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Rising Foreign Debt: Nigeria At Risk, IMF Warns …Says Debt Profile Threat To Political, Economic Dev …FG To Auction N90bn Bonds

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Nigeria and other debtor countries have been warned by the International Monetary Fund (IMF) of risk associated with debt repayment following growing global debt levels.
This is even as the IMF has warned that voters’ disillusionment raises the threat of political developments that could destabilise a range of economic policies in the future, reaching beyond trade policy.
Nigeria’s next general elections holds on February, 2019.
According to tradingeconomics.com, External Debt in Nigeria increased to $18,913.44 million in the fourth quarter of 2017 from $15,352.13 million in the third quarter of 2017.
External Debt in Nigeria averaged $7,806.46million from 2008 until 2017, reaching an all time high of $18,913.44million in the fourth quarter of 2017 and a record low of $3,627.50million in the first quarter of 2009.
Economic Counsellor and Director of Research at the IMF, Maurice Obstfeld, told journalists during the presentation of the World Economic Outlook (WEO 2018), at the on going 2018 Spring Meetings in Washington DC, that “looking past the next few quarters, there are notable risks to the outlook as… global debt levels – private and public – are very high, threatening repayment problems as monetary policies normalise in an environment where many economies face lower medium-term growth rates.”
Obstfeld said the “new Global Financial Stability Report shows, global financial conditions remain generally loose despite the approach of higher monetary policy interest rates, enabling a further buildup of assets-markets vulnerabilities.”
He further warned that “geopolitical risks should not be discounted as well as the recent escalating tensions over trade which present a growing risk.”
These risks Obstfeld said could already be taking a toll noting that “global purchasing managers’ index (pmi) remain in expansionary territory, they have recently softened in advanced and emerging markets economies alike owing in part to weakening export orders.”
He explained further said the world economy is showing “broad-based momentum but that the prospect of a similar broad-based conflict over trade presents a jarring picture.
The IMF Research Director said despite the good near-term projections, longer-term prospects are more sobering. While advanced countries are facing aging population, falling rates of labour force participation and low productivity growth, they may not likely regain the per capita growth rates they enjoyed before the global financial crisis.
With regards to Nigeria and other commodities exporters, the IMF reiterated the need for diversified or risk losing out on the growth outlook for the future.
Meanwhile, the Federal Government has offered for subscription by auction N90 billion worth of bonds in its April 25 auction, the Debt Management Office (DMO) said. The offer circular obtained from its website yesterday in Abuja, stated that it would sell N30 billion of a five-year new issue maturing in April 2023 at an undisclosed rate.
It would also sell N30 billion seven-year re-opening bond to mature in March 2025 at 13.53 per cent and another N30 billion 10-year re-opening bond at 13.98 per cent to mature in February 2028. Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

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RSG Commits To Workers’ Welfare …. Calls For Sustained Govt, Labour Partnership

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The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ekwe Ibas, has assured the commitment of Rivers State government to workers’s welfare and industrial harmony in Rivers State.

The Sole Administrator gave the assurance after meeting with leadership of organized labour unions at the Government House, Port Harcourt on Wednesday.

Ibas reaffirmed government’s policy of prompt payment of salaries and pensions to workers and retirees, stating that all local government employees are not receiving the approved minimum wage.

He disclosed that approval has been given for payment of newly employed staff at Rivers State University Teaching Hospital and the Judiciary, while medical workers in Local Government Areas will now receive correct wages.

Ibas explained that, Government is reviewing implementation challenges of the Contributory Pension Scheme ahead of the July 2025 deadline, adding that Intervention buses have been reintroduced to ease workers’ transportation ,with plans to expand the fleet.

He said specialized leadership training for top civil servants will commence within two weeks, while due consideration is being given to implementing the N32,000 consequential adjustment for pensioners and clearing outstanding gratuities.

Ibas commended Rivers State workers for their dedication to service and called for sustained partnership with labour unions to maintain industrial peace.

“This administration recognizes workers as critical partners in development. We remain committed to addressing your legitimate concerns within available resources,” he stated.

The State NLC Chairman, Comrade Alex Agwanwor, thanked the Administrator for the steps taken so far with regard to workers welfare while appreciating his disposition towards alleviating the transportation problem faced by workers.

He also expressed appreciation for the government’s openness to dialogue and pledged continued cooperation towards achieving mutual goals.

