Barely a month after the Central Bank of Nigeria, CBN started the implementation of the Global Standing Instruction, GSI, where banks are allowed to debit the accounts of loan holders in other banks, the method has started paying off.
The GSI policy became operational from August 1, 2020, as part of efforts to reduce the rate of non-performing loans in the banking sector.
The apex bank, through Kevin Amugo, director of financial policy and regulation at the Central Bank of Nigeria, CBN disclosed that commercial banks in the country has recovered N50.32 million bad loans from debtors within nine days of its commencement.
Amugo spoke on Tuesday at a webinar organised by the Chartered Institute of Bankers of Nigeria , CIBN Dialogue Series 3.0, tagged ‘Non-Performing Loans and Global Standing Instruction (GSI) Policy: Impact and Insights for Financial Stability’.
According to him, the recovered debt is insignificant, compared to billions of naira owed by individuals and corporate bodies to banks, adding that the GSI will put an end to the era of loan defaults.
He said the GSI was “specifically introduced to support the banking industry in reducing the rate of unserviced loans, improve loan recovery and recovery efforts of banks.
“The amount recovered was, however, insignificant compared with the total of N1.66 billion worth of bad debts by 26,057 customers triggered by the lending banks.
“The size of the recovered NPLs was due to the fact that the CBN was still working on the GSI protocol for non-individual debtors, which means the recovery was made from individual loan defaulters.”
Amugo explained that debtors are likely to default in times of economic crisis, with sever effects on the financial sector, adding that the percentage of non-performing loans jumped from five percent to 15 percent between 2015 and 2017 during Nigeria’s economic recession.
This is above the CBN allowed threshold of six per cent, he said.
He stated that “the CBN report showed that the NPLs ratio declined from 6.6 percent in April 2020 to 6.4 percent in June 2020; however the figure still remains above the 6 percent stipulated threshold by the CBN.
“Also, credit to the economy grew by N3.46 trillion, about 22 percent, of which new credit in June 2020 alone accounted for N773 billion, up from N412.7 billion in May 2020.
“The number of new borrowers similarly rose by about 42,000 to 93,578 from 51,700 in May.”
The Malian Armed Forces have finally put an end to the regime of President Ibrahim Boubacar Kaita whose plot to stay in power triggered a public outrage since June, with large protesters, under the aegis of June 5 demanding he stepped down from power.
A group of mutinous soldiers, on Tuesday arrested the Malian leader, Prime Minister Boubou Cissé and other top officials of his government, thus ending his eight year reign. He came to power in 2013.
President Muhammadu Buhari had earlier met in Aso Rock, Presidential Villa, Abuja, former President Goodluck Jonathan, the leader of ECOWAS peace mission to Mali, who informed him that the mediation has failed.
The leader of the coup DW, a German state owned medium said is one Colonel Sadio Camara, even though the magazine is yet to independently this.
The ousted leader came to office eight years ago after President DioncoundaToure, his predecessor was forced out.
The crisis that led to Kaita’s ouster started two months ago after he was accused of rigging the parliamentary election in favour of some candidates.
The protesters also demanded his resignation for failure to put an end to activities of Alqaeda and ISIL who control parts of the Sahel country.
But he had remained in power through the help of ECOWAS leaders who tried to mediate in an aborted power sharing deal among feuding parties in the country.
The regional body has now urged the military to “return to their positions without delay” few hours after soldiers took over Bamako, the capital.
The African Union has also condemned the forceful take-over of power, urging the military to respect the country’s constitutional democracy.
Moussa Faki Mahamat, Chairman of the African Union Commission, has demanded the immediate release of President Keita and his prime minister.
The AU chair said “I strongly condemn the arrest of President Ibrahim Boubacar Keita, the Prime Minister and other members of the Malian Government and call for their immediate release, adding that the Union oppose any “attempt at anti-constitutional change and call on the mutineers to cease all use of violence and respect for republican institutions.”
