News

Nigeria, three others top World Bank debtors’ list

Published

1 year ago

August 9, 2022

Advocate News Nigeria

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

Economists have also raised concerns over the rising debt profile of the Federal Government.

The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.

He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.

“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.

“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”

A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country.

According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development.

In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.

According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.” (PUNCH)

News

EFCC decries rise in fake dollars circulation, cyber crime in Benue

Published

3 hours ago

September 28, 2023

Advocate News Nigeria

The Economic and Financial Crimes Commission (EFCC) has decried the sudden rise of fake dollars and cyber crimes in Benue axis.

Its Acting Chairman, Mr Abdulkarim Chukkol, who disclosed this on Thursday in Makurdi, said that the commission had taken measures to address the situation.

The EFCC chairman spoke during a workshop on “Effective Reporting of Economic and Financial Crimes,” organised for 30 journalists of major media organisations in the country.

Chukkol was represented by the Head of Makurdi Zonal Office of EFCC, Mr Friday Ebelo.

He said the primary aim of the commission was to reduce corruption in the country to barest level, and would continue to discharge its duties effectively and professionally.

“Through the commission’s enforcement activities, recoveries running into several billions of naira have been recorded and the country’s anti-money laundering framework strengthened.

“There is now a more robust regulation of the activities of these entities which are vulnerable to money laundering,” he added.

The EFCC chairman warned people against disclosing their bank details to anybody to avoid its being used for illegal financial deals.

“I will like the media to educate family members, friends, politicians and others that they run the risk of going to jail if they allow their companies or banks accounts to be used to launder proceeds of illegal activities.

“Under the Money Laundering Act, 2022 family members and close allies of politicians and public office holders, including top civil servants, are now classified as Politically Exposed Persons.

“The EFCC is determined to ensure that anyone who steals from public treasury and all those who assist them under whatever guise, are brought to justice, and ignorance of the law will not be an excuse,” he said.

Chukkol said that the commission had recorded 3,785 convictions in 2022, the highest since its establishment.

He said that the Makurdi Zonal Office, which was established in 2019, has so far recorded 107 convictions. (NAN)

News

Akwa Ibom tribunal affirms Governor Eno’s victory, dismisses ADC, NNPP’s petitions

Published

3 hours ago

September 28, 2023

Advocate News Nigeria

• Akwa Ibom State Governor, Umo Eno

The Governorship Election Petition Tribunal sitting in Uyo has discarded the petition brought before it by the governorship candidate of the African Democratic Congress (ADC), Ezekiel Nyaetok, challenging the election of Pastor Umo Eno of the Peoples Democratic Party (PDP).

The tribunal had earlier thrown out suit number EPW/AKS/GOV/03/23, brought by the governorship candidate of the NNPP, Senator John James Akpan Udoedehe, challenging the election of the governor.

Among other grounds, Nyaetok of ADC sought the disqualification of Pastor Umo Eno, alleging that he was convicted by a Magistrate Court in Abuja and that having been convicted, all votes accrued to him during the March 18 elections ought to be nullified.

He also challenged other candidates who scored more votes than him, alleging that they were handicapped by litigations and legal bars which hampered their eligibility to participate in the elections.

But delivering judgement on the matter, Justice Adekunle Adeleye chaired the panel and unanimously ruled that the same magistrate court presided by Emeka Iyama, delivered a judgment, nullifying its earlier conviction of Pastor Umo Eno and that once a judgement is nullified, it ceases to exist.

The tribunal also held that Nyaetok’s petition lacked merit as the petitioner was not able to establish one polling unit in which there was noncompliance with the electoral law in the March 18 Governorship elections.

After about one hour and thirty minutes of detailed and considered judgement, the governorship election panel, in a unanimous decision concluded that the petition by Senator John James Akpanudoedehe and his party against Gov Umo Bassey Eno, the PDP, and INEC deserves no less a verdict than a dismissal for lacking in merit.

The governorship election petition by the former senator followed the defective trajectory of two previous cases dismissed by the tribunal two weeks ago, by virtue of the attempt to resurrect the subject matter of certificate forgery leveled against Governor Eno, which was previously buried by the Supreme Court.

