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The Political quagmire between governor Nasir El- Rufai of Kaduna state and the three Senators representing the Senatorial districts of the state, took another dimension Thursday as the Senate rejected Kaduna State Development Policy Operation (DPO) in the sum of USD350 million as contained in the 2016 – 2018 External Borrowing (Rolling) Plan of President Muhammadu Buhari. Buhari and El-Rufai The three Senators, Shehu Sani, APC, Kaduna Central; Suleiman Hunkuyi, APC, Kaduna North and La’ah Danjuma, PDP, Kaduna South said that it became imperative for the credit facility to be rejected because critical stakeholders from the State were never consulted and for the fact that the State was already heavily indebted.

The rejection followed the presentation of the Report of Committee on Local and Foreign Debts Kaduna State Development Policy Operation (DPO) Credit Facility of USD 350 by its Chairman, Senator Shehu Sani (Kaduna Central) According to Senator Sani, the Committee recommended that “the Senate do reject the request of USD350 million for Kaduna State as contained in the 2015 2018 External Borrowing (Rolling) Plan of Mr. President, Commander-in-Chief of the Armed Forces.

“That with the high total debt stock of Kaduna State at the moment, the new borrowing sought, will make the debt service to revenue ratio high, thereby worsening the State Government’s ability to meet its other basic obligations to the people and further erode the economic viability of the State.

“That the Senate do reject Kaduna State Development Policy Operation (DPO) in the sum of USD350 million only as contained in the 2016 – 2018 External Borrowing (Rolling) Plan of Mr. President Commander-in-Chief of the Armed Forces.” Speaking further, Senator Sani said that in its findings, the Committee discovered

“That the Development Policy Operation, DPO (Budget Support) of USD 350 million for Kaduna State was approved by World Bank in 2016 and captured in 2016 – 2018 borrowing plan as approved by the National Assembly.

“That the credit facility has an attractive low financing data of 1.25% interest; moratorium of 5 years and a 25 year maturity tenor.

“That the facility is already captured in the 2016-2018 Medium Term Expenditure Framework (MTEF).

“That according to the latest Debt Management Office figures, Kaduna State has a total debt stock of USD232.1 million.

“That approving the current loan request of USD350 million for Kaduna State will bring its total debt stock to USD582.1 million.

“That if this loan request is approved, the new total debt stock of USD582.1 million for Kaduna State will be unsustainable and necessarily attract huge financial burden on the meager federal allocation to the State.

“With the new borrowing, the Debt Service to Revenue Ratio of Kaduna State will further be increased and thus impact negatively on the ability of the State to meet Other basic needs of its people.

“The new debt stock will likely, further erode the economic viability of the State.”

Details later…

NEWS

Reps Approve June 12 As New Democracy Day

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House of Representatives on Thursday considered and passed a bill seeking to confer legal status on June 12 as Nigeria’s new Democracy from the known May 29.

It will be recalled that President Muhammadu Buhari had in May this year conferred a posthumous award on Alhaji MKO Abiola, the acclaimed winner of June 12, 1993 presidential election upon which the new Democracy Day and also proposed the day as such.

Titled “A Bill for an Act to Amend the Public the Public Holidays Act, Cap. P40 Laws of the Federation of Nigeria, 2004 to bring the Act in tandem with the current realities and exigencies of the modern times and to declare June 12 as Democracy Day in Nigeria and for Related Matters (HBs.918 and 1529)”, the bill was sponsored by Hon. Edward Gyang Pwajok and Hon. Kayode Oladele.

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NEWS

Photos As Fayose Escapes Unhurt After Crash With G-Wagon On Third Mainland Bridge

Gbemileke Ajayi

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Former Governor of Ekiti State, Ayodele Fayose, has escaped unhurt after his G-Wagon Mercedes Benz was involved in an accident on the Third Mainland Bridge in Lagos.

The involvement of the ex-governor in the accident was made known by his media aide, Lere Olayinka, on his Facebook page on Wednesday.

Olayinka wrote in the early hours of Wednesday: “Immediate past Governor of Ekiti State, Mr Ayodele Fayose was involved in auto accident on 3rd Mainland Bridge in Lagos few minutes ago.

“He is in stable condition as I write while he is receiving medical attention.”

About an hour after the first information was provided, Olayinka again wrote: “I am happy to inform members of the public that former Governor Ayodele Fayose is now fairly okay.

“The former governor thanked God for limiting the impact of the accident, particularly on occupants of the vehicle.

“As the Southwest Coordinator of the Atiku Presidential Campaign, who is committed to the task of enthroning a PDP government in 2019, Fayose has insisted on coming to Ibadan today, to prepare for tomorrow’s campaign rally and he is on his way to the ancient city.

“Thank you all.”

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ENTERTAINMENT

REDTV Rave Is The Official Headliner Gig Of 2018

Gbemileke Ajayi

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The much anticipated and talked about REDTVrave3 finally rocked Lagos on Saturday, the first day of December. The online lifestyle network owned by the United Bank for Africa Group is one that is fast becoming a leader when you refer to lifestyle brands.

The REDTV rave which was attended by over 3500 youths in Lagos was one that is bound to be talked about throughout this festive season. It was a great opener for 2018 Christmas season of events in the very busy Lagos social calendar and it was lit!

With bright lights, bass echoing through the speakers and the Lagos party crowd lined up, the REDTV RAVE3 had all the checks of a perfect party.

As people trooped in, the lights shone brightly revealing classy décor, super branding and a finesse of UBA’s lifestyle brand in its element. Our favourite faces were in the house. From popular bloggers, media and pop culture influencers and vloggers, the scene electrified the youths who danced as though they had been waiting just to let go of every care in the world.

This party which has become the Christmas season opener to rival, started with the combo of Ajebutter 22, BOJ, SDC and Mologo. LADIPOE came in to surprise fans as he joined his friends on stage saying ‘ I was round the corner and heard about this hot event and I just had to pop in’.

After the DRB boys left the stage, Burna Boy sauntered into a wild crowd. Burna is the darling of this year and at his first outing this season, he brought over 3500 youths to a standstill. They were not disappointed by his performance and were still energized when Olamide came to shake the venue with his famous songs that had everyone screaming and jumping for joy.

DJ Sparrow, Bollylomo and SHODY the turn up king, all took turns to entertain the excited youths throughout the night of thrills.

The Chairman of UBA Group, Mr Tony Elumelu was in the crowd mingling with the youths and having a blast as were the bank’s CEO, Kennedy Uzoka and DMD, Victor Osadolor.

REDTV is an online lifestyle network that has brought you hit series like Our Best friend’s wedding, Inspector K and now, The Men’s Club. Its annual rave, the REDTV rave, has become a huge attraction on the Lagos party scene.

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