Connect with us

Inside Nigeria

You Will Return Abacha Loot If Stolen, US Warns Nigeria

Published

on

Abacha loot

The United States has warned that the $321m Gen. Sani Abacha loot soon be repatriated to Nigeria must be placed in an account and must not be stolen.

The US said Nigeria would be made to replace the money if stolen.

Spokesperson for the US State Department, Morgan Ortagus, said in a statement this was one of the agreements between the US, Nigeria and the Island of Jersey, where the funds are being kept.

The statement read in part, “The funds will be used by the Nigerian Independent Sovereign Authority for three infrastructure projects in strategic economic zones across Nigeria.

“To ensure that the funds are used responsibly and for the good of the nation, the agreement includes mechanisms for monitoring the implementation of these projects as well as external oversight, and it requires Nigeria to repay any funds lost as a result of any new corruption or fraud to the account established to hold the returned assets.

“This return reflects the growing international consensus that countries must work together to ensure stolen assets are returned in a transparent and accountable manner.”

The US said the arrangement was consistent with the commitments both the US and Nigeria made under the principles agreed to at the 2017 Global Forum on Asset Recovery co-hosted by the US and the United Kingdom.

The statement said, “This agreement is a symbol of the weight that the United States government places on the fight against corruption. We welcome President Buhari’s personal commitment to that fight, and we will continue to support civil society and other Nigerian efforts to combat corruption at all levels. The fight against corruption is an investment in the future of Nigeria.”

Abacha, who ruled Nigeria between 1993 and 1998, is believed to have diverted over $4bn from the nation’s treasury.

Over $1bn has been recovered from his loot so far.

However, there have been rumours that the funds have not been properly managed by successive governments.

Inside Nigeria

Buhari Presides Over Virtual FEC Meeting

Published

on

President Muhammadu Buhari is currently presiding over a virtual Federal Executive Council (FEC) meeting at the State House, Abuja.

The meeting, which started at 09:02 GMT has the Vice President, Professor Yemi Osinbajo (SAN), Secretary to Government of the Federation, Boss Mustapha, Chief of Staff to the President, Professor Ibrahim Gambari, as well as some Ministers in attendance.

Ministers present in the hall include those of Justice, Aviation, Finance, Information and Culture, Environment, Water Resources, Defence and Works.

All other Ministers are attending form their various offices in the nation’s capital city, Abuja.

The meeting is expected to consider issues surrounding how the nation can mitigate the effects of the COVID-19 and how to enhance the livelihood of Nigerians in the midst of the pandemic.

Continue Reading

Inside Nigeria

Senate Okays Buhari’s $5.513bn Loan Request

Published

on

The Senate on Tuesday approved President Muhammadu Buhari’s $5.513 billion external loan request to finance the revised 2020 budget.

The approval followed the presentation and consideration of the report of the Senate Committee on Local and Foreign Debts, Senator Clifford Odia (Edo Central) by the upper chamber.

Buhari had, in his letter of request, said the $5.513 billion external loan is to enable the Federal Government fund the 2020 revised budget.

However, the components of the external loan, which is to enable the Federal Government execute its priority projects and for projects to support state governments in stimulating their economy, which has been adversely affected by the COVID-19 pandemic, was stood down by the Senate due to lack of requisite details.

A lender for the Federal Government’s priority projects as approved by the Senate is the African Development Bank (AfDB) – $125million to strengthen healthcare system and improve response to COVID-19 and $23 million for financing smallholder farmers to mitigate food security impact of the COVID-19 pandemic.

Others are $600million from the Islamic Development Bank to support response to challenges posed by COVID-19 and $500 million from the African Export-Import Bank to provide critical medical supplies to combat COVID-19.

Also, the Senate passed the 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government.

President Muhammadu Buhari had last Thursday, in a letter, urged the upper chamber to consider and approve the 2020-2022 MTEF/FSP.

The Senate approved the recommendation of the Senator Solomon Adeola-led Senate Committee on Finance that the price of crude oil put at $25 per barrel by the Federal Government, be increased to $28 per barrel.

The upper chamber also approved that the proposed daily oil production benchmark of 1.9 million barrel per day be reduced to 1.8mbd.

The Senate also backed the proposed exchange rate, which was moved by the Federal Government from N306 to one dollar to N360 per dollar.

This development invariably shows that the Senate has thrown its weight behind the devaluation of the naira.

However, other critical parameters like the exchange rate of N360 to a US dollar, 14.43 inflation growth rate and 4.42 GDPgrowth rate were retained.

