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Countries Where Buhari-Regime Borrowed $4.1billion Plunging Nigeria Further Into Debt

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We obtained the March 2021 report from the National Bureau of Statistics showing that Nigeria took loans from China, France, Japan, India and Germany, taking the country into a total $33billion foreign loan amidst dwindling revenue and low standard of living generally for Nigerians.

President Muhammadu Buhari’s government in its insatiable thirst for foreign loans borrowed money from five European and Asian countries, to take Nigeria into $4.1 billion debt, according to statistics released by the Debt Management Office, Abuja.

SaharaReporters obtained the March 2021 report from the National Bureau of Statistics showing that Nigeria took loans from China, France, Japan, India and Germany, taking the country into a total $33billion foreign loan amidst dwindling revenue and low standard of living generally for Nigerians.

The document revealed that the Buhari government took loans from China through the Exim Bank of China at $3.4 billion, France through the Agence Francaise Development, $486 million; Japan through the Japan International Cooperation Agency at $74.6 million; India through the Exim Bank of India, $34 million and Germany through the Kreditanstalt Fur Wiederaufbua at $183.74 million.

The total stands at $4.1 billion debt which is only 12.73 per cent of the country’s humongous foreign loans.

The document reads, “BILATERAL; China (Exim Bank of China) 3,402.45; France (Agence Francaise Development) 486.68; Japan (Japan International Cooperation Agency) 74.60
India (Exim Bank of India) 34.59; Germany (Kreditanstalt Fur Wiederaufbua) 183.74; SUB-TOTAL 4,182.06 – 12.73%.”

SaharaReporters had on June 29 reported that the Buhari government took loans from about 10 international banks and agencies including the Islamic Development Bank and the Arab Bank for Economic Development in Africa, plunging the country into a $17 billion multilateral debt crisis.

It had been reported that out of the $17 billion, the Nigerian government collected $29.72 million from the Islamic Bank and $5.88 million from the Arab Bank.

SaharaReporters had obtained these figures from a report, Nigeria’s External Debt Stock in Millions of USD, prepared by the Debt Management Office, Abuja, and the National Bureau of Statistics.

From the document, the Buhari government took loans from “the International Monetary Fund, the World Bank Group through the International Development Association $11billion; the International Bank for Reconstruction and Development; $410 million; the African Development Bank Group; the African Development Bank $1 billion; Africa Growing Together Fund; $0.21 million; and the African Development Fund, $942 million.”

Others were; “Arab Bank for Economic Development in Africa, $5.88 million; European Development Fund, $51.33 million; the Islamic Development Bank; $29.72 million; and the International Fund for Agricultural Development, $223.28.”

According to the document, the total of the country’s multilateral loans stands at $17,830,000,0000 ($17billlion).

This is only about 54.26 per cent of Nigeria’s total external debt which stands at $33 billion as of March 31, 2021.

Since the Buhari administration came to power in May 2015, Nigeria’s debt stock has risen astronomically with the government insisting that it had no options but to borrow if it would meet the growing demands of governance.

In 2015, Nigeria had a total foreign debt stock of $7.02 billion compared to the present staggering $33 billion.

Culled from the Sahara Reporters

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Nigeria: chibok abduction anniversary spurs demands for justice

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Militants, alongside relatives of victims of the infamous abduction of the Chibok schoolgirls that sparked global outrage in 2014, gathered in Lagos on Sunday, April 14, to renew calls for the release of the remaining girls in captivity.

The Sunday meeting was organized to mark the 10th anniversary of the abduction that affected 276 schoolgirls from the Government Girls Secondary School in Chibok, Borno State, northeastern Nigeria.

“What I would ask the government is to find a way to work towards bringing back our sisters because I know it is only the government that can help us bring back these girls,” said Grace Dauda, a rescued Chibok schoolgirl.

Another rescued schoolgirl, Rebecca Malu, added, “They should stay safe. They should stay strong, one day, they will be released like us.”

While some girls managed to escape on their own, others have been freed over the years through intense campaigns by civil society organizations and government negotiations. But this human rights activist, Ayo Obe, is calling for more action from the authorities.

