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Loans

Leading Reporters Okowa sets to borrow N12b to curry Delta state

Okowa sets to borrow N12b to curry Delta state pensioners’ votes

by Leading Reporters February 21, 2023

written by Leading Reporters

Despite public outcry over incessant loans by the outgoing Governor of Delta State, Governor Ifeanyi Okowa, Delta state is going to be plunged further with another N12billion loan, according to an insider information.

The new loans which will soon be presented to the State House of Assembly for approval, according to a source, is targeted to be used to pay pensioners, a move many believe is to curry the votes of Delta State pensioners.

Governor Ifeanyi Okowa is the running mate of Alhaji Atiku Abubakar who is currently vying to be elected Nigeria President under the People’s Democratic Party.

Since the emergence of Governor Okowa as Atiku’s running mate, the state government under him has resorted to untamed borrowing.

Okowa’s critics believe that the hundreds of billions of Naira incessantly borrowed may have been for campaign purposes.

Delta State is one if the richest oil producing states. Despite these fortunes, and the massive inflow of funds from the Federal Government and other sources, the state is emerging as one of the most indebted states in Nigeria.

The borrowing has recently peaked, and many Deltans are calling on banks and other borrowing institutions to refrain extending further loans to the state.

February 21, 2023 0 comments

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2023: The narrative of “Nigerian Government being broke is false” presidential aspirant

by Leading Reporters April 4, 2022

written by Leading Reporters

A presidential aspirant under the aegis of the Social Democratic Party (SDP), Prince Adewole Adebayo has reiterated that the saying, ‘Nigerian Government being broke is untrue’.

Adewole believes that Public Office holders use those lines to shy away from their core responsibilities of delivering the dividends of democracy to her citizens.

‘Have you ever seen any Public Officer who gets into office and resigns because there is no money in the treasury? – Adewole asked.

He stressed further that there is a need to vote for responsible people who have the interest of the masses at heart.

The Legal Practitioner and Media Entrepreneur believe that they is an urgent need to scrap the trend where people use the treasury as their purse and a demand for a replacement by progressive thinkers who will in turn change the fortunes of the political space.

He further added that there are two types of corrupt politicians in Nigeria; the ones who steal current money – these are the ones who plunder money that keeps getting into the treasury and the ones who steal future money- towards the expiration of their tenure decide to get fast loans from banks and foreign sources only to plunder them leaving the country in debt and absolute poverty.

This is the main reason why upright and principled people have to be voted into office and he believes he ticks all those boxes.

April 4, 2022 0 comments

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Nigeria eyes $3 billion Eurobond sale to fund budget deficits after sixth sale

by Leading Reporters May 19, 2021

written by Leading Reporters

Nigeria plans to issue $3 billion or more in Eurobonds as international capital markets (ICM) open up and interest rates decline, the government said on Tuesday, after the coronavirus pandemic disrupted markets last year.

The West African country had planned a Eurobond issue early last year after its sixth sale in 2018, but it decided to defer the 2020 sale due to market turmoil caused by the COVID-19 pandemic.

In April, the head of the debt office told Reuters the government was looking to pick advisers.

“The plan is to raise the sum of $6.183 billion from a combination of sources,” President Muhammadu Buhari said in a letter to parliament seeking approval for the debt raise.

“From recent trends in the ICM, it is now possible for Nigeria to raise funds in the ICM. We estimate that Nigeria may be able to raise $3 billion or more, but not more than $6.183 billion in a combination of tenors between five to 30-years.”

Nigeria emerged from its second recession since 2016 in the fourth quarter, but growth is fragile. The government expects a 2021 budget deficit of 5.60 trillion Naira to be financed largely from foreign and local borrowings.

Buhari said it wanted to moderate debt service costs by accessing relatively cheaper funds abroad, especially as global interest rates fall below 2020 levels while local rates begin to rise.

In February, the West African country said it would trim offshore borrowing to 30% of its total loans from 40% currently, in a bid to strengthen domestic markets.

Nigeria has been in talks with the World Bank for a $1.5 billion loan, but approvals have been delayed due to concerns over reforms to its currency.

Last week, the country let its Naira weaken on the official market against the dollar in a possible move by the central bank to unify its numerous exchange rates.

May 19, 2021 0 comments