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Breaking News:- Plane Flying From Nigeria To Gabon Missing

<img alt="unnamed Breaking News:  Plane Flying From Nigeria To Gabon Missing" class="alignnone aligncenter" height="280" src="http://i1.wp.com/2.bp.blogspot.com/-LjUS1QWXDc4/U6mSrTnuwZI/AAAAAAADEPA/Xv6j3oX9BjE/s1600/unnamed.jpg?resize=553%2C280" title="Breaking News:  Plane Flying From Nigeria To Gabon Missing" width="553" /><br /><br /> A four-seater plane flying from Nigeria to Gabon via Cameroon has  gone missing. The plane, owned by US company, Global Aviation, took off  from Kano Airport around 6pm yesterday Monday June 23rd and was billed  to make a stop over at Doula Cameroon before continuing to Gabon to  arrive at 11pm but it never arrived at Doula, Cameroonian Aviation  authorities have said. Only an American pilot was on-board.<br /> <br />The Gabon Aviation authorities say the last contact they had with the  plane was when it was in Mongo which is a 2-hour flight from the  Cameroonian economic capital. Search & Rescue operation has so far  not yielded any result but the search operation still continues.<br />

Breaking News:- Plane Flying From Nigeria To Gabon Missing

A four-seater plane flying from Nigeria to Gabon via Cameroon has gone missing. The plane, owned by US company, Global Aviation, took off ...

Yaya Toure: I wanted to spend days with my dying brother but City did not grant me leave

<div class="mobile-photo"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6028492742068118514" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjANDol0AzSOKjZfKtly8_MhmvM7brCSORkejjOCcif9Jzbr1x3T16iAb6hrQ2WDJtr9IxYY48XHD0IkBr7dyNqwMfXxaE5gOaV3_8GxWE2vPEdHbsYVkz67q0av3CzBLpeoUQyUE7qxKM/s320/article-0-1F0F9C4300000578-217_306x423-745089.jpg" /> </div><div class="mobile-photo"><br /></div><div class="mobile-photo">Manchester  City midfielder Yaya Toure has spoken of his sadness following the  death of his brother Ibrahim and suggested that his club did not offer  him sufficient support during a period which he describes as 'the  hardest in my life.'</div><br />The Ivory Coast midfielder's 28-year-old brother tragically died of  cancer last week, while Yaya was in Brazil representing his country at  the World Cup and the City talisman has stated that he felt disappointed  that he wasn't afforded greater sensitivity by his club employers.Toure  toldFrance Football: 'At the end of the season, I wanted to stay for  four or five days with my brother before I flew to prepare for the World  Cup with Ivory Coast, except that City did not want to grant me a few  days.<br /><a name="more"></a><br /><br />'I went to celebrate the title championship in Abu Dhabi while my  brother was lying in his sickbed. By fortune, Kolo was at his bedside.  After that I blame myself for not insisting and for not making them  respect me. 'However, club officials knew very well that I was suffering for a few  months as the health of my brother declined. This is the reason I had  several injuries at the end of the season, because my head had taken  control of my body. These last four months have probably been the  hardest in my life.'<br /><br />Yaya had before cried out about his ill-treated by Manchester City, after they snubed his birthday

Yaya Toure: I wanted to spend days with my dying brother but City did not grant me leave

Manchester City midfielder Yaya Toure has spoken of his sadness following the death of his brother Ibrahim and suggested that his club d...

Little Girl Writes Letter to Google to Get a Day Off for Her Dad, and This Is How Google Responded

