TheNewsGuru

Tag: Loan

  • I’m staying here with Marseille – Arsenal midfielder

    I’m staying here with Marseille – Arsenal midfielder

    Arsenal midfielder Matteo Guendouzi has again declared he wants to sign permanently for Olympique Marseille.

    Guendouzi is on a season-long loan at OM, with a permanent option set at €11m.

    He said yesterday: “Signing for OM was a carefully considered choice, the best choice I’ve made for a long time. I have a lot of fun on and off the pitch with my family.

    “With the project being built, I knew I was going to be an important player in the team. I really intend to register for the long term at OM. From the first conversations with the leaders, I felt that this was a project for me. I want to win with OM. With the coach, I progressed. I stay myself. I’m not inventing a role, I’ve always been like that.

    “I was quickly very comfortable here, I am very happy at OM. My purchase option will be exercised automatically if maintained. That’s why it was a carefully considered choice, it’s not just for this year.”

  • Reps approve Buhari’s request for $5.8bn loan, $10m grant

    Reps approve Buhari’s request for $5.8bn loan, $10m grant

    The House of Representatives has approved President Muhammadu Buhari’s loan request of 5.8 billion dollars and grant of $10 million.

    The loans are to be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.

    In approving the loan, the House asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly for proper execution and commendation.

    The House Committee on Aids, Loans and Debt Management, had presented its report through the Chairman, Rep. Ahmed Safana (APC-Katsina).

    Safana observed that out of the total borrowing of $5.8 billion covers $2.3 billion for the Grid Modernization and Expansion Programme, $290,000,000 for the malaria project, $700,000,000 for the Sustainable Water Supply, Sanitation and Hygiene (WASH) Project, $786,382,967 for the Gurara Phase II project among several others.

    “That the House do consider Final Report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan No.3 (Laid:14/12/2021) – Committee of Supply,” Safana said.

    “That the House do approve the under listed ongoing negotiation of external borrowing of $5,803,364,553.50 and a Grant component of $10,000,000 under the 2018-2020 External Borrowing (Rolling) plan.”

    The loan is part of the Federal Government’s 2018-2020 external borrowing plan.

  • Delta assembly approves Okowa’s request of N20bn loan

    Delta assembly approves Okowa’s request of N20bn loan

    The Delta State House of Assembly on Tuesday approved the request by Gov. Ifeanyi Okowa for a N20 billion facility from Fidelity Bank Plc.

    The governor’s request is contained in a letter read by the Speaker, Chief Sheriff Oborevwori, during plenary of the assembly in Asaba.

    Okowa said the request was to finance the state government’s five per cent equity in the UTM offshore Limited Floating Liquified Natural Gas (FLNG) Project.

    He said the project is under the Central Bank of Nigeria (CBN) real sector support Find/Differentiated cash reserve requirement window.

    ”The facility is in line with the state government’s intent of diversifying its strategic portfolio by investing in a floating Liquified Natural Gas plant project.

    ”Delta is expected to invest in the project through a five per cent share of the company,” he said.

    Okowa explained that the facility would not only boost employment for the teeming population and enhance local content for Delta, but would also secure future cash flow for the state.

    Consequently, the Majority Leader of the Assembly, Mr Ferguson Onwo, moved a motion for the approval of the governor’s request.

    The motion was unanimously adopted by the house when put to a voice vote by the speaker.

    It was earlier seconded by the member representing Ika North East State Constituency, Mr Anthony Elekeokwuri.

  • Gov Ortom gets greenlight to borrow N18.225bn

    Gov Ortom gets greenlight to borrow N18.225bn

    Benue House of Assembly on Tuesday approved a request made by Gov. Samuel Ortom to borrow N18.225 billion from the Federal Government.

    Ortom asked for approval to take the loan to cushion the effect of repayment of bailout funds collected in 2015 and 2016.

    He told the House in a letter read by the Speaker, Mr Titus Uba, that the Federal Government had offered a bridging finance facility window for state governments to access such loans.

