News
Why FG Is Borrowing Fresh $3bn From World Bank -Minister
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said the $3billion loan being sought by the Federal Government from the World Bank would be deployed for reforms in the power sector.
She said this during an interview with journalists on the sidelines of the World Bank/International Monetary Fund meetings holding in Washington DC, United States.
Ahmed, who is leading the Federal Government’s delegation to the meeting, said she would be holding further discussions with the management of the Bank to present how the fund would be disbursed for the project.
She said based on the plan of the Federal Government for the power sector, the loan would be used for the development of transmission and distribution networks to enhance the delivery of electricity.
Ahmed also said the loan would be used in addressing some of the challenges that the country is currently facing in the power sector.
She said, “There is a proposed $2.5billion to $3billion facility for the power sector development programme in Nigeria and this will include development of the transmission networks and the distribution networks as well as removing the challenges that we currently have now in the electricity sector.
“We are going to have a full meeting to discuss the power sector recovery programme and back home we have been working a great deal with the World Bank to design how this programme will be implemented.
“So, we have an opportunity now to have a direct meeting with the leadership of the bank and to tell them the plan we have and how much we need from one to five years.”
The finance minister explained that the government would be pushing for the disbursement of the $3billion facility in two tranches of $1.5billion each.
When asked to comment on concerns being raised by the IMF about Nigeria’s debt which stands at N25.7trillion the finance minister insists that Nigeria does not have a debt problem.
She said what the government needed to do is to increase its revenue-generating capacity in order to boost the revenue to about 50 per cent of Gross Domestic Product.
She said with Nigeria’s current revenue to GDP ratio standing at just 19 per cent, it’s underperformance is significantly straining the government’s ability to service its debt obligation.
The minister said, “Nigeria does not have a debt problem. What we have is a revenue problem.
“Our revenue to GDP is still one of the lowest among countries that are comparable to us. It’s about 19 per cent of GDP and what the World Bank and IMF recommended is about 50 per cent of GDP for countries that are our size. We are not there yet. What we have is a revenue problem.
“The underperformance of our revenue is causing a significant strain in our ability to service debt and to service government day-to-day recurrent expenditure and that is why all the work we are doing at the ministry of finance is concentrating on driving the increase in revenue.”
When asked why the Federal Government decided to increase the revenue projection in the 2020 budget to N8.9trillion at a time when government revenue performance is less than 60 per cent, she said a lot of measures are being put in place to correct the anomaly.
Meanwhile, the Federal Government is considering introducing excise duties on carbonated drinks, according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.
Ahmed gave the indication in an interview with newsmen, yesterday, on the sidelines of the ongoing World Bank/IMF Annual Meetings in Washington DC, United States.
She said the idea was one of other areas, besides the proposed increase in VAT, that the government was looking at to broaden its revenue base.
The minister explained that the government was working hard to ensure efficiency in existing revenue streams while searching for new ones.
She said the government would consult with all stakeholders on the proposal in line with standard policy formulation process.
“Any tax that you are introducing will involve a lot of consultations and also amendments of some laws or introduction of new regulations,” she said.
Carbonated drinks include soft drink brands such as Coca Cola, Sprite and Fanta, while excise duty is a tax levied on locally produced goods.
Ahmed said her ministry was working with all the agencies to ensure that collaboration was strengthened in revenue generation.
“The government is trying to ensure that the work of the agencies is complementing each other as opposed to the past where everybody is working in silos.
“Efforts are ongoing to improve the monitoring performance of the revenue generating agencies, especially government-owned enterprises.
“We have now in place rigorous monthly reconciliation of revenues and that is ensuring that the leakages are minimised.
“There is several cost cutting measures in the SRGI and a number of cost cutting measures initiatives such as innovation and automation as well as capacity building of our people,” she said.
The minister reiterated government’s resolve to sanction revenue generating agencies that fail to meet their targets.
