News
States Get N649.4bn Final Paris Club Refund, Soon
The state governments in Nigeria would soon smile to the banks as the Federal Government has concluded plans to commence the final phase of the Paris Club debt refunds.
Addressing journalists in Abuja, yesterday, on the state of the economy, Minister of Finance Zainab Ahmed, disclosed: “The total sum of N649.434billion was verified by the ministry as the outstanding balance to be refunded to the state governments.”
She also revealed that the payments made by the Central Bank of Nigeria (CBN) as at March, 2019 stands at N691.560billion.
“The increase in CBN payments partly arose from exchange rate differential at the point of payment,” she said.
Ahmed, while not divulging the status of the states with regards to the Paris Club disbursements, noted that, “some states still have outstanding balances, which will be refunded, in due course.”
The minister also stated that a total sum of N4.8trillion was distributed to the three-tiers of government between September, 2018, and April, 2019, from the Federation Account, noting that, “the sum of N784.7billion realized from Value Added Tax (VAT) for the same period was also shared.”
Speaking on Nigeria’s growing debt profile, the minister stated, “the debt increase from N12.2trillion to N23trillion is by design.”
The Federal Government, she said “designed the Economic Recovery and Growth Plan (ERGP) to reflate the economy to take us out of recession when we came on board, and we made an assessment, it was clear that our country was going into recession.
“When we did a research on the best way to reverse the recession and to reflate the economy and that means putting resources in the economy so that consumption will increase.”
Based on government’s findings, she said they “designed the ERGP to borrow in the first, second and third years, and in the fourth year, the borrowing was supposed to start reducing. That is exactly what we have done.”
Defending the borrowing, Ahmed said, government “made sure that we borrowed to finance capital projects.
“At the same time we went into recession there were other countries similar to Nigeria that went into recession. Some of them are still not out of recession but because of the method we adopted.
“But the consequence, of course, is the increase in debt and that is why the Ministry of Finance and all its agencies are working to make sure that we increase revenues.”
She reiterated, “at 19.09 per cent Debt-to-GDP ratio, we still are the lowest comparative to countries like Brazil, South Africa that all have an average of 56 per cent Debt-to-GDP ratio.
“If you look at our budget, the debt-service-to-GDP ratio is 30 per cent but because revenues underperformed, it went as high as 50 per cent to 55 per cent, and in some months, up to 60 per cent. So, if our revenues perform optimally, we are in a good place as far as revenues are concerned.”
The minister said the country’s External Reserves grew from $28.3billion in 2015 to $44.69billion as at May 13, 2019.
“This represents a significant improvement that has helped to stabilize the economy, including stabilizing our exchange rates,” she stated.
Also, the Foreign Exchange (FX) market, she said, “remains relatively stable because from 2017 to now there is a significant convergence of the NIFEX and NAFEX windows and they have in fact merged by the end of November, 2018.”
News
PDP Opobo/Nkoro Hails Fubara On Peace, Projects
Stakeholders of Peoples Democratic Party (PDP) in Opobo/ Nkoro Local Government Area of Rivers State have commended the state Governor, Sir Siminalayi Fubara for his disposition that has fostered peace in the State.
Rising from an expanded stakeholders meeting last Saturday in Opobo Town, the body in an eight-point communique signed by its Chairman, Hon. Benneth Daminabo, Chairman of Council, Rt. Hon. Enyiada Cookey-Gam and LG party Chairman, Warisenibo Godwin Pepple commended the governor for linking Opobo/Nkoro LGA to the national grid.
In addition, it lauded the effort of the governor in pursuing the 50.15 kilometre Dual Carriage Ring Road, Elelenwo internal road, Aleto-Ebubu-Eteo Road in Eleme and Andoni Road projects.
Despite the distractions, the stakeholders said they were impressed that the governor had equally done projects in health-the unveiling of Prof. Kelsey Harrison Hospital, Agric projects at Tai and Oyigbo and improving welfare of civil servants.
