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Nigeria’s Domestic Debt Hits N600 Trillion

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Nigeria’s Domestic Debt Hits N600 Trillion

The Nigerian economy is bugged down by a domestic debts put at about N600 trillion, Yerima Ngama, the minister of state for finance has disclosed.

Ngama who addressed journalist on Wednesday after a Federal Executive Council, FEC, meeting presided over by Vice President Namadi Sambo, said the reason for the high domestic debt was because of high interest rate charged by local banks, which he put at about 19 per cent.

The minister said that because of the high interest rate on domestic loans it was preferable to go for concessionary foreign loans, just as he announced the council’s approval of a loan of 100 million dollars (about N15.7 billion) from Indian Import Export Bank to boost power supply in Cross Rivers, Enugu and Kaduna states.

Ngama, however, assured that the country would not be plunged into the era of huge foreign debt with high servicing rate.

He said that the ratio of debt to GDP was slightly less than 20 per cent and that the loan was geared towards the development of infrastructural facilities.

The minister explained that the credit facilities being taken by the Goodluck Jonathan administration were different from the previous loans that led to the pile-up of huge foreign debt.

“Preponderance of commercial credits led to high interest rates, making Nigeria to pay over 40 billion dollars for debt servicing. Under the current regime, government is getting development loans also known as multilateral and bilateral assistance,” he said.

A breakdown of the sum given by the minister revealed that $30 million (about N465 million) would be given to Cross-Rivers for the development of the Calabar independent Power Project.

Enugu State government would get $40 million (about N620 million) for the electrification of 96 communities, including the installation of 33KVA and 15KVA lines as well as the distribution of transformers and other accessories to the communities in the three senatorial zones of the state.

Kaduna State government will get $30 million to augment the resources needed for the construction of the 70 Km transmission line from the Gurara Dam to Kaduna industrial area.

Ngama said the fund would also be used for the construction of 132 KVA and 33KVA sub-stations for power supply to the Kaduna industrial area and that 50 communities in the state would also benefit from solar electricity project.

The minister said that the facility, which is coming at a concessionary rate, was taken at 2 per cent interest rate to be repaid over a 10-year period with three years moratorium.

He added that there would be a commitment charge of 0.5 per cent of undrawn balance and 0.5 per cent for service charge.

Ngama said that the facility had been approved by both the National Assembly in the Medium Term borrowing plan, and by the benefiting state houses of assembly.

“We believe that this facility will go a long way towards transforming our industrial areas and other communities as part of Mr President’s commitment to economic transformation agenda,” he said.

Also, the council in a brief ceremony before the commencement of its weekly meeting, celebrated with President Goodluck Jonathan as he clocked the age of 56.

The ceremony was however, held in the absence of the President, who had left for London to preside over a three-day meeting of Honourary International Investors’ Council (HIIC).

In his remarks, Sambo hailed Jonathan for his leadership style and commitments to transforming Nigeria, saying: “There is no doubt that the great destiny of this man has helped our individual destiny”.

“We are privileged Nigerians sharing from the grace of God upon his life. We will continue to pray that Mr President succeeds in this noble course of transforming our dear country,” Sambo added.

Ministers of Transport and Agriculture, Idris Umar and Akinwumi Adesina, respectively offered special prayers for the President on behalf of the council.

The council, led by the Secretary to the Government of the Federation, Anyim Pius Anyim, also presented a birthday card to the Vice-President for onward presentation to the President, before cutting a birthday cake.

Jonathan, the 14th Nigerian Head of State, was born November 20, 1957 in Otueke, Ogbia Local Government Area of Bayelsa State to a family of canoe makers.

He holds a BSc. degree in zoology, Msc. in Hydrobiology and Fisheries Biology and a Phd in Zoology.

24 Year Old Student To Die For Stealing GSM Phone, Recharge Cards

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24 Year Old Student To Die For Stealing GSM Phone, Recharge Cards

From Jessica Tamaradonye, Warri

A Delta State High Court, sitting in Effurun has sentenced a 24 year old secondary school student, Moses Akatugba, to death by hanging for robbing one Mrs. Akpor Mazino of her GSM handsets and recharge cards.

