“Block Ganduje from taking fresh N300bn loan from China” Northern elders beg Buhari

-Adewale Adetoyese Block Ganduje from taking fresh N300bn loan from China” -Northern elders Some elders of Kano State under the aegis of Kano State Elders Forum has asked President Muhammadu Buhari to stop Governor Abdullah Ganduje’s plan to borrow about N300bn from China for a light rail project in the state. EyewitnessMedia gathered that the group through a petition to Buhari accused Ganduje of planning to plug the state into needless indebtedness with the white elephant project, a liability several generations may find difficult to bear. The forum asked the…

Read More

The House Of Reps Discovered A Loan Agreement Concedes Nigeria’s Sovereignty To China

The members of Nigerian House of Representatives have discovered that clauses in a loan agreement by the Nigerian Government from China concedes the country’s sovereignty to China. Chairman of the House Committee on Treaties, Protocol and Agreements, Ossai Nicholas Ossai, raised the alarm while probing loans received by the government. The committee noted that the clauses in Article 8(1) of the commercial loan agreement signed between Nigeria and Export-Import Bank of China allegedly concedes sovereignty of Nigeria to China in the $400m loan for the Nigeria National Information and Communication…

Read More

World Bank Approves $750m Credit For Nigeria Power Sector

A sum of $750 million International Development Association (IDA) credit for Nigeria’s Power Sector Recovery Operation (PSRO) to improve electricity supply has been approved by the World Bank. This was disclosed in statement by the World Bank in Abuja on Wednesday. The aim was to achieve financial and fiscal sustainability and enhance accountability in Nigeria’s power sector. The statement explained that about 47 per cent of Nigerians do not have access to grid electricity and those who have access, faced regular power cut. According to World Bank, the economic cost…

Read More

2020 Budget: Senate Approves Buhari’s Request To Raise Fresh N850bn Loan

-YOMMY AYILARA. 2020 Budget: Senate Approves Buhari’s Request To Raise Fresh N850bn Loan. President Muhammadu Buhari has asked the Senate to approve his request to secure a fresh loan of N850 billion to fund some projects in the 2020 budget. He made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday, the 28th of April. The letter which was read on the floor of the upper chamber of the National Assembly in Abuja revealed how Pesident Buhari seeks to raise the loan from the domestic…

Read More