Connect with us

Finance

2021 Budget: House Approves $6.1bn External Borrowing

Published

on

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.

Continue Reading

Finance

Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him

Published

on

The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.

The order for the withdrawal was contained in a police wireless message. The document with reference number:

“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.

Please, above, for your information and strict compliance.”

Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.

This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.

From EFCC

In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.

From National Immigration Office

And read;

“I am directed to inform you that the above-named person has been placed on the watch list.

Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.

Continue Reading

Finance

BREAKING: EFCC Declares Former Kogi State’s Governor, Yahaya Bello Wanted

Published

on

The Economic and Financial Crimes Commission has declared a former governor of Kogi State, Yahaya Bello, wanted for offences relating to economic and financial crimes.

This was contained in a notice posted on the commission’s official Facebook page on Thursday.

The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88

“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State.

“His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”

The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

The anti-graft commission had earlier stated that it would, on Thursday (today), arraign the former governor before a Federal High Court sitting in Abuja.

This was after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend the former governor.

Punch reported that The agency’s team of lawyers, led by Kemi Pinheiro, SAN, during the proceedings on Thursday, said that EFCC operatives were prepared to carry out the arrest warrant for the former governor, even if it requires the use of force.

Bello and three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, will be arraigned before Justice Emeka Nwite.

They face 19 counts related to money laundering to the tune of N80,246,470,088.88.

Continue Reading

Finance

Naira Abuse: Court Grants Cubana Chief Priest ₦10M Bail

Published

on

The Federal High Court in Lagos State, on Wednesday, granted businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, N10m bail with two sureties in like sum.

On Tuesday, EFCC slammed him with 3 count charge over the abuse of naira and asked him to report to court.

In court, The celebrity bar man pleaded not guilty to tampering and abusing the naira during his trial.

Earlier on Sunday, the EFCC revealed that it was probing several celebrities over alleged abuse of Naira notes.

In a statement, its spokesperson, Dele Oyewale, said;

“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.

“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”

Continue Reading

Trending