$418m Paris Club loan: Don’t touch our money, states warn FG - Newstrends
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$418m Paris Club loan: Don’t touch our money, states warn FG

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Interim Chairman, Body of Attorneys-General of the Federation, Mr. Moyosore Onigbanjo, SAN

The Federal Government has been warned by the 36 states of the federation not to tamper with funds accruing to them and the 774 local government areas in the guise of satisfying alleged $418 million London/Paris Club Loan refund-related judgement debts.

The states said they were not parties to any suit in the London/Paris Club refund, and were, therefore, not liable to any person or entity in any judgement debt being relied on by the Federal Government.

The Body of Attorneys-General of the Federation, through which the states spoke, warned that should the Federal Government proceed to make any such deduction, it would be acting illegally and in contempt of their appeal challenging the judgement.

The states gave the warning in an April 4, 2022 letter in their response to a November 11, 2021 letter from the Minister of Finance, Budget and National Planning, advertising the commencement of the deduction for the liquidation of the alleged judgment debts

The Body of Attorneys-General of the Federation, through its Interim Chairman, Mr. Moyosore Onigbanjo, SAN, of Lagos State; Interim Secretary, Dr. Abdulkarim Kana of Nasarawa State and Attorneys-Generals of Rivers, Abia, Taraba, Benue and Zamfara states, for and on behalf of all the state attorneys-general, in the letter, said: “Their Excellencies have drawn our attention to your letter referenced above, which the various states of the federation received about the end of March 2022.

“The letter notified the states of your (Minister of Finance) intention to commence deduction from allocations due to the states from the Federation Account for the liquidation of London/Paris Club loan refund-related judgement debts on behalf of the 36 states of the Federation and the 774 LGAs.

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“Please note that the states of the federation were not parties to any contract or suits concerning the London/Paris Club refund, from which the said judgement debts arose. Consequently, the 36 states of the federation are not liable to any person or entity in any judgment debt.”

The letter warned that the deduction of the allocations due to the 36 states of the federation from the Federation Account to liquidate the London/Paris Club loan refund-related judgement debts is the subject of an appeal filed by the 36 states at the Court of Appeal, Abuja.

“The appeal challenges the Federal High Court’s (per Justice I.E. Ekwo) judgement delivered on March 25, 2022, in Suit No: FHC/ABJ/CS/1313/2021 between A.G Abia State v. President, Federal Republic of Nigeria & 42 Ors. Therefore, the issue is sub judice.”

It added that the states have also filed a motion on notice for an injunction pending appeal.

The letter added that the Body’s legal representatives had published a public caveat in national dailies notifying the public of the pending appeal, which also advised concerned parties “to desist from dealing with the subject matter thereof, pending the hearing and determination of the appeal and the application for Injunction pending appeal.

“The law requires you to restrain from taking any step, whatsoever, that is capable of interfering with the res of the suit, which is now a subject of an appeal.

“Accordingly, Nigerian case law enjoins you to refrain from effecting any deduction whatsoever, from the allocations due to the 36 States from the Federation Account for the liquidation of the London/Paris Club Loan refund-related judgment debts purportedly on behalf of the 36 States of the Federation and the 774 LGAs, pending the hearing and determination of the appeal by the States of the Federation. Doing otherwise, in the face of the pending appeal and motion on notice for injunction pending appeal shall be at your peril.”

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Yemi Osinbajo Appointed Senior Strategic Adviser to Africa CDC

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Former Nigerian Vice-President Yemi Osinbajo
Former Nigerian Vice-President Yemi Osinbajo

Yemi Osinbajo Appointed Senior Strategic Adviser to Africa CDC

Former Nigerian Vice-President Yemi Osinbajo has been appointed as Senior Strategic Adviser to the Director-General of the Africa Centres for Disease Control and Prevention (Africa CDC), as the agency pushes forward the continent’s Africa Health Security and Sovereignty (AHSS) agenda.

The appointment, announced on Monday, comes at a critical time as Africa CDC seeks to enhance health systems, boost domestic financing, expand local production of medical supplies, and strengthen Africa’s influence in global health governance. In this role, Osinbajo will provide strategic guidance on pandemic preparedness, sustainable healthcare financing, policy direction, and continental collaboration.

Director-General Jean Kaseya praised Osinbajo’s wealth of experience, highlighting his expertise at the intersection of governance, finance, law, and diplomacy. “At a time when Africa must act with greater authority on the future of health, his leadership will be invaluable,” Kaseya said. He added that Osinbajo’s appointment reflects Africa CDC’s commitment to mobilising top African leadership in service of the continent’s health security and development.

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Osinbajo served as Nigeria’s Vice-President from 2015 to 2023, during which he chaired the Economic Sustainability Committee, contributed to reforms enhancing the ease of doing business, and played a key role in implementing Nigeria’s social investment programmes. Earlier, he was Attorney-General and Commissioner for Justice in Lagos State from 1999 to 2007. His legal and governance background positions him to offer critical insights on health policy, regulatory frameworks, and strategic partnerships.

