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Senate okays Buhari’s $5.8bn 2018-2020 external borrowing request

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**Gives approval for to $10m grant component 

The Senate has approved the sum of $5,803,364,553.50 USD and a grant component of N10 million USD under the 2018-2020 External Borrowing (Rolling) plan. 

The approval was coming after the consideration of a report by the Committee on Local and Foreign Debts.

Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the $2,300,000,000 would be sourced from the World Bank, $2,300,000,000 from the German Consortium, $90,000,000 from the Islamic Development, 786,382,967 from the China Exim Bank, $276,981,586.50 from the Bank of China, and $50,000,000 from the International Fund for Agricultural Development.  

He recalled that President Buhari in a communication dated May 6, 2021, had requested the Senate to consider and approve the Federal Government 2018-2020 External Borrowing (Rolling) plan.

According to him, the 2018-2020 External Borrowing (Rolling) Plan contained a request for approval in the sum of $36,837,281,256 (Thirty Six Billion, Eight Hundred and Thirty Seven Million, Two Hundred and Eighty One Thousand Two Hundred and Fifty Six United States Dollars) plus €910,000,000 (Nine Hundred and Ten Euros) and Grant Component of $10,000,000 (Ten Million United State Dollars).

Ordia noted that a report was laid by his Committee before the Senate in July 2021 recommending approval of the sum of $8,575,526,537 (Eight Billion, Five Hundred and Seventy Five Million, Five Hundred and Twenty Six Thousand, Five Hundred and Thirty Seven United States Dollars) and €490,000,000 (Four Hundred and Ninety Million Euro).

He further recalled that the Senate at Plenary in July 2021 approved financing for projects as recommended by the Committee above whilst the Committee continued further legislative action and consideration of the outstanding request.

He added that on September 15, 2021, the President of the Senate read another Communication from the President containing an addendum to the 2018-2020 External Borrowing (Rolling) Plan in the sum of $4,054,476,863, €710,000,000 and Grant Component of $125,000, 000 for various projects and same was also referred to the Committee for further legislative action.

Consequently, Ordia stated that a second report was laid by the Local and Foreign Debts Committee before the Senate in November 2021 recommending approval of the sum of $16,229,577,718 (Sixteen Billion, Two Hundred and Twenty Nine Million, Five Hundred and Seventy Seven Thousand, Seven Hundred and Eighteen usd), €1,020,000,000 (One Billion and Twenty Million euros) and a Grant component of $125,000,000 (One Hundred and Twenty Five Million usd).

In accordance with the recommendation of the Committee, the Senate at Plenary in November 2021 approved the sum as financing for projects as recommended by the panel.

He explained that the request for the approval of $5.8 billion USD was part of the mandate of the Committee in respect of the 2018-2020 External Borrowing (Rolling) plan. 

The Committee on Local and Foreign Debts in its observations noted the Genuine concerns of Nigerians about the level of sustainability and serviceability of Nigeria’s borrowing within the last Decade.

It nevertheless reiterated its stance on the need for a more proactive and broad based approach to revenue enhancement related issues, adding that, “there are noticeable improvements in the country’s revenues.”

The Committee underscored the need for rapid infrastructural and human capital development.

It noted that the projects to be financed with the loan would have great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, health care and improvement of the nation’s security architecture.

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Legislature

NASS modifies NDLEA Act, Prescribes Life Imprisonment for Drug Traffickers

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The National Assembly has modified the National Drug Law Enforcement Agency (NDLEA) Act to prescribe life imprisonment for individuals found guilty of storing, transporting, or concealing illicit drugs and substances. 

The amendment was adopted on Thursday during plenary, presided over by Deputy Senate President Barau Jibrin, following broad support from the senators.

The amendment reflects a harmonised position of the Senate and the House of Representatives on Section 11 of the NDLEA Act. 

The House had earlier passed an amendment prescribing life imprisonment for drug traffickers, while the Senate had proposed the death penalty.

To reconcile the differences, a conference committee of both chambers was convened. Senator Tahir Monguno, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, presented the harmonised version to the Senate. 

He urged lawmakers to adopt the House’s position of life imprisonment, arguing that enforcing the death penalty could lead to the execution of over 900 accused persons currently awaiting trial for drug-related offenses.

The Deputy Senate President who presided over the plenary had put the resolution to a voice vote, and the majority of senators supported the amendment. 

The approved version stipulates life imprisonment for offenders.
The amended section now reads:
“Anybody who is unlawfully involved in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and who, while so involved, is armed with any offensive weapon or is disguised in any way, shall be guilty of an offence under this Act and liable on conviction to be sentenced to life imprisonment.”
This amendment aims to strengthen the fight against drug trafficking while addressing concerns over human rights and the judicial implications of the death penalty.
The move is part of efforts to curb the growing menace of drug trafficking and its adverse effects on Nigerian society. According to Senator Monguno, the life imprisonment penalty strikes a balance between deterrence and humane judicial practice.
With the amendment, the NDLEA now has a robust legal framework to prosecute offenders and combat drug-related crimes effectively.

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Legislature

President Tinubu urges Senate to approve ₦1.767trn External Loan

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Bola Ahmed Tinubu

President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $2.209 billion (₦1.767 trillion) external borrowing plan to finance part of the ₦9.17 trillion fiscal deficit in the 2024 budget. The loan, included in the 2024 Appropriation Act, is critical to the government’s broader strategy for economic recovery and growth.
In a letter to Senate President Godswill Akpabio, President Tinubu noted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. He also indicated that the Federal Executive Council (FEC) had approved the plan.
The President explained that the funds would be sourced through Eurobonds or similar external financial instruments. A detailed summary of the loan’s terms and conditions accompanied the letter to guide legislative scrutiny.
“This borrowing is necessary to address the budget deficit and fulfill our fiscal strategy for 2024. Swift approval will enable us to move forward with mobilizing these funds,” the President stated, emphasizing the urgency of the request.
Senate President Akpabio referred the matter to the Committee on Local and Foreign Deb

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Legislature

Senator Natasha Transforms Kogi Central Schools with 5,000 Digital Learning Devices

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By Isah Bala

Access to quality education is a cornerstone of societal progress, and Senator Natasha Akpoti-Uduaghan is embodying this vision by bringing transformative educational tools to Kogi Central. In a groundbreaking initiative, the senator recently provided 5,000 digital learning devices to public primary and secondary schools in her district, aiming to bridge the digital divide and set a new educational standard.

The devices, unveiled at Abdul Aziz Attah Memorial College (AAAMCO), are preloaded with the Nigerian curriculum from UBEC and internationally acclaimed educational resources, including Khan Academy and Discovery Kids. Through this initiative, students will experience interactive learning, enabling them to explore subjects in depth, enhance digital literacy, and engage with complex topics in a hands-on way.

This project is just the beginning of Senator Natasha’s ambitious plan to make “smart schools” the norm in Kogi Central. She envisions a future where every child in her district has equal access to digital learning, stating, “My dream is to equip all public primary and secondary schools in Kogi Central with digital learning devices before the end of my tenure in 2027.”

Beyond device distribution, the senator’s initiative includes UBEC-led teacher training to ensure educators are equipped to integrate these tools into their classrooms effectively.
With this dual approach of student and teacher empowerment, Senator Natasha is laying a foundation that will support digital literacy and skill development for years to come.

Senator Natasha’s commitment to educational advancement represents a significant step forward for Kogi Central, ensuring that young students have access to the tools they need to succeed in an increasingly digital world. This initiative marks her dedication to the constituency that entrusted her with this mandate.

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