States to repay bailout loans from allocations

It has been revealed that the bailout package being prepared by the Central Bank of Nigeria for the 36 states of the federation is to be deducted from their statutory allocations.

On Monday revealed that some state governors had started visiting the central bank to discuss modalities on how and when the funds would be released.

It was gathered that the CBN would release the package to the states as concessionary loans to be repaid over a longer period of time rather than the funds being given in form of a grant.

The Presidency said the implementation of the three-pronged financial intervention recently approved by President Muhammadu Buhari to support the states to pay their workers was now in progress.

The Senior Special Assistant on Media to the Vice President, Mr. Laolu Akande, said this in a statement.

Akande said state governments would start benefiting from the special intervention fund of between N250bn and N300bn in a matter of weeks.

He explained that planning meetings were currently being held between members of the Federation Account Allocation Committee and the CBN on the one hand, and between the central bank and commercial banks on the other hand.

A top official in the Ministry of Finance said that one of the criteria that might be used for the disbursement of the funds would be for the states to sign Irrevocable Standing Payment Orders guaranteeing the repayment of the loans.

He said while the deductions from the states’ statutory allocations might not be immediate, owing to declining revenue, it would be implemented as soon as the country’s revenue profile improved.

The source said,

This issue of bailout came directly from the Federal Government and it is an issue that must get the support of the CBN and other stakeholders for it to work. You will recall that what necessitated the CBN to intervene was because most states took short-term loans to finance long-term projects as well as service their obligations. 

“So, once these loans are restructured, which is what the CBN is currently doing, they will be repaid and the only way that the funds can be recouped is to deduct whatever is their indebtedness as a result of the bailout from their allocations, but this may not be done immediately until revenue improves.”

 Another top official of the CBN also added that some state governors had been visiting the bank since last week to have further discussions on the modalities for the package.

The CBN Governor, Mr. Godwin Emefiele, had on Friday, when asked about the modalities for the package, said that they were still being worked out.

He said while the funds would be given to the states in form of loans, the bank would meet with the governors and the commercial banks to restructure their expenditure and revenue profiles.

He also said the CBN would meet with the state governors to encourage them to diversify their internally generated revenues so as to boost their states’ revenue base.

Akande said the meetings of the stakeholders had focused on the details of the special intervention fund and the debt relief programme of the President for the states.
He said,

 “Such meetings are reviewing loan profiles of the states, issues around restructuring of existing loans, including time span, and reconciling the figures. Already, it has been agreed that the existing state loans be restructured for 20 years, and regarding the bond option, the rates to be applied will be market-based but with a cap to make it affordable. 

“Within weeks from now, the states are expected to start benefiting from these two other parts of the presidential intervention.” Akande said by extending the commercial loans of the states, the third part of the intervention would make more funds available to the state governments, which otherwise would have been removed at source by the banks.

 He further explained that to be able to offer the option to the states, Buhari brought the financial muscle of the Federal Government to bear by guaranteeing the elongation of the loans.

He said,

 “Besides, the availability of the $2.1bn from the NLNG, which has now been shared to the states, was made possible because President Buhari set a new fiscal standard and tone that all monies generated should go to the Federation Account. 

“Before that constitutional standard was upheld by the President, the NLNG dividends were going to other NNPC designated accounts. 

“None of the three parts of this intervention would have been possible without the creativity and approval of President Buhari. It should be noted that the backlog of the salaries in some of the states went back several months before the President took office.”

Punch.

Boko Haram Finally Offer To Discuss Peace With Buhari

The government of Nigeria has been approached by a group that says it is a faction of the Boko Haram sect with an offer to hold peace talks, a spokesman for President Muhammadu Buhari said on Monday.

The members of the militant Islamist group have killed more than 600 people in Africa’s most populous nation in a spate of bombings and shootings since Buhari was inaugurated as president on May 29.

But it seems the much desired peace is set to happen. “A faction of the Boko Haram group came forward claiming to have the mandate to negotiate with the government,” said presidential spokesman Garba Shehu, adding that efforts were under way to “verify their claims” of having such authority.

Efforts to reach an agreement to end the violence, including a 2014 deal fostered by Chad, have repeatedly failed during the six-year insurgency waged by the group in its bid to set up a state in the northeast adhering to strict Islamic laws.

Buhari’s administration has previously said it was not averse to negotiating with the group which has killed thousands and left around 1.5 million people displaced during its insurgency.

“It is now left for them to show proof that they have the mandate, but they made it clear that they are representing a faction of Boko Haram that wants peace,” said Shehu.

SHOW OF SHAME: Fight Tearing Assemblies of God Church

Available statistics showed that the Assemblies of God Church has a population of over 2.6 million members worshiping in over 14,300 churches spread in Nigeria with its headquarters in Enugu, Enugu State. It has planted more than 50 missionaries in nine countries across the world with over 11,650 ministers.

However, the once peaceful members of one-fold family had been torn apart following a leadership tussle that is presently bedeviling the church. Crisis of factionalisation of the church had been lingering as two senior Reverends, Professor Paul Emeka and Dr Chidi Okoroafor have been at loggerheads, each laying claim to be the overall leader of the church, qualified to bear the designation  of General Superintendent, GS.

The issue which resulted in litigation is currently at the last bus stop –
the Supreme Court, awaiting the final arbitration. Whilst the much-expected judgement is being awaited, members of the 27 Mount Street Parish in Enugu engaged in free-for-all recently. The shameful act still centered on the crisis over who takes control of the parish which is believed to be lucrative.

Control of the parish
The drama started when Reverend Nathaniel Udeze stormed the Mount Street parish with letters of posting and other court documents empowering him to be installed as the new pastor of the parish that morning.

