…Receives Buhari’s request to approve $4.054bn, €710m, $125m external borrowing
By Mohammed Mohammed
With pervasive security challenges in all fronts, the Senate president, Mr. Ahmad Lawan, has said insecurity remains the biggest challenge.
According to him, the cankerworm must be prioritized and tackled headlong by constant engagement between the Executive and Legislature.
Lawan stated this on Tuesday in a speech delivered to welcome Senators back from the upper chamber’s two-month annual recess.
According to him, efforts must be made to sustain the fight against insecurity by ensuring adequate funding for security agencies in the 2022 budget to be submitted by President Muhammadu Buhari later this month to the National Assembly for consideration.
He said: “Distinguished colleagues let me applaud and commend our gallant Armed Forces for the recent success recorded in their fight against insurgency and banditry in our Country. I want to urge them to sustain the campaigns until the insurgents and bandits are rooted out in our country.
“Distinguished colleagues, you would recall that we approved the supplementary budget request of the Executive in July this year, just before we proceeded for the annual summer recess. The National Assembly approved over N800 billion for our security and Intelligence Agencies.
“While that provision was appropriate and indeed necessary, we should sustain the trajectory of increase in funds and resources to the security sector.
“Therefore, we should consider a ramp up of more resources for our security agencies in the 2022 Appropriation. This also requires that our Defence and Intelligence related Committees must step up their oversight on the Agencies.
“Distinguished Colleagues, the fight against the security challenges in our Country requires continued engagements between the National Assembly and the Executive arms of Government.
“It also requires continues engagements with citizens, for the necessary and desired results to be achieved. We must therefore remain resolute and focused in achieving those. The National Assembly, indeed the Federal Government has no more serious challenges to tackle than insecurity today.”
The Senate President while giving a breakdown of landmark legislations passed by the Ninth Assembly, underscored the need for the Implementation Committee set up by Buhari to ensure the timely execution of the Petroleum Industry Act assented to by the President on August 16, 2021.
“Distinguished colleagues, before we embarked on our recess we had accomplished the targets that we set for ourselves. We passed the Petroleum Industry Bill (PIB), and also passed the Electoral Act Amendment Bill 2010.
“These were landmark Legislations targeted at enhancing the Oil and Gas Sector in our Country and improving the Electoral system in our dear Nation.
“Distinguished Colleagues, as we are all aware, Mr. President assented to the Petroleum Industry Bill on 16th August, 2021 making it an Act of parliament.
“Also, the President had set up an implementation Committee to start the execution of the provisions of the Petroleum Industry Act.
“I want to take this opportunity to urge the implementation Committee to expedite action so that our Country will start to reap the benefits of the law.”
Lawan charged the Senate Committees on Petroleum Downstream, Petroleum Upstream, and Gas to start oversight on the implementation of the Petroleum Industry Act, with a view to ensuring that the Senate discharges its critical mandate of compliance with contents and dictates of the law.
On the Electoral Act Amendment Bill passed by the Senate and House of Representatives in July 2021, the Senate President announced that a Conference Committee would be set up to harmonise the two versions of the bill, so as to enable its eventual transmission to the President for assent.
He added that, “both Chambers had done a great and patriotic job to increase the integrity and transparency of our Electoral processes and procedures through these amendments.”
On efforts made by the Ninth Assembly to review the 1999 Constitution, Lawan disclosed that the Constitution Review Committee would be presenting its report soon to the upper chamber for consideration.
According to him, the amendment exercise is intended to “make Nigeria a more united and stronger Federation.”
The Senate President disclosed further that the Senate Joint Committee on Finance, National Planning and Economic Matters, Petroleum Downstream, Petroleum Upstream and Committee on Banking would also be presenting its report soon on the 2022/2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), preparatory to the presentation of the 2022 Appropriation Bill by the President.
He added that the Standing Committees of the Senate are ready to receive Ministries, Departments and Agencies (MDAs) for budget Defense.
“As in the previous years, all MDAs are expected to defend their budget proposals within October 2021, as this is the only allotted window for the exercise.
“Distinguished Colleagues, there is no gainsaying the fact that, the early passage of the 2020 and 2021 Budget has yielded tremendous benefits to our Economy and Country.
“According to the second – quarter GDP report release by the National Bureau for Statistic (NBS), Nigeria’s Gross Domestic Product (GDP) increased by 5.01% in the second quarter of 2021 – strongest growth since fourth quarter 2014.
“This can be attributed to the early passage and subsequently implementation of the Budgets.
“The National Assembly is proud to be a major factor in turning around the economic fortunes of our dear Country” Lawan said.
Meanwhile, the Senate receives Buhari’s request to approve $4.054bn, €710m, $125m external borrowing
The Senate has received a formal request from President Muhammadu Buhari to consider and approve an external loan to fund projects captured under the 2018-2021 borrowing plan.
The letter dated 24th August, 2021 was read during plenary by the Senate President, Ahmad Lawan.
Buhari in the letter explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chatered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.
He explained that the amount would be used to fund Federal and States Government projects cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID-19 Response efforts.
According to the President, the projects which are spread across the six geo-political zones of the country would bring about employment generation and poverty reduction, as well as protection of the most vulnerable and very poor segments of the Nigerian society.
The letter reads: “I write in respect of the above subject and to submit the attached addendum to the proposed 2018-2021 Federal Government External Borrowing (Rolling) Plan for the consideration and concurrent approval of the Senate for same to become effective.
“The Senate President may wish to recall that I earlier transmitted a request on the proposed 2018-2020 Federal Government External Borrowing Plan for the concurrent approval of the Senate in May, 2021.
“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as at June 2021 are incorporated, I hereby forward and addendum to the proposed Borrowing Plan.
“The Projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chatered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.
“The Senate is kindly invited to note that the projects and programmes in the Borrowing Plan were selected based on positive, technical and economic evaluations and the contribution they would make to the socio-economic development of the country including employment generation and poverty reduction as well as protection of the most vulnerable and very poor segments of the Nigerian society.
“The Senate may also wish to note that all the listed projects in the addendum form part of the 2018-2021 External Borrowing Plan and cover both the Federal and States Government projects and are geared towards the realization of the Nigeria Economic Sustainability Plan that cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID-19 Response efforts.
“A summary of some key projects in each of the six geo-political zones and a summary on the expected impacts on the socio-economic development of each of the six (6) geo-political zones are attached herewith as Annex II and III.
“Given the importance attached to the timely delivery of the projects listed in the proposed Borrowing Plan and the benefits both the Federal and State Governments stand to gain from the implementation of same, I hereby wish to request for the kind consideration and
concurrent approval of the Senate for projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan to enable the projects become effective.”