<img src="http://yabaleftonline.com/wp-content/uploads/2014/06/wpid-rs_300x300-140623152247-600.google-letter.ls_.62314_copy.jpg" /><br /><br />This little girl’s father works for Google, and apparently she had it up  to here with her dad’s schedule. So she did what any adorable daughter  would do: She wrote a letter In crayon. To Google. <a href="https://www.blogger.com/blogger.g?blogID=1273158107245326844" name="more"></a><br /><br /><br />Her letter reads: <br /><a name="more"></a><br /><br /><b>Dear Google Worker, </b><br /><br /><b>Can you please make sure when daddy goes to work, he gets one day  off. Like he can get a day off on Wednesday. Because daddy only gets a  day off on Saturday. </b><br /><br /><b>From, Katie </b><br /><br /><b>P.S. It is Daddy’s BIRTHDAY </b><br /><br /><b>P.P.S. It is summer, you know </b><br /><br />The letter found its way to the desk of her dad’s boss, Senior <span class="e0z02y9r139v" id="e0z02y9r139v_6">Design Manager</span> Daniel Shiplacoff. And he was more than happy to officially respond to  Katie’s request with his own letter, which Google confirmed was indeed  legit:  <br /><br /> <b>Dear Katie, </b><br /><br /><b>Thank you for your thoughtful note and request. </b><br /><br /><b>Your father has been hard at work designing many beautiful and  delightful things for Google and millions of people across the globe. </b><br /><br /><b>On the occasion of his Birthday, and recognizing the importance of  taking some Wednesdays off during the summer, we are giving him the  whole first week of July as vacation time.</b><br /><br /><b>Enjoy! </b><br /><br /><br /><br /><br /><br /><br /><br /><br />Nice score, Katie! Not only did you get the day off for your dad, but you got him an entire week off! <span class="e0z02y9r139v" id="e0z02y9r139v_7">Having kids</span> finally pays off!<br />

Little Girl Writes Letter to Google to Get a Day Off for Her Dad, and This Is How Google Responded

This little girl’s father works for Google, and apparently she had it up to here with her dad’s schedule. So she did what any adorable daug...

BTS Photos From Music Video Shoot Of Saeon ft. Wizkid – ‘Boogie Down’

<div dir="ltr" style="text-align: left;" trbidi="on"><br /><br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="http://informationng.com/wp-content/uploads/2014/06/se.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="http://informationng.com/wp-content/uploads/2014/06/se.jpg" width="320" /></a></div><div style="color: #555555;"><br /></div><div style="color: #555555;"><br /></div><div style="color: #555555;">A couple of months ago, Uti’s  girlfriend — Saeon featured Star-Boy Wizkid on a track titled ‘Boogie  down’; and the singer has shared photos from the video for the track.</div><div style="color: #555555;">Newly signed Uti Saeon has shot the  video for her smash joint ‘Boogie Down’ which features Wizkid and below  are some of the behind the scene pictures from the video shoot: -<br /><a name="more"></a></div><div style="color: #555555;"><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-0" class="aligncenter size-large wp-image-30515" height="440" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-0.jpg" style="font-weight: inherit;" width="660" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-1" class="aligncenter size-large wp-image-30516" height="440" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-1.jpg" style="font-weight: inherit;" width="660" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-2" class="aligncenter size-large wp-image-30517" height="432" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-2.jpg" style="font-weight: inherit;" width="660" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-3" class="aligncenter size-large wp-image-30518" height="440" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-3.jpg" style="font-weight: inherit;" width="660" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-4" class="aligncenter size-large wp-image-30519" height="440" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-4.jpg" style="font-weight: inherit;" width="660" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-5" class="aligncenter size-large wp-image-30520" height="455" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-5.jpg" style="font-weight: inherit;" width="660" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-7" class="aligncenter size-full wp-image-30522" height="491" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-7.jpg" style="font-weight: inherit;" width="677" /><br /></div><div style="color: #555555;"><img alt="Saeon-WIzkid-Boogie-Down-LoggTV-6" class="aligncenter size-large wp-image-30525" height="491" src="http://loggtv.kingjibson.netdna-cdn.com/wp-content/uploads/2014/06/Saeon-WIzkid-Boogie-Down-LoggTV-6.jpg" style="font-weight: inherit;" width="529" /><br /></div><div style="color: #555555;"><br /></div></div>

BTS Photos From Music Video Shoot Of Saeon ft. Wizkid – ‘Boogie Down’

A couple of months ago, Uti’s girlfriend — Saeon featured Star-Boy Wizkid on a track titled ‘Boogie down’; and the singer has shared photo...

