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Greece, Europe Struggle To Contain Debt Crisis

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German Chancellor Angela Merkel sought to calm market fears that Greece is heading for a chaotic default on its debts as Europe struggles to contain a crippling financial crisis.

Her comments Tuesday come a day after her deputy raised the possibility of a default, and come ahead of another telephone discussion between Greece’s finance minister and his German counterpart.

Fears of an imminent Greek default have pushed interest rates on the country’s 10-year government bonds up further Tuesday to over 24 percent, even though Merkel sounded a note of optimism regarding Greece’s chances of getting the next batch of bailout cash from the so-called troika — the European Commission, the European Central Bank and the International Monetary Fund.

Representatives from the three organizations are due back in Athens this week.

“Everything that I hear from Greece is that the Greek government has hopefully understood the signs of the time and is now doing the things that are on the daily agenda,” Merkel said on rbb-Inforadio. “The fact that the troika is returning means that Greece has started doing some things that need to be done.”

Merkel also warned of the perils of an “uncontrolled” Greek bankruptcy.

“I have said ‘if the euro fails, Europe fails’ — that that applies here and therefore everyone should very carefully weigh their words,” she said. “What we don’t need is unrest in the finance markets — the uncertainties are already big enough.”

Greece is relying on international rescue loans to remain solvent. But lagging efforts to tame a bloated budget deficit and enforce reforms are now threatening that lifeline, which is conditional on fiscal progress.

Greece is trying to convince international creditors that it deserves to get the next tranche of money due from a bailout fund and the country’s finance chief Evangelos Venizelos is to speak Tuesday with German finance minister Wolfgang Schaeuble. The two held a lengthy telephone conversation the previous day too.

The latest bout of jitters in the markets have been partly stoked by comments from Vice-Chancellor Philipp Roesler Monday that there should be “no bans on thinking” in how to resolve the euro crisis. By raising the specter of an “orderly insolvency,” Roesler’s comments reinforced concerns that Greece will end up defaulting.

Despite over 20 months of austerity and two international bailouts each worth about euro110 billion ($150 billion) — although the second faces considerable implementation delays — Greece’s finances remain in a parlous state.

Over the past few days, Venizelos has issued a series of pledges to accelerate delayed reforms meant to cut the cost and size of the public sector, and raised the prospect of firing up to 20,000 public servants — which would break a major taboo in a country where state employees have guaranteed jobs for life.

In a last desperate bid to plug the revenue hole, the government on Sunday imposed a new, two-year blanket tax on property.

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NCDMB Recommits To  Youths’ Capacity Building

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The Executive Secretary,  Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola-Ogbe, has reeled out initiatives evolved by the Board in its contribution towards capacity building for youths across the country.
The NCDMB Scribe revealed this recently at the 2024 Practical Nigerian Content (PNC) Youth Forum held in Yenagoa, the Bayelsa State capital.
Tagged “empowering the future: unlocking the opportunities in the Niger Delta oil and gas sector”, the event featured three thematic lecture series delivered by the founder and leader of the Niger Delta Peace Coalition (NDPC), Mr. Zik Gbemre, the Bayelsa State Commissioner for Youths Development, Mr. Alfred Kemepado Nimizigha, and the Chief Executive Officer, PE Energy ltd., Mr Daere Akabo.
Ogbe, who was represented by the Manager, Capacity Building of the Board, Mr. Olugbenga Sheba, noted that the NCDMB has recently partnered the Nigerian Liquified Natural Gas (NLNG) to commence the Nigerian Content Human Capacity Development (NC-HCD) in the oil and gas sector for the training of 331 young graduates.
“As you already know, the NCDMB was established by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
“Our mandate is to develop human capabilities and material capacities in the Nigerian oil and gas industry, and to monitor and enforce compliance with the provisions of the act”, the NCDMB Scribe said.
“The theme for this year’s youth event is ‘Empowering the future: Unlocking the opportunities in the Niger Delta Oil and Gas Sector’. This theme speaks to our determination and ongoing efforts to introduce youths from the Niger Delta to opportunities that abound in the oil and gas industry.
“Few weeks ago, we partnered the NLNG to kick start the Nigerian Content Human Capacity Development (NC-HCD) basic training programme for a total of 331 young graduates. The training covers ICT, Engineering, Welding and Fabrication, Non-destructive Testing (NDT), Lifting and working at Height, Quality Management Systems, Marine and offshore services and  Facility Management and Maintenance.
“We also organised training for youths with the Industrial Training Fund (ITF), WalterSmith Petroleum, and other organizations. And as part of the NCDMB’s initiatives in the Niger Delta, we’ve developed two oil and gas parks at Emeyal one in Ogbia Local Government Area of Bayelsa State, and Odukpani in Cross River State”, he added.