Other assumptions retained are N5.09 trillion Federal Governmnet’s revenue, N10.51 trillion, N4.95 trillion fiscal deficit and N4.17 trillion new borrowings (including foreign and domestic borrowing).

Others are N398.5 billion as statutory transfers, N2.68 trillion for debt service, N272.9 billion as sinking fund and N536.7 billion for Pension and gratuities.

The Senate also retained other components of the proposal in the MTEF/FSP includingN10.51 trillion as total expenditure, N4.93 trillion as total recurrent, N2.83 trillion for personnel cost and N2.23 trillion for capital expenditure.

The Chairman, Senate Committee on Finance, Senator Solomon Adeola in his report, said the increase in the oil price benchmark from the proposed $25 to $28 was as a result of the recent upward trend of the price of crude oil in the international market.

According to him, the price oil per barrel is now $38 with a very strong indication that the price will rise to $40 or $45 per barrel.

President of the Senate, Ahmad Lawan, in his remarks after the passage of the MTEF/FSP, urged the Senate Committee on Privatisation to laise with the Bureau of Public Enterprise (BPE) in ensuring that the projected N260billion from proceeds of privatised agencies are realised and used to fund critical projects in the revised 2020 budget.

He faulted some special accounts being operated by the executive particularly the Natural Resources Development Accounts.

According to him, such accounts at this time of scarcity of funds, are not all necessary.

“Keeping monies in Natural Resources Development Accounts is more of waste than serving critical purposes,” he said.

He thereafter adjourned sitting to next week Tuesday for consideration and possible passage of the revised N10.509 trillion 2020 budget.

However, the intention of the Federal Government to borrow Euro 995million from the Export-Import Bank of Brazil to support Green Imperative and enhance the mechanisation of agriculture and agro-processing in the country, was put in abeyance by the upper chamber.

Also, the ongoing negotiation by the Federal Government with the World Bank for between $500million – $750 million for COVID-19 Action Recovery and Economic Stimulus Programme to support state-level efforts to protect livelihoods, ensure food security and stimulate economic activities, has not been approved.

Additionally, $500 – $750 million also being negotiated with the World Bank for State Fiscal Transparency and Sustainability Programme to provide fiscal support to the States was not approved.

The Committee said that it would consider the proposals when it gets requisite details on what the loans would be used for from the Minister of Finance, Budget National Planning, Mrs Zainab Ahmed.

Continue Reading

Inside Nigeria

Nigeria Records 416 New Cases Of COVID-19 As FG Eases Lockdown

Published

on

416 new cases of COVID-19 were recorded in Nigeria on Monday, June 1, 2020, despite the FG lifting some measures put in place to curb the spread of the virus in Nigeria.

The Federal and some state governments have been easing some COVID-19 restrictions put in place to curb the spread of the virus.

Yesterday, the Federal Government on Monday lifted the ban on religious gatherings across the country.

This was disclosed by the Secretary to the Government of the Federation and Chairman of Presidential Task Force (PTF) on COVID-19, Boss Mustapha, at the daily media briefing in Abuja.

“The PTF submitted its recommendations and the PRESIDENT has approved the following for implementation over the next four weeks spanning 2nd – 29th June, 2020, subject to review-:

“Cautious advance into the Second Phase of the national response to COVID-19; application of science and data to guide the targeting of areas of on-going high transmission of COVID-19 in the country;

“Mobilisation of all resources at State and Local Government levels to create public awareness on COVID 19 and improve compliance with non-pharmaceutical interventions within communities; sustenance of key non-pharmaceutical interventions that would apply nationwide and include: ban of gatherings of more than 20 people outside of a workplace;

“Relaxation of restriction on places of Worship based on guidelines issued by the PTF and protocols agreed by state governments.”

Despite this, the number of confirmed COVID-19 cases in Nigeria is still on the rise.

According to the Nigeria Centre for Disease Control (NCDC), 192 cases were recorded in Lagos, 41 in Edo, 33 in Rivers, 30 in Kaduna, 23 in Kwara, 18 in Nasarawa, 17 in Borno, 14 in FCT, 10 in Oyo, 7 in Katsina, 5 in Abia, 5 in Delta, 4 in Adamawa, 4 in Kano, 3 in Imo, 3 in Ondo, 2 in Benue, 2 in Ogun and 1 in Niger state.

In total, Nigeria has recorded 10578 cases of COVID-19. 3122 patients have been discharged from various Isolation centers across the country, while 299 deaths have been recorded.

Continue Reading
Advertisement

HOTTEST TOPICS