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FG Borrows $2.02bn From China, DMO Confirms

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Data obtained from the Debt Management Office (DMO) has revealed that President Muhammadu Buhari’s administration has borrowed $2.02billion as loans from China from 2015.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38billion.
However, as of March 31, the country’s debt portfolio from China had risen to $3.40billion.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.
The debt office said that the terms of the loans were compliant with the provisions of Section 41 (1a) of the Fiscal Responsibility Act, 2007.
The loans from China are tied to project.
The projects, (11 in number as at March 31, 2020), include the Nigerian Railway Modernisation Project (Idu-Kaduna section), the Abuja Light Rail Project, four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernisation Project (Lagos-Ibadan section) and the rehabilitation and upgrading of Abuja-Keffi-Makurdi Road project.
The DMO said the low interest rates on the loans reduced the interest cost to government while the long tenor enabled the repayment of the principal sum of the loans over many years.
However, as of March 31, a total of $719.61million had been made as debt service payment to China since the third quarter of 2015.
Of the amount paid as debt service, 46.15 per cent ($332.03million) was paid to service the interest on the loans.
In the first quarter of 2021, $102.19million was used to service debt to China.
This is about 11 per cent of the total $1.0billion used to service external debts within the period.
The DMO recently disclosed that Nigeria had more than $5.83billion foreign loans that had been approved but not yet disbursed as of December 31, 2020.
Out of this amount, $1.25billion is supposed to come from the Export-Import Bank of China.
Apart from multilateral agencies, China has remained the nation’s largest creditor.
There had been fears among Nigerians that the country may forfeit some of the projects in case of loan defaults.
The fear grew when the Minister of Transportation, Rotimi Amaechi, in August, 2020, confirmed that the country waived its sovereign immunity to obtain Chinese loans.
The minister, however, added that as long as debts were repaid, there would be no need for China to claim any infrastructure.
“We must learn to pay our debts, and we are paying, and once you are paying, nobody will come and take any of your assets,” he had said.
Despite the assurance, fear persists that the Chinese loans contain some obnoxious clauses that could breach the nation’s sovereignty, especially as the loan agreements are not available in the public domain.
However, Amaechi denied knowledge of any clause that hands over a national asset to China in case of any default in an Arise TV interview, last Monday.
He disclosed that the administration of President Muhammadu Buhari had paid $150million out of the $500million borrowed by the administration of President Goodluck Jonathan for the Abuja-Kaduna Rail project.
The minister also commented on other issues such as the suspension of Bala Usman, and the impacts of the country’s Deep Blue Project on every Nigerian.
When asked about the plans of the Federal Government to pay back the loans so as to avoid the Zambian experience where some national assets such as the Kenneth Kaunda International Airport, the Zambia National Broadcasting Corporation and the National Power and Utility Company were reportedly used to settle Zambia’s financial obligations to China, Amaechi said borrowers should meet their obligations.
He said, “When you take loans, you are expected to pay back. Today, we are paying back. Under the regime of President Goodluck Jonathan, the loan for Abuja-Kaduna was taken. It was about $500million. Today, we have paid about $150million on that loan.
“Nigeria has never defaulted when it comes to repayment. I do not also expect that we should default on any other loan that we have taken.”
Responding to how the $195million Deep Blue Project will affect all Nigerians who are not seafarers, he said, “What we have done with the Deep Blue Project is that we will reduce the cost of producing oil in Nigeria.
“By the time we provide security on the waters, the economy would improve because there would be more money coming into the economy. That is the impact it will have.”
He added that the company that handled the project guaranteed to refund of the money spent on the project if there was no improvement in the economy six months after the project.

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JAMB Rules Out Extension, Says UTME Registration Ends March 8

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The Joint Admissions and Matriculation Board (JAMB) has reiterated that there will be no extension of the 2025 Unified Tertiary Matriculation Examination (UTME) registration beyond March 8, 2025.

JAMB spokesperson, Dr Fabian Benjamin, made this known in a press release issued in Abuja, yesterday.

According to Benjamin, the registration period, which commenced on 3rd of February, will close on March 8, 2025, as previously announced.