In their words, “members reaffirmed their unalloyed loyalty and implicit confidence in his administration.”
Condemning the unfriendly and discourteous utterances of Senate President, Godswill Akpabio and Tony Okocha in different fora in the State, the forum urged the duo to desist from such action in order not to heat up the polity.
The forum pledged to stand by the governor through, “thick and thin”, the stakeholders acknowledged the contributions of women, who through prayers for the government has impacted positively in the direction and posture of the governor.
Finally, the forum unanimously expressed gratitude to the Simplified Movement and other bodies that have thrown their weight behind the governor to ensure that the administration is stable and successful.
By: Kevin Nengia
News
‘Rivers People Are Now Breathing Fresh Air Under Fubara’
Aformer Caretaker Committee Chairman of Abua/Odual Local Government Council of Rivers State, Hon Elamo Arogu, says under Governor Siminalayi Fubara, the people of the State are now breathing fresh air.
Hon Arogu said Governor Fubara has given Rivers people hope, considering the impactful and people-oriented projects being carried out by his administration.
The former CTC chairman made the assertion during the Simplified Movement’s thanksgiving service and rally held in honour of Rivers State chief executive last Friday in Abua .
Arogu said under Governor Fubara, the Abua/Odual people have the confidence that the dividends of democracy will definitely get to them.
He noted that the Governor has the strong will to change the narrative in Rivers State, being the reason he is receiving massive support across the State.
“The people of Abua/Odual are strongly behind him. Our doors ate open for everyone because there is government in place to attend to the needs of the people. I believe that he will develop Abua/Odual and other Rivers council areas, hence, the massive support. This government is business- oriented and we are ready to encourage him succeed and invest in our land. The issue of a bank; road networks and other necessities of life bordering on development as demanded by the people will be considered by Governor Fubara”, he said.
He called on the opposition to team up with Governor Fubara to build a stronger, united and viable Rivers State.
He maintained that ward nine under his leadership is Simplified.
News
Rivers State University Cooperative Society Elects New Leaders
The United Port Harcourt Peoples Cooperative Investment & Credit Society Limited, Rivers State University, Port Harcourt, has elected new leaders to pilot the affairs of the cooperative for the next two years.
They are Pastor Dr. Barine Aeba (President); Dr. Gift N. Nkweke (Vice-President), Dr. Kenneth Chima Adiele (General Secretary), Victor G. Banigo (Assistant General Secretary),
Rose Yeyeda Nwosu (Treasurer), Adaku Nwogu (Financial Secretary) and Stella Ereba (Public Relations Officer).
Inaugurating the new Management Committee after a keenly contested election held recently at the University Amphitheatre, the Director of Cooperatives in Rivers State, Dr. Elizabeth Chidi-Wike, congratulated the seven-member Executive for emerging winners at the election, charging them to uphold the bye laws of the Cooperative Society and hold regular congress meetings.
Dr. Chidi-Wike used the forum to commend the outgone Management Committee for reviving the Cooperative and placing it on an enviable pedestrial.
In her remarks, the Acting Registrar of the University, Mrs. Ibimonia Sotonye Harry applauded Cooperative members for keeping faith with the Cooperative Society, stressing that the goal of the society in helping members save for retirement cannot be over emphasised.
In his valedictory speech, the outgone President, Dr. Mie-Idala Jones Amachree expressed gratitude to God for the successful completion of his four-year tenure, thanking his fellow Management Committee members who gave him the needed support that transformed the Cooperative Society.
In his acceptance address, the President, Pastor (Dr.) Barine Aeba thanked the university management for providing the enabling environment for the peaceful conduct of the election, pledging that he will fulfill all his campaign promises.
A total of 165 Cooperative members participated in the electoral exercise which was conducted by an Electoral Committee led by Engr. (Dr.) Joseph D. Enoch.
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