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Nigeria’s Loan To China Hits 3.714bn

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The Debt Management Office (DMO) has put Nigeria’s total loan obligations to China at $3.714 billion by the end of 2020.

According to a document obtained from the debt agency, $449.89 million has been repaid from the principal and $391.66 million, as interest, with an outstanding of $3.264 billion to the China Export/Import Bank.

The Nigerian Railway Modernisation Project (Lagos – Ibadan section) loan of $1. 267 billion which was contracted on August 18, 2017, stood out as the single largest facility from the Chinese to the country.

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It has a 2.5 per cent interest rate and a grace period of seven years and a tenor of 20 years, thereby maturing in September 2037.

Of this amount, $884.27 million, representing 69.77 per cent has been disbursed while $29.82 million interest has been paid.

The series of loans started with the Nigerian-Communications-Satellite (NIGCOMSAT) $200 million facility, which was signed on January 12, 2006, with 3 per cent and a grace period of five years.

The NICOMSAT loan with a maturity date of June 29, 2018, has been fully repaid.

The country also took a $399.5 million loan in 2012 for the National Public Security Communication System Project with 2.5 per cent interest.

READ ALSO: Benue Killings: Garba Shehu Urged To Retract Statement, Apologise To Grieving Benue Families

This has a grace period of seven years and 20-year tenor and will mature on September 21, 2030.

The entire $399.5 million was fully drawn down and the total payment of principal as of December 2020 was $92.19 million and interest of $89.04 million, leaving a total outstanding at $307.31 million.

The Nigerian Railway Modernisation Project (Idu- Kaduna section) loan of $500 million was similarly contracted that 2010.

With an interest rate of 2. 5 per cent and seven years grace period, it will mature on September 21, 2030.

It has been fully drawn down, with an outstanding payment of $384.62 million.

The Abuja Light Rail Project loan of $500 million was contracted in 2012 with similar terms of 2.5 per cent interest rate, a grace period of seven years and a tenor of 20 years.

It had been fully drawn down. Only $38.46 million and $66.78 million have been paid on principal and interest, leaving an outstanding of $461.54 million.

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The document revealed that four facilities have not been drawn down.

These four include the $325.67 million 40 Parboiled Rice Processing Plants Project; and the $157 million Nigeria Supply of Rolling Stocks and Depot Equipment for Abuja Light Rail Project.

Others include $381.09 million Greater Abuja Water Supply Project; and the $183.62 million Four Airport Terminal Expansion Project Ancillary Project.

There are additional loans for the Nigerian Four Airport Expansion Project and the Nigerian ICT Infrastructure Backbone Project valued at $208.90 million; and the ICT Infrastructure Backbone Phase II Project of CRY2.300 billion.

It should be noted that two of the projects- Security Communication and Abuja Light Rail have been in comatose even as interests and service fees were being paid.

(TRIBUNE ONLINE)

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Man, 38 Escapes Assassination Attempt In Benin

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Innocent Omoruyi

By Omokha Andrew

A 38-year-old activist, Innocent Omoruyi, narrowly escaped assassination in the early hours of Wednesday, July 19, 2023 as his residence at Obe Community,Sapele Road in Benin city was attacked by yet to be identified gun men.

The attack which eye witnesses say was viciously executed on Wednesday, July 19, 2023 bore the markings of a dreaded cult group terrorizing Benin City, the state capital.

The Obe, Sapale Road incident, it was learnt, happened soon after Omoruyi left the house to attend to matters of interest some few metres away from his home.

The assailants were said to have shot sporadically in their frustration as residents scampered for safety.

However, Omoruyi escaped unharmed.

One of the eye witnesses who craved anonymity said: “The felons apparently went for the kill, weilding guns and other dangerous weapons. “We are shocked that they didn’t see Innocent Omoruyi who was just some few metres away from home when they arrived”.

“How that happened, only God knows and it was obvious that it wasn’t his time to die yet and just before that not long ago his business place on Lagos Street, Benin City was burnt down in the middle of the night by unknown arsonists.

“This sequence of events is not ordinary. We know it’s politically motivated due to the role he played in the last general elections. He has been advised to go into hiding at the moment for his personal safety”, he concluded.

When contacted, the police Public Relations Officer Chidi Nwabuzor said he was yet to get any information as regards the latest incident. He promised to feed our correspondent with relevant details as soon as they become handy.

Our information source however revealed that the matter has already been incidented at the Love World Police station on Sapele Road, Benin city.

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Nigeria To Earn Over $4bn Revenue As FEC Okays Concession Of Abuja, Kano Airports

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Nigeria will earn over $4 billion in nominal revenue as the Federal Executive Council, FEC, on Wednesday okayed the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano, to the Corporacion American Airport Consortium, a Luxembourg-based company.

James Odaudu, the Special Assistant on Public Affairs to the Minister of Aviation, disclosed this in a statement on Thursday.

According to him, the Council also approved that the Federal Ministry of Aviation would be renamed the Ministry of Aviation and Aerospace.

READ ALSO: ATMs To Be Upgraded For Loans Services As CBN Gives Banks Ultimatum…

The statement noted that the company would make combined upfront payments of $8.5 million for the concession of NAIA and MAKIA.

He added that the development would spur evidential growth within the Nigerian aviation industry.

In alignment with the Aviation Roadmap, approved by Mr President on 18th October 2016, the Ministry of Aviation and Aerospace is delighted to inform all stakeholders, both local and international, and the media, that the concession of the Nnamdi Azikiwe International Airport (NAIA), Abuja, and Mallam Aminu Kano International Airport (MAKIA), Kano has been approved by the Federal Executive Council,” the statement said.

READ ALSO: Peter Obi, LP Must Pay N1.5million To Access Documents – INEC

In December 2022 and January 2023, Corporacion American Airport Consortium was announced as the preferred bidder for the airport’s concession after scaling through a series of evaluations of technical and financial bids.

Nominal revenues mean income not adjusted for inflation and decreasing purchasing power.

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Russia Expelled From Council Of Europe Amid War With Ukraine

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The Council of Europe says it has expelled Russia with immediate effect after 26 years of membership because of the Ukraine war.

The Committee of Ministers took the decision in a special session, the rights body announced in the French city of Strasbourg on Wednesday.

Earlier, Russia had already declared its withdrawal from the Council of Europe after it had taken steps to exclude it.

On Tuesday evening, the Parliamentary Assembly of the Council of Europe voted unanimously in favour of Russia’s exclusion.

Russia joined the Council of Europe on Feb. 28, 1996.

Together with the formal notification of the withdrawal, the Secretary-General of the Council of Europe also received information from the Russian Federation on Tuesday about its intention to denounce the European Convention on Human Rights.

In a statement on Tuesday evening, the leaders of the Council of Europe once again condemned the Russian invasion of Ukraine.

READ ALSO: Ukraine: Horror As Russian Forces Shoot People Queuing For Bread

They expressed their solidarity with the Russian people, who continue to belong to the European family and share its values.

The body said it would continue to stand by Ukraine in the fight against the aggressor.

The Council of Europe monitors the observance of human rights in its 46 member states and is not part of the European Union.

The body reacted to the Russian invasion of Ukraine two weeks ago by suspending Russia’s membership, this decision was considered historic.

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