Senate Archives — Business Bells

Tag: Senate

  • Senate Approves Buhari’s $6bn Loan Request

    Senate Approves Buhari’s $6bn Loan Request

     

    The senate has approved the $6.1 billion loan request by President Muhammadu Buhari.

     

    The $6.1 billion loan request — N2.343 trillion — was approved after Clifford Ordia, chairman of the loan and debts committee, presented a report on the floor of the upper legislative chamber on Wednesday.

     

    The president had asked the National Assembly to approve the loan in May.

     

    Buhari said the loan will be raised from multilateral and bilateral tenders as well as the international capital market.

     

    While presenting his report, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget.

     

    “What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” the senator representing Edo central said.

     

    After the request was approved, Senate President Ahmad Lawan said the national assembly must make sure that there are no frivolous expenditures by the executive.

     

    “Let me thank the committee, this is not a new loan. This is a borrowing plan we have approved,” Lawan said.

     

    “What we have done is to provide the necessary resolutions for the implementation of it.

     

    “Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained.”

     

     

     

  • Senate Passes N982bn Supplementary Budget to Boost Military Operations

    Senate Passes N982bn Supplementary Budget to Boost Military Operations

    The senate has passed a supplementary budget of N982 billion for the year 2021.

     

    The budget was passed on Wednesday after Jibrin Barau, chairman of appropriation committee, presented a report during the plenary session.

     

    While presenting his report, Barau said his committee engaged with Zainab Ahmed, minister of finance, and other stakeholders on the request.

     

    While N123 billion was approved for recurrent (non-debt) expenditure, N895 billion was earmarked for capital expenditure.

     

    The figure passed by the senate is N87 billion higher than what the executive sent as supplementary budget.

     

    President Muhammadu Buhari asked the national assembly to approve the supplementary budget request in June.

     

    The budget is meant to boost military operations and to facilitate the procurement of COVID-19 vaccine.

     

    After the supplementary budget was passed, Senate President Ahmad Lawan said the relevant committees of the upper legislative chamber must carry out oversight to ensure that the funds are properly utilised.

     

    “Committees should be alive to know these funds are applied. This is a very necessary intervention by this senate for the country,” Lawan said.

     

    “We have to continue to fund our security agencies even in the 2022 appropriation bill to overcome these security challenges.”

     

    Buhari had presented the initial 2021 budget proposal of N13.08 trillion to a joint sitting of the national assembly on October 8, 2020.

     

  • How Banks Are Turning Female Marketers To Sexual Slaves – Senator

    How Banks Are Turning Female Marketers To Sexual Slaves – Senator

    The Senate, on Thursday, considered a bill seeking to stop employers in the private and public sectors from engaging employable Nigerian graduates as casual workers.

     

    The Prohibition of Casualisation Bill 2020 was sponsored by Senator Ayo Akinyelure.

     

    Akinyelure said casualisation of Nigerian graduates in the Nigerian labour market had become a subject of great concern.

     

    He said more workers continued to groan under this immoral strategy of cutting cost by employers rendering them inferior to their counterpart in other countries of the world.

     

    He said,  “Statistics from the Nigeria Labour Congress shows that many workers in the telecommunications, oil and gas sectors are engaged as casual labourers by employers of labours.

     

    “Other sectors with thousands of casual labourers include mining, steel, banking and insurance.”

     

    Akinyelure while citing the banking industry as a hub for casualisation, blamed banks for turning female marketers into harlots and sexual slaves in a desperate attempt by them to keep their jobs and meet unrealistic deposit targets.

     

    He said, ‘In the banking and insurance industry, for instance, many young graduates particularly females are employed as marketers and given unrealistic customer deposit targets running into millions.

     

    “They are hired and fired at will when such unrealistic targets are not met.

     

    “The female among them who are desperate in keeping their jobs turn to harlotry and sex slavery.

     

    “They, move from one office to the other looking for invisible customers who have large funds to enable them meet their targets.

     

    “It is high time this evil and devilish act is stopped.”

     

    Senator Biodun Olujimi said, “Our girls have been turned into what we cannot imagine.

     

    “Most of them have been asked to look for funds, and when they come to us, I always tell them, I do not even have the funds to eat; how can I have funds to keep with you in the bank?

     

    “They will never be promoted if they don’t bring in such funds, and this is a banking industry that is privately owned, yes, but has made so much profit, and from the profit they could at least take the few that they can manage properly, rather than take a lot that they will be giving pittance.”

     

    The lawmaker harped on the need to have a legal framework to ensure that casualisation did not exist.

     

    The Senate President, Ahmad Lawan, in his remark charged the Committee on Employment, Labour and Productivity to strike a balance in the bill to ensure that casual workers in the country were not made victims of layoffs.

     

    After scaling second reading, the bill was referred to the Committee on Employment, Labour and Productivity to report back within four weeks.