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One week after approving controversial N22.7trillion ‘Ways and Means,’ Buhari back to Senate with $800million loan request

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Exactly one week after it approved a whopping N22.7trillion ways and means loan, borrowed from the Central Bank of Nigeria (CBN), President Muhammadu Buhari returned to the Senate on Wednesday, this time seeking for approval of a fresh $800million loan.

A lot of dusts had been raised by stakeholders, who carpeted the ease with which the President’s request sailed through the Red Chambers of the National Assembly, with many analyst, calling it an illegal act for the lawmakers to give official seal to the indiscriminate Ways and Means, which allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund delayed government expected cash receipts of fiscal deficits, despite a provision in the law that put a ceiling to it.

Regardless, the President, who is currently in the UK attending to his teeth, in a letter read by Senate President Ahmad Lawan at plenary, said the loan, which would be sourced through the World Bank, would be utilised to scale up the National Social Safety Net Programme.

The Senate, had last year thrown out the President’s request to securitise the loan when the proposal was brought by the President, citing a lack of details, but a further pressure was mounted when it was again re-presented, with Buhari appealing to the lawmakers to to reconsider its stand, as failure to grant the approval would cost the government about N1.8tn in additional interest in 2023.

The Senate Leader, Ibrahim Gobir, who led the Senate in the debate for the approval of the Ways and Means on Wednesday, explained that part of the money was given as loans to states.

Gobir added that the Special Committee set up by the Red Chamber to scrutinise the fiscal document, put up the report after ‘critical analysis and review of submissions made by the Federal Ministry of Finance, Budget, and National Planning; and the CBN

The Senate Leader said the panel discovered that the Ways and Means balance was initially N19. 3tn (N19.326,745,239,660.20) as of June 30, 2022 but later grew to N22.7tn (N22,719,704,774,306.90 ) as of December 19, 2022 as a result of financial obligations to ongoing capital projects and additional expenditures which includes domestic debt service gaps and interest rate.

He noted that the Senate on Wednesday, December 28, 2022, approved the sum of N819,536,937,813 from the N1tn additional request made by the president leaving an outstanding balance of N180.4bn being the accrued interest on the sum.

Gobir further stated that the House of Representatives had earlier approved the additional N1tn Ways and Means Advances requested by the President to enable the smooth implementation of the supplementary budget.

Gobir said, “Part of the Ways and Means monies were given to State Governments as loans to augment budgetary shortfall in their various States.

“Most of the requests for funds for an increase in Ways and Means were made to Mr President on the need to finance the budget due to revenue shortfall. Such requests were either made by the Hon. Minister of Finance, Budget and National Planning or the Central Bank Governor.

“The Federal Government as a result of revenue shortfalls occasioned by the COVID-19 pandemic and low oil prices, relied heavily on the Ways and Means to finance its budget deficit to keep the country working for the people.”

The Senate leader added, “The monies received by the Federal Government were actually used for funding critical projects across the country.

“That due to the serious shortfall in Government Revenue, the Federal Government in order for the economy not to collapse, was compelled to borrow repeatedly from the CBN, exceeding the 5 per cent threshold of the prior year’s revenue as stipulated by the CBN Act, 2007.

“That the Federal Government through the Ministry of Finance, Budget, and National Planning has concluded plans to convert the CBN loans to tradable securities such as treasury bills and bond issuance.”

Gobir said the Senate Special Committee after exhaustive deliberations, recommended among others, the restructuring of N22.7tn for Ways and Means Advances be approved because the advances were made to ensure that the government does not shut down.
The panel further sought the approval of the Senate for the sum of N180.4bn being the balance of the supplementary budget and the interest accrued on the Ways and Mean Advances.

Other recommendations were, “If there is a need to exceed the five per cent threshold of the prior year’s revenue, recourse must be made to the National Assembly for approval.

“The Federal Government should begin the process of recovering the portion of the Ways and Means given as the loans to State Governments as further deferment of the repayment of the loans by the States will not be healthy for the economy.

“The Federal Government through the Ministry of Finance, Budget and National Planning should expedite action on the repayment of the loans through treasury bills and bond issuances.

“The National Assembly will not condone future increases in the Ways and Means without seeking the approval of the National Assembly.”

Meanwhile, the Senate President, Ahmad Lawan, after the approval of the fiscal document, noted that the Ways and Means Advances was a global practice.

He, however, faulted the process adopted by the executive arm of government which failed to carry the National Assembly along while accumulating a huge amount of loans.

Lawan added that the Senate had to pass the Ways and Means Advances so that the federal parliament would be able to consider and pass the 2022 Supplementary Budget still pending before the two chambers.

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Imo massacre: Armoured vehicles procured for police used to rig elections – LP

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Labour Party, palpably in anguish at the slaughter of eight soldiers in Imo State on Tuesday by some rampaging gunmen, has raised questions over the whereabouts of the nine Armoured Personnel Carriers (APCs) Athan Achonu, it claimed its governorship candidate for the November 11 election, repaired and donated to the authorities in the state.

The party, all but called out the leadership of the Imo State Police Command, to whom they claimed the equipment were handed over, alleging that the last time they APCs were seen was during the last general elections, where they were used by members of the All Progressives Congress (APC), the party in power in the state to snatch ballot boxes for candidates in the national and state assemblies.

The claim, was made when Nick Opara-Ndudu  and Nnaemeka Onyeka Obiareri , chieftains of the party appeared as guests on The Morning Show, a breakfast programme on Arise Television to sell the candidacy of Achonu, whom they said would never have allowed the type of insecurity in the state to endure under his watch.