“We know that we started with missing persons numbering two hundred and fifty-six; it is already an improvement that we are down to 91. But of course, 91 is 91 lives unaccounted for. We appreciate the fact that so many of them escaped during the abduction itself. We appreciate the fact that the government has brought back so many more of them, but we say that we don’t stop here. We need the momentum that has happened since the mass return during the Buhari administration in 2016-2017 to be maintained. We expected that the remaining girls would have been brought back,” she said.

Mass school children kidnapping in Nigeria has continued nearly unabated since Chibok. Around 1,700 students have been kidnapped in raids since 2014 according to Amnesty International.

A member of the Bring Back Our Girls movement and convener of the 10th-year anniversary in Lagos, Opeyemi Adamolekun, lamented this as unfortunate.

“Unfortunately, it became political between 2014 and 2015, part of the amplification of the movement was part of the 2015 presidential campaign. And we saw the effect of the first batch of 21 that were released with the help of the Red Cross and the Swiss government. The second batch of 82 that were released with the help of the Red Cross and the Swiss government as well. But unfortunately, it seems that energy sort of dissipated because the government doesn’t feel as much pressure as they used to feel,” she said.

For this group of Nigerians, the government must match words with more action to stem the tide of mass school kidnappings in the country.

According to the Murtala Muhammed Foundation, a charity that advocates for the Chibok schoolgirls, about 90 girls still remain in captivity while dozens of the schoolgirls freed over the years are living inside a military-run rehabilitation camp with surrendered Boko Haram fighters they married in the Sambisa forest, Boko Haram’s main hideout.

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Nigeria suspends permit of 3 private jet operators

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Nigeria’s Civil Aviation Authority (NCAA) has taken action against private jet operators flouting regulations by suspending the Permit for Non-Commercial Flights (PNCF) of three operators caught conducting commercial flights.

This crackdown follows warnings issued in March 2024.

Acting Director General Capt. Chris Najomo stated that increased surveillance at Nigerian airports led to the grounding of three operators found violating their PNCF terms. Specifically, they breached annexure provisions and Part 9114 of the Nigeria Civil Aviation Regulations 2023.

In response, the NCAA announced a thorough re-evaluation of all PNCF holders to ensure compliance with regulations, to be completed by April 19th, 2024. PNCF holders have been instructed to submit necessary documents within 72 hours to expedite the process. Najomo emphasized these actions highlight the NCAA’s commitment to enhancing safety in Nigerian airspace.

Furthermore, the NCAA warned the public against using charter operators without a valid Air Operators Certificate and urged legitimate industry players to report any suspicious activities promptly.

This crackdown comes after the NCAA’s stern warning in March against PNCF holders engaging in commercial operations.

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Senator Cory Booker Leads a Congressional Delegation to Nigeria

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Photo: Senator Cory Booker (In the back) and a Diplomat from the US Department of State, joins with members of the Academy for Women Alumnae Association including Mercy Ogori of Kokomi Africa and Adebisi Odeleye of Moore Organics.

Senator Cory also met women entrepreneurs from the Academy for Women Alumnae Association

Last week, US Senator Cory Booker from New Jersey led a congressional delegation to Nigeria, which included House of Representatives members Sara Jacobs and Barbara Lee from California. The purpose of the visit was to discuss a partnership on sustainable development. During the talks, Nigerian President Bola Tinubu expressed his administration’s dedication to strengthening democracy through upholding the rule of law and ensuring good governance, justice, and fairness for all citizens. Senator Booker emphasized the shared values of democracy, the rule of law, and commitment to peace and good governance that bind Nigeria and the United States as partners.

The delegation also met with women entrepreneurs from the Academy for Women Alumnae Association, who had participated in US-sponsored exchange programs. Led by Adebisi Odeleye of Moore Organics, the businesswomen shared their experiences and discussed their entrepreneurial endeavors. Other Academy members were Mandela Washington Fellow, Nkem Okocha of Mama Moni, Inemesit Dike of LegalX, and Mercy Ogori of Kokomi.

The partnership between the United States and Nigeria has lasted over six decades, focusing on addressing security challenges, enhancing health security, and responding to global health crises. Despite obstacles like corruption, poverty, and insecurity, the US remains dedicated to supporting Nigerian institutions and promoting free, fair, transparent, and peaceful elections.

During the visit to the State House, Senator Booker reiterated the shared values of democracy, the rule of law, and commitment to peace and good governance that unite Nigeria and the United States as partners.

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