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House Approves President Tinubu’s N1.767trn Loan Request

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By Gloria Ikibah
The House of Representatives has granted approval for the implementation of the new external borrowing of N1,767, 610, 321, 779.00 (USD 2.209B).
The approval was sequel to the adoption of the recommendations of the House Committee on Aids, Loans and Debt Management Chaired by Rep. Abubakar Nalaraba, and presented at the Committee of the Whole on Thursday.
Presenting the report, the Committee Chairman, Rep. Nalaraba said the committee met and made the following recommendations, which he entreated the House to approve.
He said: “Approve the implementation of the New External Borrowing of one trillion, seven hundred and sixty seven billion, six hundred and ten million, three hundred twenty-one thousand, seven hundred and seventy-nine Naira (₦1,767, 610,321,779.00) (equivalent of USD2, 209, 512, 902. 22b) at the Budget
Exchange rate of USD1.00/800 in the 2024 Appropriation Act and that the amount should be raised from one or more sources. Namely; issuance of Eurobonds in the ICM, Issuance of debut sovereign Sukuk in the ICM, Bridge/syndicated loans, subject to market conditions;
“That based on availability and cost, to issue Eurobonds in the sum of USD1.70 billion or more, but not more than USD2,209,512,902,.22b, approved as New External Borrowing in the 2024 Act;
“Given the significant increase in the official exchange rate from USD1.00/₦800 to approximately ₦1,640, it is recommended that the exchange rate excess resulting from this adjustment be exclusively utilised for implementation of capital projects in 2024, to ensure that additional funds are
directed to impactful infrastructure & developmental projects that will contribute to the Nation’s long term growth and stability;
“Approve the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of the federal government. This approval prioritizes the issuance of Promissory Notes to address outstanding reimbursement debts owed to States, high-priority judgment debts, and other liabilities incurred by Federal Ministries, Departments, and Agencies. This measure is critical to preventing additional interest costs, mitigating further increases in the Federal Government’s debt profile, and reducing the debt-to-GDP ratio;
“That the Hon. Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office are authorised to take all necessary actions required to give effect to this.”
The lawmakers unanimously adopted and passed the recommendations.
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Nigeria prosecutes 100 terror financiers in 2 years —Tinubu

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By Francesca Hangeior

President Bola Tinubu, yesterday, announced that Nigeria has successfully prosecuted over 100 terrorist financiers in the past two years as part of its ongoing fight against financial crimes and terrorism financing.

This effort aims to disrupt the financial networks supporting terrorist groups such as Boko Haram and Islamic State West Africa Province, ISWAP, ultimately safeguarding communities and fostering a secure environment for development.

The announcement was made by Secretary to the Government of the Federation, SGF, Mr. George Akume, who represented Tinubu at the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing Compliance Summit held in Abuja.

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He said: “By taking away the funds, resources and material support behind Boko Haram and ISWAP, we are denying them the ability to inflict terror on our communities and citizens.

“We have made progress to tackle the threats of terrorism and other violent crimes through the gallant action of our frontline troops and our security agencies.

“Through the efforts of the office of the national security adviser and the attorney-general of the federation, we have prosecuted and convicted over 100 terrorist financiers in the last two years.
“It is an approach that we are utilising as a fundamental component of our national strategies to combat serious criminal offences.”

Hafsat Bakari, Chief Executive Officer of Nigerian Financial Intelligence Unit, NFIU, who also spoke at the summit, highlighted the importance of collaboration among various stakeholders, including political leaders, financial institutions, law enforcement agencies, and international partners.

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“The fight against financial crimes is not one that any single entity can win alone. It requires the collective strength and commitment of our political leaders, regulators, financial institutions, law enforcement and security agencies, and international partners,” Bakari stressed.

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Man found dead in Kano well

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By Francesca Hangeior

Kano State Fire Service has recovered the lifeless body of an unidentified 45-year-old man from a well in Babawa village, Gezawa Local Government Area of Kano State.

In a statement released on Wednesday, the Kano State Fire Service spokesman, Saminu Abdullahi, said the control room received a distress call reporting the incident.

