Nation
N2.2tr Not Missing, DMO Admits
The Debt Management Office (DMO) has declared that N2.2trillion which could not be traced by the National Assembly is not missing.
The DMO, in a press release issued, yesterday, said “the provisions in the Annual Appropriation Acts for Debt Service, including the 2018 Appropriation Act, are dedicated for Debt Service payments only.”
This item in the annual budget the DMO explained “is for the repayment of Principal, Interest and Other Charges for both Domestic and External Debt.”
The DMO added that “funds for Debt Service are never released to the DMO for spending, rather, in line with the mandate of the Office of the Accountant-General of the Federation (OAGF), the funds are domiciled with the OAGF, who on the advice of the DMO, effects payments directly to the creditors as at when due.”
The allocation for debt servicing the DMO said is paid to creditors which include multilateral and bilateral lenders like the World Bank, African Development Bank, Exim Bank of China, investors in Nigeria’s Eurobonds.
Others are, “investors in securities issued in the domestic market such as FGN Bonds, SUKUK, Green Bonds and Nigerian Treasury Bills.”
The servicing of the public debt the DMO states “is absolutely necessary to ensure that Nigeria remains credit-worthy and retains or improves on its sovereign rating which ultimately, will support growth and development.”
This reason and for transparency purposes, the DMO noted is why “Debt Service is expressly provided as a line item in the Annual Appropriation Acts.”
It was alleged recently that the Debt Management Office (DMO) was unable to account for the N2.2trillion allocations to the DMO in the 2018 Appropriation Act.
The DMO had appeared before the Public Accounts Committee of the House of Representatives. The Committee had enquired about the utilisation of the N2.2trillion provided in the 2018 Appropriation Act; of which N2.1trillion was allocated for Debt Service and the DMO’s appropriation of N721, 251,798.00, making it N2.2trillion.
The DMO explained to the Public Accounts Committee that the amount of N2.2trillion was not available as the DMO’s total allocation since N2.1trillion was specifically meant for servicing of Nigeria’s Domestic and External Debt.
This explains why the Debt Service is expressly stated as a separate line item in the annual Appropriation Acts, while the DMO’s Expenditure is also stated separately.
Nation
An ICT Centre Set To Be Established In Omoku
An Information and Communication Technology (ICT) Centre is set to be established in Omoku, Ogba/Egbema /Ndoni Local Government Area of Rivers State.
The initiative is being championed by the Omoku People’s Forum, a global association of Omoku elites, under the leadership of its President-General, Dr. George Ada Ubah.
As part of efforts to ensure the successful execution of the project, a prominent son of Omoku, Chief (Barr.) Dennis Masi, has been appointed by the Forum as the Chairman of the ICT Centre Project Committee, entrusted with the responsibility of coordinating and driving the initiative to fruition. Upon completion, the ICT Centre is expected to serve as a major hub for the training and empowerment of youths in digital and technological skills, equipping them to actively participate in the increasingly technology-driven global environment.
The project is also widely regarded as a significant step towards positioning Omoku as an emerging ICT hub within Rivers State, fostering innovation, digital literacy, and economic development in the region.
Nation
Concerned Rivers Chiefs For Peace And Development Denies Political Affiliations
Concerned Rivers Chiefs For Peace And Development has said it formation was not politically motivated or has any links to political parties or candidates.
The group which said this at a media briefing at Abuloma in Port Harcourt City Local Government Area said it’s formation has nothing to do with politics.
According to the text for the briefing jointly signed by Chief Boma Kele Oyika it’s chairman and Chief Inemo T Ikama Deputy Secretary General said the organization is expected to focus on conflict Resolution, community engagement, collaboration with government and private sector actors
‘it mandate also includes promoting peace building initiative, supporting local economic empowerment programms and strengthening traditional institutions in our state and beyond as partners in governance ”
It said the body is led by a team of respected traditional leaders serving as trustees
“Their collective leadership reflects a blend of experience cultural authority and grassroots connection
“Key elements considered vital for addressing long standing,socio economic and security challenges in the region”
The release further says ” the formation of this organization comes at a time when communities in Rivers state continue to navigate between issues ranging from youth unemployment, environmental concerns and intermittent conflicts amongst the traditional rulers and beyond
“By bringing together influential traditional figures under a unified platform, the group aims at serving as stabilizing force while advocating for inclusive development policies ” it said
It also described its emergence as a new chapter in grass roots leadership and regional development
Earlier, chairman of the body, Chief Boma Kele Oyika said the organization will work with relevant authorities to promote peaceful coexistence in the state, reduce crime and promote economic development.
He said it is open to all Chiefs from the 23 local government areas.
Nation
NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes on Investment in The Region
The Chairman of The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture NDCCTMA,Ambassador Idaere Gogo Ogan and the Managing Director of the Niger Delta Development Commission ( NDDC ) Dr Samuel Ogbuku have challenged Niger Delta entrepreneurs to close the gap in Gross Demostic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.
The two leaders spoke at a business round table organized by NDDCTMA in Port Harcourt
Chairman of NDDCTMA Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.
He said no other persons can do this except sons and daughters from the region.
“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here”
Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.
“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase “he said
Ogan said the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where
“That is why we are gathered here in this room “he said.
Also speaking Managing Director/Chief Executive officer of the Niger Delta Development Commission( NDDC) Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.
Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.
“With little threat we have left the city,we have gone to Lagos,we have moved our families to Abuja and Lagos
“If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.
The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.
He said time has come for potential investors from the region to have a change of heart by coming home to invest.
John Bibor
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