ENGINEERS FAROUK AHMED, GBENGA KOMOLAFE RESIGN, PRESIDENT TINUBU NOMINATES SUCCESSORS TO THE SENATE FOR APPROVAL. (PHOTO). #PRESS RELEASE.

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 STATEHOUSE PRESS RELEASE   ENGINEERS FAROUK AHMED, GBENGA KOMOLAFE RESIGN, PRESIDENT TINUBU NOMINATES SUCCESSORS TO THE SENATE FOR APPROVAL President Bola Ahmed Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).   The requests followed the resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. Both officials were appointed in 2021 by former President Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).   To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.   The two nominees are seasoned professionals in the oil and gas industry.   Eyesan, a graduate of Economics f...
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PRESIDENT TINUBU REQUEST THE APPROVAL OF $7,864BILLION LOAN FROM AFDB.(PHOTO).#PRESS RELEASE

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PRESIDENT TINUBU REQUEST THE APPROVAL OF $7,864BILLION LOAN FROM AFDB



President Bola Tinubu has this wednesday sent a letter  requesting  the Senate  approval of a loan of  $7,864billion and 100million euro  from  the African Development Bank (AFDB) for infrastructural development across the 36 States of the Federation and the Federal Capital Territory.


The planned loans as explained in the letter and read in plenary by the President of the Senate, Godswill Akpabio, are also meant to mitigate the adverse effects of fuel subsidy removal on Nigerians through palliative measures.


President Bola Ahmad Tinubu in the letter also explained that part of the loans being sought for, were earlier approved by the immediate past government in the 2022 -2024 External Borrowing plans which however had to be jerked up by the present government as a result of fuel subsidy removal.


The  planned projects cut across all sectors with specific emphasis on infrastructure, agriculture, health, education, water supply, security and employment as well as financial management reforms, among others.


In the letter President Tinubu said the senate is invited to note that following the removal of fuel subsidy and its impact on the economy in the country, African Development Bank (AFDB) and the World Bank Group (WBG) have indicated interest to assist the country in mitigating the economic shores and recent reforms with a sum of $1 billion and $2 billion respectively.


The president further explained that the projects and programmes borrowing plans were selected based on positive technical economic evaluations as well as the expected contribution to the social economic development of the country, including employment generation, skills acquisitions , supporting the emergence of more enterprenuers, poverty reduction and food security to improve the livelihood of an average Nigerian.

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