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Nigeria’s Backlog of Debts Hits N31Trillion

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Nigeria’s Backlog of Debts Hits N31Trillion

Nigeria’s Backlog of Debts Hits N31Trillion

Nigeria’s backlog of debts seems to Skyrocketed to N31 Trillion. The Debt Management Office (DMO) on Wednesday published Nigeria’s total public debt stock as of June 30, 2020, pegging the country’s entire debt at N31 Trillion, which indicates an increase of N2.38 trillion within a three-month span.

Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.

According to Punch, the DMO also released reports on Nigeria’s Actual External Debt Service Payments in the Second Quarter of 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020.

For the country’s public debt stock as of June 30, 2020, the DMO said, “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.

“The corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”

The DMO noted that the increase in the debt stock by N2.381trn or $6.593bn was as a result of the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.

It said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.

The debt office added, “The DMO expects the public debt stock to grow as the balance of the new domestic borrowing is raised and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget.

“Recall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government’s revenues and increased expenditure needs on health and economic stimulus, among others.”

It also said that additional promissory would be issued in the course of the year.

According to the debt office, new borrowings by state governments were also expected to increase the public debt stock.

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Economy

5G might expose Nigeria to “eavesdropping, tracking, cyber-attacks, military and industrial espionage” – NSA

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The office of the National Security Adviser (NSA) has expressed its fear with the deployment of 5th Generation (5G) technology in the country.

Bala Fakandu, director of communications in NSA who appeared before the senate committee on communications on Thursday February 25, said they are concerned about the deliberate vulnerabilities and backdoors within the 5G network equipment, which according to him might expose Nigeria to “eavesdropping, tracking, cyber-attacks, military and industrial espionage and other malicious activities by foreign actors.”

Fakandu also asked the ministry of communications and digital economy to carry them along in the formulation of the policy that would guide the use of 5G in the country.

He said;

“We are concerned about the deliberate vulnerabilities and backdoors within the 5G network equipment.

“That is one of the key concerns we have and this will make the infrastructure highly susceptible to eavesdropping, tracking, cyber-attacks, military and industrial espionage and other malicious activities by foreign actors.

“We understand these are things that will be put in place particularly in the policy the minister has talked about.

“I need to emphasise it so that the stakeholders in the telecommunications industry will understand where we are coming from because the national security concerns is the concern of the office of the national security adviser and of the president as well.”

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Economy

WTO: The Hon. Speaker of Ndigbo Youth Parliament (NYP) Congratulates Ngozi Okonjo-Iweala.

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WTO: The Hon. Speaker of Ndigbo Youth Parliament (NYP) Congratulates Ngozi Okonjo-Iweala.

The Hon. Speaker of Ndigbo Youth Parliament (NYP), Rt. Hon. Rikki Chinedu Nwajiofor, has congratulated Dr. Ngozi Okonjo-Iweala on her recent appointment as the DG of WTO.

The Speaker who took to his Twitter handle said;

“@NOIweala Ndigbo Youth Parliament (NYP), heartily, felicitates with You on your appointment as the DG of WTO. It’s an appointment well deserved! Ndigbo Youths, worldwide, are proud of you! Continue to soar higher as we pray for more feathers on your highly feathered cap!

Addressing the press, after his tweet, Rikki Nwajiofor praised Ngozi okonjo-iweala for her outstanding personality and unequalled performances in all her careers and appointments. He addressed her as the doyenne of modern economists, an outstanding Igbo personality and a role model for the girl-child in Igbo land and the world at large.

 

“We, Ndigbo Youth Parliament and Ndigbo at large are proud of Dr. Ngozi Okonjo-Iweala. She has always done us proud right from her days in the world bank, down to Nigeria as the Finance Minister and now the DG of World Trade Organization – WTO.

“She has broken the records as the first woman and the first African to attain that prestigious position. It is not a height attained by a sudden flight, it’s a height attained by unparalleled track records of all her outstanding performances in her career and appointments.

“She is simply a doyenne of modern economists, an outstanding Igbo personality, an exceptional woman of valour, a trailblazer and a role model for the girl-child in Igbo land and the world at large.

Rikki Nwajiofor also appreciated President Buhari for the unflinching support he gave Okonjo-Iweala all through the process of selection. He said that this singular act of support has demonstrated that Buhari is not an enemy of Ndigbo.

“I thank all those who supported our doyenne – Ngozi Okonjo-Iweala all through the process of the selection. I appreciate, in a special way, President Buhari for lending his unalloyed support to the prestigious daughter of Ndigbo during the period of selection.

“This singular act of unalloyed support to our doyenne has demonstrated that President Buhari is not an enemy of Ndigbo.

“I also want to use this opportunity to plead with President Buhari to consider more of patriotic Ndigbo personalities, especially Ndigbo Youth, as he makes further appointments in his government. Ndigbo are resourceful personalities and will always strive to prove their worth and ingenuity when given the opportunity”, he said.

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Economy

NLC set to shutdown CAC Operations from Wednesday

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NLC


The Nigeria Labour Congress (NLC) have resolved to mobilize the strength of the Nigeria workforce to picket the National Headquarters of the Corporate Affairs Commission (CAC) at the expiration of 14 days ultimatum’ effective from Wednesday, February 24-26, 2021.

According to communiqué signed by Comrade Ayuba Waba NLC President, Comrade Emmanuel Ugboaja General Secretary and made available to Aluta News in Abuja on Sunday

They Apex body of the Nigeria Labour Unions has berated the management of CAC for an attempt to kill unionism in the establishment through punitive transfer of trade Union executive,withholding of workers salaries and refusal to remit statutory deductions.

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The NLC also frowned at the anti-labour practices by Alhaji Garba Abubakar Registrar General of the CAC
Recalled that the National body of AUPCTRE led by Comrade Benjamin Anthony had made frantic effort to dialogue with CAC management but failed

The CAC RG has ignored every avenue of dialogue and peaceful resolution provided by AUPCTRE which eventually led to the Apex body taking over the dispute with the hope of having amicable resolution’ but also yielded no result because the CAC RG continue to remain adamant and firm with his alleged tyrannical agenda!!

According to Aluta news, the branch Union, among other issues, accused CAC management of unilaterally restricting staff vacancies against the recommendations of the committee on the commission’s oganogram, and particularly expressed disgust at the “unjustified barring of certain categories of staff from writing promotion examination”.

It also accused management of stopping all staff loans, hasty, draconian and unilateral decision making leadership style, and denial of 2019 promotion arrears to deserving workers.

It also accused management of stopping salaries of workers even before queries were issued, at the peak of COVID-19 pandemic.

Instead of addressing the Union grievances the Registrar General CAC transferred all the 25 executive and members of the Union to a new station.

Showdown

Sensitization, mobilization currently ongoing in all branches of AUPCTRE and others affiliates of NLC toward ensuring a successful picketing of CAC National Headquarters.



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