The AHSS agenda, which Osinbajo will help drive, seeks to strengthen Africa’s self-reliance in health, improve disease surveillance, and foster regional collaboration to respond more effectively to pandemics and other public health emergencies. Experts say his advisory role will be crucial in promoting local production of vaccines and medical equipment, ensuring Africa can meet its own health needs while influencing global health decisions.

Africa CDC, operating under the African Union, aims to support member states in building resilient health systems capable of confronting future outbreaks and public health crises. Osinbajo’s appointment is expected to further amplify Africa’s voice in global health while ensuring sustainable health development across the continent.

Yemi Osinbajo Appointed Senior Strategic Adviser to Africa CDC

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Iran Lists Tough Conditions for Peace Talks with US

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Iran’s Foreign Minister, Abbas Araghchi

Iran Lists Tough Conditions for Peace Talks with US

By Agency Report

Iran has outlined a set of strict preconditions for engaging in negotiations with the United States aimed at achieving a lasting peace, signalling a hardening of its stance amid ongoing hostilities in the Middle East.

According to a senior Iranian official who spoke to Reuters, Tehran is insisting on an immediate halt to U.S. military strikes, alongside firm guarantees that such attacks will not be repeated, as a prerequisite for any talks.

The official also disclosed that Iran is demanding compensation for damages suffered during the conflict, underscoring the country’s position that any future negotiations must address the consequences of the ongoing war.

In a further indication of its firm posture, Iran has rejected proposals for a temporary ceasefire, maintaining that only a comprehensive and permanent peace agreement would be acceptable.

Tehran is also pushing for new arrangements regarding the strategic Strait of Hormuz, including the right to impose transit fees on vessels passing through the vital global oil shipping route. The proposed fees, according to the official, would vary depending on the type of vessel, its cargo, and prevailing conditions.

The development comes amid intensified diplomatic efforts led by regional mediators, including Pakistan, to broker a ceasefire between the two sides. A U.S.-backed proposal for a 45-day truce has reportedly been put forward as a stepping stone toward broader negotiations, though Tehran has dismissed the idea as insufficient.

Tensions between the two countries remain high, with both sides holding firm to their positions. Analysts say Iran’s demands reflect a broader strategy to secure long-term guarantees and reshape the terms of engagement in the region, rather than accept short-term de-escalation measures.

With neither side showing signs of compromise, prospects for immediate negotiations appear uncertain, raising concerns about further escalation and its implications for global security and energy markets.

 

Iran Lists Tough Conditions for Peace Talks with US

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Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector

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President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector

President Bola Ahmed Tinubu has approved a sweeping ₦3.3 trillion power sector bailout aimed at clearing long-standing debts and stabilising Nigeria’s struggling electricity industry.

The intervention, implemented under the Presidential Power Sector Financial Reforms Programme, is designed to resolve liabilities accumulated between February 2015 and March 2025, following a comprehensive verification process.

Presidential spokesman Bayo Onanuga disclosed that the ₦3.3 trillion electricity debt settlement represents a full and final agreement to restore financial stability across the sector. He explained that the debts, largely driven by unpaid invoices, tariff shortfalls, and subsidy obligations, had significantly weakened liquidity in the power value chain.

Implementation of the power sector debt repayment plan has already commenced, with 15 generation companies signing settlement agreements worth about ₦2.3 trillion. The Federal Government has raised ₦501 billion so far to fund the initiative, out of which ₦223 billion has already been disbursed, while additional payments are ongoing.

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The Nigeria electricity sector bailout is expected to inject much-needed cash into the industry, ensuring that gas suppliers receive payments, power plants can sustain operations, and electricity generation becomes more stable. With improved liquidity, officials say the country could begin to see gradual improvements in power supply, reduced grid disruptions, and better service delivery.

Special Adviser on Energy to the President, Olu Arowolo-Verheijen, said the programme is not just about clearing debts but rebuilding trust across the industry. She noted that restoring confidence is critical to attracting investment, maintaining consistent gas supply, and ensuring that power plants operate efficiently.

She further explained that the initiative forms part of broader power sector reforms in Nigeria, including nationwide metering improvements and the introduction of service-based tariffs that align electricity costs with the quality of supply. According to her, the government is also prioritising electricity supply to businesses, industries, and small enterprises, recognising that reliable power is essential for job creation and economic growth.

The Tinubu administration believes the electricity sector stabilisation plan will reduce reliance on generators, lower the cost of doing business, and improve productivity across key sectors of the economy. Analysts say resolving the sector’s liquidity crisis could unlock new investments and strengthen Nigeria’s overall economic performance.

President Tinubu also commended stakeholders for their cooperation in addressing long-standing challenges in the industry and confirmed that the next phase of the reform programme, Series II, will commence within the current quarter. The phase is expected to deepen structural reforms and ensure long-term sustainability of the electricity market.

Tinubu Unveils ₦3.3tn Electricity Bailout to Revive Nigeria’s Power Sector

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