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Debt Servicing Jumps By 14.68%

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Nigeria’s debt servicing bill went up by 14.68per cent to N3.36trillion in 2022, data from the Debt Management Office (DMO), in Abuja, has shown.
According to DMO, N2.93trillion was spent on external and domestic debt servicing payments in 2021.
Recall that the DMO had earlier reported that Nigeria’s total debt stock stood at N46.25trillion as of December 2022.
An analysis of DMO showed that the country spent $2.4billion which was equivalent to N1.07trillion using the current exchange rate of $/N460 to service its external debt last year.
Domestic debt servicing gulped N2.56trillion in 2022, with the highest expenditures of N529.88billion recorded in April.
The debt servicing under President Muhammadu Buhari administration has maintained an upward trend since 2016.
In 2016, a total of N1.23trillion was spent to service the country’s domestic debts.
The figure for domestic debt servicing rose to N1.48trillion in 2017.
In 2018, the country’s domestic debt servicing bill rose to N1.8trillion while the cost of domestic debt servicing came down a bit in 2019 to N1.69trillion.
In 2020, debt servicing rose again to N1.85ttillion.
By 2021, domestic debt servicing rose to N2.05trillion.
On the other hand, external debt servicing gulped $353.09million in 2016.
It went up to $464.05million in 2017 and jumped up to $1.47billion in 2018.
In 2019, the country spent $1.33billion on external debt servicing.
In 2020, external debt servicing gulped $1.56billion.
By 2021, it became N2.93trillion.
The amount spent on external debt servicing was calculated using the CBN’s exchange rate for the year.
For instance, the naira-dollar average exchange rates for 2016 and 2017 were N197 and N305 respectively.
It was N305 in 2018 and N360 in 2019.
It closed at N380 and N420 in 2020 and 2021, respectively.
Reacting, the Lagos Chamber of Commerce and Industry expressed worry over the country’s debt burden, especially in the face of stunted revenue growth, the large presence of decaying infrastructure and the unsustainable burden of oil subsidy overhang.
In a statement on Thursday, the chamber said the ratio of debt service to government revenue at about 90per cent remained alarming and unsustainable.
It said both capital and interest payments on borrowed sums exposed the country’s fiscal vulnerabilities and that the government should, as a matter of urgency, emphasise strategies for revenue growth while blocking leakages.
The chamber further advised the government to shift focus to equity financing, divestment or shedding of its equity holdings in state-owned enterprises, real estate, and infrastructure to reduce its debt commitments and improve its fiscal situation.
Also, the International Monetary Fund warned that debt servicing might gulp 100per cent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.

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I’m Committed To Community Dev – Ajinwo

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The Sole Administrator of Emohua Local Government Area, Barr. Franklin Ajinwo, has reaffirmed his unwavering commitment to supporting community development, peace, and progress, describing it as his life’s calling.
Ajinwo made this known on when Okporowo Vanguard—a foremost association dedicated to driving sustainable development in Okporowo community—paid him a courtesy visit at the Council Secretariat, Emohua.

Speaking during the visit, the Emolga  Council boss advised the group to shun internal wranglings and leadership tussles, cautioning that such impediments could undermine their collective goals. He emphasized that unity is strength, and true power comes only from God.

Highlighting his ongoing efforts in repositioning standards within Emohua Local Government, Barr. Ajinwo commended Okporowo Vanguard for initiating plans to conduct large-scale skills acquisition training for young people in Okporowo. He assured them of his steadfast support towards such developmental initiative.

The former Chairman of the National Union of Local Government Employees (NULGE) in Rivers State stressed the need for selfless service, saying it is essential for achieving peace, unity, and development in any community.

He applauded the group’s vision of empowering youths through skills acquisition, aligning it with global best practices aimed at reducing dependency on white-collar jobs.

Earlier, the President of Okporowo Vanguard, Hon. Israel Emeji, outlined Barr. Ajinwo’s numerous and impactful contributions to the development of Okporowo community.

According to him, every family in the community has benefited from Barr. Ajinwo’s dedicated employment initiatives.

Hon. Emeji disclosed that during his tenure as Head of Local Government Administration (HLGA) and as NULGE Chairman, Barr. Ajinwo facilitated the employment of over five hundred (500) individuals from Okporowo community—a record that informed the association’s decision to honour him with the Excellent Leadership Award.

In a vote of thanks, the Secretary of the group, Dr. Okechukwu Godwin Amadi, praised Barr. Ajinwo’s outstanding leadership and unwavering support, both before and after his appointment as Sole Administrator.

He thanked him for the warm reception and appreciated members of Okporowo Vanguard for their strong turnout and continuous support for the present administration.

In their separate remarks, Barr. Kelvin Ajinwo, Chief Polycarp Ndala, and other dignitaries present prayed for God’s continued guidance and protection over Barr. Ajinwo, describing him as a divine gift to the Okporowo community.

They expressed hope that he would be granted even more leadership opportunities to further uplift the living standards of the people.

