Buhari seeks N’Assembly’s approval to facilitate Edo’s N14.7b loan
Buhari
PRESIDENT Muhammadu Buhari has sought Senate’s endorsement to enable him approve a request by the Edo State Governor, Adams Oshiomhole, for $75 million (N14.7 billion) credit facility from the World Bank. Also, the House of Representatives yesterday approved the legislative agenda for the 8th House after a debate that spanned two weeks. Meanwhile, the House also received a letter from President Muhammadu Buhari requesting a $75 million World.
Bank loan for Edo State. The agenda was adopted at the end of debate at yesterday’s plenary presided over by the Speaker, Yakubu Dogara. In another development, the power sector has received a N5.3 billion grant from the European Union (EU) and German Federal Ministry for Economic Cooperation and Development (BMZ) to boost investments in renewable energy, energy efficiency and rural electrification in Nigeria. Signing the Memorandum of Understanding (MoU) with the Nigerian Energy Support Programme (NESP) and Renewable Energy and Energy Efficiency Programme (REEP) in Abuja yesterday, Head of NESP, Felix Nitz, said it gives the 11 beneficiary training institutions the opportunity to primarily train and create a skilled pool of workforce for deployment to and development of clean energy in Nigeria.
President Buhari’s letter to the Senate President, Bukola Saraki, which was read on the floor of the Senate yesterday, further informed that the World Bank had in 2012 approved a development policy programme to the tune of $225 million (N44.1 billion) for the state, which was expected to be implemented in three tranches of $75 million a year. “The first tranche was approved by the National Assembly in the 2012/2014 Federal Government External Ruling Borrowing Plan. The Development Policy Operations (DPO) has since been successfully implemented by the state in 2014,” it noted. “Following this success, the bank’s board of executive directors approved the second tranche.
On April 29, 2015, the DPO 2 was captured in the Federal Government External Ruling Borrowing Plan of 2014/2017, which is pending with the National Assembly.” Buhari added: “It is for the above reason that I seek your favour to facilitate the consideration and approval of the Development Policy Operation 2 Loan of $75 million to enable the state consolidate the gains of the first tranche of the operation DPO 1. “Your Excellency, it is instructive that Edo State has informed me that the key programme objectives of the DPO are already beginning to show in terms of increased influence of private investment to the state, increased private sector employment opportunities and increased internally generated revenue. “An accelerated approval of this request will help to sustain these gains.
I look forward, distinguished Senate President, to the usual kind, expeditious consideration of the above request by the Senate.” EU boosts power sector with N5.3b Meanwhile, Nitz said the fund was set aside for such EU and BMZ objectives, adding that the 11 institutions, which include Nigeria’s premier power training institute, the National Power Training Institute of Nigeria (NAPTIN), would benefit from the €24.5 million (N5.3 billion) training supports pool.
The 11 institutions include NAPTIN, Centre for Renewable Energy Technology in the Federal University of Technology, Akure (FUTA), Sokoto Energy Research Centre (SERC) in the University of Sokoto, as well as the National Centre for Energy Efficiency and Conservation (NCEEC) of the University of Lagos, among others. According to him, “from the content of the MoU, which was signed between the NESP implementing agency, the Deutsche Gessellschaft fur Internationale Zusammenarbeit (GIZ), and the 11 institutions, courses to be covered within the framework include off-grid renewable energy design for engineers, energy efficient building design for architects and solar photovoltaic installation for technicians,” he said. “Gone are the days when training is done for training sake.
For the clean energy sector to become an engine of growth for the Nigerian economy, professionals have to be equipped with relevant skills that render them employable in the industry.”
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
9 Comments
I have no doubt on Mr. President’s intention to turn the Nation around for good. I visualize the President as one pregnant woman that is in labour and is been taking to the hospital for delivery but unfortunately in a car been driven by a reckless and intoxicated driver. The problem is that it will take divine intervention to save both the life of the pregnant woman and that of the about to be delivered (unborn) baby. I foresee Mr. President’s problem not coming from National Assembly as been envisage but from the Executive itself. It take courage for our President to say no to those that see themselves as major financiers of his Presidential ambition. What the President should be aware of is that most Millions of Nigerians that voted him never received a Kobo in that respect, their major conviction was only the need for change.
What is the essence of $75 Million US Dollars to a Governor whose tenure is expiring? It is this same 11th hour rush that created problem between former Governor Sullivan Chime of Enugu State and the State Assembly for refusing to endorse his request for loan or bond in whatever baptismal name.
The smart Governor did not apply for the first tranche of the money until April, 2015 (which is still pending before National Assembly) when he knew transition was going on. It is becoming clear that those who make much noise in our polity are using it as a diversion from knowing their actual intention.
The guy is a crook. He makes a lot of noise by calling others names. What’s the loan for? Why not wait for the next governor to decide whether or not a loan is need? Thief!!!
There is no need for such loan and the Senate should deny it. This has to be a trap set by Iweala with the world bank for Oshiomole.
…because of the coming governorship election in Edo. Kettle is calling pot black.. idiots in gov.
why aren’t actual details of this loan use shared with the public. nigeria has to be careful with IMF, world bank and other international loans. puerto rico is about to feel the effect of borrowing from this group. greece is suffering under them. let us live and develop our nation within the means we already have. if we reduce recurring expenditure by 50% , we would have that money to invest in project that would help the economy. all state and federal govt project should have a return of at least 2%. if we remove subsidy and deregulate, that would save us over 5 billion dollars. with that money, we can build out our gas pipelines to supply gas to power plant, which in turn would increase electricity generation and distribution. more power would grow our economy by over 7%.
As much a I love Buhari’s administration for now, the loan should not be granted. It is another trap set by the World Bank to get us into trouble. All the governors should be creative enough to find solution to their problems within the allocations given to them. However, if this loan is for capital projects with some returns to the state, so that it pay for itself, then, a worthy consideration is in order.
So Oshiomhole’s noise- making is all about approval of a loan?
Adams Oshiomhole should know that Nigerian Senate is not an ATM machine. There is know need for such loan. Oshiomhole wants a guaranty loan from Nigerian Senate knowing fully well that he can’t afford to repay the loan. I believe that he wants to use the loan to boost his lavish lifestyle with his Ethiopian woman.
PRESIDENT Muhammadu Buhari has told Adams Oshiomhole to go through the front door not from back door.
We will review and take appropriate action.