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CHINESE LOANS RISE BY 209% UNDER BUHARI, HIT $4BN

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Federal Government’s borrowing from China has grown by 209.15 per cent under the Major General Muhammadu Buhari (retd.) administration.

This is as total bilateral loans rose by 219.91 per cent from $1.58bn as of June 2015 to $5.07bn as of December 2022. Total borrowing from China rose from $1.39bn to $4.29bn in the period under review.

Available data from the Debt Management Office revealed that Chinese loans make up 84.73 per cent of the total amount Nigeria owes to other countries of the world. The remaining 15.27 per cent is spread across France, Japan, India, and Germany.

According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, have a tenor of 20 years, and grace period (moratorium) of seven years.

As of September 30, 2021, the DMO listed 15 projects there were being funded with Chinese loans in a document titled, ‘Status of Chinese loans as at September 30, 2021.’

The more listed loans include the Nigerian 40 Parboiled Rice Processing Plants Project (Fed. Min. of Agric & Rural Dev.), Nigerian Railway Mordernisation Project (Lagos – Ibadan section), Nigeria Rehabilitation and Upgrading of Abuja – Keffi – Markurdi Road Project, Nigeria Supply of Rolling Stocks and Depot Equipment for Abuja Light Rail Project, and Nigeria Greater Abuja Water Supply Project.

While Nigeria has drawn consistently from China’s well under Buhari, China-Exim Bank declined recently declined an earlier agreement to grant Nigeria a loan of $22.79bn.

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The loan had been approved under the 2016–2018 Federal Government External Borrowing (Rolling) Plan by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively. This may impact the Nigerian Railway Modernisation Project (Kaduna–Kano segment), with the contractor (CCECC Nigeria Limited), and the Federal Ministry of Transportation, engaging China Development Bank for a loan of $973.48m.

Despite the recent hiccup in loan approval, China loaned Nigeria $658.72m in 2022.

In 2021, the immediate past Minister of Transportation, Rotimi Amaechi, alleged that China was becoming sceptical of borrowing Nigeria money because of a National Assembly probe of the Federal Government’s ability to pay back its loan.

While answering questions on Politics Today, on Channels Television, Amaechi alleged that the probe prevented China from granting more loans to Nigeria.

 He added that the combined effort of the Senate President and Speaker had stopped the probe, which had helped.

Recently, the President of the World Bank, David Malpass, told The BBC that he was concerned about some of China’s loans to developing economies in Africa.

He noted that the terms and conditions of these loans need to be more transparent. This is as countries including Ghana and Zambia appear to be struggling to repay their debts to Beijing.

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He said, “What I encourage strongly is that they be transparent in their contracts. That’s been one of the problems; if you write a contract and say ‘but don’t show it to anybody else’, that’s a minus. So, get away from that.”

He warned, “For governments in Africa, they shouldn’t be offering collateral as an inducement to make a loan, because it locks it up for generations. That’s been happening with China.”

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NIS Will Focus More On Passport Insurance, Staff Welfare – New Ag. CG

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The newly appointed Acting Comptroller General, Nigeria Immigration Service (NIS), Caroline Adepoju, has promised to promote staff welfare and passport insurance.

Adepoju, therefore, directed all passport offices nationwide to take necessary steps to ensure no Nigerian is subjected to unnecessary delays or substandard treatment in the course of applying for passports.

This was contained in a statement issued by the Service Public Relations Officer (SPRO), Comptroller of Immigration, Mr. Tony Akuneme, in Abuja, yesterday.

The Acting CG read the riot act, when she addressed top management of the NIS minutes after taking over from Alhaji Isah Jere, her immediate predecessor.

Adepoju affirmed that she would focus majorly on passport issues and staff welfare as those two aspects contribute mostly to the complaints of Nigerians and NIS personnel.

She announced that a stakeholders meeting would be convened in the next few days to x-ray the real issues in passport process and proffer far-reaching solutions.

This, she said, would include opening more front offices in the Lagos area, where the bulk of complaints emanate from.

Adepoju equally said she would adopt a bottom-top approach in tackling officers’ welfare.

“We will start by meeting all cadres of staff to hear their genuine needs, in a bid to hit the ground running with a blue print that will be based on an all inclusive needs assessment,” she said.