France, United States of America, USA and European Union, EU have also condemned the coup attempt, urging the military to negotiate with political leaders on how to restore peace.
“The United States opposes any extra-constitutional change of government, whether by those on the streets or by the defense and security forces,” said J. Peter Pham, the U.S. special envoy to the Sahel.
Let me start by saying that I am from a solid Royal Home. Not the kind of Royal Homes that are two for a kobo, now, scattered all over Igbo land. The one I come from is very much over a Century old. And even though I don’t prefix my name with Princess, I understand what it is to be one.
My respect for the traditional institution is, therefore, sky high. And I feel really bad when I see any of them being humiliated. Which is the angle from which a number of people want me to look at the shame playing out in Anambra State.
I am likely to disappoint them here.
I believe very much in the Igbo adage which says: “When adults reduce themselves to rice, children feast on them.” In sum, that is the story of what happened in Anambra State. Some traditional rulers reduced themselves to rice, and were feasted upon from Anambra, to Abuja, and back to Anambra.
For a couple of reasons, not relevant here, I am not a fan of Willie Obiano, the Anambra State Governor. But last week, I grudgingly gave him a thumbs-up.
Obiano, in an unprecedented action, suspended 13 Traditional Rulers. He did well. The suspension, he ordered, would last for an initial one year, after which it could be lifted, or extended. I don’t agree.
Given Obiano’s reputation of, alleged, intolerance, I am disappointed the suspension is for one year only. He should have suspended them for as long as his tenure would last. And if his successor so desires, they could be reinstated. But I should add: after an apology to the Governor/Government of the state.
Otherwise, if the new Governor reinstates them to curry favour from the piper dictating their dance-steps, I wish him, the same disrespect given to the office of the Governor, which earned them the suspension.
What is the crux of the matter? How did Anambra , again, descend to the time of former Governor Chinwoke Mbadinuju and billionaire businessman, Emeka Offor? How did it descend to the time of former Governor Chris Ngige and Chief Chris Uba?
Mbadinuju’s, sour relationship with Offor cost him a second term in office, and set Anambra children back, educationally. The schools were closed for over one year. Teachers were on strike. Everything went wrong. A piper was somewhere, dictating the tune. Till date, Mbadinuju has not recovered from his tango with Offor. Who hears his name again? He has since gone into political oblivion.
Ngige had, from Chief Uba, the most humiliating experience any Governor could have. He was dragged to the Okija shrine to swear to an oath that he would give up the treasury of the state to his political godfather. And when he reneged on the oath, he was dragged into a room, some say, toilet, and was forced to read a letter of resignation from office as the Governor. He was, thereafter, kidnapped by Police officers led by no less a top officer than Ige, an Assistant Inspector General of Police. Ngige’s political life, and office, at the time, was saved by former Vice President Atiku Abubakar. The President then, Olusegun Obasanjo, was hand in glove with Chris Uba.
Yet, Ngige is luckier than Mbadinuju. For not given up the state treasury at the time, to one man, he was seen as a hero, the “destroyer” of political godfatherism in Anambra. Smartly, he decamped to the AC, later APC, and is now, a two-time Minister. But, it should be pointed out that since his tango with Uba, Ngige has neither won any election in Anambra State, nor garnered any appreciable votes for his party, during any election.
Suspended Anambra Traditional Rulers
But the man who put an authoritative stop to political godfatherism in Anambra, during his two-term tenure, was Peter Obi. He unsat Ngige by proving that Ngige won no election and, also, unsat Senator Andy Uba after the Senator’s two weeks in office as Governor. Obi, thus, changed the political landscape in Nigeria by proving that a Governor’s term begins from the date he is sworn into office.
There are reasons why Obi handled political godfatherism in Anambra state effortlessly. Obi is not loud, but he is rich, very rich. Before he became a Governor, he was a billionaire in Naira, and a multi-millionaire in, at least, two of the world’s strong currencies. A shrewd investor, and a shrewd trader (He introduces himself, always, as a trader), he sponsored his own campaign, and didn’t need the help of any godfather. He gave the many Anambra billionaires space.
