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Nigeria’s monthly debt servicing spending reaches $112.35m says CBN

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According to the Central Bank of Nigeria (CBN), the Federal Government incurred expenses totaling 112,35 million dollars in order to service its external debt in January of 2023.

According to information found in the Central Bank of Nigeria’s Weekly International Payments report, the amount of money spent in January was 146.17 percent higher than the $45.64 million that was spent in December.

This took place at a time when the federal government was having trouble increasing its revenue base despite its efforts to generate more revenue.

It is important to remember that in January of 2023, the Federation Account Allocation Committee distributed N750.17 billion among the three levels of government.

When compared to the total amount of N990.19 billion that was distributed in December 2022, this figure represents a decrease of N240.02 billion.

Read also: El-Rufai talks with community leaders to discuss killings in southern Kaduna

The amount of money that Nigeria spent to service its external debt in 2022 was $2.41 billion, which is a moderate increase from the $2.11 billion that was spent in 2021.

During this time, the Federal Government reduced the allocations it had made to the states for the purpose of servicing the states’ external debt by more than N78 billion.

This information was obtained from the reports on expenditures made by the Federation Account Allocation Committee that were made public by the National Bureau of Statistics (NBS).

The deductions were taken in the year 2022 from the allocations that were handed out by the Federation Account to the various state governments.

Currently, the federation account is being managed according to a legal framework that enables funds to be shared according to three major components. These components are the statutory allocation, the distribution of value-added tax, and the derivation principle.

According to the findings of the checks, Lagos was the state that was affected by the deductions the most, with approximately N23.61 billion being deducted in 2022 for the purpose of servicing external debt.

After that, Kaduna had N10.25 billion deducted from their total, and Cross River had N7.56 billion taken away from their total.

Recently, the International Monetary Fund (IMF) reported that the United States Federal Government projected to spend 82% of its revenue on interest payments in the year 2023.

The International Monetary Fund forecasts that total external debt, which will include the amount owed by the private sector, will reach $121.6 billion, while total external reserves will increase to $37.5 billion.

This information was provided in a projections table that was included in the report titled “IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria Summary.”

According to the projections, the percentage of the government’s revenue that was used to pay interest will decrease from 96.3 percent in 2022 to 82 percent in 2023. This represents an improvement from the previous year’s percentage, which stood at 96.3 percent.

Read also: APC will review contentious zoning plan for 10th Assembly: Umahi

In addition, it stated that the payment of interest accounted for 86.1 percent and 87.8 percent of the revenue of the federal government in the years 2020 and 2021 respectively.

Senate presidency: Adamu tells Orji Kalu, Yari to hold their fire as they hand him letter of grievance to him

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Senate chief whip Uzor Orji Kalu, Abdulaziz Yari, senator-elect, and Mohammed Musa, senator representing Niger East, have lodged a complaint against the nominations made by the All Progressives Congress (APC) for leadership positions in the senate. These three individuals are the senators representing Niger East.

Godswill Akpabio, a former minister of Niger Delta affairs, and Barau Jibrin, a senator representing Kano north, were the candidates for the presidency and vice presidency of the Senate, respectively, that the party had nominated.

During a meeting on Thursday in Abuja with Abdullahi Adamu, the national chairman of the APC, Yari stated that they are not satisfied with the arrangement.
According to Yari, a former governor of Zamfara, the senators are interested in having a level playing field.

Read Also: Senate approves Peace Corps Bill owner Dickson Akoh

After handing over a letter of protest, he addressed the assembly, saying, “We are here to present our letter of grievances to you and also tell this honorable house that as leaders, we are not satisfied with the arrangement.” He went on to say that the leaders were unhappy with the arrangement.

“What we are expecting from you people is to give us fair play, or at the very least, if nothing else, to mention that a particular position is zoned and that anybody in that zone can’t participate.”

Regarding his own role, Adamu stated that the leadership of the party would review their letter in order to address their complaints.

“Hold the fire until the last word is heard from us, we are the custodians of the party as NWC, but we are not acting alone. Hold the fire until the last word is heard from us. Adamu stated that the voice of Tinubu, who is set to become president, is an important voice.

Read Also: APC will review contentious zoning plan for 10th Assembly: Umahi

We need to make it as convenient for him as possible. In regard to that, I will not make any concessions. He is currently traveling outside of the country, and when he returns, by the grace of God, we will revisit the problem, put our heads together once more, and determine what kind of solution we can come up with.

