Nigerian Senate Panel Rejects $700 Million Loan Request For Water Project

The Nigerian Senate Committee on Local and Foreign Debt has turned down President Muhammadu Buhari’s loan request for Sustainable Urban and Rural Water Supply, Sanitation and Hygiene (SURWASH) under the Ministry of Water Resources.

This came 24 hours after the Ministry of Health appeared before the panel to seek approval for $200 million for procurement of mosquito nets and malaria medicines.

The lawmakers, who took turns to fault the request, asked the ministry to furnish the panel with loans collected so far and projects they were tied to.

The committee chair, Senator Clifford Ordia, recalled that three different loans had been approved for various water projects.

He said: “$450 million for the ministry for water project being financed by the African Development Bank (AfDB) and another $6 million loan under integrated programme for development also financed by the AfDB and Gurara Water Project.

“You need to tell us what you are doing with $700 million for water projects.” The panel, therefore, resolved to summon the minister, Adamu Suleiman, to offer explanation on previous loans and how they were deployed.

In his contribution, Senator Obinna Ogba said he was against the offer, arguing that previous credits were unfelt. Senator Ibrahim Oloriegbe sought to know the criteria for picking benefitting states amid his opposition to the fresh loan.

Also opposing, Senator Sani Musa advised the committee to pick a workable one after a conscientious review. Earlier, the Permanent Secretary in the ministry, Mrs. Esther Didi Walson-Jack, who could not offer convincing explanation on previous loans, told the committee that SURWASH would last for five years, adding that $640 million was needed for the project and $60 million for capacity building.

On Monday, Nigeria’s Central Bank Digital Currency (CBDC), eNaira, was launched by President Muhammadu Buhari at the State House in Abuja.

The eNaira was developed by the fintech company, Bitt, based in the Carribeans.

At the launch on Monday, the Central Bank of Nigeria governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) had already been minted.

The CBDC’s digital currency app and its merchant wallet also became available for download after going live.

E-Naira Can Raise Nigeria’s GDP By $29bn in 10 Years – Buhari

President Muhammadu Buhari yesterday launched the Central Bank of Nigeria’s digital currency, the e-Naira, saying that the currency and its underlying blockchain can increase Nigeria’s Gross Domestic Product, GDP, by $29 billion in 10 years