Anambra probably has more political godfathers than any other state in Nigeria. With their many Police escorts, long siren-blaring convoy, usually, longer than that of the state governor, Obi, whose convoy, as a Governor, was as a matter of policy, between three and five, always made way for their siren- blaring convoys. He would just park, and allow them zoom past. He was never in their face. And he did not allow them to be in his face. The respect was mutual. So, he escaped their wrath, their intrigue, their power show, and their influence peddling.
It is not that those other godfathers are no longer there. They are. Chris Uba has been quiet since Senator Ifeanyi Ubah gave him an unexpected bloody nose in the race to the Senate in 2019.
Offor is also there. He is not bothering the state government. For now, he is more concerned with using his foundation to develop parts of the North – building and equipping hospitals and schools there, and giving them scholarships.
The most prominent, now, is Chief Arthur Eze, the man who goes by the title, Ozo Igbo Ndu – saviour of the Igbo. My people love titles, all sorts.
His influence goes beyond Anambra. It cuts across all the South-east States and, as he confirms, Africa. This order day, he reportedly said he sponsored three African Presidents, and that one of them, in appreciation, gave him oil wells!
See? The man has three African Presidents in his pocket. No wonder he called Obiano a small fry. In Nigeria, he gives money to many of those contesting for one political position or the other – especially, presidency, governorship. It doesn’t matter which party, but they have to be from the two main political parties – APC and PDP. He does that, in case.
Eze is a close friend, and ally, of every occupant of Aso Rock. It has been so since Abacha. Considering how close he was to Goodluck Jonathan, not a few people thought he was going to be heartbroken when he lost the Presidential election to President Muhammadu Buhari in 2015. But perish the thought. It is commonplace now to hear him run Jonathan down, and praise Buhari to high heavens. He surely gave money to both candidates in 2015. He is not alone. At that level, most of them do that. If there is life, by God’s grace, in 2023, the loyalty will shift, and so would the songs of praise.
Eze is the master of all political godfathers in the South-east because of his closeness to the Villa. During the Jonathan administration, he chided former Governor of Abia state, Senator Theodore Orji, publicly on, at least, two occasions, for alleged non-performance.
About two years ago in Abakiliki, Ebonyi State, he felt it was his right to choose for the Igbo which of their sons should be the President after Buhari. So, he told Buhari, who was in the state, to look the way of Governor Dave Umahi, for a President of Igbo extraction if, and when. I cannot confirm, but I understand he is no longer looking the way of the Igbo for the Presidency.
In the past couple of months, he has been picking his fight from the Igbo area. He recently had an almost dirty spat with former Senate President and Secretary to the Government of the Federation, Senator Anyim Pius Anyim. The worst SGF, ever, he dubbed Anyim. Before then, it was with one of Nigeria’s literary pride, Chimamanda Adichie who protested the treatment given her Abba Community by Eze, who she accused of annexing the Community’s land and market. There are a few such complaints of land annexation by other neighbouring communities against Eze.
Now, he it is, who is behind the shame that brought about the suspension of the 13 Traditional Rulers in Anambra.
What is the problem?
From what I gather, the problem is rooted in politics. It has something to do with who becomes the next Governor of Anambra State in 2021 after Obiano. Eze has an interest, as he does every four years. The youthful Chief Tony Nwoye used to be his favourite candidate. I don’t know whether he still is. The Governor wants it in a particular zone, in the spirit of rotation. Eze disagrees. He, allegedly, wants the zoning arrangement discarded.
The Governor felt Eze was interfering more than he was comfortable with. Eze had given him a bloody nose with the siting of the Zonal Police Command in his Community, (another reason neighbouring communities should be more afraid), instead of at the State Capital, Awka which is an unwritten norm.
