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Capital Importation Rises By 26%, Hits $2.19bn In Q4 -DMO …Says Govt Borrowings Not Bad

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The value of capital importation into Nigeria increased by 26.35per cent to hit $2.19billion in the fourth quarter of 2021, according to new data from the National Bureau of Statistics (NBS).
In its ‘Nigerian Capital Importation’ report released, yesterday, the NBS disclosed that capital importation increased from $1.73billion in the third quarter of 2021 to $2.19billion in Q4, 2021.
It said, “The total value of capital importation into Nigeria in the fourth quarter of 2021 stood at $2.19billion from $1.73billion in the preceding quarter showing an increase of 26.35per cent.
“When compared to the corresponding quarter of 2020, capital importation increased by 109.28per cent from $1.05billion. The largest amount of capital importation by type was received through other investment, which accounted for 54.24per cent ($1.19billion).
“This was followed by Portfolio Investment with 29.39per cent ($642.87million) and Foreign Direct Investment amounted to 16.38per cent ($358.23million) of total capital imported in Q4 2021.”
The NBS added that the tanning sector attracted the highest inflow with $645.59million, 29.51per cent of total inflow.
Lagos attracted the most investment, with 90.66per cent ($1.98billion) of total investment flowing to the state.
It said, “Disaggregated by Sectors, capital importation into tanning had the highest inflow of $645.59million amounting to 29.51per cent of total capital imported in the fourth quarter of 2021.
“This was followed by capital imported into the production sector, valued at $360.06million (16.46per cent) and the electrical sector with $325.55million (14.88per cent). Capital Importation by country of origin reveals that Mauritius ranked top as source of capital imported into Nigeria in Q4 of 2021 with a value of $611.45million, accounting for 27.95per cent.
“This was followed by the United States of America and the Republic of South Africa valued at $321.03million (14.67per cent) and $285.83million (13.07per cent) respectively. By destination of investment, Lagos State remained the top destination in Q4 2021 with $1.98billion accounting for 90.66per cent of total capital investment in Nigeria.
“This was followed by investment into Abuja, valued at $170.55million (7.80per cent). Categorisation of total capital investment by the bank shows that Eco Bank Plc ranked highest in Q4 2021 with $708.58million (32.39per cent). This was followed by Stanbic IBTC Bank with $453.82million (20.74per cent) and Union Bank of Nigeria Plc with 284.60million (13.01per cent).”
Similarly, the Director-General of the Debt Management Office, Patience Oniha, has said borrowings by countries to finance budget deficits and critical infrastructure is not necessarily a bad idea.
The DG disclosed this in an interview with newsmen, yesterday, in Lagos, while speaking during an awareness programme on security issuance organised by the Debt Management Office (DMO).
According to her, government borrowings were done by all countries across the world, mostly to finance critical infrastructure, the multiplier effects of which could not be overemphasised.
Oniha reckoned that successive Nigerian governments have had to recourse to borrowing to fund budget deficits, adding that annual budgets would be affected if funds were not raised to support them.
“The issue of debt has become topical in Nigeria that sometimes it almost looks as if borrowing is an offence or a crime. The first thing we must understand is that countries across the world borrow, be it poor countries, advanced countries, developed countries, emerging markets, they all borrow.
“We usually hear complaints that debt levels are rising in Nigeria. Globally, debt levels are rising – not just in Nigeria,” she remarked, stressing that the advent of COVID-19 had also made borrowing imperative for many countries, regardless of size, population, or economic growth.
“What has happened with COVID-19 is that countries needed to spend more, not only on health needs but on social needs as well, because we need to take care of the people who are losing their jobs. We need to create incentives for the private sector to continue operating in order to avoid a big recession because most countries experienced (recession).
“We did as well, but we came out of it after two quarters. Government spending is one of the tools you can use properly to exit a recession,” she affirmed.
The DMO boss clearly made a case for the Federal Republic of Nigeria with regards to financing budget deficits, financing specific projects and services like railways, roads, airports, et al., opining that infrastructural financing is in “itself an economy”, capable of creating enormous jobs across all sectors in the country.
“We also borrow to finance maturing loan obligations like the Federal Government of Nigeria bonds and Nigeria Treasury Bills,” Oniha said, observing, however, certain statutory norms regulating government’s borrowings at various levels and guarding against fiscal impropriety arising from the process.
“The Fiscal Responsibility Act states that borrowing should be for capital purposes and for human capital development.
“The DMO Act is also clear, especially on external borrowings. No arm of government can borrow on its own. It has to conform with those provisions and pass through the Federal Executive Council and the National Assembly,” the DG spotted.
Recently, some stakeholders in Nigeria have raised a stink over the country’s rising debt profile, with some sending strong notes of an ‘impending storm’, as food prices soar even annoyingly higher to the chagrin of the masses, whilst the nation keeps lumbering to meet its local demand for food, staggered by inadequacies, insecurities and most recently the Russia-Ukraine global crisis, which had led to a surge in food prices in most parts of the world.
The DMO had earlier revealed that the country’s total debt stock as of December, 2021, was pegged at a whopping N39.55trillion, ratiocinated to hit N45trillion 2022, just as the government planned to borrow an additional N6.39trillion to finance the 2022 budget deficit.
Oniha had explained that the overall deficit in the 2022 budget was N6.30trillion, representing 3.46per cent of the country’s Gross Domestic Product.
She observed that the budget deficit was to be financed mainly by borrowings from both domestic and foreign sources including privatisation proceeds.
“About N2.57trillion will come from domestic sources; N2.57trillion from foreign sources; N1.16trillion from multilateral and bilateral loan drawdowns, and N90.7billion from privatisation proceeds,’’ she revealed.

