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Debt Servicing To Gulp 123% Of 2023 Revenue
The World Bank has projected that debt servicing would gulp 123.4per cent of the Federal Government’s revenue in 2023.
This was according to a presentation made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022.
The document was entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’
The document projected that debt servicing would gulp 100.2per cent of Federal Government revenue by the end of 2022.
This was a decline from the earlier projection in its October Africa’s Pulse report, which is a biannual analysis of the near-term macroeconomic outlook for the region, published during the World Bank/IMF Spring and Annual Meetings in April and October.
In the Africa’s Pulse report, the Washington-based bank had said that Nigeria’s debt service to revenue ratio could stand at 102.3per cent by the end of 2022.
It had described the public debt in Nigeria as concerning due to the rising debt service-to-revenue ratio.
However, the situation would be dire in 2023 as debt surviving would exceed 118per cent of revenue reported in the first four months of 2022.
In his presentation document, the World Bank lead economist for Nigeria noted that borrowing more money was not the solution for Nigeria.
The document read, “Borrowing more is not the solution: debt costs are rising rapidly, squeezing non-interest spending.
“Debt servicing has surged over the past decade and is expected to continue increasing over the medium-term, crowding out productive spending.”
Nigeria’s public debt rose to N44.06trillion in the third quarter of 2022, with the country struggling with a repayment burden.
According to a press statement published on the website of the Debt Management Office, the total public debt stock rose from N42.84trillion recorded in the second quarter to N44.06trillion in the third quarter of 2022.
This showed that there was a 2.85per cent increase quarter-on-quarter, with Nigeria acquiring N1.22trillion debt within three months.
The DMO said that the increase in public debt was due to new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, alongside new borrowings by sub-nationals.
It also noted that the total public debt stock consisted of domestic debt of N26.92trillion and external debt of N17.15trillion.
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Rivers Capable Of Delivering Massive Votes For Tinubu, Chinda, Others -Fubara …Charges APC, Rainbow Coalition To Embrace Team Work
Rivers State Governor, Sir Siminalayi Fubara, has declared that the State is capable of delivering massive votes for President Bola Tinubu, the All Progressives Congress (APC) governorship candidate, Rt. Hon. Kingsley Chinda and other candidates of the Rainbow Coalition in the 2027 general elections.
Fubara, who stated this yesterday at the inauguration of the APC Presidential Campaign Council in Port Harcourt, said the surest path to victory is for the members of the Presidential Campaign Council drawn from the APC and the Rainbow Coalition to embrace the spirit of teamwork.
He said what the state was witnessing in the current political season is a repeat of the successful mobilization done in 2022 and 2023, when a large campaign council worked in unity to deliver victory for him and for President Tinubu.
He added that the present council is bigger, wider and better coordinated and should therefore achieve even better results.
He noted that the beauty of the new council is the fact that some persons who were in the opposition camp during the previous elections are now part of the team, saying their inclusion has made the task easier, provided everyone works as one team and with sincerity of purpose.
The governor thanked the Coordinator of the Presidential Campaign Council for Rivers State, Chief Nyesom Wike, and other leaders who worked tirelessly to bring the council to fruition, stressing that nothing is impossible especially when people work together for a common purpose.
He expressed optimism that with seriousness and commitment, the state would record a higher number of votes than it recorded in 2023.
Fubara, while congratulating members who made the list, appealed to those whose names were omitted not to be discouraged, as there are still sub-committees to be constituted and the list can still be updated, even as he warned against double loyalty.
He said the state has gone past the stage of division and is now looking to the future and what God holds for Rivers people, expressing confidence that with the strategy already put in place, the APC and the Rainbow Coalition would come out victorious in 2027.
Minister of the Federal Capital Territory and Coordinator of the Campaign Council, Chief Nyesom Wike, while inaugurating the Council, lauded Fubara for finding time to attend the ceremony and other engagements of the Council in spite of his busy schedules.
Wike, who is also the National Leader of the PDP/ Rainbow Coalition, reminded members of the Council that they were chosen based on their capacity to participate in the activities of the group and deliver positive results.
He charged them to work hard to win votes for the candidates of the APC and the Rainbow Coalition for the Presidential, Governorship, National Assembly as well as State House of Assembly elections next year.
He disclosed that apart from the Presidential Campaign Council and its sub-committees, the Local Government Campaign Councils will soon be inaugurated to ensure better coverage of the grassroots during the current campaign season.
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RSG Floats MNET Culture Content Promo
The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.
Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.
He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.
He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.
“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.
Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.
The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.
On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.
Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.
With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.
He, therefore, called for collaboration from stakeholders in the State.
Kevin Nengia
Featured
APC Presidential Campaign Storms PH, ‘Morrow
Barring last minute changes, the presidential campaign train of the All Progressives Congress (APC) will storm Port Harcourt, Rivers State capital, tomorrow.
This is according to a campaign timetable released by the APC Campaign Council last month.
The Tide reports that the APC presidential campaign kicked off in Kaduna on October 24 with President Bola Tinubu in attendance.
The campaign train later moved to Cross River, Gombe, Nasarawa, and Ekiti on November 2, 3, 4 and 5 respectively with the Vice President, Kashim Shettima representing the President at the rallies.
President Tinubu is personally scheduled to attend 12 states including Rivers, Kaduna, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos.
The Rivers State rally, scheduled to hold at the Adokiye Amiesimaka Stadium, Port Harcourt, is expected to witness a large crowd of party supporters drawn from a coalition of political parties in the State.
The party is expected to round off its presidential campaign in Lagos State on January 9, 2027.
The Tide reports that Tinubu has not visited Rivers State as President since he assumed office in May 2023. His last physical visit to the State was before his inauguration on Wednesday, May 3 – Thursday, May 4, 2023, when he was hosted by then Governor Nyesom Wike in Port Harcourt to commission the Rumuola/Rumuokwuta Flyover and the Magistrates’ Court Complex.
Tomorrow’s visit will be his first to the State since assuming office.
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