Tag: Loan
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We’ll pursue $350m World Bank loan without your approval – Kaduna Gov tells Senate
The Governor Nasir El-Rufai led Kaduna State Government has reacted to the Senate’s rejection of its $350million loan from the World Bank insisting that it would go ahead to pursue with or without the Senate’s approval. Recall that the Senate decided not to approve the loan request after a committee headed by Shehu Sani (APC-Kaduna)…
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Stakeholders appeal to new owner of 9mobile to resolve $1.2b loan owed banks
Some capital market stakeholders on Monday appealed to Teleology, the new owner of 9mobile, to resolve amicably the 1.2 billion dollars syndicated loan owed some Nigerian banks. The stakeholders made the appeal in separate interviews with the News Agency of Nigeria in Lagos, while reacting to the emergence of Teleology as the new owner of…
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Unemployment: AfDB approves $300m loan to Nigeria
The Federal Government on Thursday confirmed that the African Development Bank (AfDB) approved a $300m loan to contribute to job creation, food security and nutrition. The Secretary to the Government of the Federation, Boss Mustapha said this in Abuja at a round-table on tackling youth unemployment in Nigeria. The event was organised by the Bureau…
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Boko Haram: Reps divided over Buhari’s $1bn loan request
Plenary of House of Representatives on Thursday was rowdy as members disagreed over the propriety of the one billion dollars sought by President Muhammadu Buhari to fight Boko Haram insurgency. The confusion followed a motion by Rep. Ken Chikere (Rivers-PDP) on the “Need to deduct 13 per cent Derivation from the one billion dollars approved…
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Yobe state civil servants to benefit N300m furniture loan in 2018
The Yobe Government has earmarked N300 million as furniture loan to be granted civil servants on its payroll in 2018. The state Head of Service, Alhaji Saleh Abubakar, disclosed this to newsmen in Damaturu on Friday. Abubakar said the loan would be a revolving programme to enable every eligible civil servant access the funds. The…
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AMCON seeks Appeal Court’s intervention to recover N5trn debt from loan defaulters
The Asset Management Corporation of Nigeria (AMCON) is seeking the collaboration of the Justices of the Appeal Court to recover about N5trillion owed the corporation by loan defaulters nationwide. The Managing Director and Chief Executive Officer (CEO) of the Corporation, Ahmed Kuru explained that despite the overwhelming powers granted AMCON by the law setting it…
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CBN, NEXIM approve release of N550b loan to non-oil exporters
The Central Bank of Nigeria (CBN) and Nigeria Export-Import Bank (NEXIM Bank) have approved the release of N550 billion loan to non-oil exporters. The loan will come at nine per cent interest rate and is expected to help the investors export more commodities, earn more foreign exchange from export proceeds and strengthen the economy. Central…
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Gov. Fayose approves N200m car loan for 645 workers
Gov. Ayo Fayose of Ekiti on Thursday approved the disbursement of over N200 million as car loan to 645 workers in the state’s service. The State Commissioner for Finance, Chief Toyin Ojo, said that the loans would be disbursed to beneficiaries in sums ranging from N80,000 to N1.5 million. According to Ojo, the amount accruing…
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AfDB denies cancelling Nigeria’s $400m loan request
…Says ‘we strongly support FG’s economic recovery efforts’ The African Development Bank, AfDB on Tuesday refuted media reports that it had “called off loans to Nigeria.” The report was published by Reuters and credited to the Vice-President of the Bank for Power, Energy, Climate and Green Growth Amadou Hott. However, in a swift reaction, the…
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AfDB cancels Nigeria’s $400m loan request to fund 2017 budget
The African Development Bank (AfDB) has called off a loan to Nigeria that would have helped fund the country’s budget. It has instead redirected the money to specific projects, a vice president at the lender said on Monday, according to Reuters. The AfDB had been in talks with Nigeria for around a year to release…