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AfDB’s Adesina Raises Concern About Nigeria’s Debt

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AfDB's Adesina Raises Concern About Nigeria's Debt

The President of the African Development Bank (AfDB), Akinwumi Adesina said the international community needs to come to the aid of Nigeria as regards the country’s rising debt.

Adesina told the Nigeria International Economic Partnership Forum in New York that Nigeria needs help to tackle its debt burden which is now N42.84 trillion or $103 billion.

It was gathered that external debt levels rose to N16.61 trillion, and domestic debt hit N26.23 trillion as of June 30, 2022, after President Muhammadu Buhari’s administration borrowed N3.28 trillion in the first six months of this year.

The AfDB President reechoed the impact of the rising debt on Nigeria at the forum, saying “Nigeria’s total debt level is N42.84 trillion or $103 billion. External debt levels stand at N16.61 trillion or $40 billion. Ladies and gentlemen, Nigeria needs help to tackle this debt burden.”

“International partnerships on debt are helping Africa, and Nigeria. The issuance of special drawing rights (SDR) by the International Monetary Fund of $650 billion helped provide liquidity support for countries. However, Africa only received $33 billion out of all of that. Pretty small.

Financing is critical because the debt to GDP ratio of Africa has increased to 70 percent — several countries are at risk of high debt distress due to unstable, unsustainable debt levels.

A call made by the African heads of State for developed economies to rechannel $100 billion of additional SDRs to Africa will go a long way to reduce the debt burden in Nigeria.

Allocating this SDR, some of this, through the African Development Bank will actually allow us to leverage it four times because we are a leveraging machine. We can deliver more financing to Nigeria and Africa.

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5 Things To Know About Late Bukka Hut Co-founder, Laolu Martins

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5 Things To Know About Late Bukka Hut Co-founder, Laolu Martins

Laolu Martins, a co-founder of Bukka Hut, the leading fast-food chain in Nigeria, has reportedly committed suicide.

In a statement cited by Newsrand, the Bukka Hut boss, who served in the financial sector with over 21 years of experience in investment banking, corporate banking, stockbroking, asset management, and pension fund management, passed away on Tuesday, September 27, 2022.

“We hereby solicit the support and understanding of everyone as the family grieves the loss of our beloved Laolu in our privacy.

“Our kind request is that you support the family – wife, children, aged mother and father and his siblings with your prayers at this difficult time.

“Further announcements will be made by the family,” a statement from the deceased’s family, read.

Get familiar with Laolu Martins

  1. Martins started his career with PricewaterhouseCoopers in 1999.
  2. He joined Investment Banking & Trust Company Plc now Stanbic IBTC Bank Plc, where he served in the Financial Control and Trade Finance/Foreign Operations units of the Bank.
  3. Martins was later seconded to Stanbic IBTC Asset Management Ltd where at various times he was Financial Controller, Head Asset Management, and lastly Head Stockbroking.
  4. He later resigned in 2005 to join Shell Nig. CPFA Ltd, the Fund Manager of the Shell Companies in Nigeria Pensions Scheme where he was Head, Investments.
  5. In 2008, he resigned to join Nigeria International Security Limited, NISL, an independent financial services firm specialising in investments within the Nigerian space.

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Buhari Warns Against Use Of Automatic Weapons For State’s Security Outfits

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Buhari Warns Against Use Of Automatic Weapons For State's Security Outfits

President Muhammadu Buhari has issued a warning to state governors over the use of automatic weapons for their security outfits.

Buhari in a statement through his media aide, Garba Shehu explained that only the National Security Adviser can permit the use of sophisticated weapons, which the orders have not been given.

“The Presidency wishes to strongly assert that there is no state, not Katsina, not any other state in the federation, that has been authorized to procure automatic weapons for their security outfits.

READ ALSO: Afenifere Explains Why It’s Backing Peter Obi For President

“Under this administration, the President has repeatedly made it clear that nobody is allowed to illegally carry AK-47 or any other automatic weapons and that they must surrender them.

“Where they fail to do so, the law enforcement agencies have been given clear directives to deal with any such outlaws.

“Under the existing regulations, only the Office of the National Security Adviser can issue such authorization, upon proper clearance by the President and Commander-in-Chief and as it is at this moment, no such approvals have been issued to any state government,” the statement read.

This is coming after security outfits in Katsina were reported to be armed with an automatic weapons, which the Governor, Aminu Bello Masari explained that the administration invited the Provost of the Civil Defence Training College in Katsina to train their vigilantes for a five-day period “in the handling and operations of Pump Action Rifles.”

The Governor said that the state’s security outfits have no intentions to assume the responsibilities of the security agencies of the Federal Government of Nigeria but to render help.

However, Buhari commended states for their help in partnering with law enforcement agencies of the federation, in tackling insecurity in the country.

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Nigeria Loses 700,000 Barrels Of Crude Oil A Day To Vandalism – FG

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Nigeria Loses 700,000 Barrels Of Crude Oil A Day To Vandalism - FG

The Federal Government has lamented the havoc caused by vandals in the Niger Delta, disclosing a loss of 700,000 barrels of crude oil per day.

The Minister of Information and Culture, through his media aide, Segun Adeyemi revealed this in a press release, stating how the country’s revenue is declining as a result

“On the economy, Alhaji Mohammed said the activities of vandals in the Niger Delta are causing the government to lose about 700,000 barrels of crude oil per day, thereby denying the government huge revenue and foreign exchange,” part of the press release read.

READ ALSO: Publish Details Of Your Assets Before Campaign, SERAP Tells Obi, Atiku, Others

The Minister also commended his administration in the area of insecurity, boasting of a decrease in terrorism in the North since the emergence of Muhammadu Buhari as president.

He charged critics to compare the country’s security in 2015 to that of current times, priding on how his administration has made the North East accessible again.

“I am bold to say here that in the last three months, even our worst critics will agree that the government has gotten the handle on security issues. In the area of insecurity, I want to assure you that the worst is over.

“It’s unfortunate that people who comment on insecurity fail to start from where we were in 2015 and where we are today.

“In 2015, the entire North East of the country was a no-go area. The North East is once again accessible because of the government’s efforts,” He stated.

Concluding on the crude oil vandalism, Lai Mohammed revealed a technology deployment to help counter bunkering.

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