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China Devt Bank To Finance $22.7bn Nigeria Rail Project

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The China Development Bank is now the financier for the $22.7bn Kaduna – Kano Rail Project in North Western Nigeria.

The project was initially meant to be funded by the China Exim Bank which later rescinded its decision to provide the funds.

But the Senate in its resolution on Tuesday approved the engagement of the China Development Bank as the new financier.

The upper chamber subsequently harmonised terms on the 2016-2018 Federal Government’s external borrowing plan for the project.

The National Assembly had in 2020 approved a $22,798,446,773 loan for the Railways Modernisation Project on the Kaduna-Kano segment.

The chamber also approved relevant conditions provided in the harmonized term sheet.

They included the Kaduna-Zaria-Kano segment, with the China Development Bank as the financier.

The terms also indicated a repayment period of 15 years with 2.7 per cent and six months Euribor as interest rate.

It also included a commitment fee of 0.4 per cent and 0.5 per cent as upfront fee, respectively.

The resolutions were sequel to a motion sponsored by Senator Sadiq Umar (APC Kwara North) during plenary.

Presenting the motion, the federal lawmaker noted that “the 2016-2018 Federal Government external borrowing (rolling) plan was approved by the Senate and the House of Representatives on March 5, 2020 and June 2, 2020 respectively.”

He also recalled that “the National Assembly approved the sum of $22,798,446,773 under the 2016-2018 Medium Term External Borrowing (Rolling) plan.”

The lawmaker said the National Assembly received communication from the Federal Ministry of Finance requesting the approval of modifications to the financing proposal for the Nigerian Railway Modernisation Project (Kaduna-Kano segment)

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The Ministry explained then that the review was occasioned by the COVID-19 pandemic whereof China Exim Bank withdrew its support to finance the project.

To secure the funds for the project, the Senator said that “the contractor, CCEC Nigeria Limited, in collaboration with the Federal Ministry of Transportation, engaged China Development Bank (CDB) as the new financier in the sum of $973,474,971.38.

The President of the Senate, Ahmad Lawan, clarified that the motion was not about a new loan, but a “rescission on the financier of an old external borrowing plan and the harmonized terms.”

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Tinubu approves N20bn take-off fund for NASRDA’s project

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The National Space Research and Development Agency (NASRDA) is set to commence the implementation of its space regulation and licensing mandate with N20 billion take-off fund approved by President Bola Tinubu.

The Director-General of NASRDA, Dr Matthew Adepoju, said this on Thursday in an interview with the News Agency of Nigeria (NAN) in Abuja.

Adepoju said the regulatory function of the agency as encapsulated in NASDRA Act (2010) had remained unfulfilled since its establishment in 1999.

He spoke against the background of NASRDA stakeholders’ workshop on space regulation scheduled for April 8.

He said on assumption of office he raised a memo to President Bola Tinubu on the need to enforce the regulatory functions of NASDRA.

According to him, this is in line with the provisions of Section 6 and 9 of the laws establishing it, adding that Tinubu eventually approved the take-off fund.

“When I raised that memo stating that our space can no longer be unregulated, Mr President graciously approved the take-off fund of N20 billion few months ago.

“This is to enable us to commence the space regulation and spectrum management in Nigeria.

“Although times and lots of activities happen that have security implications but if we don’t take charge of our space sector, it will continue to be misused,’’ Adepoju said.

Adepoju said the agency was yet to access the N20 billion, adding that release of funds was always subject to its availability.

“Within the framework of what is possible for us to do now, we’ve set up the platform and we are commencing our regulatory and licensing functions,” he told NAN.

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He explained that the space sector had three segments, the upstream, midstream and downstream.

“We have the upstream, which is deep space, the midstream, which is in between the space objects, such as satellites and the planet Earth.

“We have the downstream, which has to do with ground stations, activities and people who are utilising space products and services.
“In between these three sectors, there are activities that must be regulated otherwise Nigerians will be short-changed.

“People have to be licensed and issued guidelines, the spectrum within Nigeria has to be monitored and the agency has been granted this power since 2010 and this has lots of benefits,’’ he said.

Adepoju said the platform for the licensing was ready and open to both public and private sector operators in the space arena.

The licensing, he said, was available for people using and providing space products and services.

He emphasised the need for strict oversight of satellite image providers, geographic information system operators, satellite-based telecommunication and broadcasting services, among others.

He also said that if unregulated, geographical data intelligence could be exploited by non-state actors for illicit activities.

The Director-General further told NAN that the initiative would enhance national security, economic diversification and local content development.

He said it would also generate revenue from sub-sectors such as oil and gas, shipping and telecommunications relied on space products for their operations. (NAN)

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Myanmar earthquake: Rescue efforts ongoing amidst increasing fatalities

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The death toll from a 7.9-magnitude earthquake in Myanmar has risen to 3,085, with 4,715 people injured and 341 reported missing.

This is according to the Information Team of the State Administration Council on Thursday.

Chinese rescuers are continuing search and rescue operations in hard-hit Mandalay, central Myanmar, following the deadly earthquake last week, and have so far rescued nine survivors from the rubble.

On Thursday afternoon, the second batch of emergency humanitarian aid supplies dispatched by the Chinese government arrived in Myanmar.

The second batch of aid supplies include 800 tents, 2,000 blankets, 3,000 boxes of biscuits, 2,000 boxes of mineral water and other urgently needed supplies.

The first batch of emergency humanitarian aid supplies dispatched by the Chinese government for earthquake disaster relief arrived in Myanmar on March 31. (Xinhua/NAN)

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China threatens retaliation in response to new US tariffs

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Beijing on Thursday threatened countermeasures after U.S. President Donald Trump announced new tariffs on Chinese goods, further escalating trade tensions between the world’s two largest economies.

The U.S. has already imposed 20 per cent tariffs on Chinese imports, prompting retaliation from Beijing.

The latest round, which Trump had announced on Wednesday, adds a 34 per cent tariff hike, raising total duties on many Chinese products to over 50 per cent.

China’s Ministry of Commerce said that the tariffs violated international trade rules and were based on subjective and unilateral assessments by the U.S., calling them a typical act of bullying.

The ministry urged Washington to remove the measures and resolve disputes through dialogue, or it would take countermeasures to protect its rights and interests.

Trump on Wednesday announced new blanket tariffs of 10 per cent on most U.S. imports, with higher penalties based on trade deficits. (dpa/NAN)

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