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Finance

2021 Budget: House Approves $6.1bn External Borrowing

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The House of Representatives has approved the $6.183 billion External Borrowing request by President Muhammadu Buhari to finance the deficit in the 2021 budget.

The borrowing was already captured in the N13.6 trillion budget as a financing window.

At its plenary in Abuja on Thursday, the House considered and approved the report of the Committee on Aids, Loans and Debt Management, which gave the nod to the presidential request.

The borrowing will be implemented through the issuance of Eurobond in the International
Capital Market.

The recommendations of the committee, presented to the House by its Chairman, Rep. Ahmed Safana Dayyabu, read, “That the House consider and (i) approve the request of the President of the Federal Republic of Nigeria for the issuance of $3,000,000,000 (Three Billion USD) but no more than $6,183,081,643.40 billion (Six Billion, One Hundred and Eighty-Three Billion, and Eighty-One Thousand, Six Hundred and Forty-Three USD and Forty Cents) Eurobond in the International Capital Market for the implementation of the new External Borrowing to part-finance the deficit authorized in
the 2021 Appropriation Act; (ii) also approve that the amount authorized above may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available; (iii) direct 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 10 (Ten) working days (excluding the day of the close of Trading) a letter containing the United States Dollar amount so raised and received as a result of the above approval together with the applicable Exchange Rate.”

The House, which was presided over by the Speaker, Rep. Femi Gbajabiamila, also passed the 2021 Supplementary Budget for Third Reading.

Lawmakers passed N982.729bn as the supplementary budget, up from N894.842bn earlier submitted by the Executive.

The Deputy Speaker, Rep. Ahmed Idris Wase, later presided over the Committee on Supplies and the Committee of the Whole after the House suspended its rule in the absence of Gbajabiamila, having excused himself to attend to other official matters.

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Finance

CBN Stops Selling FOREX To Bureaux De Change

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The Central Bank of Nigeria (CBN) announced on Tuesday that it has stopped the sale of foreign exchange to Bureaux De Change

The apex bank also accused international bodies operating in Nigeria of sabotage.

The CBN governor, Godwin Emefiele, who spoke shortly after the Monetary Policy Committee (MPC) meeting, accused BDCs of deliberate economic sabotage and misusing the weekly $20,000 allocation to them.

He also said CBN will no longer renew licences of BDCs. Emefiele also accused international agencies and embassies operating in Nigeria of illegally patronising BDCs.

According to him, international development finance institutions, embassies and others are supposed to patronise the importer and exporter window, where there is transparency. Henceforth, previous allocation of foreign exchange to BDCs will now be given to banks to sell to customers. You

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Finance

Alleged N38.5m Fraud: EFCC Presents Second Witness, Closes Case Against Defendant.

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The trial of one Ikemefuna Iwunoh for an alleged N38.5million fraud before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos continued with the Economic and Financial Crimes Commission, EFCC, presenting its second witness, Joseph Gandapa, and also closing its case.

Iwunoh, who was first arraigned in December 2019, is facing a two-count charge bordering on stealing and obtaining by false pretence.

One of the counts reads: “Ikemefuna Iwunoh, between the 22nd May, 2018 and 3rd September, 2018 at Lagos, within the Ikeja Judicial Division, being an account officer to Joseph Innocent Gandapa in Investment-One Financial Service Limited induced the said Joseph Innocent Gandapa to transfer a total sum of N38, 500,000 to Uacin Global Ventures by falsely representing to Joseph Innocent Gandapa that he will get a higher percentage of interes,t which pretence you knew to be false.”

He pleaded “not guilty” to the charges, prompting the commencement of his trial.

At today’s sitting, Gandapa, a staff of the Nigerian National Petroleum Corporation, NNPC, and victim of the fraud, told the Court that the money he had invested in Investment-One, supposedly through Iwunoh, was his life savings.

Led in evidence by the prosecution counsel, N.M,. Anana, the witness narrated how he met Iwunoh, and got assurance that he would help with the investment.

He said: “At the time the investment was to mature, the defendant was not forthcoming and I became troubled. “I placed a call through to Investment-One and that was where I got the shocker that they were not aware of any such investment.

“I visited him and he was telling me to calm down.”

Realising that he had been defrauded, Gandapa said he approached the Police, but “they kept asking for money; so, I got frustrated and petitioned the EFCC.”

Thereafter, he identified the petition he submitted to the EFCC as well as a bundle of documents attached to it, which were all admitted as exhibits against the defendant.

Anana told the Court that the prosecution was closing its case.

Consequently, the Judge adjourned till September 13, 2021 for the defence to open its case.

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Finance

FG Signs N982b Supplementary 2021 Budget

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President Muhammadu Buhari Monday in Abuja signed a supplementary budget of N982.7bn for 2021 to address urgent security and COVID-19 needs of the nation.

The President signed the Supplementary Appropriation Act, 2021 in his office at the State House in the presence of Vice President Yemi Osinbajo, Secretary to the Government of the Federation, Boss Mustapha, Chief of Staff, Prof. Ibrahim Gambari and Director-General, Budget Office of the Federation, Ben Akabueze and Senior Special Assistant to the President on National Assembly Matters (House), Hon. Umar el-Yakub.

Of the amount, N123.3 million is for recurrent (non-debt) expenditure while the sum of the N859.3bn is for contribution to the Development Fund for the capital expenditure for the year ending on the 31st day of December, 2021.

President Buhari commended the National Assembly for the expeditious consideration and approval of the supplementary budget, assuring that the executive arm of government would ensure the timely delivery of capital projects to achieve the laudable objectives of the Budget.

Meanwhile, the President has also, at an earlier date, signed the Orthopedic Hospitals Management Board (Amendment) Act, 2021.

The Act amends the Orthopedic Hospitals Management Board Act Cap. O10 Laws of the Federation of Nigeria, 2004 to provide for the establishment of the Orthopedic Hospital Jos, Plateau State under the control of the Orthopedic Hospitals Management Board affiliated to the Jos Teaching Hospital to provide specialised orthopedic treatment and medical services.

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