$30bn loan rejection won’t affect 2017 budget – Presidency
The Presidency on Wednesday said the rejection of the proposed $29.96bn external borrowing plan of President Muhammadu Buhari-led administration by the Senate would not affect the implementation of the 2017 budget.
The Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, said this while addressing journalists in Abuja.
Buhari’s request for legislative approval for the Federal Government’s external borrowing plan for the execution of projects from 2016 to 2018 had suffered outright rejection at the Senate on November 1, 2016.
The President had written to both chambers of the National Assembly, asking the legislature to approve the borrowing plan for the execution of key programmes and infrastructural projects across the country.
CBN, Heritage Bank offer N2bn loan for agric projects
Heritage Bank Plc in collaboration with the Central Bank of Nigeria has provided N2bn long-term facility under the Commercial Agriculture Credit Scheme to Triton Aqua Africa Limited.
The TAAL, known as Triton Farm, accessed the CACS through Heritage Bank.
The lender, in a statement on Monday, said the loan was used to set up aquaculture business. These include nursery/hatchery for the production of fingerlings and brood stock in Ikeja, and earthen ponds for catfish and tilapia in Asejire, Iwo and Gambari towns in Oyo State.
According to Heritage Bank, the move is part of its efforts to further support the real sector and unlock the country’s food potential.
Benin to Spend $15 Billion Within 5 Years to Boost Economy
Benin plans to spend as much as $15 billion over the next five years on agriculture, tourism and infrastructure projects, and will raise the funds by boosting tax revenue and borrowing on local and regional markets, according to the finance minister.
The government of the West African nation will finance about 40 percent of its development program, while the private sector will be tapped to fund the remainder, Finance Minister Romuald Wadagni, 40, said in a phone interview Tuesday from Cotonou, the commercial capital.