Counsel to the PDP had told the tribunal that the petition was “most unambitious”, as the Petitioners neglected and or refused to declare what they really wanted.

Akpanudoedehe of the NNPP had in his arguments claimed that Gov. Umo Eno was a convict by the Wuse Magistrate Court, Abuja, thereby robbing him of the qualification to have contested the March 18, 2023 governorship election.

He prayed the Tribunal to order that the election be cancelled, and a fresh one conducted within 90 days.

He also alleged that the Governor was born in Enugu, even though he declined to show proof of this claim as he neither front-loaded nor relied upon any document to back it.

Surprisingly, of the over 5000 voting units in the state, the NNPP candidate called only 2 witnesses with himself as one of the two.

Under cross-examination, the NNPP gubernatorial candidate admitted, when shown the enrolled order of the Wuse Magistrate Court repudiating its judgement orders, that he lacked knowledge of the existence of the order before his petition.

Counsel to the PDP and Pastor Umo Eno had noted in their submission that the NNPP petition is most unambitious, as the petitioner has not only failed to prove the criminal allegation of forgery but also failed to state what he wants.

The tribunal, presided over by Justice Adekunle Adeleye, ruled that lacking in merit, the petition had to be confined to the trashcan.

Reacting to the judgement, Counsel to the PDP, Barr Emmanuel Enoidem said the judgement was in strong agreement with the point of law.

Enoidem said the petitioners failed to prove that Pastor Umo Eno did not meet the constitutional entry requirements for office of the Governor, adding that most of their claims were pre-election matters which they could not also substantiate.

Education

NDDC Invites Applications for 2023/2024 Foreign Post Graduate Scholarship

Published

3 hours ago

September 28, 2023

Advocate News Nigeria

NDDC

The Niger Delta Development Commission, NDDC, has announced the commencement of the application process for its 2023/2024 Foreign Post Graduate (Masters) Scholarship Programme.

This marks a significant stride in the Commission’s unwavering commitment to fostering human resource development and empowerment of the youths in the Niger Delta region.

Aiming to cultivate empowerment and specialization, this initiative is designed to equip the vibrant minds of the region with indispensable skills and training. The goal is to facilitate their meaningful participation in the Federal Government’s local content programme and to enable them to excel in various professional disciplines, enhancing their global competitiveness.

Diverse Opportunities for Study:
The programme offers a broad spectrum of fields, including diverse engineering disciplines like Biomedical, Software, and Marine, and cutting-edge domains such as Artificial Intelligence and Math/Sciences. Opportunities also extend to Health and Social Sciences, with options in Medical Sciences and Law, as well as Environmental and Physical Sciences, including Architecture and Environmental Science.

Eligibility and Application:
Eligibility is reserved for individuals originating from the Niger Delta Region, possessing relevant Bachelor’s Degrees with commendable classifications from recognized institutions. Prospective candidates are invited to submit their applications online through our official website [www.nddc.gov.ng](http://www.nddc.gov.ng), with the application window closing five weeks from the date of this announcement.

Rigorous Selection Process:
Candidates will undergo a comprehensive selection process, including preliminary shortlisting, a computer-based test in Rivers State, and final verification through respective Local Government Areas and Community Development Committees. The scholarship amount will be determined based on the prevailing exchange rate of the Naira.

For detailed information on application procedures, required documentation, and other relevant aspects, applicants are encouraged to visit [www.nddc.gov.ng](http://www.nddc.gov.ng). Further enquiries can be directed to:

Contact:
Director, Education, Health and Social Services, NDDC
Mobile: +234(0)9137806550, +234(0)9049409391
E-mail: foreign.scholarship@nddc.gov.ng

The NDDC remains steadfast in its mission to facilitate the sustainable development of the Niger Delta into a region that is economically prosperous, socially stable, ecologically regenerative, and politically harmonious. We extend our sincere best wishes to all applicants and eagerly anticipate welcoming the scholars who will contribute to shaping a brighter future for the region.

Pius Ughakpoteni
Director, Corporate Affairs
September 28, 2023.