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FG approves 3 critical civil service policies

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The Federal Government has approved three transformative policies aimed at boosting productivity and enhancing service delivery across the civil service. These are the Rewards and Recognition Policy, the Incentive and Consequence Management Policy, and the Civil Service Mentoring Policy.

The approval was granted during the Federal Executive Council meeting presided over by President Bola Tinubu.

The move marks a new era of performance-driven governance, strategic talent development, and enhanced accountability, with the policies designed to work in synergy to motivate staff, foster a culture of excellence, and significantly improve service delivery to Nigerians.

According to a statement signed by MrsEnoOlotu, Director of Information and Public Relations, the Head of the Civil Service of the Federation, MrsDidi Esther Walson-Jack, affirmed that the policies are central to staff welfare and the enhanced value proposition of civil servants and also align with the 2021 Public Service Rules (060101–060111).

She commended the President for his commitment to transforming the civil service and fostering a workplace culture that is efficient, productive, incorruptible, and citizen-friendly. The Head of Service noted that the approval demonstrates the government’s firm resolve to value public servants, reward excellence, and systematically groom the next generation of leaders.

The Rewards and Recognition Policy establishes a comprehensive framework designed to attract, nurture, develop, and retain top talent within the service. It seeks to promote excellence, innovation, and continuous improvement, thereby strengthening overall institutional performance.

The Incentive and Consequence Management Policy introduces a clear, transparent, and equitable system where exceptional performance is rewarded and under-performance is addressed through structured corrective measures. It aims to entrench fairness and accountability at all levels while providing developmental support to staff requiring improvement.

The Civil Service Mentoring Policy, described as a strategic investment in the future of the service, is intended to bridge experience gaps and ensure the systematic transfer of institutional knowledge.

“It will equip the next generation with the requisite skills, values, and ethical grounding for strategic leadership, while preserving invaluable institutional memory against the tide of retirements, thereby ensuring continuity and sustained excellence,” the statement added.

MrsWalson-Jack reiterated that the President’s approval for the implementation of these policies is not merely an administrative milestone, but the foundation upon which a modern, agile, and empowered civil service will be built. She assured civil servants that their dedication will be recognised, excellence rewarded, and personal growth supported.

