Properties and goods worth millions of naira have been destroyed following an explosion near a tank farm at the Abonema Wharf axis of Port Harcourt, River State capital.
The state government in reaction said the fire was caused by residents who use the makeshift buildings to store petroleum products and other inflammable substances which ignite fire at the slightest mistake.
The Rivers State Commissioner for Energy, Dr. Peter Medee told Channels Television that the government is considering the demolition of the makeshift buildings in premises where petroleum tank farms are located.
He added that other unapproved places will be demolished to forestall the reoccurrence of the outbreak.
The fire outbreak at the Abonnema Warf in Port Harcourt comes less than a week after an inferno razed several trucks at an exhibit dump jointly owned by the Nigerian Security and Civil Defence Corps (NSCDC) and the Economic and Financial Crimes Commission (EFCC) in Iriebe community, along the Port Harcourt-Aba Express Way in Obio/Akpor Local Government Area.
Mohamed Al Fayed owned the luxury goods department store Harrods from 1985 to 2010. Fred Duval/Shutterstock On the first anniversary of former Harrods owner Mohamed…
<p><img width="680" height="436" src="https://www.naijanews.com/wp-content/uploads/2024/02/Bola-Tinubu-1.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Why Tinubu Refused To Delay Fuel Subsidy Removal - Presidency" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2024/02/Bola-Tinubu-1.jpg 680w, https://www.naijanews.com/wp-content/uploads/2024/02/Bola-Tinubu-1-300x192.jpg 300w" sizes="(max-width: 680px) 100vw, 680px" /></p>
<h2>The Federal Government of Nigeria has announced its plans to issue a Eurobond, marking its return to the international bond market since its last issuance in March 2022.</h2>
<p>For this venture, the government has enlisted the services of leading global investment banks, including Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., along with Standard Chartered Bank and the Lagos-based Chapel Hill Denham, as advisors.</p>
<p>According to Punch, the upcoming Eurobond issuance, expected to occur before June, represents a pivotal moment for Africa's largest oil-producing nation as it seeks to re-engage with global financial markets.</p>
<p>This initiative is part of a broader strategy to finance the significant budget deficit outlined in President <a href="https://www.naijanews.com/topic/bola-tinubu/"><strong>Bola Tinubu</strong></a>'s N28.8 trillion ($18 billion) spending plan for 2024, which projects a fiscal shortfall of N9.8 trillion, or 3.8 percent of the GDP.</p>
<p>The exact size of the Eurobond offer has yet to be determined.</p>
<p>However, sources close to the transaction, who preferred to remain anonymous, told the platform that Nigeria could aim to secure up to $1 billion in international loans throughout 2024.</p>
<p>This external financing is deemed critical for the country to manage its ambitious fiscal deficit. The shortfall is expected to be covered through a mix of local and international borrowings, alongside support from global financial institutions.</p>
<p>In a related development, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the decision to issue Eurobonds was influenced by the potential for lower interest rates and ongoing economic reforms.</p>
<p>Since taking office in May 2023, President Tinubu has introduced several policies to attract foreign investment and revitalise the economy.</p>
<p>These include two devaluations of the naira to establish a more flexible exchange rate regime and the controversial removal of fuel subsidies.</p>
<p>Furthermore, the Federal Government has disclosed plans to borrow N450 billion from its third FGN bond auction of 2024, a significant reduction from the N2.5 trillion target of the previous month.</p>
<p>According to the Debt Management Office (DMO), this auction will feature a new 3-year bond and the reopening of existing bonds, with the collective aim of financing the 2024 budget deficit.</p>
<p>With the DMO's recent circular announcing the auction details, including the offer of three different bonds, each with an allocation of N150 billion, the government's N450 billion borrowing target for March 2024 is set.</p>
<p>The post <a href="https://www.naijanews.com/2024/03/14/fg-plans-fresh-borrowing-through-eurobond/">FG Plans Fresh Borrowing Through Eurobond</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
The war in Syria was supposed to be over. Over, of course, didn’t mean peace: During the past few months, the Syrian regime of Bashar al-Assad and its Russian backers have launched periodic airstrikes on rebel-held areas in the country’s northeast; the US and its Kurdish allies have continued to wage an ongoing campaign of […]
