The Federal Executive Council (FEC) has approved $2.2 billion financing programme for external borrowing, including a potential Eurobond and Sukuk bond offer.

Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this known while briefing newsmen after the FEC meeting on Wednesday at the Presidential Villa, Abuja.

“We just had the Federal Executive Council meeting, and I am privileged to present two memoranda to the Federal Executive Council.

” The first one was to complete the borrowing programme of the Federal Government in terms of external borrowing with the approval of a $2.2 billion financing programme.

” It is made up of access to the international capital market for some combination of the Euro bond offer and the Sukuk bond offer, and perhaps a Euro bond of about $1.

“Sukuk financing of another $500 million the actual makeup of the financing which will be done as soon as the National Assembly has considered and hopefully approve the borrowing plan.

“If the external borrowing approval is given, it will be done this year, as soon as possible after approval.”

He explained that the actual combination of instruments that would be raised would depend on what the advisors would say about market conditions at the time of the decision to enter the market.

“Of course, earlier in the year, we had shown the resilience of the Nigerian financial markets, and the depth of their capacity, the increased complexity and sophistication by having a domestic issuance of dollar bonds, which attracted Nigerian investors from far and wide.

“Likewise, being able to access the international capital market is also a sign of the acceptance and the support for the macroeconomic programmes of President Bola Tinubu-led administration,” he said.

The minister said that the economic recovery and revival programme to turn around the economy focused on macroeconomic pillars of market pricing of the PMS and of foreign exchange.

He also disclosed that FEC had approved the Ministry of Finance’s incorporated real estate investment fund.

According to him, the fund is the basis for the revival and the return of long-term mortgage financing to the Nigerian economy.

“The Morph Real Estate Investment Fund is going to be, in the first instance, a N250 billion fund that will provide low-cost and long-term mortgages to Nigerians that want to acquire houses.

” It will help to complete or help to fill part of the gaping 22 million unit housing deficit. Of course, it will create jobs and stimulate economic growth.

“It will also pave the way for other investors in the private sector to come in and participate in the all-important housing construction industry with huge benefits and knock-on effects throughout the whole economy.

“Long-term investors have the opportunity to earn market rates of interest on investment.

“This is going to be blended with seed funding of N150 billion,” he said. (NAN)

The Nigerian Army on Thursday held a Service of Songs in honour of the late Chief of Army Staff (COAS), Lt.-Gen. Taoreed Lagbaja, who passed on after a brief illness on Nov. 5.

The service of songs marked the commencement of the burial rites for the late COAS whose remains was flown into Abuja on Thursday from Lagos.

Speaking on behalf of the 39th Regular Course of the Nigerian Defence Academy (NDA), Maj.

Aligbe, who is the Commander, Training and Doctrine Command (TRADOC), noted that the late COAS and 199 of them assembled for training as members of the course on Sept. 12, 1992.

He said that they trained and were commissioned together into the armed forces, adding that the late Lagbaja right from onset led with no doubt.

“He was first and foremost an operational commander.

“Little wonder that while commands in the services are sometimes difficult to come by, he had the privilege of being the only person, if my memory serves me right, to have commanded a battalion at two different times.

“He commanded brigades at two different times. He was a General Officer Commanding at two different times.

“He was primed for the operation that he led, through which, even though they say soldiers don’t die, his memories, they fade away.

“The only way my course mates and I and the other members of the armed forces, officers and soldiers that he left behind, can honor his memory truly, is to continue what he believed in.

*He believed in the indivisibility of Nigeria. He believed in service. He gave everything. At the risk of sounding immodest, I don’t know if we gave him enough.

“Dear course mate, dear friend, dear boss, sleep until we meet again,” he said.

Speaking on behalf of the Nigerian Army Officers’ Wives Association (NAOWA), Hajiya Bilikisu Ibrahim, described the late COAS as a man that gave hope and courage to those he served and led.

Ibrahim said that the memory of Lagbaja would remain indelible in the hearts of every member of the Nigerian army family for a very long time.

“In every step, he walked a path of growth, of unyielding strength and dedication to the service of Nigeria.

“To those he served, he was a pillar of protection, an unwavering beacon amidst storms of insanity and threats.

“But beyond our soldiers was a man of faith, a spirit rooted in devotion and conviction in the trials of duty, he held fast to his spirituality, finding in prayers the fortitude that guided him through the darkest battles.

“His beliefs were his anchor, a quiet force that strengthened him as he led a sacrifice for the nation he loved.

“His life was not only a mission of arms, but of the heart of journey where faith met duty and courage met compassion.

“As we gather hands held in solace and grief, we recall the gentleness in his smile, the depth of his wisdom, the vision that he led armies and inspired peace,” she said.

