VICE PRESIDENT PRESIDES OVER NEC MEETING 1. R-L; Vice President Yemi Osinbajo SAN, SGF Mr. Boss Mustapha, Minister of Finance, Zainab Ahmed, Minister of State Budget and National Planning, Mr Clement Agba during the National Economic Council Meeting held at the Council Chambers State House Abuja. PHOTO; SUNDAY AGHAEZE. AUG 22 2019.
Trending Story

FEC approves £500m loan for Bank of Industry

303
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, has approved to source a 500 million Euro loan from external creditors, for the Bank of Industry (BOI) to support industrialisation and agriculture, in addition to the creation to 1.2 million new jobs.
The Minister of State for Finance, Budget and National Planning, Clement Agba, explained that the credit guarantee is for up to five years, and the Federal Government is the guarantor of the loan.
Agba said: “The council today approved the issuance of a Sovereign Guarantee of 500 million Euros from the Credit Suisse AG London Branch, and a syndicate of international lenders as collateral for 500m Euro facility to the Bank of Industry.
“The loan is basically to finance major industrialization projects and micro-small and medium enterprises values chains in Nigeria for up to five years tenure at affordable rates; these rates are single digit rates. The guarantor of the loan shall be the Federal Republic of Nigeria, and this is going to be executed through the Ministry of Finance Budget and National Planning.
“The main objective of the loan is to support industry; revitalize agro-industrial processing zones, to facilitate the creation of new jobs.
“We do believe that about 1.2 million jobs will be created through this facility; increase the income of farming communities and promote the inclusion of SMEs and small holder producers in the industrial value chain, and the deployment of transportation infrastructure that connect farming communities to processors and market.
“The loan will be swapped to Naira by the CBN to mitigate the foreign exchange risk and the fund will therefore  be available to Nigerian enterprises at a more affordable rate and in local currency.”
Also speaking, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said to improve the ongoing reform in the country’s judicial sector, FEC has approved a Justice Sector Policy for Nigeria.
He explained that the policy would ensure speedy administration and quality of justice, as well as access to justice.
According to Malami, “It is a blueprint that set out a shared vision, objectives and interventions for the reform of justice sector to engender fair, efficient and transparent administration of justice.
“The intention and design was to have a justice sector reformed package that will turn things for the better as far as administration of justice is concerned. It will turn things around relating to justice, it will turn things around in relating to speedy administration of justice and turn things around for the purpose of ensuring at the end of the day, that we have a consensus approach to the administration of justice.”
Malami further disclosed that the council also approved a memo seeking to repeal the Geneva Convention and re-enact it to “accord greater access to justice by prisoners of war.”
He explained that Nigeria was not at par with the rest of the world in the area of granting prisoners of war certain rights and privileges.
He said: “The Geneva convention which is accommodated in our laws; Geneva Convention Act Cap G3, of the Law of the Federation of Nigeria 2004. Its a convention that was designed to provide protection to prisoners of wars, to people involved in armed conflicts, and associated infractions.
“So, with emerging trends, particularly as it relates with best practices, the need arises for us to amend our laws to be at pal with international best practices. Amendment to this effect among other things, should be accorded to prisoners of wars in cases of breach.
“So, at the end of the day, the jurisdiction of which Court could entertain cases of breaches against the interest of prisoners of war, people involved in conflicts among others is expanded to allow for greater access to justice.

Leave a comment

Related Articles

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

Emirship crisis: Kano govt. allocates N99.9m for Nassarawa mini-palace renovation

In response to the court’s order reinstating him, the Kano State Government...

Nigeria’s foreign exchange reserves up by 5 percent to $33.58bln

Nigeria’s foreign exchange (FX) reserves have increased by five percent in the...

Billionaire philanthropist Tony Elumelu mulls buying NPFL team

As part of his corporate social responsibility, billionaire banker and philanthropist Tony...

Terry G speaks on Davido, Wizkid, and Burna Boy rivalries, faces backlash from fans

Nigerian music sensation Terry G, also known as the Apako master, has...

Dani Alves pays €1m bail, set to leave Spanish jail

Former Brazil and Barcelona star Dani Alves, convicted of rape in Spain,...

World TB Day: 70 percent of TB cases in Africa now being diagnosed and treated – WHO

The World Health Organization (WHO) has disclosed that about 70 percent of...

13th AAG: Tobi Amusan wins gold in women’s 100m hurdles

The Nigerian sprint star, Tobi Amusan, won gold in the women’s 100m...

FG approves N12.7bln for mass metering of army barracks nationwide

The Federal Government says it has released N12.7 billion to provide electricity...

Women’s Day: Tinubu felicitates women, vows to prioritise their welfare, rights

President Bola Tinubu has promised to prioritize the welfare of women, protect...

All African Games: Nigeria’s Flying Eagles start their campaign on a losing note

The Flying Eagles of Nigeria started their campaign in the men’s football...

EFCC sets up task force to combat dollarization of economy, mutilation of naira

The Economic and Financial Crimes Commission (EFCC) has announced the setting up...

How Bafarawa diverted N4.6bln from ex-NSA for prayers, election, acquire luxury vehicles

A startling revelation has been made about how a former governor of...

CBN redeploys 1,500 staff to Lagos

The Central Bank of Nigeria (CBN) says it has redeployed 1,500 staff...

AFCON: Pres. Tinubu says unimpressed with Super Eagles’ performance

President Bola Tinubu has expressed his displeasure over the performance of the...

I’ve not met a man kind enough to marry —Ini Edo

In a candid revelation, renowned actress, Ini Edo, has hinted about the...

Ogun CP visits shot Nollywood actor, Ijaduade, vows to punish trigger-happy cop

Nollywood actor and Director, Azeez Ijaduade, who was shot “accidentally” by a...

Breaking: Actor, Azeez Ijaduade, allegedly shot by policeman in Ogun

In a shocking incident that has sent shock waves to Yoruba section...

Fast and furious actor, Vin Diesel, accused of sexual assault

Vin Diesel, known for his role in the Fast & Furious Series,...

Anyone asking for money this festive season lacks conscience, fear God – Comedian AY

Amid Nigeria’s challenging economic downturn, renowned comedian, Ayo Makun, popularly known as...