“This deadline has been clearly communicated in all advertisements and the official calendar for the 2025 UTME exercise,” he said.

“We wish to inform all prospective candidates that there will be no extension of the registration period. This notice is particularly important given the recent decline in the number of candidates registering for the examination.

“We urge all individuals who wish to participate to register promptly and avoid waiting until the last minute,” he added.

Benjamin disclosed that over 1.5 million candidates have already registered, which aligns with the board’s projections for the 2025 examination cycle.

“It is essential to note that the Board’s calendar is fixed, with several other scheduled activities after registration, including the examination, results processing, and admissions exercise.

“These timelines are coordinated with other agencies whose operations depend on the completion of our processes. Therefore, extending the registration period would disrupt not only JAMB’s plans but also those of our partners,” he explained.

Benjamin urged candidates to complete their registration as soon as possible and adhere to the set deadline for the 2025 UTME.

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Nigeria Seeks EU Approval To Import Non-Hazardous Waste 

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The European Commission has received requests from Nigeria and 23 other non-members of the Organisation for Economic Cooperation and Development countries seeking inclusion in the list of nations eligible to import non-hazardous waste from the European Union.

Non-hazardous waste, which accounts for 95.6 per cent of solid waste produced in Europe, includes municipal waste such as packaging, clothing, bottles, and plastics, as well as demolition materials like concrete, bricks, stones, and food waste.

In a statement issued on Monday, the request was made in line with the new Waste Shipments Regulation, introduced as part of the EU’s Green Deal and Circular Economy Action Plan.

The regulation aims to establish stricter rules for the shipment of waste, including imports and exports between the EU and non-OECD countries. One key measure is the full ban on the export of plastic waste from the EU by November 2026.

Countries applying for eligibility to import non-hazardous waste must demonstrate their ability to manage these materials in an environmentally sound manner, with conditions that meet or exceed those of the EU.

The European Commission requires detailed information from the applicants to assess their readiness for this responsibility.

The countries that have submitted requests include Bangladesh, Bosnia and Herzegovina, Egypt, El Salvador, India, Indonesia, Kazakhstan, Malaysia, Moldova, Monaco, Morocco, North Macedonia, Pakistan, the Philippines, Saudi Arabia, Serbia, Singapore, Taiwan, Thailand, Togo, Tunisia, Ukraine, and Vietnam, alongside Nigeria.

“By that date, 24 requests were received for inclusion on the list of countries eligible to import non-hazardous waste from the EU after 21 May 2027 from Bangladesh, Bosnia and Herzegovina, Egypt, El Salvador, India, Indonesia, Kazakhstan, Malaysia, Moldova, Monaco, Morocco, Nigeria, North-Macedonia, Pakistan, Philippines, Saudi Arabia, Serbia, Singapore, Taiwan1, Thailand, Togo, Tunisia, Ukraine and Vietnam,” the EC said.

“The Commission will evaluate these applications and prepare a list of approved countries by November 2026. From May 2027 onwards, any country not included in this list will be prohibited from importing waste from the EU.

“However, countries that missed the February 2025 deadline can still submit requests, although there is no guarantee their assessment will be finalised before the first list is adopted.

“The first list of countries authorised to receive waste from the EU will be established by 21 November 2026. Exports of waste to non-OECD countries that are not included in the list will be prohibited from 21 May 2027. This list will be updated regularly and at least every two years.

“Countries that have not submitted a request by 21 February 2025 can still send one to the Commission. These requests will still be considered, but there is no guarantee that their assessment will be finalised before establishing the first list of countries authorised to import waste from the EU. This first list is planned for adoption in November 2026,” the statement concluded.

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Our Governance Gives Peace, Offers Rivers People Freedom – Fubara

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Rivers State Governor, Sir Siminalayi Fubara, has said that Rivers people are enjoying an era of peace and freedom to undertake their endeavours without molestation or anxiety to trigger hypertension.

 

The Governor also said there is an increased level of openness to governance that makes his administration well-disposed to suggestions that help in making amends where necessary because it is a democracy.