By: Ariwera Ibibo-Howells, Yenagoa

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FGC, Warri Wins NCDMB, ICPC Maiden Anti-Corruption Schools Debate

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The Federal Government College, Warri, Delta State, has won the maiden ‘’Anti-Corruption” debate organised for select Secondary Schools across the six geopolitical zones of the nation by the Nigerian Content Development and Monitoring Board (NCDMB), in partnership with the Independent Corrupt Practices and other related offences Commission (ICPC) at the Content Tower, headquarters of the Board, Yenagoa, Bayelsa State.
The Tide reports that at the debate umpires said following the evaluation from the presentations by the two finalists, Federal Government College, Kazaure, Jigawa State, scored a total of 74.4 points as first runner-up while the Federal Government College, Delta State garnered 76.4 points to emerge winners.
Other schools that participated in the various stages of the debate leading to the finals were Federal Government College, Odi, Bayelsa State; Federal Government College, Okigwe, Imo State;  Federal Government College, Ijanikin, Lagos State; Federal Government College, Maiduguri, Borno State; and Federal Government College, Rubochi, Abuja.
The Tide further reports that the theme for the 2024 International Day of Anti-Corruption was, “Effective Whistleblower Protection Mechanism: A Critical Tool in the Fight Against Corruption”, while topic for the debate was, “Impact of integrity on the expansion of public trust and confidence in governance.
Earlier in his keynote address, the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, restated the Board’s stance against corruption, noting that fighting corruption is a must for the Board.
He reaffirmed his commitment to ideas and programmes geared towards putting an end to corruption within the system, and lauded the Federal Ministry of Education for approving the participation of students in the event.
While commending the ICPC for their support and continuous oversight over the activities of the Anti-Corruption Unit (ACTU) of NCDMB, Ogbe also thanked the anti-graft unit of the Board for putting the event together, noting that they were doing well in their efforts at combating corruption.
“To be clear on what today is about, we’re marking and celebrating International Anti-Corruption Day (IACD), with focus on raising the consciousness of our youths on the ills of corruption and how it stunts the socio-economic development of any Nation.
“This is to send a strong message for extra vigilance by all of us in combating the menace of Corruption from all fronts”, the NCDMB boss said.

By: Ariwera  Ibibo-Howells, Yenagoa

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Free Meter Distribution: FG Deducts N700bn From Federation Account 

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The Federal Government has earmarked  N700billion from the federation account to implement the distribution of free electricity meters under the Presidential Metering Initiative.
This was disclosdd by the Special Adviser to the Minister of Power on Strategic Communications and Media, Bolaji Tunji.
Tunji, who, in a chat with The Tide’s source noted that the PMI was on course with a target to deliver two million meters yearly, also revealed that the amount reserved for the project had reached N700 billion and procurement had started.
“The Presidential Metering Initiative is still on course. Two million meters every year, delivery of the first batch will start by the first quarter of next year. About N700billion provision has been made, and the money is ready”, he said.
He further revealed that the government would fulfil its promise to deliver 1.3million electricity meters out of the 3.2 million meters under the World Bank Distribution Sector Reform Programme initiative this month, saying that “The DISREP programme will commence this month”.
An analysis of the Federal Account Allocation Committee meeting minutes obtained by our correspondent between April and August showed that the government had saved N420billion from a monthly deduction of N100billion.
The amount deducted from the monthly federation revenue before allocation to the three tiers of government was aimed at bridging the metering gap in the country, which currently stands at 50 per cent.
Recall that N120 billion was deducted from April revenue as the first tranche for the PMI, bringing the amount deducted from the federation account for the initiative as of August to N420billion.
In May, the Minister of Power, Adebayo Adelabu, said the government would provide an initial N75billion as seed capital while the Nigerian Sovereign Investment Authority pledged to inject N250 billion annually for the initiative.
The Minister also disclosed that the initiative would leverage debt financing from diverse financial institutions to bolster the PMI’s resources.
The Managing Director of Abuja Distribution Electricity Distribution Company, Mr. Victor Ojelabi, recently said the PMI would unlock about N1trillion in revenue currently tied up in the Nigerian Electricity Supply Industry due to a large number of unmetered customers.
Under the initiative, the Nigerian Electricity Regulatory Commission announced the approval of N21billion for the 11 electricity Distribution Companies to provide meters for end-use customers at zero cost.
The Distribution Sector Recovery Programme is a comprehensive initiative aimed at addressing the challenges and inefficiencies within Nigeria’s electricity distribution sector.
Recently, the NERC acknowledged that the country’s metering gap remains substantial despite installing 3.03million meters since privatising the power sector in 2013.
It said 6.15 million out of 13.33 million registered customers had been metered, bringing the metering rate to 46.14 per cent in 2024.

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