Connect with us

News

Nigeria, three others top World Bank debtors’ list

Published

on

Spread the love

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.

Maduka College Advert

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

Gunmen abduct High Court Judge from his residence

Published

on

Judge declines to recuse herself from ex-ministers libel suit
Spread the love

Gunmen suspected to be bandits have abducted a Kebbi State High Court judge, Justice Faruku Hassan Bunza, in a midnight raid on his residence in Bunza Local Government Area of the state.

The judge was reportedly whisked away in the early hours of Sunday after armed assailants stormed his home along Zogirma Road shortly after he returned from a trip to Sokoto State.

According to sources, the attack occurred at about midnight, with the gunmen firing sporadically before abducting the judge.

“He had just returned from Sokoto when the gunmen stormed his residence and took him away,” a source said.

The source noted that although the attackers fired several gunshots during the operation, no member of the judge’s household was injured.

Maduka College Advert

“Immediately the incident occurred, we reported to the appropriate authorities, including the leadership of the High Court,” the source added.

Confirming the incident, the spokesperson of the Kebbi State Police Command, SP Bashir Usman, said the command had launched an intensive rescue operation.

“I can confirm that Hon. Justice Faruku Hassan Bunza was abducted from his residence in Bunza around midnight,” Usman said.

He disclosed that the Commissioner of Police, CP Umar Muhammad Hadejia, immediately deployed tactical and intelligence teams to track down the kidnappers and secure the judge’s release.

“As we speak, our personnel are combing identified locations, including forest areas, to ensure that the judge is rescued alive and unharmed,” the police spokesman stated.

A senior official of the Kebbi State High Court, who spoke on condition of anonymity because he was not authorised to comment publicly on the matter, described the abduction as a devastating blow to the state’s judiciary.

“I am not authorized to speak formally, but this is a painful moment for us. To hear that one of our judge was abducted at his residence is very disturbing,” the official said.

He added that the management of the High Court had already met with heads of security agencies in the state to strategise on efforts to secure the judge’s immediate release.

As of the time of filing this report, no group had claimed responsibility for the abduction, while security operatives continued search-and-rescue operations across suspected hideouts.

Continue Reading

News

Enugu Govt begins Revalidation, Digitisation of Survey Records

Published

on

Spread the love

The Enugu State Government has commenced a Continuous Survey Revalidation and Digitisation Exercise as part of the ongoing Survey Records Digitisation Programme, aimed at establishing a fully digital, transparent and verifiable land administration system in the state.

The exercise, according to the government, is a key component of the digital transformation of the state’s land and survey records system and is designed to protect property rights, eliminate disputes arising from lost or defective records, and strengthen public confidence in land administration.

It also forms part of the comprehensive digital transformation agenda of the Governor Peter Mbah administration.

The government, in a statement signed by the Secretary to the State Government, Prof. Chidiebere Onyia, said the exercise was intended to ensure that land records in the state are properly verified, digitally captured and geographically mapped.

The government said the objective was to establish “a fully digital, transparent, and verifiable land administration framework that protects property rights, eliminates disputes arising from lost or defective records, and strengthens public confidence in land administration.”

Maduka College Advert

The statement said the participation of all landowners, estate developers, surveyors and property owners was required to ensure the accuracy and completion of the process.

According to the government, the affected persons are required to submit their Survey Plans, Layout Approvals and related land documents for verification and revalidation, digital identity creation and geospatial mapping, as well as the issuance of Digital Land Identity Cards.

To make the exercise faster, easier and more accessible, the government has designated six revalidation centres across the state.

The centres are the Office of the Surveyor General, 5/27 Colliery Avenue, GRA, Enugu; Enugu State Housing Development Corporation (ESHDC) Headquarters, No. 21 Kingsway Road, GRA, Enugu; and the Enugu Geographic Information System (ENGIS) Headquarters, 4 Chisimdi Ukpata Close, Ebeano Estate, Enugu.

Others are the Enugu State Ministry of Housing, State Secretariat, Enugu; Nsukka Local Government Area Secretariat, Nsukka; and Enugu East Local Government Area Secretariat, Nkwo Nike.

The government strongly advised all landowners to visit any of the designated centres and complete the process promptly, stressing that their participation was essential to the success of the exercise and the protection of their property interests.

“Full participation is essential for the success of this exercise and the protection of every genuine landowner’s interest,” the government said.

The exercise is expected to further strengthen the integrity of Enugu State’s land administration system by ensuring that survey records are properly verified, digitally captured, geographically mapped and readily verifiable, while reducing the risks associated with lost, defective or disputed land records.

Continue Reading

News

BREAKING: Bandits abduct Zamfara LG chairman, kill four security men

Published

on

Hon. Nura Umar Bungudu…abducted
Spread the love

Suspected terrorists have abducted the Chairman of Bungudu Local Government Area of Zamfara State, Hon. Nura Umar Bungudu, after launching a deadly night attack on his residence that left four security operatives dead.

The attackers reportedly stormed Bungudu town on Thursday night and headed straight to the council chairman’s residence in the Zango area, less than 20 kilometres from the state capital, Gusau.

During the attack, the gunmen allegedly overpowered the security personnel guarding the residence, killing two police officers and two vigilantes before abducting the council chairman and members of his family.

Efforts by security operatives to repel the attackers were unsuccessful as the assailants, said to be heavily armed, overran the security team and escaped with the chairman.

A resident of the community, who spoke on condition of anonymity, said the attack was swift and well coordinated, leaving little room for the security personnel to mount an effective defence.

Maduka College Advert

According to the source, two police officers and two vigilantes, including a volunteer vigilante who had been actively involved in defending the community against bandit attacks, lost their lives during the exchange of gunfire.

The resident said the security personnel fought bravely but were overwhelmed by the superior firepower of the attackers.

“The bandits came into the town determined to carry out their mission. The chairman’s security team resisted, but they were outgunned,” the source said.

The incident is the latest in a series of violent attacks that have continued to plague communities across Zamfara State despite ongoing security operations.

The source disclosed that the bandits initially abducted the council chairman, his wife and their children during the attack.

However, security operatives who pursued the fleeing gunmen reportedly succeeded in rescuing four or five of the children before the attackers escaped into the surrounding bush.

Despite the rescue effort, the chairman was taken away by the gunmen, while the fate of his wife could not be independently confirmed at the time of filing this report.

According to the resident, reinforcement teams were mobilised shortly after the attack, but they arrived after the assailants had already fled the area.

“The security personnel tried their best, but by the time reinforcements got there, the bandits had already executed their plan and escaped,” he said.

Continue Reading

Trending

Maduka College Advert