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External Loan: FG to Spend $4.054bn, €710m on 15 Projects

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By Martin Paul, Abuja

Amid mountainous criticism and rejection of more external borrowing, the Presidency said it has about 15 projects in its kitty to accomplish with over $4 billion.

it stated that the projects were spread across the six geo-political zones of the country, adding that there were  to be financed with more than $4 billion from multilateral institutions, under the 2018-2021 medium term (rolling) external borrowing plan.

A statement signed by Senior Special Assistant to the President on Media & Publicity Garba Shehu, said President Muhammadu Buhari had requested the Senate to approve sovereign loans of $4.

054bn and €710million as well as grant components of $125m for the proposed projects.

The Presidential letter to the National Assembly (NASS) had stated that the sovereign loans would be sourced from “the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE)”.

The President’s request to the Senate listed 15 proposed pipeline projects, the objectives, the implementation period, benefiting states, as well as the implementing Ministries, Departments and Agencies (MDAs).

A breakdown of the projects showed ‘‘Addendum to the Proposed Pipeline Projects for the 2018-2021 Medium Term (rolling) External Borrowing Plan,’’ shows that the World Bank is expected to finance seven projects including the $125million grant for ‘‘Better Education Services for All.

“The Global Partnership for Education grant is expected to increase equitable access for out-of-school children and improve literacy in focus states.

“The grant, which will be implemented by the Federal Ministry of Education and the Universal Basic Education Commission (UBEC), will strengthen accountability for results in basic Education in Katsina, Oyo and Adamawa States.

“Other projects to be financed by the World Bank are, the State Fiscal, Transparency, Accountability and Sustainability Programme for Results as well as the Agro-Processing, Productivity, Enhancement and Livelihood Improvement Support Project.

“The benefiting states for the agro-processing project are, Kogi, Kaduna, Kano, Cross River, Enugu and Lagos with the Federal Ministry of Agriculture and Rural Development as the implementing ministry.

“The objective of the project is to enhance agricultural productivity of small and medium scale farmers and improve value addition along priority value chains in the participating States.

“Similarly, the World Bank is also financing the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project in Delta, Ekiti, Gombe, Kaduna, Katsina, Imo and Plateau States, for the next five years.

“The project, when completed, is expected to improve rural water supply, sanitation and hygiene nationwide towards achieving Sustainable Development Goals (SDGs) for water supply and sanitation by 2030.

“Under the external borrowing plan, the World Bank supported projects also include Nigeria’s COVID-19 Preparedness and Response Project (COPREP), under the supervision of the Federal Ministry of Health and Nigeria Centre for Disease Control (NCDC).

“The project, which has an implementation period of 5 years, will respond to threats posed by COVID-19 through the procurement of vaccines”.

Furthermore, no fewer than 29 states were listed as beneficiaries of the Agro-Climatic Resilience in Arid Zone Landscape project, which is expected to reduce natural resource management conflicts in dry and semi-arid ecosystems in Nigeria.

“The benefiting states for the project to be co-financed by World Bank and European Investment Bank (EIB) are: Akwa Ibom, Borno, Oyo, Sokoto, Kano, Katsina, Edo, Plateau, Abia, Nasarawa, Delta, Niger, Gombe, Imo, Enugu, Kogi, Anambra, Niger, Ebonyi, Cross River, Ondo, Kaduna, Kebbi, Jigawa, Bauchi, Ekiti, Ogun, Benue, Yobe and Kwara.

“The World Bank is also funding the Livestock Productivity and Resilience project in no fewer than 19 States and the Federal Capital Territory (FCT).

“The China EXIM Bank is expected to finance the construction of the branch line of Apapa-TinCan Island Port, under the Lagos-Ibadan Railway modernisation project.

“The French Development Agency will finance two projects, which include the National Digital Identity Management project and the Kaduna Bus Rapid Transport Project.

“The digital identity project will be co- financed with World Bank and EIB.

“The Value Chain Development Programme to be financed by IFAD and implemented in Anambra, Benue, Ebonyi, Niger, Ogun, Taraba, Nasarawa, Enugu and Kogi States will empower 100,000 farmers, including over 6,000 and 3,000 processors and traders respectively”.

The loan facility to be provided by European ECA/KfW/IPEX/APC would be spent on the construction of the Standard Gauge Rail (SGR) linking Nigeria with Niger Republic from Kano-Katsina-Daura-Jibiya-Maradi with branch to Dutse.

The specific project title, Kano-Maradi SGR with a branch to Dutse, has an implementation period of 30 months and will be implemented by the Federal Ministry of Transport.

The Chinese African Development Fund through the Bank of China is expected to provide a loan facility of $325 million for the establishment of three power and renewable energy projects including solar cells production facility Phase 1 & II , electric power transformer production, Plants 1, II, III and high voltage testing laboratory.

The National Agency for Science and Engineering Infrastructure (NASENI) will implement the project aimed at increasing local capacity and capability in the development of power and renewable energy technologies and infrastructure.

Credit Suisse will finance major industrialisation projects as well as micro, small and medium enterprises schemes to be executed by the Bank of Industry while SINOSURE and Standard Chartered Bank will provide funds for the provision of 17MW Hybrid Solar Power infrastructure for the National Assembly (NASS) complex.