Laide Bakare and Daughter Wear Matching Low Hair Cut

<div dir="ltr" style="text-align: left;" trbidi="on"><div style="color: #555555;"><img alt="la" class="alignnone size-medium wp-image-223003" height="227" src="http://informationng.com/wp-content/uploads/2014/06/la1-300x227.png" width="300" /><br /></div><div style="float: right; margin: 5px 0pt 5px 5px;"><script type="text/javascript"> </script><script src="http://static.addynamo.net/ad/js/deliverAds.js" type="text/javascript"></script><div id="_adynamo_ad_placement_0.6410131679019325"><iframe allowtransparency="true" class=" tureujauynrumuhmfxcm" frameborder="0" height="250" hspace="0" marginheight="0" marginwidth="0" name="_adynamo_frame_0.6410131679019325" onload="if  (typeof _ad_load['0.6410131679019325'] ==  'undefined'){_ad_load['0.6410131679019325'] = false;} if  (!_ad_load['0.6410131679019325']) {_ad_load['0.6410131679019325'] =  true; this.src =  'http://s01-delivery.addynamo.net/AdDelivery/AdDelivery.cfm?strReferURL=http%3A%2F%2Fwww.informationng.com%2F2014%2F06%2Flaide-bakare-and-daughter-wear-matching-low-hair-cut.html&uidChanel=6ac27443-a14d-466b-b51d-3979ceaf6293&flashVersion=11.6.602&0.6410131679019325';}" scrolling="no" src="http://s01-delivery.addynamo.net/AdDelivery/AdDelivery.cfm?strReferURL=http%3A%2F%2Fwww.informationng.com%2F2014%2F06%2Flaide-bakare-and-daughter-wear-matching-low-hair-cut.html&uidChanel=6ac27443-a14d-466b-b51d-3979ceaf6293&flashVersion=11.6.602&0.6410131679019325" vspace="0" width="300"></iframe></div></div><div style="color: #555555;">Although the Bakare household are  trying to weather the storm, the mother and her kids still manage to  wear smiles on their faces and also matching tinted hair color and  style.</div><div style="color: #555555;"><br />After her boutique and some of her  husband’s property were confiscated, Laide had to fly out of the US  precisely to cool off pending when the whole saga will die down.</div><div style="color: #555555;"><br />She was spotted playing with her  kids, and interestingly she rocked the same hairstyle with her daughter</div></div>

Laide Bakare and Daughter Wear Matching Low Hair Cut

Although the Bakare household are trying to weather the storm, the mother and her kids still manage to wear smiles on their faces and also...

Bomb Blast Rocks Kano School of Hygiene

<div dir="ltr" style="text-align: left;" trbidi="on"><div class="separator" style="clear: both; text-align: center;"></div><br /><b> Not less than eight people are fear dead, after a bomb  explosion struck a public health college facility in Nigeria’s second  largest city of Kano.</b><br /><div style="float: right; margin: 5px 0pt 5px 5px;"><script type="text/javascript"> </script><script src="http://static.addynamo.net/ad/js/deliverAds.js" type="text/javascript"></script><div id="_adynamo_ad_placement_0.6433380299857331"><iframe allowtransparency="true" class=" tureujauynrumuhmfxcm" frameborder="0" height="250" hspace="0" marginheight="0" marginwidth="0" name="_adynamo_frame_0.6433380299857331" onload="if  (typeof _ad_load['0.6433380299857331'] ==  'undefined'){_ad_load['0.6433380299857331'] = false;} if  (!_ad_load['0.6433380299857331']) {_ad_load['0.6433380299857331'] =  true; this.src =  'http://s01-delivery.addynamo.net/AdDelivery/AdDelivery.cfm?strReferURL=http%3A%2F%2Fwww.informationng.com%2F2014%2F06%2Fbomb-blast-rocks-kano-school-of-hygiene.html&uidChanel=6ac27443-a14d-466b-b51d-3979ceaf6293&flashVersion=11.6.602&0.6433380299857331';}" scrolling="no" src="http://s01-delivery.addynamo.net/AdDelivery/AdDelivery.cfm?strReferURL=http%3A%2F%2Fwww.informationng.com%2F2014%2F06%2Fbomb-blast-rocks-kano-school-of-hygiene.html&uidChanel=6ac27443-a14d-466b-b51d-3979ceaf6293&flashVersion=11.6.602&0.6433380299857331" vspace="0" width="300"></iframe></div></div><br />About 20 others were wounded- 12 of whom sustained grave injuries- in  the blast at the Kano School of Hygiene in the late hours of Monday.<br /><br />The blast occurred as students were struggling to meet registration  deadline for the new academic session.<br /><br /><div class="wp-caption  aligncenter" id="attachment_222872" style="width: 610px;"><img alt="Early Witnesses at the Scene of a Recent Bomb Blast in Kano.  Image: AFP." class="size-large wp-image-222872" height="337" src="http://informationng.com/wp-content/uploads/2014/06/Kano-Health-College-AFP-600x337.jpg" width="600" /><br /><br /><div class="wp-caption-text"><br /></div><div class="wp-caption-text">Early  Witnesses at the Scene of a Recent Bomb Blast in Kano. Image: AFP.<br /><a name="more"></a></div></div><br />It most likely originate from a car park next to the post secondary  training facility, a teacher at the college told AFP news agency.<br /><br />The city is among the Northern States that have been targeted in the  past by the radical Islamist group Boko Haram, which says it is poised  at creating an Islamic state in northern Nigeria.<br /><br />Kano State police spokesman Magaji Majiiya, who confirmed the attack,  said eight people had been killed and many others in terrible condition  have been taken to hospital for treatment.<br /><br />One person has been arrested according to the police.<br />The area is now mapped out as a crime scene by the police and  emergency services have continued rendering assistance to victims.<br /><br />The latest incident comes some weeks after another bomb blast in  Sabon Gari area of the state.<br />About 150 people died in a series of co-ordinated attacks by Boko  Haram in the city in January 2012.</div>

