Tag Archives: DMO

DMO: Nigerian govt turns N850bn Nuclear borrowing to Domestic, and other stories…

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>>> Donald Trump speak with Buhari, vow US total support to Nigeria in COVID-19 fight <<<


US President Donald Trump made the pledge to Nigeria President Muhammadu Buhari in a phone call on Tuesday, a presidential aide Bashir Ahmad disclosed.

“President Muhammadu Buhari had a phone conversation with the US President Donald Trump today, the two leaders discussed Nigeria’s efforts to defeat the COVID–19 Pandemic,” Ahmad tweeted.

“President Trump pledged US support and solidarity.”

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Disclosing details of the phone conversation, Nigeria’s information and culture minister Lai Mohammed said the US president promised send ventilators to Nigeria.

“President Buhari used the opportunity to brief the American President on the steps that Nigeria was taking to contain the spread of the disease,” Mohammed said.

“On his part, President Trump assured that the United States stands in solidarity with Nigeria in this difficult time and promised to send ventilators to support the country in its fight against the pandemic.”

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President Trump and Buhari are among majority of world leaders whose countries are fighting against the spread of coronavirus which has infected over two million people globally.

Nigeria currently has 1337 cases of of the virus with 255 discharged after recovery and 40 deaths.

The US, the epicenter of the global pandemic, has the highest death toll of over 57,000 and most confirmed cases of over one million coronavirus patients.

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>>> DMO – FG convert N850bn external loan borrowing to domestic <<<


The Debt Management Office (DMO) says the Federal Government has reappraised its Borrowing Plans and decided to raise the N850 billion earlier approved as External Borrowing from Domestic Sources.

The DMO made this known in a statement by its head of media, Mrs Chinenye Onu, in Abuja on Tuesday.

Onu explained that with the COVID-19 pandemic and its attendant effect on the world economy and the International Capital Market, the Federal Government felt it was more expedient to raise the N850 billion earlier approved as External Borrowing from Domestic Sources.

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She said this conversion from external to domestic was to ensure that the implementation of the 2020 Appropriation Act was not jeopardised by lack of funds.

“Thus, the N850 billion is not New or Incremental borrowing, rather it is an amendment of the source of borrowing from External to Domestic.

“For compliance with the law, His Excellency, President Muhammadu Buhari forwarded requests to the Senate and House of Representatives to convert the source for raising the N850 billion from External to Domestic.

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“The Senate approved the request on Tuesday, April 28, 2020, while the approval of the House of Representatives is expected.

“Upon approval of the request by the House of Representatives, the DMO will issue FGN Securities in the Domestic Market to raise the N850 billion, thereby providing high-quality investment opportunities for the investing public” she explained.

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>>> Scammers offering Fake Agric Loans – NDDC warns Nigerians <<<


The Niger Delta Development Commission (NDDC) has warned the public against activities of scammers offering non-existent agriculture cooperative loans in the name of the commission.

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Mr Charles Odili, NDDC Director of Corporate Affairs, said in a statement in Port Harcourt on Tuesday that the scammers had collected money from unsuspecting Nigerians to obtain ‘fake’ agric loans.

“NDDC is compelled to alert members of the public, especially those in Bayelsa and Rivers activities of scammers offering non-existent agric cooperative loans.

“We have received several reports from some victims in Bayelsa, who were deceived into believing that NDDC was currently running an agric loan scheme.

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“The victims were asked to pay N6,000 as processing fees for the agric cooperative loans,” he said.

Odili said the scammers told their victims that they were representatives of officials of the Agriculture and Fisheries Directorate of NDDC.

“The criminals, after deceiving members of the public, go to the length of demanding signed blank cheques from their victims.

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“The scammers must have taken advantage of the promise made by NDDC Managing Director, Prof. Kemebradikumo Pondei, to promote agriculture in the Niger Delta.

“It is unfortunate that while NDDC is still working out details of the agric programme, scammers have gone to town to dupe members of the public,” he added.

The spokesman called on individuals with genuine businesses with NDDC to always cross-check information from the commission’s website and other social media handles.

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He urged the public to be vigilant to activities of such criminals parading themselves as representatives of the commission’s managing director.

“We assure members of the public that relevant security agencies are already investigating activities of criminals behind the fake loan offers,” he said.

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>>> A/Ibom Cult Clash – 3 Wasted <<<


The police command in Akwa Ibom has confirmed the death of three persons in clashes between two rival cult groups in Oruk Anam Local Government Area of the state.

The Police Public Relations Officer in the state, CSP Nnudam Fredrick, confirmed the incident to newsmen in Uyo on Tuesday.

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Nundam said that the Divisional Police Officer (DPO) in Oruk Anum would ascertain the number of suspects arrested during the incident.

“The DPO of the area actually called me that there was a clash between two rival cult groups and that three persons were killed,” Fredrick said.

He said that the command had deployed the police personnel to the area to restore normalcy.

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“I have not heard of any incident today. But the police have been drafted to restore normalcy in the area. The police van has also been positioned in the area,” he said.

Earlier, an eyewitness, who pleaded anonymity, had said that no fewer than three persons were killed in a cult clash at Inen community in Oruk Anam.

He said that one of the victims was allegedly killed on Monday by a five-man gang and his body dismembered near the Community Primary School at Inen, Ikot Etim.

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The source said that the victim was lynched in Odoro Ikot, a boundary village between Ukanafun and Oruk Anam council areas.

“Another victim was murdered in Inen Ikot Obio Idang, where houses were looted, with residents scampering for safety,” he said.

The source further said that the third victim was murdered near the Community Primary School, Ikot Etim.

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He said that the gang members descended on the victim, inflicting several cuts on him until he slumped and died.

“They just swooped on the young man and started inflicting cuts, which dismembered his body before he started bleeding and eventually died,” the source said.


#Newsworthy…

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