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.”

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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.

North-East Education Endowment Fund Sets To Hit Ground Running- Kente

The North East Development Commission-Education Fund( NEDC-EEF) says it is set to hit the ground running.

Chief David Sabo Kente, board chairman of the fund, stated this during a critical meeting with some consultants.

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The Chairman’s statement was released to newsmen by Macaulay Hunohashi, Head of media and publicity of the NEEEF in Abuja on Saturday.

Hunohashi said that following the inauguration of the Board of Trustees of the North East Development Commission-Education Endowment Fund (NEDC-EEF)on August 7, 2020, plans had reached advance stage to hit the ground running.

The move,he added would be with the engagement of top-flight consultants in critical areas of the core mandate of the fund.

He also disclosed that the tehcnical team, led by the Chairman, who he “is bringing his wealth of experience as an accomplished business man and philantropist,” has continued to grill consultants within the dormain of the core mandate of the fund.

This he said includes, but not limited to Grants and Scholarship, Skills Aquisition, Infomation and Communication Technology and Training of Teachers as well as Technical, Vocational and Entrepreneurship Training-TVET.

Hunohashi qouted Kente as reminding the consultants of the need to see themselves as partners in progress, noting that the selection process for their emergence was meticulous and methodical, with a view to engaging the best in the country.

He said the vision of the architects of NEDC-EEF was aimed at addressing the education deficit of the north east region exercebated by activities of insurgents, stressing that “having been entrusted with that mandate, we cannot afford to fail our people”.

Wikipedia Lists Nigeria Among the “Failed States”

Web based encyclopedia – Wikipedia has updated its list of failed states and Nigeria is now one of the countries on the list.

The free web-based encyclopedia project which contains information on a wide variety of subjects, described a failed state as a political body that has disintegrated to a point where basic conditions and responsibilities of a sovereign government no longer function properly.

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It further added that a state can also fail if the government loses its legitimacy even if it is performing its functions properly. For a stable state, it is necessary for the government to enjoy both effectiveness and legitimacy. Likewise, when a nation weakens and its standard of living declines, it introduces the possibility of total governmental collapse.

Some countries listed as a failed state include; Syria, Somalia, Myanmar, Nigeria, Iraq, Yemen, Turkey, Democratic Republic of Congo, Central African Republic, Rwanda, Liberia, Yugoslavia, Lebanon, Afghanistan, Sudan, South Sudan.