Bomb Blast Rocks Kano School of Hygiene

Not less than eight people are fear dead, after a bomb explosion struck a public health college facility in Nigeria’s second largest city...

Ice Prince Gets Endorsement Deal With Hotel Booking Site – Jovago

Ice Prince Gets Endorsement Deal With Hotel Booking Site – Jovago

Choc city rapper — Ice Prince has bagged another endorsement on a very low-key. The Nigerian rapper has put pen on paper to be the first b...

Eight Months Later, Mrs Jonathan Promises To Stand By Lar’s Widow

<div dir="ltr" style="text-align: left;" trbidi="on"><br /><div class="separator" style="clear: both; text-align: center;"><a href="http://informationng.com/wp-content/uploads/2013/05/First-Lady.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://informationng.com/wp-content/uploads/2013/05/First-Lady.jpg" /></a></div><br /><br /><br /><br /><br />The First Lady, Dame Patience Jonathan, on Monday, promised to stand  by Prof. Mary Lar, the widow of late Chief Solomon Lar, pioneer National  Chairman of the Peoples Democratic Party, PDP.   <br /><div style="float: right; margin: 5px 0pt 5px 5px;"><script type="text/javascript"> </script><script src="http://static.addynamo.net/ad/js/deliverAds.js" type="text/javascript"></script><div id="_adynamo_ad_placement_0.8814043835025518"><iframe allowtransparency="true" class=" tureujauynrumuhmfxcm" frameborder="0" height="250" hspace="0" marginheight="0" marginwidth="0" name="_adynamo_frame_0.8814043835025518" onload="if  (typeof _ad_load['0.8814043835025518'] ==  'undefined'){_ad_load['0.8814043835025518'] = false;} if  (!_ad_load['0.8814043835025518']) {_ad_load['0.8814043835025518'] =  true; this.src =  'http://s01-delivery.addynamo.net/AdDelivery/AdDelivery.cfm?strReferURL=http%3A%2F%2Fwww.informationng.com%2F2014%2F06%2Feight-months-later-mrs-jonathan-promises-to-stand-by-lars-widow.html&uidChanel=6ac27443-a14d-466b-b51d-3979ceaf6293&flashVersion=11.6.602&0.8814043835025518';}" scrolling="no" src="http://s01-delivery.addynamo.net/AdDelivery/AdDelivery.cfm?strReferURL=http%3A%2F%2Fwww.informationng.com%2F2014%2F06%2Feight-months-later-mrs-jonathan-promises-to-stand-by-lars-widow.html&uidChanel=6ac27443-a14d-466b-b51d-3979ceaf6293&flashVersion=11.6.602&0.8814043835025518" vspace="0" width="300"></iframe></div></div><br />It would be recalled that Lar died at the age of 80 in a US hospital  last October.<br />Speaking when she visited the Lar family in Abuja, Mrs. Jonathan  extolled the virtues of the late elder statesman, describing him as, “a  father highly respected by all”.<br /><a name="more"></a><br /><br />“We will stand by you always because what concerns one woman concerns  the others”.<br />The first lady recalled that the late Lar was a regular worshipper in  the Aso Villa Chapel adding that his absence had remained a sad  reminder of his death.<br /><br />“We have to work together to see that the children move on; we the  Nigerian women are with you always”.<br />In her response, Mrs Lar commended the first lady, saying the visit  demonstrated her genuine love, care and concern for others.<br /><br />“We lost our father over nine months ago and we were not expecting  anybody to come to visit us; but behold, people in high places are still  remembering those our father left behind.<br /><br />“This visit means so much to us, we are very grateful”.<br />She prayed that God will continue to give President Goodluck Jonathan  the wisdom to lead the country successfully to where God has prepared  it to be.<br /><br />The late PDP chairman’s daughter, Hon. Beni Lar, in her remarks,  urged Nigerians not to forget her father’s legacy of unity, peace and  love, adding, “This is what we need to promote this nation”.<br />Lar, who is Chairman, House Committee on Human Rights, lauded the  first lady’s efforts to lift the status of women and children.<br /><br />“We know that women have advanced almost 35 per cent (of affirmative  action) because of your efforts.<br />“You personally worked toward attaining this; we are grateful and may  God continue to bless you’’, she said.</div>