Moses was convicted on a two-count charge of conspiracy and armed robbery, contrary to section 6 (b) and punishable under section 1(2) (a) of the Robbery and Firearms (Special Provisions) Act Cap R11 Volume 14 Laws of the Federation of Nigeria, 2004.

Akatugha and his accomplice who has since died from gun shot woulds sustained during the robbery, robbed Mazino of the sum of N113,930 cash, three GSM handsets, 54 various denominations of MTN recharge cards, 28 Econnet (now ZAIN) recharge cards and 25 GLO recharge cards all worth over N100,000.

The robbery incident occured at Number 30 NNPC Housing complex road, Ekpan.

Giving evidence for the prosecution, Mazino recounted to the court how she was robbed at her shop at gunpoint by the accused persons.

Al-Makura Votes N20 billion For Urban Renewal Project

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Al-Makura Votes N20 billion For Urban Renewal Project

By Godwin Ojoshimite

Nasarawa State Governor, Umaru Tanko Al-makura, disclosed yesterday that his administration has earmarked over N20 bn which it will secure through bonds to facilitate his administration’s desire to complement its ongoing urban renewal programme through the construction and upgrade of infrastructure in major towns across the state.

Al-makura, who stated this yesterday, while on a working visit to Akwanga,headquarters of Akwanga local government area said, his passion was borne out of the fact that the people are industrious and visionary.

The governor, who inspected ongoing projects in the town, particularly the sites for the construction of a palace for the newly installed paramount ruler of the Mada people, the Chun Mada, the 60-bed Akwanga hospital, the 500-stall market and the modern e-library, said the decision to upgrade the town was in line with his administration’s objective on environmental sustainability.

Al-makura stated that his government has identified Lafia, Akwanga and Nasarawa as part of the six urban centers to be upgraded with a view to
adding values to their the cosmopolitan nature.

As part of his visit,the governor also inspected the nearly completed Diamond Bank/AA Koto road, the completed Wamba road bye pass road as well as the PHCN power substation.

In a chat with journalists shortly after the inspection of Akwanga modern market, Al-Makura, said there is the need for the people to co-operate with his administration on its desire to bring development to the state.

He said the state Ministry for Lands and Survey in conjunction with the Nasarawa Geographic information Systems (NAGIS), will be on ground to ensure that the urban renewal projects are done according to standards.

Reps Approves Extension Of Emergency Rule

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Reps Approves Extension Of Emergency Rule

The House of Representatives on Wednesday approved the extension of emergency rule in Adamawa, Borno and Yobe for another six months.

The Senate had on Novemner 6 considered and approved the extension of the emergency rule in the three states.

President Goodluck Jonathan, in a letter dated November 5 2013, to the National Assembly, sought an extension of emergency rule he declared in Borno, Yobe and Adamawa on May 14 this year.

This House resolution followed a motion by the Majority Leader, Mulikat Akande-Adeola, which was unanimously adopted without debate after a closed-door meeting with the Chief of Defence Staff and service chiefs.

Akande-Adeola said 253 members of the house on May 21 considered and adopted the report on the state of emergency proclamation which elapsed after a period of six months by virtue of the provisions of Section 305 (6) (c) of the 1999 Constitution.

Section 305 (6) (c) states that provided that the National Assembly may before the expiration of the period of six months aforesaid extend the period for the proclamation of the state of emergency.

The legislator said that following the efforts made so far by security agencies deployed to the affected states in curtailing the activities of insurgents, it was pertinent to extend the period of the emergency rule.

She said that the Chief of Defence Staff and other service chiefs had briefed the house on the state of security in the affected states.

FG To Cut Down Recurrent Expenditure In 2014

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FG To Cut Down Recurrent Expenditure In 2014

The federal government says it will cut down on recurrent expenditure in its 2014 budget by blocking leakages in the economy.

Co-ordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala, stated this at FBN Capital Third Annual Investors Conference held in Lagos.

Okonjo-Iweala who spoke on the theme, “2014 and beyond: Managing Growth Prospects and Challenges,” noted that the major cause of the distorted current expenditure of the country was the across-the-board increase in salary in 2010.

She said, however, that the federal government has been able to save N120 billion that would otherwise have been paid to ghost workers in the various government Ministries, Departments and Agencies, MDAs.

The minister said the figure was N20 billion higher the N100 billion earlier discovered by the government in February 2013.

