Senate approves FG’s $ 5.5 billion loan request – Nigeria – The Guardian Nigeria News – Nigeria and World News
Implementation of the embargo of representatives of the new MultiChoice subscription
The Senate yesterday approved President Muhammadu Buhari’s request for an external loan of $ 5.513 billion. The approval follows the consideration and adoption of the report of the local and foreign debt committee of the upper legislative chamber.
Giving a breakdown of the sources of the credit, the committee chairman, Senator Clifford Ordia (PDP: Edo Central), said the federal government would get $ 3,400,000,000 at a 1% interest rate from the International Monetary Fund ( IMF) for the rapid financing instrument. to fund the proposed revised budget for 2020 and other projects.
According to him, the federal government would also request $ 1,500,000,000 from the World Bank to finance development policies from the same budget at an interest rate of 2.38%, and an additional $ 500,000,000 from the African Bank to Development (AfDB) for the COVID-19 crisis response budget. thus tackling the deficit of the appropriation bill at the interest rate of 1.315 percent.
The Islamic Development Bank (IDB) is also to provide a loan of $ 113,000,000 to the federal government to partially finance the revised 2020 budget deficit at an interest rate of 0.4%.
In addition, the House of Representatives ordered MultiChoice Nigeria, the parent company of DSTV and GOTV, to halt its 15% hike in all bouquets on its networks, which went into effect on Monday.
By adopting the motion presented yesterday in Abuja by Chinedu Ogah in plenary session, chaired by President Femi Gbajabiamila, the lower legislative chamber mandated its commission on the implementation of the pay-as-you-go pricing plan (PAYG) to investigate the matter and report for further work. .
Ogah had opposed the increase, noting the challenges facing Nigerians by the coronavirus outbreak in the country. He also accused the pay television company of charging “exorbitant prices despite not having provided a service” as and when “in accordance with global best practices.”
Claiming that since the start of the pandemic, the South African firm had provided no humanitarian aid to the most populous black nation, the lawmaker argued that the tariff increase would subject the population to more difficulties.
But Lynda Ikpeazu (PDP: Anambra), who made an unsuccessful effort to block the motion, argued that the company “should not be forced to cut fees since it is a private organization operating in a free market economy ”.
However, President Gbajabiamila noted that it is incumbent on the Green Chamber “to intervene on behalf of Nigerians who have little or no choice but to frequent MultiChoice services at the moment”.
In addition, President Muhammadu Buhari ordered the immediate security of telecommunications infrastructure nationwide. The Security Advisor (ONSA), Defense Headquarters (DHQ), Nigerian Police (NPF), Department of State Services (DSS) and Nigerian Security and Civil Defense Corps (NSCDC) had been informed.
He said his ministry was ensuring enforcement through appropriate regulatory instruments. Pantami observed that the telecommunications industry depends on a number of infrastructures which play a vital role in the smooth delivery of their services.
According to the minister, the COVID-19 pandemic has resulted in a “massive migration to digital platforms and increased the level of importance of CNI for the sustenance of our economy and the security of the nation”.
He pointed out that the implementation of the National Broadband Plan (NBP) and the National Digital Economy Policy and Strategy had repositioned the ICT sector, corroborated by the recent “Nigeria Gross Domestic Product Report” released by the National Bureau of Statistics (NBS) showing that the industry contributed 14.07% of total real GDP in the first quarter of 2020.