One speculation is that Obiano wanted it in his Aguleri community. But he underrated Eze and his influence in the Villa and the Force Headquarters. Or, hasn’t the Governor seen Eze’s siren-blaring, long convoy, and the number of police personnel attached to him. The Governor was not very happy, and made moves to see if the Zonal Headquarters could be relocated to Awka. It didn’t work.
Eze decided to hit Obiano on his soft belly.
He remembered Local Government Areas. He rightly accused the Governor of not holding Local Government elections; of, for years, using Caretaker Committees; of dipping his hands in the till of Local Government funds.
Now, these are illegal. But Obiano has not done anything most Governors in the country are not doing. They are the same. So, why pick on him ? Convenient, to put the Governor in his place.
Most people think this ugly power-show has everything to do with the governorship election of 2021, and flowing from that, the Presidential election in 2023.
Governor Willy Obiano of Anambra State: Suspended the 13 Traditional Rulers.
Eze, they say, wants to be in charge, and in good stead to deliver the state to whoever President Buhari would back – South-east or not.
What to do?
He plotted a coup with the 13 Traditional Rulers. With money, he got them cheap. He got them to rebel against the Governor. He told them he would take them to Abuja to see the President, much like the children’s rhyme of pussy cat going to London to see the Queen.
Their mission, according to them, was to go and thank the President for the good work he is doing in the state. They point at the slow, but on-going River Niger Bridge. They point at the completion of Zik’s mausoleum after many years. They point at a couple of roads. They talk of the appointments given to Anambra sons and daughters. And, can you imagine, in this era of COVID-19, and the efforts to protect the Villa, they set forth.
The questions to ask are: when has it become the job of a billionaire businessman to lead Traditional Rulers on a thank you visit to the President? Whatever happened to the Governor, National Assembly members, the Minister, and other top Presidential appointees from the state? Where was the Chairman of the State’s Traditional Council? And, excuse this cliché, to add insult to injury, they left the state without as much as informing the Governor.
Chief Arthur Eze
Aliko Dangote is the richest man in Africa. He is from Kano. He is, without doubt, one of the most influential men in the world, Africa and Nigeria. I doubt if Eze is as close to the Villa as Dangote. The question to ask Eze is: Has Dangote ever tried to intervene in the politics of Kano, or lead traditional rulers on a thank you visit to the President? When he intervenes in Kano, or anywhere, it is to make peace , and to provide for the people.
The same question goes to the other money men in Igboland, who are not politicians per se. There are the Femi Otedolas, the Mike Adenugas, the Jim Ovias, the Tony Elumelus, the Dantatas, the Abdul Samad Ishaku Rabius, and many more. None of them harasses their Governors. And none would, even in their worst nightmares, not to think of leading a delegation of Traditional Rulers to the Villa. They are busy empowering their people, improving their states, and playing at the international level.
In Imo, my state, there is a very quiet billionaire, who has no time for such things. He just empowers the youths, widows, the less privileged, and generally lifts his state. His name is Leo Stan Eke. There are a few others like him in Imo, as there are a few like some of those Anambra billionaires, but they are not as brazen.
I cannot imagine any Traditional Ruler in the North, for example, who would allow himself to be dragged by the nose by a billionaire businessman, or be enmeshed in politics. He would be deposed. Ask the former Emir of Kano, Sanusi Lamido Sanusi. He was deposed on a mere suspicion of dabbling into politics.
I watched, both, at once, in shame, and embarrassment, a video of the 13 Traditional Rulers, sharing money in Eze’s House. I saw, at least, one of them counting his share , and stuffing in his pocket. And, when I compare them to the Traditional Rulers I see in other parts of Nigeria, I shake my head. That is the level some of our traditional rulers have descended to.
I, however, blame State Governors in the South-east, past and present, for this shameful situation.
For Political reasons, they create autonomous communities as if they are going out of existence. Every village, every hamlet, is given an autonomy, and a Traditional Ruler appointed. Our people like titles, so, every Tom, Dick and Harry, becomes a Traditional Ruler.