Our attention has been drawn to a recent misleading petition, signed by one Mr. Needam Promise Gogorobari, Owner, Prodest Hotel and dated 24th May 2020,
to the effect that the convicted Manager of Prodest Hotel, Mr. Bariledum Job Azoroh, who recently tested positive for Covid-19 disease amongst 27 others, in a result released by the National Centre for Disease Control, NCDC, may have allegedly been infected on the instructions of the Rivers State Government.
Much as we had restrained ourselves from responding to previous similar publications by this same person, since the subject matter was still before a court of competent jurisdiction, we are now compelled to reply this obviously spurious, deliberately misleading and intentionally provocative petition with a proper response, to set the records straight and caution the sponsors of this action from further pedlling such falsehoods in the public space.
For the avoidance of doubt and for the information of the general public, let us state categorically here that the FACTS of this matter are very clear, viz:
1. A Port Harcourt Senior Magistrates’ Court on May 18th, 2020 CONVICTED Mr. Bariledum Azoro, Manager of Prodest Hotel, Eleme and sentenced him to a fine of N50,000 for contravening paragraphs 3 and 4 of Executive Order RVSG 07 2020 on closure of hotels, guest houses and related outfits and provision of manifests in the state.
2. The Senior Magistrates’ Court also ordered that th convict,Mr. Azoroh should be quarantined at the Isolation Centre in Yakubu Gowon Stadium, Elekahia for 14 days to ascertain his coronavirus status.
3. That while in the Court Ordered Quarantine, competent health officials carried out mandatory tests on all suspected Coronavirus individuals at the centre, including Mr.Bariledum Job Azoroh, to ascertain their Covid-19 status.
It is important to state here that COVID-19 tests undergo World Health Organization, (WHO) and NCDC guidelines and are conducted under strict established medical protocols.
4. That prior to the publication of the test results, the owner of PRODEST Hotel Eleme, Mr. Gogorobari Needam had published one of his misleading petitions in an attempt to preempt the outcome of the test and the question we want to ask is: ‘Why did the hotel owner try to preempt the outcome of the test. Was he trying to cover up something?
5. That on Sunday, 24th May, 2020, the NCDC announced that Rivers State had 27 recorded positive cases including Mr.Bariledum Job Azoroh, from tests carried out in the state.
6. That following the official announcement of the result and confirmation of his Manager’s Covid-19 positive status, the PRODEST Hotel owner has once again released another statement and this time is now calling for a state of emergency in Rivers State because his manager tested positive for Covid-19.
7. Rivers people will recall that on May 19, 2020, we raised an alarm intimating the world of a clandestine plot by some Abuja politicians hiding under the cover of Covid-19 to instigate a State of Emergency in the state. Today, a hotel owner in Eleme, who lives in Lagos is also now calling for a State of Emergency. Is there any wonder therefore as to who is beating the drum for him?
8. Indeed there seems to be more to this than meets the ordinary eye and we are calling on all well-meaning people to see the need to interrogate this man and know that he is acting out a script. Infact, the entire petition sounds and reads like something lifted directly from the copy book of those who have been desperately trying to run down the Rivers State Government. This is desperation taken too far.
9. We even recall vividly that Mr. Needam Promise Gogorobari had, in an interview published in the Punch Newspaper of May 15, 2020 titled: “No ill feeling towards Wike for demolishing my hotel – Gogorobari”, actually stated categorically that he holds no grudge against Governor Wike for demolishing the hotel. His words: “Who am I not to forgive him? I don’t hold any grudge against him. I just feel that God wanted it to happen that way”. So what happened to make him change his mind? Is it not obvious that the agents of evil and those who do not mean well for Rivers State have reached him and are now beating this drum of dissent for him?
10. Again, We want to state categorically here that Government doesn’t conduct Covid-19 tests. Trained Health professionals follow the relevant medical protocols set down by WHO, the Federal Ministry of Health and the NCDC, to conduct these tests.
