The Nigerian Senate has given its Committee on Foreign and Local Debts 14 days within which to process President Muhammadu Buhari’s request for a fresh ₦2.343 trillion ($6.183 billion) for approval. Senate President Ahmad Lawan gave the directive at the commencement of Tuesday’s plenary session shortly after the Senate Majority leader, Yahaya Abdullahi, drew the attention of the Senate to the pending request. The Senator Clifford Ordia-led Committee on Foreign and Local debt had approved a total of $28 billion so far. The current request will take the total loan approved to $35.683 billion. Buhari had urged the Senate to approve N2.3 trillion ($6.183 billion) external borrowing. He said the loan was to finance the 2021 budget deficit of N5.6 trillion. The President indicated that the loan ...
The managing director/CEO of Sterling Bank Plc, Mr Abubakar Suleiman, has called for a review of Nigeria’s educational system so as to make it relevant to current and future human capital requirements in the country. Suleiman made the call while speaking as a panelist in a session on “Roadmap To Shared Prosperity – Ensuring Inclusive Human Capital Development” at the just concluded 8th Lagos Economic Summit, Ehingbeti 2021. He observed that Nigeria’s current educational system will continue to fail in its role of delivering the human resources needed by industry now and in the future unless the federal government redefines its commitment to the system. According to him, “The educational system that is operational in the country today appears to be only suitable for academia and not for inc...
Governor Godwin Obaseki has accused his predecessor, Adams Oshiomhole, of putting Edo State in debt through reckless borrowing. The governor made the allegation on Sunday, September 13, 2020, during the Edo Governorship debate organized by Channels Television. While answering a question about the debt profile of Edo state, Obaseki said the Oshiomhole-led administration was responsible for the state’s debt burden. He said, “Let me make some points very clear. What happened is that my predecessor in office borrowed recklessly and the Federal Government had to restructure all the debts that we have taken before I came into office. “These included a whole series of bank borrowings, borrowing to pay salaries. So, the Federal Government restructured outstanding obligations to Edo State, to the t...