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RSG Tasks Rural Dwellers On RAAMP  …As Sensitization Team Visits Akulga, Degema, Three Others

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Rivers State Head of Service, Dr (Mrs) Inyingi Brown, has called on rural communities in the State to embrace the Rural Access and Agricultural marketing project (RAAMP) with a view to improving their  living conditions.

This follows the ongoing sensitization campaign by the State Project Implementation Unit (SPIU) visits to Degema, Abonnema, Afam headquarters of Degema, Akuku Toru and Oyigbo Etche and Omuma local government areas respectively.

Dr Brown who was represented by the Deputy Director, Special Duties in her office, Mrs Dein Akpanah, said RAAMP was initiated by the Federal Government and World Bank to economically empower rural dwellers.s

She said the World Bank understands the plights of rural farmers and traders in the State, and therefore came up with the programme to address them.

According to her, RAAMP will improve the conditions of farmers, traders and fishermen, and therefore, behoves on every rural communities in the State to embrace the programme.

The Head of Service also said the programme would support the youths to be gainfully employed while  bridges and roads will be built to link farms and fishing settlements.

Also speaking, the State project coordinator, Mr Joshua Kpakol, said the programme has the potential of creating millionaires among farmers and fishermen in the State.

Kpakol who was represented by Engr. Sam Tombari, said RAAMP would help farmers and fishermen to preserve their produce.

According to him, the project will build cold rooms and Silos for preservation of crops and fishes while access roads will also be created to link farmers and fishermen to the market.

He, however, warned them against any act that will lead to the suspension of the projects by the World Bank.

Kpakol particularly warned against acts such as kidnapping, marching ground, gender based violence and child labour, adding that such acts if they occur may  lead to the cancellation of the project by the World Bank.

During the visit to Oyigbo local government area, Mr Joshua Kpakol, said the team was there to let them know how they will benefit from the Raamp.

The coordinator who was personally at Oyigbo said the World Bank introduced the project to check food insecurity in the State.

He said already 19 states in Nigeria are already benefitting from the project and called on them to embrace the project.

Meanwhile, stakeholders in the three local government areas have commended the World Bank for including their areas in the project.

They, however, complained over the incessant attacks by pirates on their waterways.

At Degema, King Agolia of Ke kingdom said land was a major problem in the kingdom.

King Agolia represented by High Chief Alpheus Damiebi said many indigenes of the kingdom are willing to go into farming but are handicapped by lack of land.

Also at Degema, the representative of the Omu Onyam Ekeim of Usokun Degema kingdom, Osoabo Isaac, said Degema has embraced the programme but needed more information on the implementation of the programme.

Similarly, while High Chief Precious Abadi advised that the project should not be narrowed to only crop farming, a community women leader, Mrs Orikinge Eremabo Otto, called for the construction of cold rooms in all fishing settlements in the area.

At Abonnema, Mr Diamond Kio linked the problem of the area to incessant piracy along waterways.

He also expressed fears over the possibility of the project being hijacked by politicians.

Also at Abonnema, a stakeholder, Ikiriko Kelvin, called on the World Bank to design an agricultural project that will suit the riverine environment, while at Oyigbo, HRH Eze Boniface Akawo expressed satisfaction with the project.

 

John Bibor

 

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Senate Replaces Natasha As Committee Chairman 

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The political mudslinging between the Senate leadership and Senator Natasha Akpoti-Uduaghan continued yesterday as the Senate named Senator Aniekan Bassey as the new Chairman of the Committee on Diaspora and Non-Governmental Organisations.

Senate President, Godswill Akpabio, announced the appointment during yesterday’s plenary, confirming Bassey’s replacement of Senator Natasha Akpoti-Uduaghan, who is currently on suspension.

Akpoti-Uduaghan was reassigned to the Diaspora and NGOs Committee in February after she was removed as Chair of the Senate Committee on Local Content during a minor reshuffle.

Bassey is the senator representing Akwa Ibom North-East Senatorial District.

Although no reason was given for her removal yesterday, the change is believed to be connected to her unresolved suspension.

In May, Justice Binta Nyako of the Federal High Court ordered her reinstatement and directed her to tender an apology to the Senate.

However, the Senate has insisted it has not received a certified true copy of the court judgment.

Akpoti-Uduaghan who represents Kogi Central, has yet to resume her legislative duties despite a recent court ruling that voided her suspension.

In a televised interview on Tuesday, Akpoti-Uduaghan said she was awaiting the Certified True Copy of the judgment before officially returning to plenary, citing legal advice and respect for institutional process.

Although the Federal High Court described her suspension as “excessive and unconstitutional”, a legal opinion dated July 5 and attributed to the Senate’s counsel, Paul Daudu (SAN), argued that the ruling lacked any binding directive to enforce her reinstatement.

Akpoti-Uduaghan, one of only three female senators in the current assembly, said the continued delay in allowing her return was not only a denial of her mandate but also a blow to democratic representation.

“By keeping me out of the chambers, the Senate is not just silencing Kogi Central, it’s denying Nigerian women and children representation. We are only three female senators now, down from eight,” she said.

 

 

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