    He told the House also that the Federal Government provided funding windows (bailout) at the inception of his first term in 2015.

    The bailout, he explained, was to enable states to pull out of the recession occasioned by the crash in crude oil prices.

    Ortom explained further that the Federal Government had begun the deduction of the bailout funds, but suspend the monthly exercise to provide additional liquidity to states because of the outbreak of COVID-19 in 2020.

    He told the House that deductions from state allocations in respect of the bailout funds and other interventions had been restored with a resultant funding gap for states.

    He stated that the Federal Government had, therefore, approved for the bridging finance facility to the tune of N656.112 billion for all the states to ameliorate the situation.

    The governor stated also that the amount approved for Benue was N18.225 billion with disbursement in six tranches at the interest rate of nine per cent per annum.

    He said the loan tenor would be 30-years with moratorium of two years and at monthly repayment mode.

    The governor therefore, appealed to the House to approve his request to enable him to continue to deliver dividends of democracy and implement policies and programmes contained in the 2021 budget and beyond.

    The House granted the governor’s request in a unanimous resolution.

  • BREAKING: Senate approves Buhari’s $16bn, €1bn foreign loan request

    BREAKING: Senate approves Buhari’s $16bn, €1bn foreign loan request

    The Senate on Wednesday approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.

    Also approved by the upper chamber was a grant component of $125 million.

    The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.

    Wednesday’s approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented by the Chairman of the Committee, Senator Clifford Ordia.

    Ordia, while presenting the report, said the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.

    The lawmaker noted that the said projects will stimulate a “rebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.”

  • Obasanjo, Jonathan, Yar’Adua responsible for Nigeria’s huge debt – Sen. Adeola

    Obasanjo, Jonathan, Yar’Adua responsible for Nigeria’s huge debt – Sen. Adeola

    Senator Solomon Olamilekan Adeola, chairman of the Senate Committee on Finance on Wednesday blamed former Nigerian leaders for the country’s high debt profile.

    According to him, the debt accumulated between 1999 and 2015 which had Obasanjo, Yar’Adua and Jonathan as leaders.

    The lawmaker disclosed this on Wednesday during consideration of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.

    In a statement issued by the spokesman of the Senate President, Ezrel Tabiowo, Adeola disclosed this when asked by Lawan to make clarifications on concerns raised by lawmakers over Nigeria’s debt profile.

    This was during deliberation on the report of the Joint Committees on Finance; Local and Foreign Debts; Banking, Insurance and Other Financial Institutions; Petroleum Resources (Upstream); Downstream Petroleum Sector and Gas on the 2022-2024 Medium Term Framework.

    “A huge part of Nigeria’s total debt profile roughly estimated at N33trillion naira were incurred by past administrations dating back to the military era.”

    He said a couple of loans being replayed by the President Muhammadu Buhari’s administration were ones accumulated from the times of the military to those of the PDP administration under Ex-Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, between 1999 and 2015.

    “The borrowing you are saying is accumulated borrowing. It is not a borrowing of this administration alone, it is a borrowing that stems from the days of the military to the days when the democratic dispensation started.

    “It is an accumulated loan, it is not a loan that says that it is the current administration of President Buhari that has borrowed.

    “It is a loan that has been borrowed by the previous administration – the Obasanjo, the Jonathan, the Yar’Adua of this world.

    “[And] since the business of government is a continuum, the President of the day has no choice but to continue to pay back all these loans that have been borrowed by the previous administrations.

    “More than three-quarters of these loans you’re seeing were borrowed from the previous administrations, and we are paying back – we are doing what is supposed to be done, the way it is supposed to be done.

    “So, when my colleague said that for every sixty-seven naira of any loan that was borrowed, we are using to pay, he should know that more than sixty naira of it are loans borrowed by the previous administration. And that is where we are.”

  • AMCON takes over former governor’s mansion over ₦5 billion debt

    AMCON takes over former governor’s mansion over ₦5 billion debt

    The Asset Management Corporation of Nigeria (AMCON) on Wednesday said it took over the palatial mansion of Abdulfatah Ahmed, the former two-time governor of Kwara State, over an alleged staggering indebtedness of nearly ₦5 billion.

