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FEC Approves $2.2bn External Borrowing Plan – Edun

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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.

7 billion.

“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)

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Uba Sani Attends Christmas Carol, Maulud to Strengthen Muslim-Christian Unity

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By Nasir Dambatta

Governor Uba Sani has once again underscored his commitment to fostering unity among Kaduna’s diverse religious communities, attending both the 2024 Kaduna Unity Christmas Carol and a Maulud celebration in Zaria within the same week.On December 21, the Governor graced The 2024 Kaduna Unity Christmas Carol at ECWA Goodnews Church, Narayi Highcost, an event organized by the Christian Association of Nigeria (CAN), Kaduna Chapter.

The Carol, an annual tradition, brought together Christians from across the state in a celebration of joy, love, and togetherness.
Governor Sani’s presence at the event highlighted his inclusive leadership and his efforts to strengthen interfaith harmony in a state known for its rich religious diversity.
Shortly after, on December 22, Governor Sani attended a Maulud celebration in Zaria, organized by the Fityanul Islam group. Maulud, which commemorates the birth of the Prophet Muhammad (PBUH), is a time for reflection, prayer, and communal unity. The gathering in Zaria was attended by numerous dignitaries and religious scholars who reflected on the Prophet’s teachings of compassion, tolerance, and peace—values that resonate deeply with the Governor’s vision for Kaduna.Observers said the Governor’s presence at both events was a powerful reminder of his dedication to fostering peaceful coexistence between Muslims and Christians in the state. “Through these actions, Governor Uba Sani is leading by example, demonstrating that religious celebrations and dialogue can serve as a foundation for a united, progressive society.”, one of the observers said.

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Abuja Stampede: Wike Directs Free Treatment for Victims

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Federal Capital Territory (FCT) Minister, Nyesom Wike has directed government hospitals to provide free treatment to the people that sustained injuries during a stampede at the Holy Trinity Catholic Church in Maitama, Abuja.Wike gave the directive in a statement signed by his Senior Special Assistant on Public Communications and New Media, Mr Lere Olayinka, in Abuja on Saturday.

No fewer than 10 people including children lost their lives while 10 others sustained injuries to the stampede, during the distribution of food items to less privileged and the elderly by the church.
The sad incident occurred around 6:30 a.m on Saturday.Wike said that the FCT Administration would ensure that the injured received adequate medical attention.
The minister, who commiserated with the victims, also directed that henceforth, police permission should be obtained by individuals or organizations planning public distribution of palliatives, either food items or cash.Describing the incident as “painful”, Wike prayed for the repose of the souls of the lives that were lost and fortitude for their families to bear the irreparable loss.He commended the Police and other security agencies for their prompt intervention, saying, “the promptness in which security agencies responded to the incident was commendable.”In a related development, the FCT Emergency Management Department (FEMD), equally commiserated with the victims of the stampede.The acting Director General of the department, Mr Abdulrahman Mohammed, in a statement said that nine out of the 10 injured persons earlier taken to Maitama District Hospital, have been treated and discharged.Mohammed also appealed to organisations that intended to give out food items to the less privileged to involve security agencies or FEMD for adequate planning to ensure safety of beneficiaries.He also advised the use of coupons and segregation of the beneficiaries into groups to avoid crowd and rowdiness that could lead to stampedes.Similarly, the Police Command in the FCT has ordered organisations, religious bodies, groups, or individuals to notify the police when planning public events, charitable activities, or large gatherings in the territory.In a statement by the Police Public Relations Officer in the FCT, SP Josephine Adeh, said that the notification was to enable the police to deploy adequate security measures for public safety.According to her, failure to comply with the directive will result in the organisers being held liable for any incident or loss of life resulting from negligenceMeanwhile, the Nigeria Police Force has issued a warning against the unorganised distribution of palliatives and funfairs, which have led to stampedes and fatalities among vulnerable citizens.The Force Public Relations Officer, ACP Olumuyiwa Adejobi, gave the warning during a media briefing on Saturday in Abuja.Adejobi explained that the warning came in response to the increasing number of stampedes resulting in injuries and deaths, particularly during palliative distributions. (NAN)

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NDA Records Successes in Military Training, Academics in 2024

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The Nigerian Defence Academy (NDA), says it has recorded a lot of successes in military training and academic activities in 2024.

The Commandant of NDA, Maj.-Gen. John Ochai, said this at the Nigerian Defence Academy Social Activities (NDASA), held at the headquarters of the academy Afaka  on Friday in Kaduna.

Ochai said the essence of NDASA was to end training activities of the year.

He said the 2024 NDASA was unique because the academy marked 60 years of existence from 1964-2024.

Also of significance, Ochai said,  NDA had passed out the largest number of officers commissioned into the Armed Forces of Nigeria in 2024.

Equally, he said, in the same year (2024), the academy had the largest number of officers trained outside the country.

He emphasised that the NDA does not only train leaders for the Nigerian Armed Forces, but those for the Nigerian nation and humanity at large.

“After five years of training, we imbibe in officers leadership qualities that are everlasting.

”The traditions, ethos, characters that we instill in our cadets follow them forever and become very useful in all spheres of human endeavors,” Ochai said.

Mr Martins Amaram, Country Security Manager, Nigeria Breweries, PLC , who was the Special Guest of Honour, said the event fostered unity, cultural awareness and comradeship among the cadets and the larger community.

Amaram said, “The academy has always been a beacon of excellence in producing military leaders  for integrity, resilience and capacity to face in a dynamic and complex world .

“Beyond academics and military training the academy still values cultural respect and social engagement, recognising the diversity of our great country. Nigeria.”

He commended NDA for creating the platform where cadets can appreciate the rich cultures and build bonds that transit borders.

Amaram added, “The Armed Forces of Nigeria are playing a critical role in ensuring the stability and progress of our nation. “

He urged the academy to continue to record more successes in its mission of excellence and service to the nation.

Report says that awards were given to deserving soldiers who distinguished themselves in 2024.

report says that 22 soldiers were decorated from Warrant Officer(WO) to Master Warrant Officers(MWO). (NAN)

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