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Nigeria’s N3.2 trillion Loan From China Is Nothing To Worry About — DMO DG, Patience Oniha

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Director-general of the Debt Management office, Patience Oniha

The Director-general of the Debt Management office, Patience Oniha has revealed that Nigeria’s loans from China are about N3.2 trillion and constitute about 11 per cent of its total external debt.

During an interview with Premium Times, Oniha said the loans are all concessional loans that are project-tied and that there are no reasons for Nigerians to be worried about them.

She also revealed that Nigeria’s debt to Gross Domestic Products (GDP) is currently sustainable, but that there is a need for the country to do much better in terms of debt services to revenue.

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Oniha said; 

“I know that last year there were a lot in the public space about borrowing from China. So all of the loans we had from China, the stock of the bilateral credits which is where China belongs, that we have, is small relative to the total stock. So loans from China are about N3.2 trillion which was about 11 per cent of our total external debt.

To add, those are all concessional loans and there are no reasons to be worried about them, they’re all project tied which I think Nigeria should be happy about. We can see the physical infrastructure whether it’s the airport, whether it’s the rail lines, whether it’s the roads.

So we don’t see any reasons for concerns, they’re all project tied and they’re all concessional really. There was a lot of debate, but we did get proper interpretations both from China and the Ministry of Justice. We also as the DMO had China loans on our website way back june 2020. They’re all concessional loans that are project tied and we are not concerned about them.”

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Kano State Government Orders Immediate Closure Of 4 Tertiary Institutions

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Ganduje

Kano State Governor, Abdullahi Ganduje, has ordered the immediate closure of four tertiary institutions in the state.

The closure comes a day after he ordered the closure of ten boarding schools in the state following the abduction of over 300 schoolgirls in neighbouring Zamfara State.

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A statement released by the state Commissioner for Higher Education, Dr Mariya Mahmoud Bunkure, reads

“The Kano State Government under the able leadership of His Excellency, the Executive Governor of Kano State, Dr. Abdullahi Umar Ganduje, has directed the closure of some tertiary institutions in the state with immediate effect,” 

The tertiary institutions ordered to be closed include RMK College of Advanced and Remedial Studies, T/Wada; School of Environmental Studies Gwarzo; School of Rural Technology and Entrepreneurship Dev (SORTED), Rano and ABCOAD, Dambatta.

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All students of the affected schools were also advised to vacate the campuses as soon as possible.

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PHOTOS: Niger State Governor, Abubakar Bello, Meets Freed Kagara Schoolboys

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PHOTOS: Niger State Governor, Abubakar Bello, Meets Freed Kagara Schoolboys

The Governor of Niger State, Abubakar Bello met with the recently freed Kagara schoolboys and their teachers at the state government house in Minna, the state capital.

The state governor said the state government is working to identify the root cause of banditry in the state.

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He also disclosed that one of the abductees is in the hospital being treated for excessive exhaustion.

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Armed Bandits Kill 4 Persons In Fresh Attacks In Kagara

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Bandits in Nigeria

At least four persons were reportedly killed during fresh attacks by suspected bandits in Kagara community in Niger State.

The attack comes after the 27 students and three teachers of the Government Science College in Kagara abducted by suspected bandits last Wednesday, February 17, regained their freedom in the early hours of today, February 27.

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According to a report by DailyTrust, the bandits attacked Gidan Adamu, near Yakila, headquarters of Gunna district and Gidan Wamban Karaku community where 11 persons which include seven women were abducted.

The bandits were said to have rustled a large number of cows and also kidnapped the Imam of Madaka district in Rubo village.

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EFCC Arraigns Insurance Broker Over Diversion of N26b PHCN Pension Fund

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Abiodun Waheed Hassan

The Economic and Financial Crimes Commission on Thursday, February 25 arraigned an insurance broker named Abiodun Waheed Hassan, alongside his firm, Bestworth Insurance Brokers Limited, on a five-count charge of misappropriating over N26billion PHCN pension fund.

Hassan was arraigned before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja.

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Abiodun allegedly diverted huge sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), into the corporate account of entities.

In one count of the charge, the insurance broker diverted N26 billion paid into the insurance firm account into another bank account on January 25, 2015. Count five of the charge alleged that Abiodun misappropriated six billion naira.

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He, however, pleaded not guilty to the charges.

Justice Oriji adjourned the matter till March 4, 2021 for hearing on the bail application and remanded defendant in EFCC custody.

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Kano State Government Closes 10 Boarding Schools Following Zamfara School Abduction

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Ganduje

In reaction to the recent abduction of over 300 schoolgirls in Zamfara State by armedmen , the Kano state government has ordered the immediate closure of 10 boarding schools located at the outskirt of the state.

A statement released by the state Commissioner of Education Muhammad Sunusi Kiru, listed the affected schools as Girls Secondary School at Sumaila, Girls Secondary School Jogana, Girls Secondary School Gezawa, and Government Secondary School, Kafin Maiyaki (Male),

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Others are Maitama Sule Secondary School, Gaya; Girls Secondary School Kachako; Girls Secondary School, Kunchi; Unity College Karaye; Girls Arabic College Albasu; Girls Secondary School Tudun Wada and Danzabuwa.

“This decision is part of our resolve to protect our children from any unforeseen circumstances.”the statement read

The Commissioner urged parents to bear with the state government over the painful decision, saying it is for the good of the children.

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He said schools will resume once the security situation is brought under control.

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