The Rivers State Government assured all workers of its unwavering commitment to their welfare and called for continued dedication to service delivery for the collective progress of our dear State.

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Labour Unions In Rivers Call For Improved Standard Living For Workers

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The Nigeria Labour Congress (NLC), Rivers Council, has called for policies that will improve the economic situation of the country in order to ensure enhanced living standard for workers.

The State Chairman, Mr Alex Agwanwor, made the remark on behalf of the unions affiliated to Labour Congress during the 2025 workers day celebration in Port Harcourt, yesterday.

Agwanwor highlighted the demands of the Unions which included the immediate payment of pension arrears, implementation of the N32,000 minimum wage for pensioners, and payment of gratuities and death benefits without further delay.

“We are calling for the regulation and protection of e-hailing drivers, implementation of increments and promotions, and resolution of long-standing issues in the polytechnic sector,” he said.

Agwanwor on behalf of the unions appealed to President Bola Tinubu to reinstate the democratically elected Governor, Deputy Governor, and members of the Rivers State House of Assembly.

He stressed the importance of democratic governance and good working relationship with elected representatives.

According to him, the unions expressed disappointment over the imposition of taxes, increase in electricity tariff, and high cost of goods and services, which have further worsened the plight of workers.

“We urge the federal government to take measures to alleviate the suffering of citizens,” he said.

 

 

 

 

 

 

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Tinubu committed to unlocking Nigeria’s potential – Shettima

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Vice-President Kashim Shettima says President Bola Tinubu is committed to unlocking Nigeria’s full potential and position the country as a leading force on the African continent.

Shettima stated this when he hosted a  delegation from the Hertie School of Governance, Berlin, led by its Senior Fellow, Dr Rolf Alter, at the Presidential Villa in Abuja last Wednesday.

He said Nigeria was actively seeking expertise from the global best institutions to enhance policy formulation and implementation, particularly in human capital development.

The Vice-President noted that President Tinubu was determined to elevate Nigeria to its rightful position as a leading force in Africa.

“The current crop of leadership in Nigeria under President Bola Ahmed Tinubu is ready and willing to unleash the full potential of the Nigerian nation on the African continent.

” We are laying the groundwork through strategic reforms, and at the heart of it, is human capital development.”

He described the Hertie School as a valuable partner in the journey.

According to him, Hertie School of Governance, Berlin, has track record and institutional knowledge to add value to our policy formulation and delivery, especially in this disruptive age.

Shettima reiterated the government’s priority on upskilling Nigerians, saying ” skills are very important, and with our Human Capital Development (HCD) 2.0 programme.

“We are in a position to unleash the full potential of the Nigerian people by enhancing their capital skills.”

The Vice-President acknowledged the vital support of international development partners in that effort.

” I want to thank the World Bank, the European Union, the Bill and Melinda Gates Foundation, and all our partners in that drive to add value to the Nigerian nation,” he maintained.

The Vice-President said human capital development was both an economic imperative and a social necessity.

Shettima assured the delegation of the government’s readiness to deepen cooperation.

” We need the skills and the capacity from your school. The world is now knowledge-driven.

“I wish to implore you to have a very warm and robust partnership with the government and people of Nigeria.”

Shettima further explained recent economic decisions of the government, including fuel subsidy removal and foreign exchange reforms.

“The removal of fuel subsidy, the unification of the exchange rate regime and the revolution in the energy sector are all painful processes, but at the end of the day, the Nigerian people will laugh last.

“President Tinubu is a very modern leader who is willing to take far-reaching, courageous decisions to reposition the Nigerian economy,” he added.

Earlier, Alter, congratulated the Tinubu administration for the successful launch and implementation of the Human Capital Development (HCD) strategy.

The group leader described the development as ambitious and targeted towards the improvement of the lives of the citizens.

He expressed satisfaction with the outcome of his engagements since arriving in the country.

He applauded the zeal, commitment, energy and goodwill observed among stakeholders in the implementation of Nigeria’s HCD programme.

Alter said the Hertie School of Governance would work closely with authorities in Nigeria across different levels to deliver programmes specifically designed to address the unique needs of the country.

He, however, stressed the need for government officials at different levels to be agile and amenable to the dynamics of the evolving world, particularly as Nigeria attempted to successfully accelerate its human capital development aspirations.

 

 

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