The statement read, “Today being Tuesday 21st January 2025, at about 12:59 hrs, the State Fire Service control room received an emergency call from a police officer, ASP KABIRU LAWAN of Gezawa police division.”

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“He informed the control room about the incident at BABAWA VILLAGE in Gezawa Local Government area.

“Emergency rescue team from the state headquarters were mobilised to the scene of the incident, arrived at 13:25 hrs and found a man of about 45 years old, whose identity is unknown to anyone within the vicinity.”

According to the fire service, the man appeared unconscious when first found in the well.

Efforts to rescue him proved futile, and he was later confirmed dead, suspected to have succumbed to prolonged exhaustion.

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“Thereafter, the victim was handed over to ASP Kabiru Lawan of Gezawa Police division for further action,” he said.

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A’Ibom gov okays N80, 000 minimum wage payment

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By Francesca Hangeior

Akwa Ibom State governor, Umo Eno, has directed the Office of the Accountant General of the state to implement the N80, 000 minimum wage to about 45,984 verified public servants in the state this January.

The payment will take effect on November 1, 2024, according to the press statement by the Chief Press Secretary to the governor, Ekerete Udoh.

Udoh said the development followed the submission of the report by the Committee on the Implementation of the New Minimum Wage/Personnel Verification, headed by the Head of Service, Elder Effiong Essien, on Tuesday.

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The governor, while thanking the Committee for the great work, called for an extension of the exercise to the retired workers’ Pension Schemes in the state.

“Let me thank the Committee for taking the time to deliver on this assignment. As I received this report today, my understanding is that before now, we had a staff strength of 55,120. Out of that, 52,177 persons turned out for the verification exercise, so we still have an outstanding number of 2,943 personnel who did not show up, while 6,193 have issues with their verification.

“Having received this report today, I will be signing this off to the Office of the Accountant General, Auditor General, and the Director of Budget to come up with the memo that they are ready to implement.

“For those who have been cleared—about 45,984 of them—we should be ready to pay the minimum wage at the end of this month, effective from November 1, 2024.

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“The Civil Service forms a critical mass of employees in our state government. Since we came on board, their welfare has remained a key priority, and we will continue to do so. I believe this will help ameliorate the harsh economic environment we have found ourselves in, and I hope, by the grace of God, slowly, we will find our way out of it very soon.

“For the people who are yet to be verified, we will give another 30 days. After that, we will end the exercise. If they don’t show up within the time specified, we will take it that they are not civil servants, and their salaries will be stopped.

“We want to extend our hand of fellowship to the organized labour in the state and ask them to work with the government, as we all have a responsibility to Akwa Ibom State. We have done a lot to engender good government-labour relations. Since we came on board, we have paid over 47 billion in gratuities from the over 97 billion backlog we met since 2012, as well as several palliatives to the workers and people of Akwa Ibom State.” Eno said

He said he had accepted the recommendation of the Committee that the verification exercise should be done on a yearly basis. “I have received your recommendation that this exercise should be done on a yearly basis, and I think we will do so.

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“Another area we will run verification is the pension payments. If what we uncovered can happen with serving personnel, then you can imagine what may be happening where people have unfortunately passed and are still being paid. We need to quickly carry out the verification exercise in that area too. So I am not dissolving the Committee now; we will extend the life of the Committee for another month.”

The Implementation Committee on the Minimum Wage was set up by Governor Eno last December to ensure a smooth rollout of the newly announced 80 thousand minimum wage.

“It had as Chairman, the Head of Service; Chairman, Civil Service Commission; Chairman, Local Government Service Commission; Permanent Secretaries; Ministries of Finance; Department of Establishments, Labour, and Manpower Planning; Solicitor General/Permanent Secretary, Ministry of Justice; Permanent Secretary and Accountant General; Permanent Secretary, Local Government Service Commission; Permanent Secretary, Office of the Head of Service; Director of Budget; State Chairman, Joint Public Service Negotiating Council; Secretary, Joint Public Sector Negotiating Council; State Chairmen, Nigerian Labour Congress; and State President, Nigeria Union of Local Government Employees.

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