Okonjo-Iweala stressed that government would continue with its fiscal consolidation to increase job creation and provision of the necessary social amenities by promoting the development of infrastructure.

According to her the country’s Gross Domestic Product, GDP, would be rebased to reflect the growth recorded by various sectors of the economy and the GDP growth of 10 per cent would remain government’s target in the years ahead.

Minister of trade and investment, Olusegun Aganga, said that government would maintain investor friendly reforms to encourage foreign direct investment, FDI, in-flows.

Aganga who spoke on the theme, “FDI Flows- Enhancing Nigeria’s Positioning and Competitiveness”, said that government would ensure inclusive growth of all sectors to reduce dependence on oil.

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He said that government would concentrate on areas with competitive and comparative advantage to sustain growth, especially in agriculture development.

Aganga said that Nigeria, with its rapid growth and potentials, would be among the world’s best 30 performing economies by 2050.

The conference, tagged: “Tomorrow’s Nigeria Through Economic Empowerment”, is a yearly event of FBN Capital Ltd that explores how economic empowerment can accelerate Nigeria’s development.

524 Corrupt Public Officers Facing Trial – ICPC

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524 Corrupt Public Officers Facing Trial – ICPC

The Independent Corrupt Practices And Other Related Offences Commission, ICPC, says it is currently prosecuting 524 public officers in 278 cases across the country on corruption charges.

Chairman of the commission, Ekpo Nta, said this on Tuesday in Kaduna at the opening of a three-day workshop on anti corruption organised for local government officials in Kaduna State.

Nta who was represented by the kaduna State ICPC Coordinator, Balarabe Mohammed, said the workshop was organised as part of the commission’s public education programme to encourage local council officials to do the right thing.

He advised local council officials who are closest to the people to be models of integrity and live good legacies behind.

“It is imperative to imbibe zero tolerance for corruption as well as equip one self with the requisite skill and knowledge to carry the fight against corruption to the grass roots,” Nta said.

He continued: “I suggest you conduct regular monitoring and deal promptly with infractions of processes and procedures. Trouble shoot hot spots and regularly institute preventive action in high risk areas by your selves, so as to ward-off the prowling eyes of anti graft agencies.”

Governor Mukhtar Yero, in his address to the workshop, said the workshop was organised to increase productivity and enhance financial management at the local government level.

Yero who was represented by the secretary to the state government, Hamza Danmahawayi, said the forum would guide local officials to develop the required integrity to earn public trust.

Speaking on behalf of participants at the event, the chairman of Chikun Local Government, Aliyu Waziri, pledged to utilise the lessons learnt to advance the cause of local administration.

Jonathan Postpones Presentation Of 2014 Budget

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Jonathan Postpones Presentation Of 2014 Budget

President Goodluck Jonathan on Tuesday deferred the presentation of the 2014 budget before a joint session of the National Assembly.

This was contained in a letter to Senate President David Mark dated November 18, 2013.

Jonathan had requested the Senate to grant him the slot on November 19, 2013 from the initial November 12 date to enable him address a joint session of the two chambers.

The President, however, cited the disparity in the benchmark agreed by the two chambers as reason for his inability to present the budget this time around.

He said the budget would be presented as soon as the Senate and House harmonised their positions on the Medium Term Expenditure Framework, MTEF.

“The distinguished Senate has approved the Medium Term Expenditure Framework (MTEF) based on a benchmark of 76.5 dollars per barrel while the House of Representatives used a benchmark of 79 dollars per barrel,” the President pointed out.

He said it was not feasible for him to present the budget in the absence of a harmonised position on the MTEF.

The letter read further: “In the circumstance, it has become necessary to defer the presentation of the 2014 budget to a joint session of the National Assembly until such a time when both chambers may have harmonised their positions on MTEF.”

Reuters Institute Journalism Fellowship Opens

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Reuters Institute Journalism Fellowship Opens

Journalists with at least 5 years working experience and good spoken and written English can apply for the 2014/15 Journalism Fellowship Programme at the Reuters Institute, Oxford University.

The program gives visiting journalists from around the world an opportunity to critically reflect upon their profession, to research a subject of their choice under the supervision of an academic specializing in that area, and to enjoy the breadth of academic, cultural and social life at the University of Oxford.