Eight Months Later, Mrs Jonathan Promises To Stand By Lar’s Widow

The First Lady, Dame Patience Jonathan, on Monday, promised to stand by Prof. Mary Lar, the widow of late Chief Solomon Lar, pioneer Nation...

Procurement offences: EFCC, ICPC probe 150 firms, MDAs

<div dir="ltr" style="text-align: left;" trbidi="on"><div class="separator" style="clear: both; text-align: center;"><a href="http://www.punchng.com/wp-content/uploads/2012/07/Lamorde-and-Nta-360x225.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="http://www.punchng.com/wp-content/uploads/2012/07/Lamorde-and-Nta-360x225.jpg" width="320" /></a></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Economic and Financial Crimes  Commission and the Independent Corrupt Practices and other related  offences Commission are currently probing 150 organisations and  government Ministries, Departments and Agencies for offences related to  the violation of the Public Procurement Act, 2007.</div><div style="text-align: justify;">The Director-General, Bureau of Public  Procurement, Mr. Emeka Ezeh, disclosed this in an interview with our  correspondent on Monday at the opening of the Procurement Cadre  Conversion Training Programme in Abuja.</div><div style="text-align: justify;">Also being probed are 200 persons  involved in various infractions of the Act, which articulates the due  process to be followed by the MDAs in the procurement of goods and  services in the public service.</div><div style="text-align: justify;">Offences for which the institutions and  public officers are being investigated include collusion in contract  bidding, use of fake documents, false claims by contracting firms and  suppliers, and manipulation of the procurement process.</div><div style="text-align: justify;">“As we speak, about 150 organisations,  including private companies, Ministries, Departments and Agencies as  well as 200 persons are being investigated for various infractions of  the Procurement Act,” Ezeh said.</div><div style="text-align: justify;">The Secretary to the Government of the  Federation, Senator Pius Anyim, who confirmed the probe, added that  procurement officers found culpable would be punished.</div><div style="text-align: justify;">Anyim, who was represented at the event  by a director in his office, urged public servants involved in the  procurement process to conduct themselves with the highest sense of  responsibility, accountability, ethics and integrity.</div><div style="text-align: justify;">He said, “Government remains committed  to the implementation of the Public Procurement Act. Mr. President has  recently designated the Minister of Justice and Attorney-General of the  Federation as the champion for the implementation of the registration,  categorisation and classification of current and intending contractors,  consultants and service providers to the government and its agencies on a  national database.</div><div style="text-align: justify;">“The objective is to ensure that only  competent and capable firms are selected to tender for government  contracts. This will also ensure transparency in contractors’  prequalification and selection processes, and hence minimise the  incidence of collusion and disappearance of contractors after the  collection of mobilisation fees.”</div><div style="text-align: justify;">He added, “It might interest you to know  that ICPC and the EFCC are currently investigating cases of  infractions, which include but not limited to collusion amongst bidders  and manipulation of the procurement processes.</div><div style="text-align: justify;">“Any public officer found to have  colluded with unscrupulous contractors, consultants or service providers  to defraud or short-change the Federal Government shall be dealt with  in accordance with the law.”</div><div style="text-align: justify;">Also speaking, the Lead Procurement  Specialist, World Bank, Chief Bayo Awosemusi, said 30 per cent savings  could be achieved when international procurement standards were  followed.</div><div style="text-align: justify;">He said the best procurement did not  have to be the cheapest, but added that such procurement must meet  certain principles and objectives, including economy, efficiency, value  for money and timeliness.</div><div style="text-align: justify;">Awosemusi commended the BPP for driving  the process of professionalising procurement in the nation’s public  service, adding that though the process was fraught with several  challenges, the reward was immense.</div><br /><strong><em>source: PUNCH.</em></strong></div>

Procurement offences: EFCC, ICPC probe 150 firms, MDAs

The Economic and Financial Crimes Commission and the Independent Corrupt Practices and other related offences Commission are currently pro...

