and the United Kingdom, highlighting the potential for deepened economic relationships.

 

Referencing the partnership between Nigeria and the UK as a testament to shared values and mutual interests, Kalu added that by deepening collaboration across these sectors, both countries will unlock the  opportunities for sustainable growth and development.

 

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He said: “The UK-Nigeria Strategic Partnership establishes a comprehensive framework for deepening bilateral relations and achieving shared objectives. This collaboration spans six pillars: Growth and Jobs: Through the Enhanced Trade and Investment Partnership (ETIP), both nations will drive mutual economic growth by addressing market barriers, boosting two-way trade, and fostering sustainable investments in manufacturing, agriculture, and energy.

 

“Both nations commit to facilitating safe migration, tackling visa abuse, and operationalizing prisoner transfer agreements while advancing reforms in global financial systems.

 

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“I wish to call on the UK Government to intensify its efforts towards supporting Nigeria’s war against corruption in all its facets. One of the ways the UK can support this fight is to ease the process of repatriation of monies seized from Nigerian officials that are trapped in the UK financial system. Incidentally, I am here with the Chairman of the Nigerian Parliament Committee on Financial Crimes and he will be happy to continue the conversation with relevant officials.

 

“Nigeria seeks the UK’s continued support in recovering illicit funds. Enhanced collaboration should focus on: Setting up mechanisms to curb illicit financial flows. Strengthening institutions to combat  corruption. Facilitating asset recovery processes through bilateral agreements”.

 

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Kalu who is the Chairman,  Nigeria’s House Committee on Constitution Review and an advocate for political inclusion also called on the UK’s Foreign, Commonwealth & Development Office (FCDO) to support the work of the panel.

 

“As Chair of the House Committee on Constitution Review, I acknowledge the monumental task of refining Nigeria’s constitutional framework to reflect the evolving needs of its people. Key issues under deliberation—such as the creation of special status seats for women in legislative assemblies, the enactment of more gendersensitive legislation, and the potential introduction of sub-national policing—are pivotal to fostering inclusive governance and addressing the nation’s security challenges.

 

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“Thus, I implore the UK’s Foreign, Commonwealth & Development Office (FCDO) to extend tailored support to the Committee’s critical work. By providing technical assistance, research expertise, and capacity-building programs, the FCDO can help ensure that these constitutional reforms are comprehensive, evidence-based, and aligned with international best practices.

 

“Such support would not only strengthen Nigeria’s democratic institutions but also reinforce shared values of equity, justice, and security, which underpin the UK-Nigeria Strategic Partnership. This collaboration would demonstrate a profound commitment to empowering marginalized groups, ensuring safer communities, and fortifying Nigeria’s legislative framework for future generations”, he said.

 

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