President Buhari has written to the Nigerian Senate seeking approval for $4 billion and €710 million external loans.A letter addressed to Senate President Ahmad Lawan, was read at plenary today Tuesday., September 14.In the letter, the President said the proposed loan is to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD. He said the loan would enable the Federal Government fund critical infrastructural projects in different sectors.The letter reads in part“I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.The distinguished Senate President may recall that we submitted a request on 2018-2020 borrowing plan for the approval of the Senate in May 2021.However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.
Court orders Okowa government to account for over N200bn education funds, allocations The Federal High Court sitting in Lagos, in a landmark judgment, has “ordered the disclosure of the spending details of over N200bn public funds collected by the government of former Delta State governor Ifeanyi Okowa from the Universal Basic Education Commission [UBEC] fund and allocations from the Federation Accounts.” The court ordered the Delta State Governor Sheriff Oborevwori to “disclose details of budgetary allocations and actual spending by the Okowa government between 2015 and 2019, including specific projects carried out to improve primary education in Delta State, and the locations of such projects.” The judgment was delivered by Honourable Justice Daniel Osiagor, following a Freedom of Information suit number: FHC/L/CS/803/2019, brought by Socio-Economic Rights and Accountability Project (SERAP). In his judgment, Justice Osiagor held that, “SERAP has cognizable legal right to inquire and
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