Both men, who said that Achonu, whose highest political office so far, was his short stint in the Senate, where he served via the 2015 election before he was removed through the courts, remained the only solution not to the insecurity, in the state and even the South East,  but the one to rescue the people from years of underdevelopment from poor leadership.

Obiareri, spokesman of the LP in the state, argued that if the APCs had been in place, Tuesday’s incident in which the military men were killed alongside some policemen and officials of the Nigerian Security and Civil Defence Corps (NSCDC), would probably not have happened, said a check on the social media would reveal how they were used by party men of the APC for rigging the 2023 general elections.

He said: “The military men that were killed if they had armoured vehicles patrolling, they wouldn’t have been shot by those criminals. Athan Achonu, go and confirm from Innoson, paid hundreds of millions of naira to Innoson, Innoson is still alive, you people can still go and interview him, to repair nine armoured vehicles for the police. Five were supposed to be in Okigwe zone. Till today, we don’t know where those nine armoured cars are.

“If you go to Youtube, you’ll see Youtube record of members of the House of Assembly in Imo State using those APCs to carry ballot boxes. It’s there on Youtube, you can search it out. What Athan Achonu will do is very simple. Every local government area will have one humvy vehicle for the police. Police stations had been totally burnt in Imo State and Athan repaired most of those police stations.

“Then, there will be community vigilante. We’ll train those 50 youths per community – train them, equip them and arm them. They should guard their communities. When you have over 50,000 hectres of land, reclaimed from the bandits, and you have youths who are not only just farming, but who are trained to protect their communities, they’ll do the job.

“Then, we have to set up a security trust fund. Ndi-Imo are not scared. As at today, there are some communities in Imo State, where bandits – unknown gunmen, are ransacking and collecting levies from the communities. Basically, Athan Achonu will provide training, recruitment for people donated by the communities. Communities know those who are the terrible ones in their midst. And I tell you, in six months, they will flush them out.”

Opara-Ndudu, who dismissed the claim by the state governor, Hope Uzodimma that the carnage and other killings in the state were politically-motivated, blamed the governor for misplacing his priorities and failing to provide jobs for the teeming youth population in the state, questioning why nobody had been arrested and prosecuted fully in the courts if the insecurity in the state was all about politics.

Hear him: “The security problem has to do with objective conditions in the state. The young people are frustrated. The government is not making any investments in the areas that are required. We’re busy pursuing projects that are designs in deception. Look at the roads that are being done in Imo State, you know for you to deal with the problem of poverty and other economic challenges, you have to deal with the problem of infrastructure.

“In Imo State, the government has dedicated all of its time and half of its time to reconstructing federal roads without any attention – little or no attention paid to the rural areas. If you go to length and breadth of Imo State – Ngor Okpala, Ezinifte Mbaise, even in the governor’s local government – everywhere in Imo State, you find that the rural areas are looking desolate and abandoned.”

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Police find body of missing female student dumped in the bush, vow to get killers

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Operatives of the Federal Capital Territory (FCT), command, have vowed to fish out the killers of a university student, Blessing Karami, whose body was said to have been picked up from the bush days after she was declared missing on September 11.

The FCT police, which released the painful news on Thursday, said in a statement by its spokesman, Josephine Adeh that the remains were found in the woods in the Karimu area of the city.

The police spokesman acknowledged that her disappearance was reported to the police authorities last,  Thursday, September 14 added that 26-year-old Blessing, a student of the National Open University of Nigeria (NOUN), was declared missing after leaving her place of work in Garki, Abuja.

She said in the statement: “The body of Blessing Karami Moses, a 26-year-old woman who had been missing since September 11, 2023, was tragically discovered in a wooded area in Karimo. Her disappearance was reported to the authorities on September 14, 2023,” the statement read.

She said Commissioner of Police, FCT, Haruna Garba, had directed that command should conduct a thorough and impartial investigation into the circumstances surrounding the incident, adding: “While we are working closely with the Abuja Environmental Protection Board (AEPB) to facilitate the respectful retrieval of the decomposed remains acknowledging the sensitive nature of this task, we will continue to provide updates to the public as our investigation progresses.”

Adeh, a Superintendent of Police (SP), also commiserated with Blessing’s family and loved ones over the incident.

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Ogun cult massacre: DSS raid home, pick up PDP lawmaker, five others

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Damilare Bello Mohammed, a serving member of the Ogun State House of Assembly (OGHA), is currently telling operatives of the Department of State Services (DSS) his side of the story, after he was picked up over his alleged involvement in the rival secret cult clashes that occurred in Sagamu town.

Mohammed, recently elected on the platform of the People’s Democratic Party (PDP) to represent Sagamu State Constituency 1, was picked up on Wednesday by the agency over the incident in which at least eight persons were killed last weekend during the violent clash in the town, alongside five other suspected cultists allegedly involved in the cult violence.

The five other suspects; Debbo Animashaun, Bamidele Saheed, Ismaila Onitire, Adewale Otesanya and Tobi Owoade, were arrested by the DSS operatives during a sting operation after a tip-off at the early hours of Thursday within the residence of the lawmaker.

Lekan Adeniran, spokesman to Dapo Abiodun, the Ogun State governor, announced the development in a statement on Wednesday, saying the secret police tracked the six suspected cultists to the official residence of the lawmaker.

Accusing the lawmaker of providing shelter to the cultists, Adeniran, said in the statement, that the suspects were presently undergoing interrogation in DSS custody after many dangerous weapons, including guns, were recovered from them.

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