    AMCON said in a statement Wednesday that the action followed the order of Justice A.M. Liman of the Federal High Court, Lagos Division.

    “Hon. Liman also ordered the freezing of the Bank Accounts of the former governor and his two companies including Trans Properties and Investment Limited and Trans It Consulting Limited in Suit No: FHC/L/AMC/01/2021,” the statement said.

    “The former governor who is one of the founders of the newly established third force in Nigerian politics known as the Rescue Nigeria Project (RNP) is one of the high-profile obligors of AMCON.

    “Despite holding one of the highly exalted political offices in the land, he remained recalcitrant over the repayment of his obligation.”

    AMCON said that in compliance with the court order, the corporation through the Law firm of Robert Ohuoba of Robert Ohuoba & Co, one of the leading Asset Management Partners (AMPs) of AMCON who also received protective orders from the court, took possession of the mansion belonging to the former governor.

    The mansion is situated at Abdulfatah Street, GRA, Ilorin, Kwara State, it said.

    Jude Nwauzor, Head, Corporate Communications Department of the government debt recovery agency, described the enforcement as successful.

    “AMCON had taken over the Non-Performing Loans of the former governor and his companies, Trans Properties and Investment Limited and Trans It Consulting Limited, from the former Intercontinental Bank, FinBank and Bank PHB during the first phase of EBA purchases, in line with its mandate under the AMCON Act,” Mr Nwauzor added.

    “All efforts to peacefully resolve the loan had been frustrated by the former Governor who remained recalcitrant, which left AMCON no other choice than to seek justice in court.

    “AMCON had to commence asset tracing through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed, an exercise, which further revealed nine (9) properties of the obligor situate in Kwara, Lagos State and the Federal Capital territory (FCT), Abuja, which the Corporation has plans to enforce upon.

    “This action is in line with Section 49 (1) of the AMCON Act 2019 (As Amended), which states that: 49 (1)Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bona fide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of action for debt recovery or other like action or at any time after the filing of action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.”

    AMCON added that other assets of the former governor, which the court granted AMCON possession over include: No 13, Alhaji Masha Road, Surulere; No. 9 Wharf, Apapa, Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja; Plot 8502, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 719, Cadastral Zone E23 of Kyami, Abuja; and any other landed property in any place that may be found within the Federal Republic of Nigeria.

  • Rivers NASS caucus kicks against Buhari’s fresh loans, declares it unconstitutional, discriminatory

    Rivers NASS caucus kicks against Buhari’s fresh loans, declares it unconstitutional, discriminatory

    …insists Rivers was deliberately deleted
    from all projects

    …yet you don’t want Rivers state to collect VAT

    By Emman Ovuakporie

    The Rivers State National Assembly Caucus has declared that loans being requested by President Muhammadu Buhari are unconstitutional and discriminatory in approach and scope.

    TheNewsGuru.com, (TNG) recalls that the Federal Government had written to NASS on resumption from its annual recess last week demanding for fresh loans of $4billion and €710million.

    The Rivers caucus apparently disappointed with the incessant loans and the manner the projects are Indiscriminately distributed among states has kicked against the move.

    The caucus in a statement issued and signed by their caucus leaders, Senator George Sekibo and Rep Kingsley Chinda stated that:

    “There’s no equity and fairness in the manner the projects are being distributed which flagrantly violates the provision of the Constitution.

    “The manner and approach so far adopted by the Buhari led Government obviously violated Sections 16(1) and 16(2) which states interlia that:

    “The State shall…… harness the resources of the nation and promote national prosperity and an efficient , dynamic and self reliant economy and control the national economy in such manner as to secure the MAXIMUM WELFARE, FREEDOM AND HAPPINESS OF EVERY CITIZEN on the basis of social justice and equality…..”

    “The State shall direct its policy towards ensuring (a) the promotion of a planned and balanced economic development (b) that the MATERIAL RESOURCES OF THE NATION are harnessed and DISTRIBUTED AS BEST AS POSSIBLE TO SERVE THE COMMON GOOD.