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RSG CHARGES JOURNALISTS TO SHOWCASE GOVT PROGRAMMES 

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The Rivers State Government has charged journalists to serve as a bridge between the government and the people by reporting effectively on government’s policies, projects, programmes and achievements, thereby keeping the public informed on its activities.

 

The Secretary to the State Government, Dr. BeniboAnabraba, gave the charge during a courtesy visit by the Nigeria Union of Journalists (NUJ), Rivers State Council, led by the Chairman, Mr. Paul Bazia-Nsaneh, in Port Harcourt.

 

Dr. Anabraba emphasized that as the fourth estate of the realm, journalists owe the public a duty to provide a platform for constructive criticism of government and serve as watchdog of society.

 

He indicated that public opinion via the mass media is significant to help the government appreciate public perception, and also to create awareness on government initiatives, programmes and policies as they affect the citizenry.

 

“As a Government, we also appreciate the fact that you are our partner in conveying government policies and activities to the people, for their consumption, appreciation and review. We implore you to continue to publicise matters of importance in governance and encourage civic participation particularly on issues such as civil rights, voters’ registration, actions against gender-based violence, etc.

 

“You also have an obligation to promote morality and balanced criticism of government,” he stated

 

The chairman of the Rivers Council of NUJ, Mr. Paul Bazia-Nsaneh thanked the State Government for receiving them and intimated him of their desire to work with the government.

 

He explained that the union is poised to positively portray the State through an agenda of development communications, adding that the union has also outlined strategic projects to this effect.

 

“As a union, we need to change the narrative and to talk about development communications. If we don’t put out the opportunities that are available in River State, then we can not have people who will be interested in investing in the opportunities that are available to us. So we decided to put out some key areas that we need to focus on development communication trajectory,” he added.

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Police Arrest Sex Trafficking Syndicate, Rescue 15 Young Girls InOndo

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The Police Command in Ondo State says it has  dismantled a notorious sex trafficking syndicate exploiting young women under the guise of job recruitment and social media content creation.

This is contained in a statement signed and made available to newsmen, yesterday, in Akure by the command’s spokesperson, DSP OlusholaAyanlade.

Ayanlade said one Jayeola Joshua was arrested along with two others, while 15 young girls aged 20 to 26, accommodated in an apartment in Alagbaka, Akure, for illicit activities, were rescued. 

The Police spokesperson, who said the sex syndicate was arrested by the command’s Special Weapons and Tactics (SWAT), explained that efforts were on to apprehend the remaining accomplices.

According to him, investigations revealed that the syndicate lured victims across the country with false promises of lucrative employment, including domestic work, ushering services, and overseas placements.

He said the syndicate’s arrangement not only facilitated exploitation but also highlighted how organised criminal elements prey on the vulnerability of unsuspecting young women seeking legitimate opportunities.

“Further inquiry uncovered that the victims were manipulated into sending nude images and videos, which were subsequently transmitted to clients procuring sexual services.

“The principal suspect reportedly received the largest share of the proceeds, while the operation was disguised as producing “relationship content” on social media, misleading the public and masking criminal intent.

“Following the rescue, the 15 victims were taken to the Police Hospital, Akure, for medical care, psychological evaluation, and counseling,” he said.

Ayanlade explained that evidence indicated the apartment was specifically rented to facilitate these activities, prompting the Commissioner of Police (CP) to direct the landlord’s invitation for questioning as part of the ongoing investigation.

He also stated that the CP directed the case be transferred to the command’s Gender Desk for further investigation, counseling, and the reintegration of the victims into society.

According to the spokesperson, the CP issued a marching order that all arrested suspects must be prosecuted to demonstrate the command’s zero-tolerance stance on human trafficking and sexual exploitation.

“This reaffirms the command’s determination to eradicate criminal and sex networks engaged in human trafficking and sexual exploitation,

“The CP has urged parents and guardians to verify job offers and recruitment agents before allowing their wards to travel.

“He also encouraged the public to remain vigilant and provide credible information that can aid in preventing and detecting crime across the state, underscoring the vital role of community partnership in maintaining public safety,” he said.

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