She appreciated the immediate past Comptroller General for making positive impact on the service during his tenure and asked God to guide him in his future endeavours.

News Agency of Nigeria (NAN) reports that Adepoju had served in various locations during her career in the NIS.

Until her appointment, she was the Deputy Comptroller General in charge of Finance.

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Tinubu Reinstates Sanity As DSS, EFCC Squabble Over Property In Lagos

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A protracted conflict between Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) over a building at No. 15 Awolowo Road, Ikoyi, Lagos, appeared to have taken a dirty twist, yesterday.

The incident, however, earned a place in the archive of the new administration as one of the first interventions by President Bola Tinubu, who was sworn in barely 24 hours earlier.

Operatives of the DSS had barricaded entrance to the EFCC’s office, located at the said building, leading the anti-graft agency to issue a protest statement.

Meanwhile, the DSS issued a counter statement, denying it barricaded the premises, and claiming it was “only occupying its own” facility.

According to a statement released by presidential spokesman, Tunde Rahman, Tinubu “directed DSS to immediately vacate the office of the EFCC in Ikoyi, Lagos,” adding, “if there were issues between the two important agencies of government, they would be resolved amicably.”

EFCC’s spokesperson, Wilson Uwujaren, described the incident as bizarre, given that both agencies had shared the controversial facility for decades.

The statement reads: “Operatives of the Lagos Command of the EFCC arrived at their office on No. 15 Awolowo Road, Ikoyi, this morning, May 30, 2023, to be denied entry by agents of the DSS, who had barricaded the entrance with armoured personnel carriers.

“This development is strange to the Commission, given that we have cohabited with the DSS in that facility for 20 years without incident.

“By denying operatives access to their offices, the Commission’s operations at its largest hub, with over 500 personnel, hundreds of exhibits, and many suspects in detention have been disrupted.

Cases scheduled for court hearing today have been aborted, while many suspects who had been invited for questioning are left unattended.

“Even more alarming is that suspects in detention are left without care, with grave implications for their rights as inmates. All of these have wider implications for the nation’s fight against economic and financial crimes.

“The siege is inconsistent with the synergy expected of agencies working for the same government and nation, especially when there are ongoing discussions on the matter.”

DSS spokesman, Peter Afunanya, however, said: “It is not correct that the DSS barricaded EFCC from entering its office. No. It is not true. The Service is only occupying its own facility where it is carrying out its official and statutory responsibility.

“By the way, there is no controversy over No 15 Awolowo Road, as being insinuated by the media. Did the EFCC tell you it is contesting ownership of the building? I will be surprised if it is contesting the ownership.

“Awolowo Road was NSO headquarters. SSS/DSS started from there. It is a common knowledge. It is a historical fact. Check it out.

“There is no rivalry between the Service and the EFCC over and about anything. Please, do not create any imaginary one. They are great partners working for the good of the nation. Dismiss any falsehood of a fight.”

Guardian

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Three Killed While Travelling To Attend Inauguration Of New Ebonyi Governor, Nwifuru

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The victims who hailed, from Izzi Local Government Area, the home town of the new governor, Francis Nwifuru, were said to have died in a ghastly motor accident on their way to Abakaliki.

Three persons travelling to attend Monday’s swearing-in ceremony in Abakaliki, the Ebonyi State capital, Southeast Nigeria, have reportedly been killed.

The victims who hailed, from Izzi Local Government Area, the home town of the new governor, Francis Nwifuru, were said to have died in a ghastly motor accident on their way to Abakaliki.

Although the details of the accident were still sketchy, reports claimed many others also sustained varying degrees of injury.

According to one report, the vehicle carrying the victims had gone to Izzi to pick up villagers. Unfortunately, while they were travelling from the local government area to Abakaliki, one of the car tyres was deflated. 

Those injured in the accident have reportedly been moved to the Ebonyi Federal Teaching Hospital in Abakaliki.

The swearing-in ceremony in the state, like it is happening across the country today (Monday), is holding at the Pa Ngele Oruta Township Stadium, Abakaliki.

Meanwhile, efforts made by SaharaReporters to speak with the State Police Public Relations Officer SP, Onome Onovwakpoyeya, were unsuccessful as she didn’t answer her calls.

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