    “From all indications, the Buhari government has deliberately deleted Rivers State from Nigeria as all the loans being requested no single project was attached to Rivers and you do not want the state to collect its hard earned VAT guaranteed by the Constitution.

    “A look at the spread of the projects in our six geo-political zones indicate that the South West and North West, zones of the president and his vice got the highest.

    Anambra, Benue, Ebonyi, Niger, Ogun, Taraba, Nasarawa, Enugu and Kogi are implementing states of various projects.

    The benefiting States for the agro-processing project are, Kogi, Kaduna, Kano, Cross River, Enugu and Lagos with the Federal Ministry of Agriculture and Rural Development as the implementing ministry.

    The benefiting states for the project to be co-financed by World Bank and European Investment Bank (EIB) are: Akwa Ibom, Borno, Oyo, Sokoto, Kano, Katsina, Edo, Plateau, Abia, Nasarawa, Delta, Niger, Gombe, Imo, Enugu, Kogi, Anambra, Ebonyi, Cross River, Ondo, Kaduna, Kebbi, Jigawa, Bauchi, Ekiti, Ogun, Benue, Yobe and Kwara.

    “The question that Nigerians should help us ask Buhari led Government is what about other states such as Rivers and Bayelsa States are visibly missing in all the listed projects across Nigeria.

    “This clearly points to the fact that it was a deliberate act to subjugate these states as if they are not part of the federating units in Project Nigeria.

    “It’s appalling and disappointing that the Buhari led Government could be this petty in the distribution of projects without capturing some federating units for no just reason.

    “We do not need a soothsayer to tell us that this is a political move to deliberately deny us of our constitutional rights as part and parcel of Nigeria

    “The Rivers caucus in NASS will not sit on the fence and watch this discriminatory and unconstitutional system of administration of what duly belongs to all Nigerians to only the Buhari annointed states.

  • SERAP asks Lawan, Gbajabiamila to reject Buhari’s fresh request to borrow $4bn, €710m

    SERAP asks Lawan, Gbajabiamila to reject Buhari’s fresh request to borrow $4bn, €710m

    Socio-Economic Rights and Accountability Project (SERAP) has urged the Senate President Dr Ahmad Lawan, and Speaker of House of Representatives Mr Femi Gbajabiamila to reject the fresh request by President Muhammadu Buhari to borrow $4 billion and €710 million until the publication of details of spending of all loans obtained since May 29, 2015 by the government.”

    President Buhari recently sought the approval of the National Assembly to borrow $4,054,476,863 billion and €710 million, on the grounds of “emerging needs.” The request was contained in a letter dated 24 August, 2021.

    In an open letter dated 18 September 2021, and signed by SERAP deputy director Kolawole Oluwadare, the organization expressed “concerns about the growing debt crisis, the lack of transparency and accountability in the spending of loans that have been obtained, and the perceived unwillingness or inability of the National Assembly to vigorously exercise its constitutional duties to check the apparently indiscriminate borrowing by the government.”

    SERAP said: “The National Assembly should not allow the government to accumulate unsustainable levels of debt, and use the country’s scarce resources for staggering and crippling debt service payments rather than for improved access of poor and vulnerable Nigerians to basic public services and human rights.”

    According to SERAP, “Accumulation of excessive debts and unsustainable debt-servicing are inconsistent with the government’s international obligations to use the country’s maximum available resources to achieve progressively the realisation of economic and social rights, and access of Nigerians to basic public services.”

    The letter, read in part: “The country’s public debt has mushroomed with no end in sight. The growing national debt is clearly not sustainable. There has been no serious attempt by the government to cut the cost of governance. The leadership of the National Assembly ought to stand up for Nigerians by asserting the body’s constitutional powers to ensure limits on national debt and deficits.”

    “SERAP urges you to urgently propose a resolution and push for constitutional amendment on debt limit, with the intent of reducing national debt and deficits. This recommendation is entirely consistent with the constitutional oversight functions and spending powers of the National Assembly, and the country’s international anti-corruption and human rights obligations.”

    “Indiscriminate borrowing has an effect on the full enjoyment of Nigerians’ economic and social rights. Spending large portion of the country’s yearly budget to service debts has limited the ability of the government to ensure access of poor and vulnerable Nigerians to minimal health care, education, clean water, and other human needs.”

    “Should the National Assembly and its leadership fail to rein in government borrowing, and to ensure transparency and accountability in the spending of public loans, SERAP would consider appropriate legal action to compel the National Assembly to discharge its constitutional duties.”

    “The National Assembly under your leadership has a constitutional responsibility to urgently address the country’s debt crisis, which is exacerbated by overspending on lavish allowances for high-ranking public officials, lack of transparency and accountability, as well as the absence of political will to recover trillions of naira reported to be missing or mismanaged by the Office of the Auditor-General of the Federation.”

    “The National Assembly should stop the government from borrowing behind the people’s backs. Lack of information about details of specific projects on which loans are spent, and on loan conditions creates incentives for corruption, and limits citizens’ ability to scrutinise the legality and consistency of loans with the Nigerian Constitution of 1999 (as amended), as well as to hold authorities to account.”

    “SERAP notes that if approved, the country’s debts will exceed N35 trillion. The government is also reportedly pushing the maturity of currently-secured loans to between 10 and 30 years. N11.679 trillion is reportedly committed into debt servicing, while only N8.31 trillion was expended on capital/development expenditure between 2015 and 2020.”

    “Ensuring transparency and accountability in the spending of loans by the government and cutting the cost of governance would address the onerous debt servicing, and improve the ability of the government to meet the country’s international obligations to use maximum available resources to ensure the enjoyment of basic economic and social rights, such as quality healthcare and education.”

    The letter was copied to chairmen of the Public Accounts Committees of the National Assembly.

  • [Breakdown] What Buhari wants to do with fresh $4.1bn loan – Presidency

    [Breakdown] What Buhari wants to do with fresh $4.1bn loan – Presidency

    The Presidency, on Saturday, provided a breakdown of the proposed projects and the benefiting states and government agencies on which the over $4 billion loan being sought by the federal government would be spent.

    TheNewsGuru.com, TNG reports that President Muhammadu Buhari, recently requested Senate approval for sovereign loans of $4.054bn and €710million as well as grant components of $125m.

    TNG however notes that the fresh loan request has brought the president under several attacks as many expressed fear over Nigeria’s huge debt profile.

    However, in a statement issued by Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the Presidency explained that the loans, which would be aggregated from various international financial institutions, are targeting infrastructure and development projects across the country.

    According to the statement, the projects will attend to critical needs in the transportation, power, health, agriculture, education and other sectors of the national economy, all spread across the states of the federation and the Federal Capital Territory (FCT).

    “A total of 15 projects, spread across the six geo-political zones of the country, are to be financed with more than $4 billion from multilateral institutions, under the 2018-2021 medium term (rolling) external borrowing plan.

    “President Muhammadu Buhari had requested the Senate to approve sovereign loans of $4.054bn and €710million as well as grant components of $125m for the proposed projects.

    “According to the letter by the President, the sovereign loans will be sourced from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE).

    “The President’s request to the Senate listed 15 proposed pipeline projects, the objectives, the implementation period, benefiting States, as well as the implementing Ministries, Departments and Agencies (MDAs).

    “A breakdown of the ‘Addendum to the Proposed Pipeline Projects for the 2018-2021 Medium Term (rolling) External Borrowing Plan’, shows that the World Bank is expected to finance seven projects including the $125million grant for ‘Better Education Services for All’.

    “The Global Partnership for Education grant is expected to increase equitable access for out-of-school children and improve literacy in focus states.

    “The grant, which will be implemented by the Federal Ministry of Education and the Universal Basic Education Commission (UBEC), will strengthen accountability for results in basic Education in Katsina, Oyo and Adamawa States.

    “Other projects to be financed by the World Bank are, the State Fiscal, Transparency, Accountability and Sustainability Programme for Results as well as the Agro-Processing, Productivity, Enhancement and Livelihood Improvement Support Project.

    “The benefiting States for the agro-processing project are, Kogi, Kaduna, Kano, Cross River, Enugu and Lagos with the Federal Ministry of Agriculture and Rural Development as the implementing ministry.

    “The objective of the project is to enhance agricultural productivity of small and medium scale farmers and improve value addition along priority value chains in the participating States.

    “Similarly, the World Bank is also financing the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project in Delta, Ekiti, Gombe, Kaduna, Katsina, Imo and Plateau States, for the next five years.

    “The project, when completed, is expected to improve rural water supply, sanitation and hygiene nationwide towards achieving Sustainable Development Goals (SDGs) for water supply and sanitation by 2030.

    “Under the external borrowing plan, the World Bank supported projects also include Nigeria’s COVID-19 Preparedness and Response Project (COPREP), under the supervision of the Federal Ministry of Health and Nigeria Centre for Disease Control (NCDC).

    “The project, which has an implementation period of 5 years, will respond to threats posed by COVID-19 through the procurement of vaccines.

    “Furthermore, no fewer than 29 States are listed as beneficiaries of the Agro-Climatic Resilience in Arid Zone Landscape project, which is expected to reduce natural resource management conflicts in dry and semi-arid ecosystems in Nigeria.

    “The benefiting states for the project to be co-financed by World Bank and European Investment Bank (EIB) are: Akwa Ibom, Borno, Oyo, Sokoto, Kano, Katsina, Edo, Plateau, Abia, Nasarawa, Delta, Niger, Gombe, Imo, Enugu, Kogi, Anambra, Niger, Ebonyi, Cross River, Ondo, Kaduna, Kebbi, Jigawa, Bauchi, Ekiti, Ogun, Benue, Yobe and Kwara.

    “The World Bank is also funding the Livestock Productivity and Resilience project in no fewer than 19 States and the Federal Capital Territory (FCT).

    “The China EXIM Bank is expected to finance the construction of the branch line of Apapa-TinCan Island Port, under the Lagos-Ibadan Railway modernisation project.

    “The French Development Agency will finance two projects, which include the National Digital Identity Management project and the Kaduna Bus Rapid Transport Project.

    “The digital identity project will be co- financed with World Bank and EIB.

    “The Value Chain Development Programme to be financed by IFAD and implemented in Anambra, Benue, Ebonyi, Niger, Ogun, Taraba, Nasarawa, Enugu and Kogi States will empower 100,000 farmers, including over 6,000 and 3,000 processors and traders respectively.

    “The loan facility to be provided by European ECA/KfW/IPEX/APC will be spent on the construction of the Standard Gauge Rail (SGR) linking Nigeria with Niger Republic from Kano-Katsina-Daura-Jibiya-Maradi with branch to Dutse.

    “The specific project title, Kano-Maradi SGR with a branch to Dutse, has an implementation period of 30 months and will be implemented by the Federal Ministry of Transport.

    “The Chinese African Development Fund through the Bank of China is expected to provide a loan facility of $325 million for the establishment of three power and renewable energy projects including solar cells production facility Phase 1 & II , electric power transformer production, Plants 1, II, III and high voltage testing laboratory.

    “The National Agency for Science and Engineering Infrastructure (NASENI) will implement the project aimed at increasing local capacity and capability in the development of power and renewable energy technologies and infrastructure.

    “Credit Suisse will finance major industrialisation projects as well as micro, small and medium enterprises schemes to be executed by the Bank of Industry while SINOSURE and Standard Chartered Bank will provide funds for the provision of 17MW Hybrid Solar Power infrastructure for the National Assembly (NASS) complex.

    “The project, with an implementation period of five years, is expected to address ‘NASS power supply deficit and reduce higher overhead burdensome cost of running and maintaining fossil fuel generators (25MW installed capacity) to power the assembly complex,” the statement said.