The Global President of St. Charles Grammar School Osogbo Old Boys Association, Mr Tade Adekunle, read a poem written by one of the current students of the school, in honor of the late COAS.

Adekunle disclosed that the poem was written by an SS2 student named, Agboola Rahim.

Part of the poem reads, “the immortal hero, a militant heart, now still and cold.

“The nation mourn, both young and old. A warrior’s soul, a poet’s might on the field of faith, you shone so bright.

“With every piece of bread, you shield our motherland leading brave men with a steadfast hand, but now empty blade of honor now laid down.

“Its cannon’s cry extinguished, yet legend remains. A warrior’s pulse, now stilled in time. On the altar of freedom, you laid your life, your sacrifice, our beacon of hope”.

The event had in attendance, the Chief of Defence Staff (CDS), Gen. Christopher Musa, who led other service chiefs including the Acting COAS, Lt.-Gen. Olufemi Oluyede; Chief of Naval Staff, Vice Adm. Emmanuel Ogalla.

Others were the Chief of the Air Staff represented by AVM Iboro Etukudo; Chief of Defence Intelligence, Maj.-Gen. Emmanuel Undiandeye and Inspector-General of Police, Kayode Egbetokun.

Also in attendance are the Comptroller -General, Nigeria Customs Service, Bashir Adeniyi, former service chiefs, retired military officers, wives of the service chiefs flanked the wife of the late COAS, Mrs Mariya Lagbaja.

According to the burial programme, funeral service will hold at the National Christian Centre while the interment follows at the National Military Cemetery Abuja on Friday. (NAN)

From Mike Tayese, Yenagoa

A renowned Journalist and Chief Executive Officer (CEO), Lawal Iyanda Farms Limited, Sola Adebayo has floated a Welfare Endowment Fund for members of the Nigeria Union of Journalists (NUJ) Warri Correspondents Chapel.

At the presentation ceremony, Adebayo called on practicing journalists to make friends in the course of their practice and sustain the relationships.

He advised journalists to be dedicated and always uphold the tenets of the profession.

“As journalists, keep your friends. Journalism is a tool that makes you come in contact with people, therefore, make friends and sustain the relationship.

“Develop core friendship and don’t sacrifice the ultimate for the immediate. I appeal to all of you to be responsible,” he said.

The renowned Journalist recalled that the target for the project which commenced on Oct.1, 2024 was N10 million.

He, however, expressed joy that the process was able to hit N25 million.

Adebayo expressed gratitude to his friends, associates and well-wishers for the success of the project.

Presenting the dummy cheque of N25m on behalf of Adebayo, Rt. Hon. Thomas Ereyitomi, member representing Warri Federal Constituency urged the public to imbibe the culture of giving.

The lawmaker who was highly elated noted that ability to impact on people’s life was significant because a person would be remembered for his/her impacts and legacies.

‘Adebayo has been a very good friend and we have been relating well. What we are doing here today is significant in the sense that it has to do with humanity.

Ereyitomi called on members of the Chapel to ensure the fund was used judiciously to encourage the donors.

“When we see that this fund is put into judicious use, we will be encouraged.

“Now that Adebayo has used this platform to impact, we expect that it will trickle down, to encourage us to do more. Not only for this profession but for others who also want to impact on humanity,” the lawmaker said.

Also speaking, Hon. Ben Etenabene, member representing Okpe, Sapele and Uvwie Federal Constituency said that the project has not ended but is a work in progress.

Etenabene recalled his relationship with Adebayo while he was the Chairman of PENGASSAN at the Petroleum Training Institute (PTI),

He said that Adebayo is a controversial but compassionate journalist who stands for the truth and kindness at all times.

The lawmaker noted that money is a source of joy but could also cause serious problems and urged the members to ensure it was judiciously managed.

He averred that governments at all levels in the country had not shown concern for the welfare of the media in spite of their roles in shaping the society through agenda setting and others.

On his part, Hon. Donald Ojogo, member representing Ilaje/Ese Odo Federal Constituency of Ondo State and a journalist by profession described journalism as a door opener.

Ojogo expressed gratitude to Adebayo for the noble gesture and urged members to always uphold the ethics of the profession.

The former South Bureau Chief of the Nigerian Tribune recalled that Warri used to operate like a state within a state.

Chairman, NUJ, Delta State Council, Churchill Oyowe urged the chapel to ensure the money does not cause division among members, but rather, it should be revolving for the benefits of all.

In his opening remark, Victor Okpomor, Chairman, NUJ, Warri Correspondents Chapel said that the initiative kick-started on Oct. 1, 2024.

Okpomor described Adebayo as always a leading light who had transformed journalism practice in Warri in particular, Delta and the country in general.

He, on behalf of the Chapel, expressed gratitude to Adebayo for the noble gesture.