LATEST NEWS

#EndSARS Protests: Lagos Will Need N1trillion For Reconstruction — Femi Gbajabiamila

A minimum of N1trillion is required to reconstruct Lagos State after the destruction that occurred during the #EndSARS protest and the crisis that followed, the Speaker of the House of Representatives, Femi Gbajabiamila, has said.



The speaker disclosed this on Sunday, October 25, during a commiseration and solidarity visit to Governor Babajide Sanwo-Olu, at Lagos House, Marina.




According to Vanguard, the minister said: “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.




Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.


ALSO READ: I WISH I NEVER CREATED SARS IN 1984

I learnt from the governor of Lagos State that it will take N1 Trillion to rebuild what had been lost and asked him whats the budget size of the state he said about N1,Trillion. You can see we are moving backward.




Hence, we …

China, G-20 Countries Give Debt Relief To Nigeria And Other Poorest Countries In The World


China debt relief Nigeria, SD news blog, shuga blog, covid19 advantages in Nigeria, wuhan


Following the devastation caused by the coronavirus pandemic, China and G-20 countries have agreed to give debt relief to the poorest countries in the world which are classified as IDA countries by the World Bank. This was disclosed by David Malpass, the World Bank president, on Friday, April 17.


It was disclosed at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund. “IDA countries will have bilateral debt relief beginning May 1. That way, they can concentrate their resources on fighting the pandemic and its economic and social consequences,” he said.


“I take note that in the G-20 meetings, China is supporting the international agreement to allowing moratorium of debt repayments by IDA Countries if they ask for forbearance.


“That’s very important because China is one of the biggest creditors and their participation in that effort is important and was very welcome.”


According to The Cable, countries under the International Development Association (IDA) are those with per capita income below an established threshold. The 2020 threshold is $1,175.


Countries, such as Nigeria and Pakistan, are IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing. They are referred to as ‘blend’ countries. Going further, he said a system will be set up to monitor how developing countries utilise the funds made available by the debt relief.


“So if the government saves money by not paying creditors, there is an expectation that they use it for health, education, economic rebuilding, jobs and concrete ways to help the people of their country,” he said.

“There is also within the debt relief initiative, the idea that there will be monitoring and assessment of the debt sustainability of poor countries.


“That process itself will amount to transparency.

That’s going to change the way that countries have been lending into the developing world and it will improve it substantially and there will be a big benefit even to the creditors.

“It’s not the best system for creditors to be making non-transparent loans into poor countries and this is going to improve the system.”

Comments