The South east has more number of Traditional Rulers than any zone that I know of.
Everybody is a Traditional Ruler.
In Imo State alone, there are about 700 autonomous communities, and, many more are angling for it.
This is why, unlike other Zones, we don’t actually have many Traditional Rulers whose names we can flaunt outside. I can only think of the Obi of Onitsha, and just a few others one can count on one’s fingers.
Yet, it is the same Obi of Onitsha that one of the suspended Anambra Traditional Rulers says has over-stayed as the Chairman of the Anambra Council of Traditional Rulers. He says Obi Nnaemeka Achebe’s tenure has since expired.
Perhaps, he wishes for one of them who went to disgrace the Igbo in Abuja.
I know meeting the Chief of Staff to the President is a big deal, but it speaks of the seriousness with which these Traditional Rulers were taken, that after being herded to Abuja to meet with the President, they ended up not meeting with him. A delegation endorsed by Obiano, Anambra NASS members, Minister of Labour and Productivity, Dr. Chris Ngige, other presidential appointees, and led by the Obi of Onitsha, would have seen the President. The appointment would have been at a better time, not during the period of COVID-19 when not many people are allowed a meeting with the President.
The trip to Abuja, arranged for the Traditional Rulers, by Billionaire Arthur Eze is an aberration. It has belittled the Igbo. It was in bad faith. It was meant to cause crisis and division in the state. It was disrespectful to the Anambra Government and Anambra people. It was, also, disrespectful to the Traditional Institution of the state, and Igbo land. Traditional Rulers should carry themselves with more dignity than has been exhibited in the instant case. And what they did should be dismissed in one word: Disgraceful!
In a major cabinet shake up, Ekiti State Governor, Dr Kayode Fayemi, on Tuesday dropped seven Commissioners and replaced them with new ones.
Names of the newly appointed Commissioners, which were read on the floor of the House of Assembly are Otunba Diran Adesua, Ekiti East, Prince Olabode Adetoyi, Moba, Dr. (Mrs) Olabimpe Aderiye, Ido -Osi, Dr. Oye Filani, Ikole, Princess Fakunle Okieimen Iyabo, Ilejemeje, Alhaja Mariam Ogunlade, Emure and
Mr. Akin Omole, Oye Also nominated for Board positions are: Prof Femi Akinwunmi, State Universal Basic Edecation Board and
Hon. Febisola Adewale, Local Government Service Commission.
The newly appointed Commissioners are to replace those ones from the same local government that have been in the saddle for about 22 months.
A suspected kidnapper and armed robber, who escaped from Gombe state after an operation, has been arrested in Ondo state by the police command.
The State Commissioner of Police, Salami Bolaji, stated this in a statement signed by the police spokesperson, Tee-Leo Ikoro.
According to him, the suspected kidnap kingpin and robber, who was arrested in Ore town, on interrogation, said his gang sometime, this month, robbed a hummer bus with registration number Gombe: NFD 591 XA, kidnapped its driver and conductor in Gombe State.
The suspect disclosed that for him to be able to escape from Gombe state, after the robbery and kidnapping, he repainted the bus, fixed a forged number plate Kogi: XA 451 AN, and headed towards the South Western part of the country.
CP Salami said with a recent kidnap incident in Akoko area of the state, he felt challenged, and ordered his men to comb every part of Ondo State, including forests, in and around the state, to ensure that those behind the kidnapping in Akoko were apprehended and brought to justice.
“With such instruction, it was like igniting the fire for effective raiding across the State, the result of which was the rescue of a lady that was kidnapped earlier in the day around same Akoko axis, and the arrest of the Gombe kidnapping suspect and the recovery of the vehicle.”
He commended the people of the state and other security agencies for their cooperation towards the success of the operation, saying that “with this kind of support in information sharing and their practical support, I could do my best, they have done most useful.
“I pray we continue this way during and after the Governorship election.”
Shoprite Checkers (PTY), owners of popular Shoprite has been stopped from transferring its asset to new owner in case of any buy out.
