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Shehu Sanni Faults Senate Approval Of $22.7bn Loans To PMB
Former Senator, Shehu Sani has faulted the approval by the Senate to President Muhammadu Buhari in securing foreign loans of 22.7 billion dollars for Nigeria, saying that the administration has finally mortgaged the future of the nation and further plunged it into debts that cannot be repaid in half a century.
He said considering the circumstances surrounding the approval of the loans, the country’s overall interest and its future were not taken into consideration by the National Assembly, rather the commissioned agents, who are the beneficiaries of the foreign loans, are at advantage.
Sani reacted to the approval of the lawmakers to the loans that the 8th Assembly rejected, insisting that “the approval will plunge Nigeria into a deeper pit of debt.
“It is going to mortgage the future of our children. It is unfortunate that Nigeria has exhibited the London and Paris club, and also drag itself into the Washington and Beijing club. And we are very likely to remain there for a very long time. The debt profile of Nigeria is unsustainable. Most of the reasons why we are going to borrow money are not really tenable.
“We cannot repay this debt so easily, and what I know very well is that if this debt was approved under Jonathan, President Buhari and APC could have been in the forefront of protesting against it”.
“It is unfortunate that the very people who have raised issues on our national debt when they were in opposition or in Labour, today they have found themselves to be leaders in terms of promoting and also piling up debts for Nigeria. If we are not careful the whole country will be under the control and mortgage web of those foreign creditors’ institutions”.
Sani also remarked that “foreign debt is slavery, and we have simply worked ourselves into it under Buhari,” stressing, “as far as I am concerned, we supposed not to have reached this very level of poverty in the country if the past debt profile was well managed”.
“Debt should only be for critical infrastructure that would promote development and drive growth in our country. But, how can Buhari’s government that says it is netting over one billion naira every day through the closure of borders, and how can the government that says it has saved money as a result of subsidies and other critical measures, now go to borrow billions of dollars?”
“And, if you look at the revenue profile of Nigeria today, from what accrues to the country we will continue to service this debt for over half a century. And I don’t think that will go well for the nation”.
Adducing further reasons why Buhari’s government should not plunged the country into further debt, Senator Sani remarked, “there are critical infrastructure that simply needs a private-public partnership where the private sector will invest money, at the same time the profit would be shared by the public and the private sectors”.
“We don’t need to borrow money to build airport, we don’t need to borrow money to build infrastructure that will generate money, when if there are private interest that are ready to lend their money and to invest. So, I think the administration of the National Assembly have gotten themselves on the wrong side of history by getting us into debt. And this will continue to be an issue for the next 50 years.”
He also said that the 8th National Assembly refused to grant approval to Buhari request for foreign loans in order to protect the country’s critical interest, noting that “what matters to us then is the interest of the country and not the government, and serving the interest of somebody or becoming subservient to the executive”.
Sani further stressed: “We were concerned about our place in history and not piling up debts that the future generation will not be able to repay. So our signatures and approvals was very pressure to us and that was why we exercise restraint in terms of approving foreign loans.
“What you need to understand is that commissioned agents who facilitate this loan are only interested in their own commission. And loans are not charity, they must be repaid and with interest. So, those banks and those institutions and countries that are lending Nigeria money are simply investing for their own children, grandchildren and countries”.
“And as it is now, we are most likely to get into a quagmire of debts. During our time we rejected approval in order to save the country and save our children from being re-colonised by foreign creditors, so we were concerned of the future of our nation”, he added.
On the 350 million dollars acquired by Governor Nasir El-Rufai under the 9th National Assembly, remarked: “I wish the Kaduna Government and people luck, but during our time we rejected the loan for two reasons, first, the state is highly indebted to the tune of over 240 million dollars and we believe that if we add 250 million dollars that will strangulate the economy of the State and will also mortgage the future of the State”.
“And we rejected it also for the fact that there were also no defined reasons on how that money would be expended transparently. If the present National Assembly has seen it from a different perspective than the way we say it, we have no problem with that. But, I believe that history will be able to judge between the decision we took at that time and the one they have taken know”.
A Unity Bank customer, Mr. Amadi Chinmenem Gift Chike, has emerged as the latest winner of One Million Naira in the ongoing Cash Rewards Promo by Unity Bank Plc and CashToken Rewards Africa.
CashToken Rewards Africa is a Cash-Reward-as-a-Service company that rewards customers for their patronage and loyalty.
Mr. Amadi, a customer from Unity Bank’s Aba Road Branch, Port Harcourt, Rivers State, won the cash prize after completing qualifying transactions on Unity Bank’s digital banking channels including Unifi, *7799#, and on his Unity Bank-issued Verve card. Through these transactions, he received CashTokens, which entered him into the weekly national consumer draw, where he was selected as the lucky winner of the N1 million prize.
From left: Chioma Umeh, Unity Bank Branch Manager, Aba Road 1, Port Harcourt; Amadi Chinmenem Gift Chike, the grand prize winner, and Mr. Etop Ukpe, Unity Bank’s Regional Manager, Port Harcourt/Uyo Region presening the N1M check to the winner, recently.
The grand prize winner, Mr. Amadi is the second customer to claim the N1 million grand prize in the rewards promo, which commenced in November 2023. Since the launch, Unity Bank customers have collectively won over N6 million in cash rewards.
Unity Bank and CashToken Rewards promo offers guaranteed instant cash rewards and life-changing opportunities for loyal customers who transact on any of the Bank’s electronic payment platforms, including the Unifi mobile banking application and the *7799# USSD platform. Every card transaction earns customers CashTokens, which qualify them for the weekly national consumer draw, with prizes ranging from N5,000 to N100 million.
