Nigeria’s president, Muhammadu Buhari says he is very disappointed by the manner with which the National Assembly has handled the passage of budgets.
In a statement issued by the Special Adviser to the President on Media & Publicity, Femi Adesina, President Buhari stated this on Friday when he received a delegation of Eminent and Respected citizens of the Niger State led by Lt. Gen. Garba Duba (Rtd) at the Presidential Villa in Abuja.
He said the tardiness in the passage of budgets by the National Assembly, sometimes lasting up to seven months, delays the completion of projects across the country.
He further stated that despite the delays in passing budgets, the government has achieved a lot.
“If the National Assembly takes seven months to pass a budget, then we should be commended for the much that we have achieved and can still achieve.
“I personally feel very disappointed. I spoke with the leaders of the National Assembly on the issue that seven months is a long time to work on a budget”, the President said.
President Buhari, however, assured the delegation that ongoing efforts to improve road and rail networks across the country will be increased as infrastructural development remains paramount for improving the livelihood of Nigerians.
He told the delegation, which included Governor Abubakar Sani Bello, military and traditional leaders, that his administration will pay more attention to the stretch of 2,150km federal roads in the state.
On security, he said, “We cannot manage our communities and societies without security. A lot of resources are being diverted to provide security instead of going into infrastructural development.”
The President also re-assured the delegation that his administration will stay focused on securing lives and property, fighting corruption and stimulating the economy for more progress.
He said the Minister of Agriculture and the Governor of the Central Bank of Nigeria had been directed to increase monetary supports, through loans, to farmers in the next farming season, and ensure that farmers are not overwhelmed with the traditional demand for collaterals.
“Traditional institutions and families can serve as guarantors because we cannot continue with that colonial style of asking for collaterals that people don’t have,” he said.
President Buhari also commended the Chinese government for accepting to finance 85 per cent of Nigeria’s infrastructural development need.
“I thank you so much for coming. It is a good morale booster for me and the country that a State will bring a strong delegation to show appreciation for our efforts,’’ he said.
In his remarks, the leader of the delegation, Lt. Gen. Duba, who is a former military governor, commended the President for the significant stride in repositioning roads, rails and airports across the country.
He said Niger State still faced challenges of security along Jebba-Mokwa-Birnin Gwari-Kaduna roads, urging the President to reinforce surveillance on the routes and also direct more attention to the construction of federal roads in the state.
The Etsu Nupe, Alhaji Yahaya Abubakar, who is also the Chairman of the Niger State Council of Traditional Rulers, also commended the President for “providing exemplary leadership for the country”.
Okonjo-Iweala: My Father Died Same Way He Lived
“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity.”
by saharaReporters, New York Sep 14, 2019
The father of former Minister of Finance, Dr. Ngozi Okonjo-Iweala, Prof. Chukwuka Okonjo is dead. The former minister through her spokesperson, Paul Nwabuikwu, in a statement yesterday announced the death.
Okonjo-Iweala, in the statement, said his father died in Lagos soon after he arrived from a trip to the United States and Ghana.
“He died in Lagos soon after he arrived from a trip to the United States of America and Ghana. We are immensely grateful that his last moments were peaceful and that he died the same way he lived his life – with quiet dignity.
“Daddy was an accomplished man on so many levels – a highly respected academic, international public servant, university administrator, intellectual and traditional ruler. My father touched so many lives personally and professionally,” she said.
The former World Bank Chief added: “It is a tribute to the kind of life that Daddy lived that on his 90th birthday last year, a delegation of old students of Ibadan Boys High School presented him with a letter of commendation written in 1953 in which a colonial education administrator praised him highly for the all-round improvements he achieved in the school within a short period of time. He was only 25 then.
“Daddy was a passionate intellectual and prolific writer whose last book was published at the age of 90. He touched so many lives personally and professionally and was an unrelenting believer and practitioner in the power of education to transform lives.
“In pursuit of this commitment, Daddy sponsored the education of at least 19 students up to university level in addition to his own seven children. He inspired and motivated so many more.
“Having witnessed the ravages of war, he was committed to unity and peaceful coexistence of all. From his marriage of 66 years to our mother, Prof. Kamene Okonjo to his dedication to duty, he was exceptional.”
AfDB launches US$ 2 billion 1.625% Global Benchmark due 16 September 2022
The African Development Bank (AfDB) rated Aaa/AAA/AAA (Moody’s/S&P/Fitch, all stable), has launched and priced a US$ 2 billion 3-year Global Benchmark bond due 16 September 2022, its first US$ benchmark of the year.
Launched on September 11, the bond issue is the Bank’s second Global Benchmark of 2019, following a EUR 1 billion 10-year priced in March 2019. With this transaction, the Bank has now raised US$ 4.4 billion in 2019 to date and executed 61% of its borrowing program for the year. The transaction received strong support from investors globally, with order books reaching US$ 2.8 billion and 53 investors participating. The high quality of the order book is illustrated by the strong participation of Central Banks and Official Institutions, taking 64% of the allocations.
The African Development Bank decided to take advantage of favorable investor sentiment post summer break to access the 3-year tenor, in spite of volatile market conditions ahead of the Fed Meeting the following week. The mandate was announced on Tuesday, September 10, at 12:00 London time with Initial Pricing Thoughts of Mid-Swaps + 13 basis points (bps) area.
The transaction met strong interest from the outset, with Indications of Interest in excess of US$ 1.8 billion (excluding Joint-Lead Managers interest) when order books officially opened at 08:00 London time the following morning, with initial price guidance of Mid-Swaps + 13bps area.
Momentum continued throughout the European morning, with orders in excess of US$ 2.5 billion around 11:20 London time. At this time, final pricing was set at Mid-Swaps + 13bps. Following the close of the order book in the US, the size of the transaction was set at US$ 2 billion by 14:20 London time.
The transaction was priced at 16:24 London time with a re-offer yield of 1.679%, equivalent to a spread of 8.75bps vs UST 1.5% 15 September 2022, the issuer’s tightest print vs US Treasuries to date.
“We are delighted with this successful dollar Global Benchmark, and particularly pleased by both the very high quality of the order book and the solid participation of African Central Banks. The African Development Bank achieved its tightest ever spread to US Treasuries, and we are grateful to our investors across the world for this outcome, and the financing it will bring to the African continent”. Hassatou Diop N’Sele, Group Treasurer, African Development Bank
Niger: IDPs reject government’s relief materials
The Internally Displaced Persons (IDPs) in Niger State housed in some temporary camps have rejected relief materials donated to them by the state government.
The displaced persons said the government has handled their plight with levity.
They insisted on getting a permanent solution to the incessant security challenges in their communities.
Over 5,000 persons are currently taking shelter in five camps provided by the state government after bandits attacked several communities including Rafa and Shiroro.
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