But he was stoutly resisted along with his team of loyalists by the current Resident pastor of the parish, Reverend Amaechi Agbo who, along with his loyalists, accused Udeze of being an “intruder”. The disagreement led to a free for all when Udeze insisted on taking over since he had been officially posted there by the leadership of the church under Rev Paul Emeka.

He went on to inform the bewildered congregation that their resident minister, Agbo, had been transferred to another Parish since May 2015. Earlier, supporters of both warring pastors were found sharing different versions of the Sunday school manual during the school which angered the supporters of the divide until the two pastors began a shouting match that eventually led to the free for all.

The fracas attracted the attention of the police who raced to the place and the church was locked up. That was not the first time members of the congregation would engage in such a show of shame. Sometime last year, precisely December 3, 2014, hell was also let loose at the national headquarters of the church located in Enugu when the two warring factions engaged in a bloody clash that left no fewer than five persons seriously injured, while four cars parked at the premises were burnt beyond recognition during the free for all that ensued.

Vanguard gathered that the clash followed the invasion of the church headquarters by the Reverend Chidi Okoroafor-led faction in a bid to forcefully take over the national secretariat of the church which had been under the control of the embattled General Superintendent, Reverend Paul Emeka and his loyalists.

Violence broke out that fateful Wednesday morning, December 3, 2014, when members of the Okoroafor faction stormed the national secretariat in several buses and attempted to gain entry into the national secretariat but were prevented by Reverend Emeka’s loyalists.

How we prevented bloodshed at the parish — PPRO
ENUGU police command said surveillance has been mounted within the vicinity of the parish until normalcy would be fully restored which is still under lock and key as at the time of this report.

Speaking to Vanguard, the State Police Command’s image maker, Mr. Ebere Amaraizu, said: “Please let me correct one impression. We (Police) did not lock up any church. Ours is to ensure that there is no breakdown of law and order. What happened was that we intervened and averted what could have resulted to bloodshed.”

“If not for our timely intervention that Sunday,” he went on, “it could have been a different story. When efforts were made to bring the two factions to amicable settlement, which was not forthcoming, we gave our advice, so they locked it up and the keys are with them not with us (Police). But for now, we are monitoring the place to ensure that no unpleasant thing occurred there”.

The CAC angle:
Another angle has been added to the crisis as the Nigerian Corporate Affairs Commission, CAC, had in a letter dated June 22, 2015 conveyed the withdrawal of the name of Reverend Paul Emeka from the Certificate of Incorporation earlier issued pending the final determination of the case currently pending before the Supreme Court.

Who will save the house of God from this shameful fight? I just hope reason will prevail somehow.

EFCC Assembles No-Nonsense Team To Grill Saraki's Wife

These are not the best of times for the Sarakis. The husband is battling to keep his office in the senate, the wife is having sleepless nights over the resolve of the EFCC to send her to jail for corruption.

The EFCC has finally raised a team of crack investigators to grill Senate President Bukola Saraki’s wife, Oluwatoyin Saraki and the late President Umaru Yar’Adua’s daughter, Hajiya Zainab Dakingari.

An insider in EFCC said "we are ready for them."

Mrs. Saraki has written to EFCC, seeking to appear on Tuesday or Wednesday.  She expressed her readiness to cooperate with the anti-graft commission, claiming she had never received unlawful public funds.

A source in the commission said: “We have a crack team of investigators that will handle their matters with fairness and objectivity. Our invitation does not presume them guilty. There are petitions against them; we want to hear their side too. If there is no prima faciecase against them, the EFCC will release these women. So, we are still at a fact-finding stage.”

D'banj and Arunma Oteh

D'banj met with the former SEC DG and new World Bank VP Arunma Oteh to congratulate her on her new job and also show her his MAMAs Evolution award. D'banj says Dr Oteh is one of the many who have immensely encouraged him over the years.

Photos from Buhari's meeting with APC House of Reps members that ended in deadlock

The meeting took place yesterday July 27. President Buhari had called for the meeting with the APC lawmakers to seek for ways to resolve the leadership crisis rocking the lower chamber but the meeting ended in a deadlock with both factions, the Yakubu Dogara faction and Femi Gbajabiamila faction, refusing to bulge and sticking to their different positions. President Buhari however told the members to respect the party's decision. The house has been in a lingering crisis after the Dogara faction rejected APC's decision to make Femi Gbajabiamila the House Majority leader.

Rough Girl Natalie Nunn Releases Cute Bikini Photos

The reality star has some cute bikini pics that many guys are drooling over. Check out more below...

Tonto Dikeh and Her Husband-To-Be Share A Passionate Kiss

I just hope another babe wont snatch this guy from her again. She has admitted that love hasn't been kind to her due to the way she lose her men to other ladies in the past. Hopefully, this one is for real...

"Don't laugh only to confuse your enemy..
You will only end up confusing yourself..
Laugh because it's Real..
What other rush in and out of
We will make history with..."

- that's what Tonto wrote online with the above picture.

Nigerian twitter reacts to Oshiomole's allegations that an ex Minister stole $6bn

Nigerians took to twitter to react to Governor Adams Oshiomole allegation that US government officials revealed to President Buhari and his delegation last week that a former minister in the past administration stole $6 billion. See more tweets after the cut...

Muammar Gaddafi's son sentenced to death over war crimes

A court in Libya has sentenced one of the sons of former Libyan dictator, Muammar Gaddafi, Saif al-Islam Gaddafi and eight others to death over war crimes committed during the 2011 revolution.

Saif al-Islam and others were standing trial for suppressing protests during the political uprising in Libya in 2011 after Libyans revolted against the government of Ghadaffi who was killed in October 2011. Saif al-Islam was not present in court and gave evidence via video link. He is being held by a former rebel group from the town of Zintan that have refused to release him.