Presenting the cheque to the winner in Port Harcourt, Unity Bank’s Regional Manager for Port Harcourt/Uyo Region, Mr. Etop Ikpe, congratulated the winner and reiterated the Bank’s commitment to building a sustainable loyalty platform for customer engagement and satisfaction.
The winner celebrates with the Unity Bank team
He said, “We are happy to see another one of our loyal customers win a substantial cash prize through the Unity Bank and CashToken Rewards Promo. This initiative aligns with our mission to reward customer loyalty while providing a seamless and rewarding banking experience. As we continue to innovate and enhance our digital banking platforms, we are committed to creating more opportunities for our customers to benefit from their relationship with Unity Bank.”
In his reaction, an elated Mr. Amadi said, “This is a reward for my steadfastness. I have been banking with Unity Bank for a long time and I am really happy to win the cash prize. I commend the bank for the initiative and Unity Bank has always come through in keeping their promises both in terms of service delivery and meeting expectations of customers.”
The winner celebrates with the Unity Bank team
Also commenting on the development, Simi Adeoye, Chief Business Development Officer for CashToken Rewards Africa, added: “We are proud to partner with Unity Bank in bringing life-changing opportunities to their customers through our Cash-Reward-as-a-Service model. We aim to make every transaction meaningful by turning regular banking activities into chances for customers to win significant rewards. We congratulate Mr. Amadi on his win, and we look forward to creating more millionaires as the promo continues. Mr. Amadi just like other beneficiaries can easily cash out his win by dialling *6700#, following the prompt and transferring his wins directly to his Unity Bank account.”
The Vice Chairman of Alimosho Local Government Area, Mr. Akinpelu Johnson has officially received an appointment letter to take over from the suspended Chairman, Jelili Sulaimon.
The letter, dated 8th October, 2024, was signed by Kikelomo Bolarinwa, Permanent Secretary of the Ministry of Local Government, Chieftaincy Affairs and Rural Development.
Titled: ‘Re: Suspension of Mr. Sulaimon Jelili, Chairman, Alimosho Local Government Area Resolution of the House’, the appointment letter read: “I write to refer to the resolution of the House of Assembly in respect of the above
subject which states that Mr. Sulaimon Jelili has been suspended indefinitely from
Office as the Chairman, Alimosho Local Government in accordance with Section 24
(1,2,3,4) of the Local Government Administration Law (Amendment) Law, 2016. (Copy attached for ease of reference).
“In view of the above, you are to assume duty IMMEDIATELY as the Acting Chairman, Alimosho Local Government.”
Recall that the Lagos State House of Assembly on Monday suspended Jelili Sulaimon from office following various allegations by the lawmakers.
The lawmakers resolved at the sitting that Johnson should take over the running of the affairs of the council.
The lawmakers further instructed the management of the council, including the manager and treasurer, to recognise Johnson and accord him all the support to make him work effectively.
Meanwhile, four out of the seven councillors in the council have denounced the purported suspension of Johnson by their three colleagues.
In a press release signed by the four councillors including Deputy Leader Mojisola Fabusuyi Ayeni (Ward D), Saheed Adejoke (Ward C), Rasheed Semiu (Ward E), Elizabeth Fashina (Ward F), they commended the House of Assembly for intervening while urging stakeholders’ in the council to go about their activities peacefully.
Read the full statement below:
Illegal Suspension of Hon. Akinpelu Ibrahim Johnson,Vice Chairman Alimosho Local Government
We, the undersigned legislators from Alimosho Local Government, officially dissociate ourselves from the staged managed, and illegal suspension of Mr. Akinpelu Ibrahim Johnson, The Vice Chairman of Alimosho Local Government.
We condemn in totality the purported suspension of the Vice Chairman by minority legislators who acted on instructions of the validly suspended Chairman.
As representatives of our people from different wards in Alimosho, we remain committed to supporting the state and federal government’s efforts to improve the lives and well-being of our people, most especially at the grassroots.
We commend the State House of Assembly for their intervention in the mismanagement of the local government over the years. We urge all stakeholders to remain peaceful as there’s no cause for alarm.
The Renewed Hope (RH) Agenda of our Dear President, H.E Asiwaju Bola Tinubu GCFR, and Governor Babajide Sanwo-Olu’s THEMES + Agenda, deserve every attention and support at this critical stage of our state and nationhood and by extension at the local government.
We would like to emphasize that at no time was the Vice Chairman suspended hence our readiness to support him going forward with the administration of the Local Government.
As a man of the people, we have no doubt in our minds that Hon Akinpelu Johnson will deliver beyond the expectations.
We shall keep the public posted should there be any information of interest to the public.
Signed:
1. Councillor. Mojisola Fabusuyi Ayeni (Ward D), Alimosho LGA, Deputy Leader
2. Councillor Saheed Adejoke (Ward C), Alimosho LGA, Chief Whip
3. Councillor Rasheed Semiu (Ward E), Alimosho LGA, Member.
4. Councillor Elizabeth Fashina (Ward F), Alimosho LGA, member.
A Federal High Court in Abuja on Tuesday returned Julius Abure as the national chairman of the Labour Party, LP.
The court declared the 2024 Labour Party national convention held in Nnewi, which re-elected Abure, is valid, stating that the convention was in line with all laid down laws in Nigeria.
This was contained in a statement issued on Tuesday by the party’s National Publicity Secretary, Obiora Ifoh.
According to the statement, Justice Emeka Nwite while delivering the judgement, compelled the Independent National Electoral Commission, INEC, to grant due recognition and all privileges to the Labour Party’s National Working Committee as led by Abure.
JomogNews reports that INEC had announced that it did not recognise Abure as the National Chairman of the Labour Party.
The Commission argued that the Abure-led LP leadership was invalid, stating that the March 2024 National Convention that re-elected Abure as chairman violated both the Nigerian Constitution and the Electoral Act.
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