Applicants are expected to write a substantial piece of research of publishable quality.

The fellowships, which commence from October 2014, include the Thomson Reuters Foundation Fellowships, Gerda Henkel Fellowship in the field of Humanities, Said-Asfari Fellowship for journalists from the Levant and the Wincott Fellowships for Eastern European business / economic journalists.

The deadline for receipt of applications is Jan. 31, 2014. For more information, Click here.

NYSC Board Rules Out Military Training For Youth Corpers

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NYSC Board Rules Out Military Training For Youth Corpers

Nma Shekwolo – Minna

The board of the National Youth Service Corps, NYSC, says it will not accede to requests for a one year military training for corps members as such a move will pose security danger to the country.

Chairman of the board, Tijani Adekanbi, who stated this on Monday in Minna when he paid visit to the acting governor of Niger state, Ahmed Musa Ibeto, said the decision was reached after wide consultations.

Adekanbi explained that the position of the board was reached in consideration of the fact that there will be nowhere in the armed forces to post the corps members after the training period, adding that leaving them unemployed with such skills will further worsen insecurity in the country.

“If we give them one year military training we have to absorb them into any of the services. If they are allowed to be on their own after the training it will be dangerous for the country,” he said.

The NYSC board chairman also said that the scheme was currently working out a guideline to ensure that over ambitious projects with huge financial demands are not embarked upon by corps members as Community Development Service, CDS.

He, however, noted that CDS projects have helped to speed up development in various communities across the country.

Adekanbi, who also spoke on the issue of fake camps and discharge certificates, stated that the scheme has put in place machinery to ensure that its discharge certificates are not forged and called on employers of labour to be more vigilant and assist the scheme in checking the activities of such operators.

He warned that influential Nigerians who try to make their children evade the mandatory one year service are subjecting them to risk in the future as they would not be eligible for employment or to contest election without the discharge certificate.

Commending the scheme, acting Deputy Governor said it has assisted the state in the implementation of its education and health programmes through the provision of qualified manpower.

Robbers Cause Multiple Accidents On Benin/Ore Road

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Robbers Cause Multiple Accidents On Benin/Ore Road

From Jefferson Ibiwale, Benin

The Federal Road Safety Corps, FRSC, has blamed a multiple accident along the Benin-Ore Expressway in which six trucks were burnt to ashes, on the activities of armed robbers.

The unit commander of the corps at the Benin toll gate, Adewale Ameen, said there was an armed robbery attack at kilometre 33, Benin-Ore Expressway on Saturday night.

Ameen said the robbery incident caused a container to fall across the road and two other unsuspecting trucks in an attempt to escape from the robbers on getting to the scene, rammed into the container.

He, however added that no life was lost.

“The unfortunate thing was that a truck laden with 33, 000 litres of petrol rammed into the other trucks which caught fire. But I can confirm that no live was lost in the accident and our men are on ground to control traffic,” the unit commander said.

Meanwhile, the commission on Monday in Abuja inaugurated bicycle riding as means of transportation to reduce traffic on roads and promote healthy living.

The Corps Marshal of FRSC, Osita Chidoka, said the inauguration was part of Africa Road Safety Day 2013 and World Day of Remembring Road Traffic Crash Victims.

Chidoka, who was represented by Danjuma Garba, Deputy Corps Marshal in charge of Motor Vehicle Administration, said the campaign was to show that riding of bicycles is a healthy physical exercise.

“Physically, people live longer when they use bicycles and the campaign is aimed at getting every road user in this country to embrace the use of bicycles. This is necessary so that we have safer roads,” he said.

The official added that even in terms of promoting a healthy environment, riding bicycles helps to reduce pollution and traffic congestion.

He appealed to government to provide road infrastructure tailored toward accommodating the rights of bicycle riders on high ways and also urged bicycle riders to ride safely using their helmets.

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Chairman governing Board of FRSC, Felix Chukwu, said the inauguration was symbolic because it drew people’s attention to the wisdom in riding bicycles.

Chukwu, who explained that the event was also to remember victims of road accident, called for conscious efforts to encourage the use of bicycles in the country.

“When you ride bicycle, you are exercising yourself and this habit of going from one little point to another in a car should be discouraged,” he added.

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