“I am not in a position to anticipate that, so I will hold off until after we have that conversation with the president-elect.”

Breaking: Atiku, Obaseki, Fintiri, others attend at PDP’s reception for new, returning governors.

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Early arrivals at the ongoing welcome and reception ceremony for new and returning governors elected on the Peoples Democratic Party platform include Atiku Abubakar, the party’s presidential candidate for the 2023 election, Edo State Governor Godwin Obaseki, and the governors of Taraba and Adamawa states, Darius Ishaku and Ahmadu Fintiri.
Chieftains of the party from all of its organs are anticipated to attend the event at the Transcorp Hilton in Abuja.
Former Vice President Namadi Sambo, former Governor of Kaduna State Ahmed Makarfi, and Acting Chairman of the PDP Board of Trustees Senator Adolphus Wabara are among those who have already taken their seats. Mudal Yusuf, a special guest speaker, will discuss “Good governance at the sub-national level: Issues, perspectives, expectations, and outcomes.”

 

 

 

APC will review contentious zoning plan for 10th Assembly: Umahi

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As senators and members of the house of representatives continued to vehemently push back against it, the governor of Ebonyi State, David Umahi, declared that the National Working Committee (NWC) of the All Progressives Congress (APC) would review the contentious zoning template for the 10th National Assembly.

Any Nigerian who has been purposefully left out of the country’s larger plans cannot be expected to be patriotic, according to the governor of Ebonyi State, who is also a senator-elect.

 

Umahi said that Nigeria should be seen as a country where the leadership must sit down and make a deliberate decision to do things differently while responding to questions from journalists at the ongoing induction program for members-elect of the National Assembly organized by the National Assembly and National Institute for Legislative and Democratic Studies (NILDS) in Abuja.

He asserted that in order to build a country that would be based on equity, fairness, and justice for the overall interest of all the regions of the nation, all six geopolitical zones of the country must engage in dialogue where each zone should be asked what it wants, the problems affecting the zones, and the way forward.

“Democracy is all about finding solutions to all newly arising conflicts. Unavoidable controversies have resulted from our party’s stance. The party would have adopted any position that would have sparked debates or criticism.

“I believe that the party and our leadership have the ability and wisdom to work out any issues that may arise. I have no doubt that they are working on it.

“I’ve said that patriotism should serve as the nation’s baseline. However, if you are being deliberately left out, you cannot be asked to show patriotism. The leadership must take a seat and consciously decide to change the way things are done in order for the nation to be seen as one.

“We need to consult with each zone to learn what their needs are. Discussion and conversation must be sparked. I think that will enable us to solve whatever the issue in the regions may be.

“Our leadership as well as the three branches of the government must be able to sit down and communicate. Nigeria must be prioritized, and we must decide to do so.

Everyone will start to think of this country as their own and start putting Nigeria first because they are a part of the Nigeria project because that is the foundation, built on equity, fairness, and justice.

Without equity, fairness, and justice, there can never be patriotism in this nation. To be patriotic, I must ensure that my own community is upheld, which is why many people refrain from returning to the National Assembly because projects are not carried out in their best interests.

“The public views lawmakers as though they were in charge of carrying out projects,” Accordingly, there ought to be a way to have executive projects located in their regions, so you can use that to leverage on coming back and not squander this experience we gather from here, Umahi said.

El-Rufai talks with community leaders to discuss killings in southern Kaduna

Malam Nasir El-Rufai, the governor of Kaduna State, met behind closed doors on Thursday to discuss the killings in the southern Kaduna area with important stakeholders from the Atyap, Fulani, and Hausa groups.

The meeting also included representatives from the military, police, and other intelligence agencies, as well as observers from foreign organizations and other experts who had been involved in the Southern Kaduna issues’ arbitration and mediation.

Read Also: Senate approves Peace Corps Bill owner Dickson Akoh

Over the years, there have been concerns with land disputes, kidnappings, and killings. As a result of community leaders accusing one another, violence has recently increased in the Atyap chiefdom in the state’s Zango Kataf Local Government Area.

The gathering was a part of the state government’s final effort to find a long-term solution to the impasse that has for years shaken the state’s southern communities.

Some of the stakeholders highlighted that the concerns discussed would have immediate, long-term, and medium-term solutions in interviews with journalists shortly after the more than four-hour discussion.

They agreed that the discussion was productive and prayed that the next day would bring about a breakthrough.

At the conclusion of the meeting, the Meyitti Allah Cattle Breeders Association of Nigeria’s Kaduna State Chairman, Haruna Usman, told journalists that the parties who had been wronged and attended the conference had decided to resolve their disputes and coexist peacefully.

Intractable conflicts that are roiling the many communities in the southern part of the state, he claimed, could only be resolved via discussion rather than violence.

We are quite concerned about the governor who will be leaving us in a few days, he remarked. We hope to find someone who will pursue the peace initiative in the same way that he is. However, we have decided to resolve our issues.

“Disputes between people should be resolved via discussion rather than violence. Conflicts between people can only be resolved via talk, not with a gun.

Therefore, we are hoping that what we discussed today will serve as a guide and aid in helping us to resolve the situation in our respective sectors in the long run.

“We can’t wait to make sure that our separate neighborhoods are once again peaceful. I will visit Kafanchan the following week to speak with all of my stakeholders about providing the residents of Kafanchan with their full support so they may continue to live in peace.

We talked about how everyone in Southern Kaduna may live in harmony with one another since we realized that talking instead of using guns is the only way to resolve conflicts.

The Atyap, Hausa, and Fulani Communities also promised to settle their problems, according to Salim Musa Umar, Chairman of the Farmers/Herders Association, who also indicated that they will report back to the government in two weeks.

“Peacebuilding is a process, not a one-time thing. Communities have, in fact, proven to be strong enough. As they proceed, any problems should be discussed. It is not a situation that can be rectified in a few days.

The Atyap, Hausa, and Fulani have decided to settle their disputes. They have agreed to give the government a report in a week.

And if they are sincere, I have high hopes that they will work out their disagreements. Musa Salim. President of the farmers/herders association,” he continued.

The easiest and most important message to the people of Southern Kaduna, according to Bature Likoro, chairman of the Southern Kaduna Community Development Association Forum, is for people to understand one another and live in peace.

He commanded, “Let us all understand one another and live in peace.”

 

Senate approves Peace Corps Bill owner Dickson Akoh

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The Senate has confirmed Professor Dickson Akoh, the National Commandant of the Nigerian Peace Corps, as the owner of the bill that the upper chamber, along with the House of Representatives, legislated on and sent to President Muhammadu Buhari for assent last month.

According to a statement signed by Senator Ali Ndume in his capacity as the Senate’s sponsor, the bill seeks an Act to establish the Nigerian Peace Corps, which was then considered, harmonised, and adopted by the two chambers of the National Assembly.

It also stated that any other group or individual claiming to be the Nigerian Peace Corps is breaking the law.

The Senate’s recognition of Dickson Akoh’s Peace Corps as the legitimate body that approached it and the House of Representatives for consideration and passage of the bill stemmed from claims made by one Mustapha that he is the owner of the bill.

“The attention of the leadership of the Senate and indeed the National Assembly has been drawn to different groups laying claims to the Bill for an Act to establish the Nigerian Peace Corps, which was harmonized and adopted by the two Chambers of the National Assembly,” Ndume said in a statement issued Thursday.

“The Bill, as passed by the two Chambers of the National Assembly, is solely sponsored by the current Nigerian Peace Corps, led by Prof. Dickson Akoh as National Commandant.”

“Since the Bill was transmitted to Mr. President for his assent by the Clerk of the National Assembly on April 12, 2023, the Senate has been inundated with several entreaties as to the status of the Bill, particularly the organization that seeks statutory backing after Mr. President’s assent to the Bill.”

“To clarify, Part VIII of the Bill, titled “Dissolution of the existing Peace Corps of Nigeria and Savings,” explicitly states that the existing Peace Corps of Nigeria will be dissolved and transmuted to the Nigerian Peace Corps at the start of the Act.” The implication is that the Bill only sought to provide statutory backing to Nigeria’s existing Peace Corps, led by Prof. Dickson Akoh.

 

“Also, the title of the proposed Nigerian Peace Corps’s head is National Commandant, as contained in Part III, Section 11(1) of the Bill as passed, rather than Commandant General, as widely speculated.”

“However, Section 38 (8) of the Bill made adequate provision to accommodate individuals, groups, associations, or bodies that have shown or demonstrated interest in being absorbed as members of the Corps shall be absorbed subject to the mandatory basic training and orientation program of the Corps as prescribed on the commencement of this Act.”

“It is important to note that this Bill will not take effect until Mr President signs it into law.” As a result, any group claiming to be the Nigerian Peace Corps is currently illegal.

 

10th NASS: Female Rep condemns APC, Bemoans Women’s Exclusion

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A member of the All Progressives Congress (APC) and member representing Remo Federal Constituency in the House of Representatives, Adewunmi Onanuga, has protested the exclusion of women in the zoning formula released by her party ahead of the inauguration of the 10th National Assembly (NASS).

 

Onanuga said all the women who expressed interest in leading the 10th NASS were denied a chance by the APC in a guest appearance on Channels Television’s Lunchtime Politics on Thursday.

“Three of us emerged with aspirations. The reason we wanted to put our hats in the ring is that we feel that the female gender needed to have a seat at the table of decision-making,” she said.

Not one woman, not two women, but “most likely three women in the leadership of 10 people” should be given an opportunity, the representative, who was successfully re-elected to the green chamber, said.

Godswill Akpabio and Barau Jibrin received support from the APC National Working Committee (NWC) earlier this week for the positions of Deputy Senate President and Senate President, respectively. Additionally, Tajudeen Abass and Benjamin Kalu received the support of the ruling party for the jobs of Speaker and Deputy Speaker, respectively.

 

Onanuga said in a statement on Thursday, “We are requesting that whatever is left in the majority, at least one should come to a woman and two others. I don’t believe that asking for three out of ten is unreasonable.

“There are eight more seats in the House of Representatives after the two presiding seats were filled. Five for minority leaders and three for the majority. If we are to base our decision on the recent court victory for 35 percent affirmative action.

‘There Is No Balance’

The disgruntled candidate for deputy speaker claimed her party ought to have consulted its members before announcing any zoning formula.

 

“It’s critical that equity win out. There is no balance in the current state. 4-0 for presiding officers is not a good balance. We need to truly engage some more and recognise all those who are aggrieved. I am outraged, mainly for myself and for the (lack of) gender balance,” she stated.

 

INEC to announce candidates for next governorship elections in Bayelsa, Imo, Kogi

According to the announcement made by the Independent National Electoral Commission, the list of candidates along with their biographical information would be made public on Friday for the governorship elections in the states of Bayelsa, Imo, and Kogi.

On Thursday, this information was included in a statement that was signed by Festus Okoye, who serves as the National Commissioner and Chairman of the Information and Voter Education Committee for INEC.

The statement claims that all 18 political parties have nominated candidates for the governorship race in Kogi, whereas only 17 parties have done so for the elections in Bayelsa and Imo States respectively.

The announcement went as follows: “Nigerians may recall that on Tuesday, October 25, 2022, the Commission issued the agenda and calendar of operations for the three off-cycle Governorship elections in Bayelsa, lmo, and Kogi states held on Saturday, November 11, 2023. These elections were held on Saturday, November 11, 2023.

Read Also: Angola overtakes Nigeria as continent’s leading oil production

“In accordance with the requirements of the law, political parties held their primaries and uploaded the names and personal information of their candidates and running mates to the INEC candidate nomination portal by the deadline of 6:00 pm on May 5, 2023.

“All of the political parties that are sponsoring candidates for the three elections have turned in the properly filled out Forms EC9 containing personal particulars accompanied by sworn documents, as well as Forms EC9B containing the names of their candidates,” the statement read. “The elections will take place on [the] dates specified by the Commission.

“In accordance with the provisions of subsection (3) of section 29 of the Electoral Act 2022, the Commission is obligated to publish the personal particulars of the candidates on Friday, May 12, 2023, in the offices of the State Headquarters and the Local Government in all three states.

“We are appealing to the people of Nigeria to review the list. According to provision number 29(5) of the Electoral Act 2022, “any aspirant who participated in their party’s primaries and has reasonable grounds to believe that the information provided by the candidate is false may challenge the nomination at the Federal High Court.”

Angola overtakes Nigeria as continent’s leading oil production

For the month of April 2023, Angola has surpassed Nigeria to become the leading producer of crude oil in Africa. According on information obtained directly and included in the Organization of Petroleum Exporting Countries’ April 2023 monthly oil market report.

According to the research, Angola produced 1.06 million barrels of petroleum per day in April 2023.

 

Algeria and Nigeria both recorded the same number of barrels per day during the highlighted timeframe, at 999,000 for the month of April 2023 and 999,000 for the whole month. Nigeria has not experienced a lower output rate than this since the year 2023.

According to Nairametrics, data from the Nigerian Upstream Petroleum Regulatory Commission showed that in April 2023, Nigeria produced 998,602 barrels per day of crude oil.

According to the OPEC report, total OPEC-13 crude oil production in April 2023 averaged 28.60 million barrels per day, a 191 thousand barrels per day decrease month over month. Saudi Arabia, Angola, and Iran saw the largest increases in crude oil production, while Nigeria and Iraq saw decreases.

Global tensions are still expected to increase in 2023, according to the Organization of Petroleum Exporting Countries. The organization made this claim in its monthly oil market report, which was made public on May 11. According to the research, OPEC expects the global oil demand to reach 101.9 million barrels per day in 2023. This estimate, however, is subject to several risks, including persistent geopolitical tensions and developments in the global economy, the research notes in one section.

The Nigerian government was recently given tax advice from KPMG Nigeria to explore for ways to improve its oil income. However, the fact that the nation would lose its position as the top African oil producer to Angola in April 2023 does not instill new hope in the oil sector’s ability to perform well in the first half of 2023, at the very least.

The Russia-Ukraine war resulted in increased oil prices in 2022, which benefited various oil and gas businesses as well as nations that produce petroleum. Nigeria, however, was unable to benefit from the price increase because of unacceptably high levels of crude oil theft in 2022, which caused the nation to lose up to 700,000 barrels per day, according to the Nigerian National Petroleum Company Limited.

Nigeria’s economy encountered difficulties gaining momentum in the first quarter of 2023, according to the OPEC MOMR, with company activity and consumer spending continuing modest, as well as significant input-cost inflation and lower employment levels compared to 2022.

 

 

Ex-lawmaker: Tinubu will treat everyone fairly

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The President-elect, Asiwaju Bola Tinubu, would not marginalize any segment of the country, whether they voted for him or not, according to Dayo Adeyeye, the national coordinator of the South-West Agenda for Asiwaju.

In an interview with journalists on Thursday in Abuja, Adeyeye—a former spokesperson for the 9th Senate—gave the guarantee.

 

The Afenifere chieftain claimed that because Tinubu won his election with overwhelming support nationwide, he had no justification for marginalizing any region of the nation.

In five of the six geographical zones that include 31 of the 36 states of the Federation, he pointed out, the President-elect met the conditions set forth by the Constitution.

This indicates a significant spread across the nation, he said. Whoever becomes president of Nigeria must enjoy widespread support across the entire nation, according to the constitution’s framers. These criteria have been met by Tinubu.

Nevertheless, Asiwaju Bola Tinubu’s administration poses no threat to the populace in the few regions of the nation where it was clear he did not adhere to the constitution’s provisions.

“He is a man with a big heart, and he’s already said he’ll be fair to everyone of Nigeria. Therefore, the simple fact that some individuals didn’t vote for him wouldn’t stop him from implementing development projects in their communities in any way.

“Everyone should have peace of mind knowing that Tinubu’s government will treat all the geopolitical zones of Nigeria fairly.

“His government will provide for the needs of the residents of every region of the nation. Therefore, it is essential for all Nigerians to have faith that better times are coming for everyone. Tinubu will always be pro-Nigerians and will never have any animosity toward any Nigerian.

“He was elected president of Nigeria, and as such, he would work for all Nigerians, regardless of their age, gender, nationality, or religion.

“He will guarantee the uniform development of the entire nation. Neglecting one region of the nation will set other regions back. In terms of social and economic progress, we must continue.

Tinubu’s first priority, according to Adeyeye, would be to deal with the problem of insecurity.

He stated, “Although present throughout the entire nation, insecurity is more chronic in some areas.

“As a result, locations where the issue has virtually reached intractable status would receive substantial attention.

“Once the issue of insecurity is resolved, it will spark tremendous social and economic activity that will have an impact on all economic sectors, simultaneously. Tinubu will use all available tools, including technology, to find a solution. The nation’s security architecture could also need to be decentralized.

When he served as governor of Lagos State, “I know that he has done well in terms of the security in Lagos State,” Adeyeye continued.