The retail store, last month gave an indication to dispose of its Nigeria’s assets to would be buyers.
But a Federal High Court in Lagos has stopped the company from transferring its asset mover a $10 million judgment debt.
Justice Mohammed Liman made the order in favour of a Nigerian company, A.I.C. Limited, which in 2018, secured a $10 million judgment against Shoprite in a breach of contract lawsuit.
Recall that Justice Lateef Lawal –Akapo of the Lagos High Court had earlier delivered the $10 million judgment against Shoprite, which the retail company later appealed, and the case is now before the Supreme Court for final judgment.
AIC had in 2012 accused Shoprite of abandoning the agreement both parties had to jointly establish the retail business. The company later went to court to enforce its right when promoters of the retail store set up the business in 2015.
Justice Liman has now granted an order stopping Shoprite “from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets and other assets, including but not limited to trade receivables, trade payables, payment for purchase of merchandise, from within the jurisdiction of this honourable court.”
The judge also directed Shoprite “to disclose its audited financial statements for the years ending 2018 and 2019 to enable the judgment creditor/applicant determine the judgment debtor’s/respondent’s funds in its custody in order to preserve same in satisfaction of the judgment of the Court of Appeal in Appeal No: CA/L/288/2018.”
The National President of the Nigeria Union of Journalists, (NUJ) Mr Chris Isiguzo, has described the five million Naira fine imposed on a private radio station by the Nigeria Broadcasting Commission, (NBC) as a sign of Weak Democracy.
The NUJ President, in a statement, called on the Federal Government to end the impunity and crimes against journalists and the Media.
“This fine is outrageous and an act of impunity against the media.
“It is disheartening to note that, for several years now, Nigeria has continued to record some of the highest levels of violence targeting journalists in the media.
“These are unacceptable to the Nigeria Union of Journalists. We continue to advocate for measures on safety and security of Journalists and press freedom.
“The reckless decision to impose a fine on Media broadcast stations for perceived hate speeches negates the United Nations General Assembly resolution on the safety of journalists which proclaimed November 02 of each year as the International Day to end impunity for crimes against Journalists.
“Promoting the safety of Journalists and media organisations and protecting media equipment will enhance transparent societies and keep citizens around the country well informed.
“Clamping down on the media is a sign of weak democracy; Government should note that a free and open press is part of the bedrock of democracy and development, and these should be encouraged and sustained.”
Mr Isiguzo called on stakeholders to join in the war against impunity on the press, and on the NBC to withdraw the offensive fine and engage stakeholders in finding better ways and means of dealing with hate speech and fake news.
The history that was made Sunday seems now like a Greek gift: The roads to Onne port is reportedly unmotorable, making it a herculean task for the owners of the goods that were brought in through the port to be evacuated by the owners.
The congestion of Lagos ports forced the Nigerian Ports Authority to authorize the diversion of one of the biggest ships to berth in Nigeria to Onne port.
The Federal Ocean Terminal, Onne, in Rivers State, Sunday, August 16, 2020, saw the berthing of the biggest container vessel to ever dock at a Nigerian seaport.
The Nigerian Ports Authority (NPA) said the arrival of the Maersk line Stardelhorn, which has a total capacity of 9,971(TEUs) with length overall of 300 meters, and the width of 48 metres was received at the port at 16:20 hours on August 15. It is a flagship from Singapore.
The vessel has a total capacity of 9,971(TEUs), according to the General Manager, Corporate and Strategic Communications, Mr. Adams Jatto, in a statement on Sunday, August 16, 2020.
“The vessel, which was brought in from Fairway Bouy Bonny, with the aid of three Tugboats, operated by three of NPA’s pilots was received by the Manager of the Onne Ports, Mr Alhasssan Abubakar.
“NPA is delighted to state that the landmark arrival of the biggest gearless Maerskline vessel at Onne Ports is a result of management’s determination to improve the patronage of the Eastern Ports.
