Category Archives: Nigeria Economy

Reps Move To Review Chinese Loan Agreements

The House of Representatives has said it would review all loan agreements and conditions signed by the Federal Government.

The Vice- Chairman of the House Committee on Aid , Loans and Debt Management , Mr Chris Azubogu, stated this in an interview with newsmen.

He said the House generally is concerned about the loan agreement and they are reviewing all the terms and conditions to know what they are like . He added that the reviewing about all loans and agreements .

Recall that the committee raised the alarm over loan agreements Nigeria signed with China . The lawmakers said the agreement might force Nigeria to concede its sovereignty to the Asian country if the loans were not paid back .

However, the Minister of Transportation , Rotimi Amaechi, who appeared before the committee, asked the lawmakers to stop the investigation into the Chinese loans.

He said the probe would send a wrong signal to China , which could stop the loans , thereby thwarting the nation’ s rail projects .

A member of the Treaties , Protocols and Agreements, who spoke on condition of anonymity , stated that the lawmakers would not back down on the probe .

Buhari Rejoices As Review Committee Clears Adesina’s Name Off Ethical Misconduct

President Muhammadu Buhari has issued a congratulatory statement to the African Development Bank (AfDB) President, Akinwunmi Adesina following his exoneration by an independent review panel from 16 allegations of ethical misconduct levelled against him as the chief executive of the AfDB and urged him to remain steadfast in pursuing the goal of the institution.

were on Tuesday excited, following the clearance of African Development Bank (AfDB) President Akinwumi Adesina by an independent review panel.
Dr. Adesina was exonerated from 16 allegations of ethical misconduct levelled against him as the chief executive of the AfDB.
Congratulating the AfDB boss for coming out clean of all allegations, President Buhari said the bill of health given to him has validated his competence to further lead the organisation.

In the statement by Buhari’s Special Adviser on Media and Publicity Femi Adesina, the President said he warmly rejoices with President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, on the clearing of all allegations against him by an anonymous group, and further validation of his competence and integrity to lead the institution.

President Buhari also congratulates AfDB Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of Report of Panel of High-Level Independent Experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.

He also commends the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and their professionalism in rejecting support services, and providing a unanimous report.

Buhari further said that he believes the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period, and serve as impetus for more diligence in handling responsibilities, while fuelling the zeal to deliver on the promises of a greater Africa.

He concluded by urging Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.

‘We Have Large Campuses With Small Population, Allow Us To Resume’ Private Universities Begs NUC

Private Universities in Nigeria has submitted a request to the National Universities Commission (NUC) that it is high time the university governing body allowed the private owned universities to reopen as they are fully ready for resumption.

The Chairman of the Committee of Vice- Chancellors and Registrars of Private Universities , Prof . Timothy Olagbemiro, made this known in an interview that the private universities had big campuses with small population which would give room for social distancing.

He also maintained that resumption would be done in phases , adding that university laboratories also needed to be opened for researches to take place.

Olagbemiro also said that once the NUC has given the green light, they will put everything needed in place. He added that they don ’ t want to resume fully but they will do it in phases whereby the year one and graduating students can resume to take their final exams after which the year two and three will follow suit.

He also said that it is just the high time the government allowed the private universities to reopen because opening of academics will enhance more research to fight the Covid-19 pandemic as well as others things.

The Chairman concluded that he hope that the NUC consider their request, putting in mind that they are job providers and they needed to pay salaries which can’t be done when schools remain closed.

‘Suspend Plan For New License Fee’ Minister Orders NIPOST

Dr Isa Pantami, the Minister of Communication and Digital Economy has ordered the Nigerian Postal Services (NIPOST) to suspend the new tariff on registration of courier services in the country.

The Minister ordered the suspension yesterday and said that the action was taken due to complaints by Nigerians against the hike.

Dr Pantami, under whose purview the supervision of NIPOST falls, took to his Twitter handle to reiterate the position of the government on the increment.

He tweeted:” Our attention has been drawn to an increase in license fees which was not part of the regulation I earlier approved for you. The chairman of NIPOST and the Post Master General were contacted yesterday to put the implementation on hold and send a report to our ministry by Monday”.

He further clarified that the power of regulation of NIPOST lies with the minister, and any change of fees must be approved by him.

Pantami concluded that he is aware of the economic challenges of NIPOST. However, considering the economic hardship of the Nigeria citizens, the need to suspend the plan is necessary.

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