Fidelity bank banner UBA banner
Finance Ministry excludes South East from benefitting from $30bn infrastructure loan

By News Express on 17/02/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,423

Finance Minister Kemi Adeosun.
Finance Minister Kemi Adeosun.

Facts have emerged on the exclusion of the South East zone from the Federal Government’s $30 billion foreign loan to provide infrastructure in various parts of the country.

In the words of the Director-General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, the International Economic Relation Department (IECD) in the Ministry of Finance excluded the South East from benefitting from the loan.

Nwankwo disclosed this on Thursday when he fielded questions from the Senator Shehu Sani-led Committee on Foreign and Local Debt. He said that Nigeria’s external and domestic debt stock had risen to N17.36 trillion.

The DG said that despite the current economic recession in the country, Nigeria has not reached the level of seeking for debt forgiveness from other countries of the world.

According to him, “Nigeria doesn’t need debt forgiveness from other countries.”

A breakdown of the debt burden put external debt ($11.41 billion) or N3.48 trillion and domestic debt ($45.98 billion) or N13.88 trillion.

Nwankwo noted that the disaggregated external debt stock on the 36 states and the Federal Capital Territory (FCT) as at June 2016 was $3.65 billion while that of domestic debt stock of states and the FCT as at September was $2.822.89 billion.

Senator Sani had at the commencement of the Budget Defence, raised the alarm at the enthusiasm with which the Executive rushed to borrow money to run the economy without recourse to high interest rates and its burden on generations yet unborn.

He said: “There is a genuine fear of our debt profile which is on the increase with a pressure on the interest rate on our budget which the National Assembly is concerned about.
“The committee will not accept any borrowing just for the sake of borrowing, but to finance critical sectors and infrastructure that will impact positively on the economy thereby reducing the suf­fering of teeming Nigerians who are below poverty level.”

A member of the committee, Senator Obinna Ogba, cautioned that any money borrowed by the Federal Government should be spread to the geopolitical zones, noting that he was aware that the South East zone is always being short-changed and warned that “this time around, we will not accept it.”

Senator Obinna recalled that when President Muhammadu Buhari presented the $30 billion loan, he enumerated the key areas that the loan would provide infrastructure and asked the DG: “Can you tell me why the South East was omitted in that document?”

Nwankwo replied: “I can’t tell you Sir, that question will be answered by the government department responsible for compiling the list. I am sure they will have adequate explanation to give you the answer.”

Senator Ogba replied: “No! No! Those government officials that you mention did not come here to provide the committee with what the money is to be used for and so you must tell us.”

Nwankwo said: “It is the International Economic Relations Department (IERD) of the Federal Ministry of Finance that is responsible for that document. So, there is no need for me to answer for them.” (The AUTORITY)

Source News Express

Posted 17/02/2017 1:57:59 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Military warns against spreading of falsehood, hate and...

Mahmoon Baba-Ahmed was a fearless, disciplined journalist —...

l’ll complete, deliver all ongoing projects before leaving...

3 Nigerian drug traffickers to die by firing...

I will turn Anambra around if elected Governor,...

Uba allays fears over alleged plan to dump...

FG praises Dangote, says he’s a good example...

World Assembly of Youths to mediate in Niger...

Echiejile, Monaco teammates shock Arsenal 3-1 in Champions...

Extra-legal killings/attacks: Nigeria back to Abacha era —...

Presidential Villa empty on Buhari’s first day at...

Islamic group calls on Muslims, others to be...

 

Latest News THE BIG TRIAL: The 11 charges slammed on Ex-Governor Fayose by EFCC Delta indigene appointed Judge in USA •Appointment well deserved, says Okowa Oshiomhole cries out over gang-up in APC 22 suspects arrested over Kaduna violence FG has not been fair to South East — Ikpeazu Major shake-up hits Civil Defence Good Governance group tasks Northern leaders on Nigeria’s next President Two brothers arraigned for allegedly killing cousin in Anambra 83m to vote in 2019 — INEC chair How I will fix electricity problem in 36 months if elected President — SDP Candidate Donald Duke Atiku to supporters: Conduct yourselves respectfully Nigeria to host 90% of world’s extremely poor by 2030: World Bank

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (408,758 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,446 views) Shameless Genevieve Nnaji exposes breasts in public (315,861 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,954 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (238,307 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,920 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,763 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (186,173 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (171,016 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,307 views) Lagos plane crash: Journalist releases victims’ names (161,977 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,685 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (70) Business & Economy (3,702) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (561) Features (660) Global Business Monitor (304) International (2,562) Interview (165) Live Commentary (28) Love Matters (145) News (39,822) Opinion (1,126) Pidgin (13) Politics (7,340) Religion (885) Sports (1,739) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement