…As APC senators drop bid to impeach Saraki, Dogara***
President Muhammadu Buhari yesterday requested Senate’s approval for a fresh $2,868,540,000 external loan.
The request was contained in a letter addressed to the Senate President, Bukola Saraki.
Saraki read the letter in the Senate chamber yesterday.
Buhari noted that the loan would be used to partly fund the 2018 budget.
In the breakdown of the loan, Buhari explained that $2.786 billion would be borrowed from the international capital market for the part-financing of the 2018 budget’s fiscal deficit and to finance key infrastructure projects in 2018 budget.
He said the Federal Government needed to raise another $82.54 million from the international capital market to refinance the balance of $500 million mature Eurobond.
The President said: “Pursuant to Sections 21 (1) and 27 (1) of the Debt Management Office (Establishment Etc) Act, 2003, I hereby request for distinct and specific resolutions of the National Assembly to:
“Issue USD2.786 billion in Eurobonds and other securities in the international capital market for the implementation of New External Borrowing approved in the Federal Government of Nigeria’s 2018 Appropriation Act, for the part-financing of the 2018 budget’s fiscal deficit as well as to finance key infrastructure projects in 2018 budget.
“And issue Eurobonds and other securities in the international capital market for the refinancing of USD82.54 million, being the balance of the five-year, USD 500 million mature Eurobonds.”
Buhari also sought Senate’s approval for N346 billion Niger Delta Development Commission (NDDC) budget for 2018.
The breakdown of the budget shows that while N313.883 billion should be appropriated for capital expenditure, N31 billion was earmarked for recurrent expenditure.
In the meantime, anxiety over a showdown along party lines between All Progressives Congress (APC) and Peoples Democratic Party (PDP) senators on the resumption of the Senate yesterday, turned into an anti-climax.
Against expectations, the senators reached a deal in a secret session to preserve the dignity and configuration of its leadership, putting an end to the clamour for the removal of Senate President, Bukola Saraki, from office.
As part of the deal that was reached following 75 days extended holiday, APC senators also won an agreement from the PDP leadership of the Senate to project national interests above partisan inclinations.
Yesterday’s resumption of the Senate was preceded by tension, following threats by APC national chairman, Comrade Adams Oshiomhole and some party chieftains, including the Senate Leader, Senator Ahmad Lawan, and Senator Ovie Omo-Agege to advance the removal of Senator Saraki as Senate President, following his defection from the APC to PDP.
The threats against Saraki were part of intrigues that shadowed the Senate during its recess when a plot to reconvene the Senate led to a siege to the National Assembly that ultimately forced out Lawal Daura as director-general of the Department of State Services, DSS.
The ambience of cordiality, yesterday, was stoked by sadness over the recent death of a member of the House of Representatives, Ms. Funke Adedoyin.
As the lawmakers, many of them fresh from the primary battles, returned yesterday, the partisan potshots that characterised the holiday was immediately replaced by an unusual camaraderie.
As Saraki entered the hallowed chamber at 11.03 a.m. senators according to tradition, stood up hugging him and one another.
Meanwhile, the new Senate Minority Leader, Senator Biodun Olujimi, PDP, Ekiti South, yesterday took her seat, having replaced the former minority leader, Senator Godswill Akpabio, who dumped the PDP for APC.
Olujimi sat very close to her deputy, Senator Emmanuel Bwacha, the Senate Deputy Minority Leader.
She becomes the second woman to hold the position after Senator Florence Ita-Giwa who held the position briefly in the Fourth Senate.
Also, 17 letters from President Muhammadu Buhari conveyed to the Senate during the holidays were read on the floor of the Senate, yesterday.
The 17 letters from the President issued between June and September 2018 were all read by the Senate President.
The letters included 12 conveying the president’s decision to reject certain bills passed on to him by the National Assembly. They included, among others, Institute of Entrepreneurship (establishment) Bill 2018, Stamp Duties (Amendment) Bill 2018, Electoral (Amendment) Bill 2018 and Development Income Tax Relief (Amendment) Bill 2018.
Others were Electoral (Amendment) Bill 2018, Advance Fee Fraud and other Related Offences (Amendment) Bill 2017, National Institute of Hospitality and Tourism (Establishment) Bill 2018, Nigerian Maritime Administration and Safety Agency (Amendment) Bill 2017, National Research and Innovation Council (Establishment) Bill 2017, National Agricultural Seeds Council Bill 2018 and Subsidiary Legislation ( Legislative Scrutiny) Bill 2018.
In the categories of requests made by the President for consideration and approval of the Senate were an executive bill, titled “Suppression of Piracy and other Maritime Offences Bill ( 2018), request for confirmation of the appointment of Olanipekun Olukoyede as the Secretary of the Economic and Financial Crimes Commission (EFCC).
The president in one of the letters said he rejected the Electoral Act Amendment Bill because of what he cited as drafting issues in the bill passed on to him.
“I am declining assent to the Electoral Amendment Bill due to some drafting issues that remain unaddressed, following the prior revision to the Bill.”
Giving reason he declined to assent to the advance fee fraud and other related offences (amendment) bill, President Buhari said: “I am declining presidential assent to this Bill which would reduce the minimum punishment for the offences under the Advance Fee Fraud and other Related Offences Act due to the prevalence of the offences, the need to deter the offences and the need to punish offenders adequately.
‘’I am also concerned that the amendment to the Principal Act has watered down the sentence by giving the court too much discretion in respect of the minimum sentence.”
Reacting to the turnover of bills rejection, the Senate Leader, Ahmad Lawan, called for the setting up of a technical committee by the Senate to look into them for a possible way out.
Responding, the Senate President, saddled Lawan with the responsibility of drawing the list of members of the technical committee for him as the Presiding officer to read out.
The Senate, however, could not hold full plenary due to the death of Olufunke Adedoyin from Kwara State who died penultimate Friday.
In line with the tradition of the National Assembly both chambers adjourned plenary till today in honour of their departed colleague.
The Nation with additional report from Vanguard