News
Reps Probe $47bn, N12.15trn Foreign, Local Debts
The House of Representatives is to commence a comprehensive investigation into Nigeria’s rising debts profile in the face of economic uncertainties.
The lawmakers said the need for the probe was informed by the fact that the country’s debts have become controversial following various figures bandied by both the federal government and international financial organisations.
Debating the subject at yesterday’s plenary before the lawmakers adjourned to January 16, 2019 for the Christmas and New Year holidays, they resolved to mandate the House joint committees on Aids, Loans and Debt Management, Capital Market and Institutions, as well as banking and currency to probe increasing external and domestic debts from $10.49 billion in 2015 to $17.83 billion in June 2018 and other accounts by economic and budget experts put at between $13billion and $47billion from May 2015 to June 2018.
They are also to look at the local component debts which increased from N8.3trillion to 12.15trillion in three years, 2015-2018.
These resolutions followed the adoption of a motion sponsored by Honourable Yusuf Tajudeen (PDP, Kogi), saying that there have been issues concerning the actual figures of what the country owes its local and international creditors.
Yusuf noted that the current figures were unknown to government officials resulting to different figures from federal government and some fiscal policy monitoring groups.
“Even the Vice President Yemi Osinbajo, who is the Chairman of Nigerian Economic Council has revealed that the nation’s debt profile stood at $10 billion in the last three years while the figures given by economic and budget experts range between $13 billion to $47 billion from May 2015 to June 2018″, Yusuf explained during debate.
He added: “Nigeria’s external and domestic debt, which reveals that the external debt grew to $17.8 billion in June 2018 from $10.49 billion in 2015, while domestic debt, which was N8.39 billion in June 2015 has risen to N12.15 trillion as at June 2018; representing an increase of N17.6 trillion in three years.”
The member who chairs the House committee on capital market and institutions expressed worry that notwithstanding increasing national debt profile, the states are not left out as “there is a sharp increase in sub-national borrowing in the last three years, such that the domestic debts of states governments rose from N1.69 trillion in June 2015 to N3.4 trillion in June 2018.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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