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Buhari Seeks Senate Approval for $800 Million Loan to distribute to 60 million Nigerians
.As Upper chamber orders NIMASA to refund $10m paid for legal fees, and technical charges ” without results
.46 other MDAs for financial infractions
by Adekunle Adesuji
President Muhammadu Buharii has sought approval of the Senate to borrow $800 million to share for 60 million Nigerians in order to cushion effect of fuel subsidy removal less than three week to end his tenure.
Buhari’s request for another is contained in letter read by the president of the Senate Ahmed Lawan during plenary
President Buhari in the letter to the National Assembly explained that the
federal executive council approved an additional loan facility of 800 million Dollars to be secured from the world bank to fund the national social safety network program.
According to him, the program is intended to expand coverage of short responses and safety net support among the poor and vulnerable Nigerians.
He added that the Federal government of Nigeria under the conditional cash Transfer window of the program will transfer the sum of Five thousand Naira (5000 )naira per month to 10.2 million poor and low income house hold for a period Of six months with a multiplier effect on about 60 million individuals
He stated that, in order to guarantee the credibility of the process , digital transfers will be made directly to beneficiaries account and their mobile wallets
The request further states that the NASSP, been a social intervention program, will stimulate activities in the informal sector , improve nutrition , heath , education, and human capital development of beneficiaries households
Also, The Senate on Wednesday ordered Nigerian Maritime Administration and Safety Agency (NIMASA) to recover $10 million paid for legal fee and technical charges without results to Consolidated Revenue Fund (CRF).
In the $10 million expected to be recovered was $5 million for legal fee and additional $5 million for technical charges.
In addition, Senate indicted the office of Accountant General of the Federation and National Agency for Food and Drugs Administration and Control (NAFDAC) and 45 others Ministries , Departments and Agencies.
The indictment was sequel to the reports of 2017 and 2018 of Auditor General of the Federation considered by Senate Public Accounts Committee which was upheld at the plenary session.
Addressing Journalists after presentation of the reports, the Vice Chairman of Senate Public Accounts Committee, Senator Hassan Hadejia said that the Committee has been able to submit four reports to the Senate which has never happened since 1999.
He explained that the 2015, 2016,2017 and 2018 reports of auditor general have been submitted and considered by Senate.
He assured that it’s Committee wiil submit bill seeking strict implementation of the National Assembly recommendation Annual Federal Audit Reports and for related matters, 2023( SB.117) by next week which will enable the country to fight corruption.
On NIMASA, The $5 million was said to be the five per cent of the $9.3 billion Nigerian hydro-carbon loss between 2013 and 2014.The law firm, not disclosed, was expected to carry out necessary legal actions that would enable NIMASA to perfect an intelligence based efforts to track the nation’s hyrdo-carbon global movement.
The AuGF report indicated that the money was paid from Zenith Bank (UK) dollar account.Part of the query read: “Audit observed that the agency engaged the service of a legal firm through a letter with reference number NIMASA/DG/KP/2014/001, dated 24th January 2014.
“It was for the intelligence based tracking of global movement of Nigerian hydro-carbon and recovery of loss by the federal government of Nigeria in the sum of $9.3 billion between 2013 and 2014, with a start-off cost of $5 million and five per cent of all sums recovered.
“Payment instruction with reference number NIMASA/2007/DFS/WJ/5.500/VOL.
“The naira equivalent of this amount was N741,904,761.28 at an exchange rate of N164 to a dollar as of that date.“No evidence of recovery of either part or the entire sum of the 9.3 Billion US Dollars was presented as at the time of the Periodic Check in February 2018, despite the huge amount of money already paid to this effect.”
The Senate therefore sustained the report of the committee which indicted NIMASA.
Other MDAs indicted by the 2017 and 2018 report are Office of the Accountant General of the Federation, Federal Ministry of Environment, National Library, Financial Reporting Council, Federal Ministry of Finance, Federal Mortgage Bank, Energy Commission, Nigerian Copyright Commission, Maritime Academy of Nigeria, Iron .
Also indicted are Ministry of Justice , Federal Civil Service Commission, Public Complaint Commission, University of Uyo, University of Abuja, Federal University, Oye Ekiti, National Examination Council (NECO).
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