RECESSION: Jonathan's Helmsman, Ex-Minister Approves $1b AfDB Loan To Save Nigeria

The African Development Bank (AfDB), headed by Akinwunmi Adesina, former agriculture minister, on Monday, September 26, 2016, approved the sum of $1 billion as loan to the Nigerian government. 

The loan provided at 1.2 percent interest rate is meant to address the deficits in 2016 budget.

Dr Akinwunmi Adesina, revealed this after a meeting with Professor Yemi Osinbajo, the country’s vice president and other members of the Economic Management Team (EMT) in Abuja. “African Development Bank (AfDB), we have a very strong delegation team to meet Vice President and the economic management team. 

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“The bank’s largest shareholder is Nigeria. It is very important for me to be here and to talk to the Nigerian government about the challenges and opportunities that are in Nigeria.

“I think the times are difficult and there is no doubt about that. But I want to commend the government for being bold in taking the right decisions. 

“I think that the fact that the price of crude oil has gone down, is a big challenge because you have 98 per cent external forex revenue coming from the sector. 

“So it has created calibrations, I’m not going to go into the details of all the problems but what is important is what we are going to do about it. “I’m not here to lecture the Nigerian government. I’m here to support very strongly. 

“We have said that we are going to support the Nigerian government with the budget support to be able to deal with some of fiscal imbalance that they have.

“We are looking to consider for an award of $1 billion to help to deal with that particular deficit,” the Nation quoted him as saying after the meeting. Earlier, the News Agency of Nigeria had quoted finance minister Kemi Adeosun as announcing that Nigeria wanted a loan from the AfDB. 

“We are talking with AfDB for a $1 billion budget deficits finance support,” Adeosun reportedly said. The country has been facing recession and there is belief that the loan would help to meet the current challenges before the government.

Jonathan Beats Tinubu, Kofi Annan, Others To Win African Leadership Award

Former President Goodluck Jonathan has beaten former Lagos State Governor and National Leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu and former United Nations Secretary General, Koffi Anan, to clinch the African Leadership Magazine Person of the Year, 2015. 

Ex-president Jonathan also defeated the founder, ECONET Wireless, Strive Masiyiwa; the Chairman, Heirs Holding, Tony Elumulelu and the President, African Development Bank (AfDB), Akinwumi Adesina.

This was disclosed by former Pro Tempore President of the Liberian Senate and Chairman of the 2015 African Leadership Person of the Year selection committee, Cletus Wortoson, In a letter to ex-President Jonathan, Wortoson said:

“There is no one best suited at the moment than your excellency, to advise the continent’s leaders on the merits of good governance and enduring democracy.

“Your popular mantra of ‘one man one vote’ and ‘my ambition is not worth the blood of any Nigerian,’ is a message that must be preached loud and clear on the continent, hence our endorsement.

“It is with great pleasure that I bring you the news of your selection as the African Leadership Magazine Person of the Year, 2015.”

The committee applauded Jonathan for his “uncommon characteristics” in deepening democracy in Africa, adding that “In adopting you as our choice, we placed a very high premium on your commitment towards deepening democracy on the continent – a characteristic which is uncommon among most African leaders at the highest level today.

“Chief among the many factors we considered was your efforts towards promoting good governance in Africa through the promotion of free and fair elections across the continent.

“Your recent assignment to Tanzania received accolades and international acclaim, because you discharged the responsibility most creditably.

“We resolved that there is no one best suited at the moment than Your Excellency, to advise the continent’s leaders on the merits of good governance and enduring democracy.

“The board is fully persuaded that you have served your country, Nigeria, meritoriously, conducted a free and fair election, in which you lost and yet conceded defeat, a development seeing by many in the continent as historical.

“Your popular mantra of ‘one man one vote’ and ‘my ambition is not worth the blood of any Nigerian,’ is a message that must be preached loud and clear on the continent, hence our endorsement.”

Recall that the award has been previously won by Liberian President and Nobel prize winner, Johnson Sirleaf; former Ghanaian President, John Kuffour; Founder of Mo Ibrahim Foundation, Dr. Mo Ibrahim; Chairman, Honeywell Group, Oba Otudeko and lawn tennis goddess, Serena Williams.

Recall also, that ex-President Jonathan also became the first African leader to win the Martin Luther King human rights award.

Vanguard News