“It is an indication of the fact that the Eastern Ports are equipped to receive all manners of vessels and an expansion of the options of consignees in the eastern and northern parts of the country.
“The management of the NPA congratulates its team at Onne Ports. Management also appreciates all stakeholders at the Onne Ports for their cooperation toward seeing that the vessel berthed safely without any challenge.”
But despite this historic feat, there are indications that the roads leading to the ports, are currently unmotorable, particularly for the kind of vehicles that carry containers.
Anxiety and apprehension have gripped members of Zenith Labour Party, (ZLP), in Ondo state as the party is yet to agree on its candidate for the October 10 Governorship poll.
The deadline set by the Independent National Electoral Commission, (INEC) for submission and substitution expires today, 18th August.
Investigations revealed that as at close of work Monday, the candidate elected during the party’s primary last month, Mr Rotimi Benjamin, was still laying claim to the ticket.
Agboola Ajayi
Rotimi was reported to have insisted that he was not aware of any move by the party to substitute his name with that of the Deputy Governor of the state, Mr Agboola Ajayi, who decamped to the ZLP last Friday.
Ajayi, who had earlier dumped the APC and PDP, joined the ZLP, officially, last Friday with the sole aim of picking the party’s governorship ticket.
According to sources close to Rotimi, neither the INEC, nor the leadership of ZLP, has notified him about any substitution of his name.
It was learnt that whatever transpired was between the Deputy Governor and some few leaders of ZLP at the National and State levels.
Although, there are indications that Rotimi may cave in to pressure, he is aggrieved that the Deputy Governor and the leadership of the party have failed to meet with him to discuss his replacement.
“The Deputy Governor has been meeting the National leader of the party, Dr Olusegun Mimiko, and some other leaders of the party at the state level without carrying along the elected Flagbearer of the party, who was duly elected at the party’s Congress last month.
“They even went to the extent of picking for him a running mate. There is no time Rotimi was invited for any discussion and tomorrow (18th August) is the deadline,” a source within the party stated.
However, Rotimi’s stand now runs contrary to an interview he granted Premium Times over the weekend. He told the Online medium that he voluntarily relinquished his ticket to Ajayi, and.was under no pressure at all, because he wanted the state to go back to the “glorious days of Mimiko.”
However, an insider told this magazine that “Rotimi is a politician. He knows what he is doing. He has spent money. They should, at least, meet him half way, and reimburse some of the money he spent. That is how it is done.
It was gathered, though, that leaders of ZLP held an all night meeting with a view to resolving the issue and beat INEC deadline which terminates midnight today.
Nigeria has projected that in 2021, it will spend N3.1 trillion on debt servicing alone. This accounts for about 25% of the projected revenue for that year.
Total projected expenditure, however, is N12.25 trillion, even amid revenue constraint.
In recent times, there has been a serious drive for government revenue through various taxation methods. One of the latest is the increase in value-added tax, which critics claim is targeted against the poor population, as the final burden will be on them, and has caused a marginal rise in inflation due to market pressures.
The Nigerian economy is reeling from severe revenue constraint which analysts claim is a result of a drastic drop in Oil revenue amid COVID 19 pandemic. Corruption is also cited as part of the reason for revenue leakages.
According to a revenue outlook released by the Finance Ministry on Monday, spending would focus on the completion of as many ongoing projects as possible. It asserts that new works would only be allowed if there were adequate resources to complete ongoing projects.
Meanwhile, the Central Bank of Nigeria (CBN), on Monday, said President Mohammadu Buhari has approved the set-up of a N15-trillion infrastructure development company with Nigeria’s sovereign wealth fund.
The company, InfraCo PLC, is expected to focus on raising government investment in the transport sector, said Godwin Emefiele, the CBN Governor.
According to Emefiele, the equity injection into the new project will over a five-year period to begin with.
The CBN will jointly own the firm with the Sovereign Wealth Fund and the African Finance Corporation (AFC), but it will be managed independently.
