General News
2021 budget: Senate approves President Buhari’s N2.343trn external borrowing request
The Senate has approved President Muhammadu Buhari’s request for the authourisation of N2.343 trillion ($6.183 billion USD) as External Borrowing in the 2021 Appropriation Act.
This was just as it directed the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Director General of the Debt Management Office, Patience Oniha, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, to submit to the National Assembly within ten working days (excluding the day of close of trading), a letter containing the United States Dollars amount so raised and received as a result of the approval together with the applicable exchange rate.
The sum is expected to be sourced through the Issuance of Eurobond in the International Capital Market.
The approval by the upper chamber followed the consideration of a report by the Committee on Local and Foreign Debts.
Chairman of the Committee, Senator Clifford Ordia (PDP, Edo Central), said that in considering the President’s request, the Committee noted the serious concerns of Nigerians about the level of sustainability and servicing of Nigeria’s External Borrowing.
According to him, “due to the short fall in our annual revenues in relation to our need for rapid infrastructural and human capital development, we had to pass deficit budget every year requiring us to borrow to finance the deficit in our budget.”
Ordia explained that the new borrowing was calculated at Exchange rate of USD1/N379, and raised from multiple sources – multilateral and bilateral lenders through the issuance of Eurobonds in the International Capital Market.
He emphasized that the proceeds of the USD$6.183 would be used to fund various specific capital projects specifically from priority sectors of the economy namely; Power, Transportation, Agriculture, and Rural Development, Education, Health, Provision of counterpart funding for Multilateral and Bilateral Projects, Defense and Water Resources.
The lawmaker disclosed that the final terms and conditions – the interest rate and tenors in the case of Eurobonds – can only be determined at the point of issuance of the Bonds in the International Capital Market and would be subject to market conditions prevailing at the time of issuance.
He added that the Primary listing of the Bond will be on the London Stock Exchange while the Secondary Listing will be on the Nigerians Stock Exchange and Financial Markets Dealers Quotations (FMDQ) Securities Exchange.
Ordia observed that, “multilateral and bilateral institutions operate on standard terms and conditions and Nigeria secures the best terms and conditions within the context of the market.”
Accordingly, the Senate while adopting the resolutions of the Committee on Local and Foreign Debt approved the issuance of $3 billion USD but not more than $6,183,081,643.40 Eurobond in the International Capital Market for the implementation of the new External Borrowing of N2,343,387,942,848, for the financing of part of the deficit authorized in the 2021 Appropriation Act.
It also approved that the amount authorized may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available.
In addition, the upper chamber directed the Minister of Finance, Budget and National Planning, the Director General of the Debt Management Office and the Governor of the Central Bank of Nigeria to submit to the National Assembly within ten working days (excluding the day of close of trading) a letter containing the United States Dollars amount so raised and received as a result of the approval together with the applicable exchange rate.
In his remarks, the Senate President, Ahmad Lawan, stressed that the approved external borrowing is not a fresh loan by the President Buhari administration but a request captured in the 2021 Appropriation Act passed by the National Assembly last year.
He, however, tasked Committees of the National Assembly to carry out strict oversight on how the loans are applied to the implementation of the 2021 budget.
Lawan urged Ministries, Departments and Agencies of Government entrusted with the management of the funds to ensure prudent application to projects across the country.
“Our committees should be alert on how the funds that will be borrowed will be used.
“No frivolous expenditures should be entertained. I imagine that everybody in the trust of public funds, especially this laws will be as prudent and economical as possible”, he said.
…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”
The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.
In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”
Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.
The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).
The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).
“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.
The Primate of the Church of Nigeria Anglican Communion, Most Reverend Henry Ndukuba, has called on political leaders to prioritize the welfare of citizens.
During a recent church service in Abuja, Ndukuba noted that many Nigerians are struggling with challenges brought on by the global economic downturn. He urged state and local governments to implement new initiatives to lessen the impact on their communities.
The Primate also stressed that the federal government must effectively monitor its programs to ensure that Nigerians fully benefit from the nation’s democratic gains. He argued that if the current administration can effectively tackle corruption, the country would significantly benefit from the economic policies of President Tinubu’s government.
Ndukuba concluded by asking the congregation to continue praying for those in authority, remain committed to national unity, and show love and support for the less privileged. He also tasked the newly inducted members of the Church Mothers’ Guild with aggressively spreading the gospel.
Senior Pastor of Dunamis International Gospel Centre, Dr. Paul Enenche, has expressed deep concern about the current situation in Nigeria.
Enenche stated that the nation is under an evil spell due to the economic hardship affecting the country. He described Nigeria as being covered by a “blanket of sorcery and darkness,” leading many citizens to endure poverty and hardship in silence.
“There’s a blanket of sorcery and darkness over this nation—an evil spell making people tolerate what should provoke outrage,” he wrote.
In a post on his official X account on Thursday, the cleric highlighted the economic struggles faced by many Nigerians, noting that an increasing number of church members now line up after services not for spiritual counselling or prayer, but to help with basic needs such as rent, school fees, food, and medical bills.
“People are suffering. Pastors are exhausted. Members now queue after service not for prayer, but for assistance,” he lamented.
He also criticised political leaders for their insensitivity and failure to address the dire situation across the country.
“Yet, the leaders act as though nothing is wrong. This is not normal—it is witchcraft. It is a spell of patience in captivity, leading to a demonic tolerance of suffering.”
Calling for divine intervention, Enenche declared, “Let every evil spell over this land be broken! Let those misruling with arrogance and mocking the people’s pain face divine judgment. They shall not see the celebration of their wickedness.”
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