11. The claim therefore that the PRODEST Hotel manager, Mr. Bariledum Job Azoroh, was infected while in detention is not only laughable and preposterous, but sadly and dangerously exposes the amazing ignorance and naivety of Mr. Needam Promise Gogorobari and those sponsoring him about the deadly nature of the Covid-19 disease. How does one even carry such a deadly virus around and infect people with it?
12. Rather than commend the Rivers State Government for stemming the tide of infection that would have arisen if the Hotel used for clandestine parties was not demolished and the Manager arrested, the owner is crying wolf where there is none.
13. We also want to caution Mr. Needam Promise Gogorobari to be very mindful of his claims that his hotel Manager “has been framed up by an unorthodox hired medical officers recruited by Governor Wike with a report that he has tested positive to COVID-19 whilst in detention with the Rivers State Government”.
This is a clear accusation and indictment of the reputation and authority of the NCDC.
14 We also want to call the attention of Mr. Needam Gogorobari that we take exception to his description of the Isolation Centre in Port Harcourt, as an “illegal detention facility in Stadium, Elekahia, Port Harcourt” and to inform him and his sponsors that the Director General of NCDC, Dr. Chikwe Ihekweazu and a team from the World Health Organization, were in Rivers State on a working visit in April this year and not only praised Governor Nyesom Wike for his leadership and handling of the Covid-19 outbreak. but also applauded his medical health team and all the facilities put in place in response to the Coronavirus.
We will therefore be keen to know how the NCDC will react, when they read your description of a facility they approved, as ‘a detention centre’.
15. Finally, we want to assure the good people of the state that the Rivers State Government remains resolute in its fight to curtail the spread of COVID-19 in the state and we will not be deterred by cheap blackmail and misleading propaganda.
16 Governor Wike is determined to employ and deploy appropriate strategies to keep Rivers State safe.
17. We call on all residents to work together with the Governor to defeat Covid-19 in Rivers State and by the Grace of God we will be victorious.
Paulinus Nsirim
Commissioner for Information and Communications
May 26, 2020
Rivers State Deputy Governor, Dr. Mrs. Ipalibo Harry Banigo has felicitated with the wife of the State Chief Executive Hon. Justice Eberechi Suzzette Nyesom Wike as she celebrates her birthday on Saturday, 23rd May, 2020.
In a statement from the Government House in Port Harcourt on Friday, 23rd May 2020, Dr. Banigo described Hon. Justice Wike as a humane and God fearing woman who is a great pillar of strength to our amiable Governor, Nyesom Ezenwo Wike.
While wishing her many happy returns the Deputy Governor prayed the Almighty God to continue to protect and bless Hon. Justice Eberechi Suzzette Nyesom Wike.
The family of former Nigerian President,Goodluck Jonathan and the Otuoke community of Ogbia Local Government Area of Bayelsa state has been thrown into mourning as the News of the sudden demise of Chief Nitabai Inegite,the former president’s foster father reached them.
-
Featured3 days agoRivers Records 27 New Coronavirus Cases …Manager Of Prodest Hotel Among The New Cases
-
Featured3 days agoPROBE: EFCC Should Stop Media Trial – Rivers State Government
-
Featured1 day agoRSG Cancels Lockdown Of Obio/Akpor, Port Harcourt Local Government
-
Featured3 days agoRIWAMA Sole Administrator Congratulates Hon (Mrs) Justice Suzzette Eberechi Nyesom-Wike On Her Birthday
-
Featured2 days agoGovernor Wike Releases N450M To 2019 Presidential Election Violence Victims In Abonnema
-
Featured1 day agoCOVID-19 Decisions Are Taken By State Security Council – Governor Wike
-
Politics8 hours agoCROSIEC Deploys About 8,000 Personnel For LG Elections
-
Business8 hours ago
COVID-19: Dockworkers/Seafarers Are Essential Workers, Exempted From Travel Restrictions, Says NIMASA