Federal Government Spends N47 Billionaire to Service External Debt

<div dir="ltr" style="text-align: left;" trbidi="on"><div style="text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><a href="http://www.punchng.com/wp-content/uploads/2013/09/Okonjo-Iweala-360x225.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="http://www.punchng.com/wp-content/uploads/2013/09/Okonjo-Iweala-360x225.jpg" width="320" /></a></div><br /></div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">The Federal Government spent the sum of  $297.33m (N47.57bn) in the 2013 fiscal period to service debts owed  multilateral institutions, documents obtained from the Budget Office of  the Federation have revealed.</div><div style="text-align: justify;">The Budget Office, in its 2013  consolidated budget implementation report jointly signed by the Minister  of Finance, Dr. Ngozi Okonjo-Iweala, and the Director-General, BOF, Dr.  Bright Okogu, said the amount was used to settle debt obligations to  institutions such as multilateral creditors, and non-Paris Club  bilateral creditors, among others.<br /><a name="more"></a></div><div style="text-align: justify;"><br />Giving a breakdown of the payments, the  report stated that $143.02m (or 48.1 per cent) was paid to multilateral  creditors; $40.95m (or 13.77 per cent) was paid to non-Paris Club  bilateral creditors; $71.63m (or 24.09 per cent) to commercial and ICM  (Eurobond) creditors; and $41.73m (or 14.03 per cent) to others.</div><div style="text-align: justify;"><br />The report put the country’s external  debt stock as of December 31, 2013 at $8.821bn, indicating an increase  of 6.75 per cent over the $8.264bn recorded in the third quarter of the  year.</div><div style="text-align: justify;"><br />A breakdown of the external debt stock  shows that multilateral debts amounted to $6.275bn (or 71.13 per cent),  non-Paris Club bilateral debts amounted to $1.025bn (or 11.63 per cent),  while commercial (Eurobond) accounted for the balance of $1.521bn (or  17.24 per cent).</div><div style="text-align: justify;"><br />The report gave the country’s total  public debt stock as of December 31, 2013 at $64.51bn (N10.044tn).</div><div style="text-align: justify;">This consists of $8.82bn (N1.37tn) or  13.68 per cent for external debt, and the balance of $55.69bn (N8.67tn)  or 86.32 per cent for the domestic debt stock.</div><div style="text-align: justify;"><br />The report noted that the total net  value of debt/Gross Domestic Product (external and domestic) ratio as of  December 2013 was, however, significantly below the global threshold of  40 per cent at 12.52 per cent.</div><div style="text-align: justify;">Okonjo-Iweala had during a presentation  on the two-year performance of the Ministry of Finance said that $12bn  (N1.92tn) funding agreements were sealed by the Federal Government to  finance the real sector of the economy.</div><div style="text-align: justify;"><br />The amount, according to her, was  sourced from financial institutions such as the World Bank, African  Development Bank, China Export-Import Bank and Islamic Development Bank  at concessionary single digit interest rates and moratorium of about 40  years.</div><div style="text-align: justify;"><br />The beneficiary sectors are agriculture  (N202bn); environment (N91.2bn); transport (N640bn); water resources  (N126.03bn); Niger Delta (N50bn) and health (N30.35bn).</div><div style="text-align: justify;"><br />Others are power (N451.12bn); education  (N39.97bn); Information and Communication Technology (N16bn) and job  creation (N94.4bn).</div><div style="text-align: justify;"><br />There are also aviation, housing,  Federal Capital Territory and works, where N80bn, N48bn, N80bn and  N44.8bn have been secured in that order.</div><div style="text-align: justify;">Okonjo-Iweala had while defending the  need for the loans explained that the funds were mobilised at  concessional rates for the real sector.</div><div style="text-align: justify;"><br />She said while some were given to the  country at zero interest rates, others were secured at single digit  rates with moratorium of 40 years.</div><div style="text-align: justify;"><br /></div><div style="text-align: justify;">source: <u>punch</u> </div></div>

Federal Government Spends N47 Billionaire to Service External Debt

The Federal Government spent the sum of $297.33m (N47.57bn) in the 2013 fiscal period to service debts owed multilateral institutions, doc...

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