The project, with an implementation period of five years, is expected to address ‘‘NASS power supply deficit and reduce higher overhead burdensome cost of running and maintaining fossil fuel generators (25MW installed capacity) to power the assembly complex.’’

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CBN Reduces Banks’ Lending Rate to 50 Percent

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By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) yesterday announced a review of the loan-to-deposit ratio (LDR) for banks from 65 percent to 50 percent to align with the current monetary tightening.

LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.

An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.

CBN disclosed the increase in a circular titled “Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy”, signed by Adetona Adedeji, CBN Acting Director, Banking Supervision Department.

“Following a shift in the b  ank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.

“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.

“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”At the last monetary policy committee (MPC) meeting on March 26, the CBN retained the CRR at 45 percent and the liquidity rate at 30 percent.

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EFCC, Police, Guards in Battle of Supremacy over Yahaya Bello

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By David Torough, Abuja

Gunshots rented the air as officials of the Economic and Financial Crimes Commission (EFCC) yesterday invaded the Abuja residence of the immediate past governor of Kogi State, Yahaya Bello in a bid to arrest him.

The plot is at 9 Bengazi Street, Zone 4, Wuse District, Abuja.

Officers of the Nigeria Police Force and armed men dressed in black with the inscription “Special Forces” prevented operatives of EFCC from picking up the former governor of Kogi State, saying he had secured a court injunction against arrest by EFCC.

EFCC arrived Bello’s home at about 9:30am.

After hours of failed attempt to arrest Bello, the security operatives reinforced with backup support from the police and Department of State Services (DSS).

They were about seizing Bello when the governor of Kogi State, Usman Ododo arrived the premises.

Ododo spent few minutes and was zooming out when it was reported that he was driving out with Bello in his (Ododo’s) car.  

Quickly, operatives opened fire causing protesters, journalists, onlookers and passers-by to scamper for safety.

Ododo and some security personnel as well as supporters showed up at Bello’s house around 2:30pm to voice their opposition to the invasion of Bello’s house.

Operatives blocked the roads leading in and out of the street causing traffic jam around the area.

Ododo arrived at Bello’s residence at about 2:30pm alongside several security operatives and youth supporters protesting against the siege to the ex-governor’s place.

EFCC has always had it rough while on mission to prosecute highly placed individuals especially formers governors.

While some of them resist arrest, some run to court to secure perpetual injunction against arrest.

Former Governor Peter Odili got a perpetual injunction against arrest.Rabi’u Kwankwaso, Abdul’aziz Yari, Bello Matawalle and others got restraining orders against EFCC.

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Ayu Withdraws Suit against Removal as PDP Chairman

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The National Executive Council (NEC) meetng, the National Working Committee (NWC) of the Peoples Democratic Party (PDP) has passed a vote of confidence on its Acting National Chairman, Umar Damagum.

The party’s spokesman, Debo Ologunagba announced in a statement that the NWC took the decision at the end of its 584th meeting on Tuesday in Abuja.

He said the decision was reached in commendation of the efforts and commitment of Damagum’s ability to stabilize and reposition the PDP as the main opposition party in the country.

The party’s national executive meeting was slated for Thursday and the purpose of the meeting was to either affirm or replace Damagun.

 “The Deputy National Chairman (South), Amb. Taofeek Arapaja presided over the motion for the Vote of Confidence on the Acting National Chairman, which was moved by the National Vice Chairman (South East) Chief Ali Odefa and seconded by the National Treasurer, Hon. Yayari Mohammed,” Ologunagba said.

Earlier, attempt to pass a vote of confidence on Damagun during the party’s caucus meeting in the House of Representatives on Tuesday met stiff resistance.

Lawmakers loyal to the party’s Acting National Chairman and FCT Minister, Nyesom Wike attempted to pass a vote of confidence on Damagun but were blocked.

The meeting convened by the Leader of the Caucus and House Minority Leader, Hon. Kingsley Chinda was held for about two hours at the National Assembly, Abuja ahead of today’s NEC meeting.

Last week, a group of 60 PDP federal lawmakers threatened to quit the party if the doctored list of Caretaker Committees in Rivers and 10 other states which was filled with members and loyalist of the All Progressive Congress (APC) is not nullified.

The group under the aegis of Opposition Lawmakers Coalition also demanded the resignation of the Acting National Chairman to pave way for a north-central person to emerge as Acting National Chairman of the party pending the conduct of convention as required by the party’s constitution.

Damagum was appointed the Acting National Chairman in 2023 following the suspension of the former chairman Iyorchia Ayu.

Ayu yesterday withdrew his appeal suit against the PDP and Terhide Utaan who took Ayu to court restraining him from parading himself as the National Chairman following his suspension by his ward.

The Withdrawal of Appeal was contained in Appeal No: CA/MK/88/2024 before the Court of Appeal in Makurdi dated April 15, 2024.“Take notice that the appellant in pursuant herein intends and does hereby wholly withdraws his appeal against all the respondents filed on 27th day of June 2023 vide notice of appeal dated the 26th day of June 2023,” the document reads.

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