 

Governor Fubara spoke during a courtesy visit by a delegation of Anglican Archbishops and their wives led by the Primate, Archbishop Metropolitan of All Nigeria, Church of Nigeria Anglican Communion, Most Rev Henry Chukwudum Ndukuba, at Government House in Port Harcourt, recently.

 

The Governor stated that his administration understands that God is supreme, towers above every other thing, and nothing happens without His approval, and thanked them for standing with his administration in prayers, which has continued to provide strength to keep the course of governance focused.

 

He added, “It is not the noise that we are making, not the protests, but it is those quiet prayers, and fasting that you are doing for us. And you are seeing the result of it, with what we are doing in the state.

 

“The kind of governance we are giving. Not governance of hypertension but governance of peace. Governance that gives people freedom to operate, governance that listens and admits. Where we are faulting, we say yes, we are faulting, and we make amends. It is only your prayers that are giving us the direction and wisdom.”

 

Governor Fubara assured that seeing such divine help, his administration will not deviate from the fear of God in order not to lead the government into destruction.

 

The Governor recalled how the leadership of the Anglican Church made several efforts to mediate in the political crisis in the State because they had considered that since the dramatis personae were all faithful, it will be much easier to broker peace.

 

Governor Fubara, who regretted that the efforts of the top echelon of clergy were rebuffed, said maybe God designed it to be so that he could enjoy the current level of freedom to offer purposeful governance to the State.

 

Speaking on their chosen theme, “The Bond of Peace: The Call of the Life and the Ministry of the Church”, Governor Fubara said peace remains the most valuable virtue to strive for because even Jesus Christ knew its importance, and bequeathed it to His disciplines at the point of His ascension to Heaven.

 

He stressed, “It is the only thing that is needed not just for our State, but for this country going by what we are seeing, read in the papers, experience in the market, encounter in the road, and how we even manage our families to be parents. What we really need is peace so that everything will become normal.”

 

In his address, Primate, Archbishop Metropolitan of All Nigeria, Church of Nigeria Anglican Communion, Most Reverend Henry Chukwudum Ndukuba, said Archbishops are in Rivers State for the Standing Committee Meeting of the Church of Nigeria Anglican Communion, which holds twice every year; in February and in September.

 

Most Rev. Ndukuba stated that for this Standing Committee, they chose the theme, “The Bond of Peace: The Call of the Life and the Ministry of the Church”, taken from Ephesians 4 verse 3, adding that they will make crucial decisions as they depend on God to build people of faith among themselves.

 

He said: “The Church of Nigeria Anglican Communion has about 170 Bishops and over 165 Dioceses with membership of over 20million Nigerians.

 

“Our ministry covers both within and outside of Nigeria, having missions across the world, including United States of America and Canada, and also UK and European missions and Golf States. We have missionaries across Africa.”

 

Most Rev. Ndukuba expressed gratitude to God for divinely ordaining Governor Fubara to govern Rivers State and equipping him to lead with the fear of God and steadied governance despite the political upheavals.

 

He said, “Leadership is a sacred trust from God Almighty, and as God’s people, the Scripture enjoins us to pray for those in authority. We are here to assure you of our prayers and to appreciate what God is doing through you.

 

“In spite of the challenges that you are facing, we thank God that you have kept focused, and you are executing the things that you need to do as the Executive Governor of this State.

 

“We want to thank you for creating enabling environment to enable businesses thrive, adding that different religions will have the freedom to practice their faith, both Christianity and the other religions.”

 

Most Rev. Ndukuba stated further: “But, particularly, we appreciate your support for the Christian Church, especially for the Anglican Church. And we thank God that you are a bonafide member of this church. We appreciate what you have allowed God to use you to do.”

 

Meanwhile, the Church of Nigeria Anglican Communion Archbishops’ Standing Committee Meeting (SCM), is slated to be declared open on Wednesday (today) at the St. Cyprain’s Anglican Church, in Old Port Harcourt Township by Governor Siminalayi Fubara.

 

Highlights of the visit were prayers by the Archbishops for the Governor and his Government, the State and the Nation; as well as presentation of suovenir gifts to the visitors.

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