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Incredible! How Each Nigerian Owes ₦155,000

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World Bank debtors’ list

Interestingly, the Debt Management Office, DMO, has announced that the total debt stock of Nigeria rose to N31 trillion as of June 2020.

It also said the debts are expected to rise this year following more debts to be sourced from international financiers.

As of March 2020, the debt was at N28.6trn comprising all debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The latest debt total of N31.009trn debt is about $85.897 billion while that of March which was N28.628trn was about N79.303bn.

Cause of increase

The debt stock grew by N2.38trn or $6.59bn within the three months interval.

The additional increase was due to the $3.36bn Budget Support Loan from the International Monetary Fund IMF), new Domestic Borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557bn Sukuk, and Promissory Notes issued to settle Claims of Exporters.

The components of the debts are:

The multilateral debts are the highest of the stock of N16.360trn accounting for 51.97% of the total stock. The 10 agencies include IMF, World Bank Group, the African Development Bank (AfDB) Group, Eurobonds and Diaspora bonds.

The bilateral debts account for N3.948trn representing 12.54% of the debt stock taken from the international development agencies of China, France, Japan, India and Germany.

The third debt category is the commercial debt which is N11.168trn and represents 35.48% of the debt. This is the second largest debt after those of the multilateral agencies with Eurobonds and Diaspora bonds accounting for them.

Further rise

The debt stock will rise with the expected borrowing from the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget Appropriation.

The Nigeria Customs Service was recently given part of these funds to automate its services at the ports, to the tune of $3.1 billion.

Most of the loans are long term facilities with the repayment beginning already while the fresh loans’ repayment begin from 2022.

On the Sukuk bonds and other domestic bonds, their maturity periods are often between five and seven years for the repayment.

What you owe

The ministry of finance recently said there are plans made for the loans to be repaid. So far in the 2020 budget, over N3 trillion or a quarter of the budget is dedicated to debt servicing, for repaying the debts.

At N31 trillion, every Nigerian from the over 200 million population owes the debtors N155,000 in debt.

This debt per Nigerian will rise further when the loans from World Bank, AfDB and IsDB comes in later this year.

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ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

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ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

 

 

 

 

Sahara Weekly Reports That The Abdul Samad Rabiu Africa Initiative (ASR Africa), the philanthropic initiative of the Chairman of BUA Group, Abdul Samad Rabiu (CFR, CON), has flagged off the construction of a N280 million Abdul Samad Rabiu Integrated Publishing House for Babcock University, Ilishan-Remo, Ogun State. This project will enhance the capacity of the University from basic press status to a modern, integrated publishing house to encompass publishing, print production, and other related diversified services. The one-storey building facility will serve as a laboratory and studio for training students of communications, media studies, and allied disciplines as well as other disciplines.

 

 

 

ASR AFRICA FLAGS OFF CONSTRUCTION OF A N280 MILLION INTEGRATED PUBLISHING HOUSE FOR BABCOCK UNIVERSITY, ILISHAN-REMO, OGUN STATE, NIGERIA

 

 

 

 

At the groundbreaking event, the Vice Chancellor of the University, Prof. Ademola S. Tayo, expressed satisfaction at the nomination by ASR Africa, under its Tertiary Education Grant Scheme. He added that the choice of the project was a response to the vision to take the Mass Communications Department of the University to a whole new level. According to him, the university’s vision is to produce young men and women capable of critical thinking, and problem-solvers capable of proffering innovative solutions to problems of everyday life, be it social, political, and cultural.

 

 

 

 

 

 

 

 

 

 

 

 

In his response, Dr. Ubon Udoh, the Managing Director of ASR Africa, expressed his delight at the University’s choice of establishing an Integrated Publishing House. He added that when information is appropriately applied, human society is empowered to liberate itself from limitations and attain its full potential. Dr Udoh reiterated the commitment of the Chairman of ASR Africa, Abdul Samad Rabiu to supporting quality education within the tertiary education system in Nigeria and urged the institution to focus on the sustainability of this noble project. He also reiterated the importance of cooperation and collaboration between the university and the contractor for the timely delivery of the publishing house.

 

 

 

 

 

 

 

 

 

About ASR Africa

ASR Africa is the brainchild of African Industrialist, Philanthropist, and Chairman of BUA Group, Abdul Samad Rabiu, the Abdul Samad Rabiu Africa Initiative (ASR Africa) was established in 2021 to provide sustainable, impact-based, homegrown solutions to developmental issues affecting Health, Education and Social Development within Africa.

 

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President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!

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President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST! by Comrade Oladimeji Odeyemi.

President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!

by Comrade Oladimeji Odeyemi.

 

 

It’s no longer story that the preparation for the EndSars carnage went on for a while before its actual implementation.

 

President Bola Ahmed Tinubu GCFR, PLEASE, ACT FAST!
by Comrade Oladimeji Odeyemi.

 

But lack of proactive approach on the part of some people in the government of the day became a recipe for the actualisation of the dastardly act. History is about to be repeated, but I do not expect this to happen under the watch of President Bola Tinubu.

I do not say that people should not be allowed to protest if they have any reason to do so. But given the fact that the country does not have the capacity to separate genuine protesters from hoodlums, unnecessary protest should be curtailed.

Some people may be surprised that I call it unnecessary protest.

Yes, it’s unnecessary because this government has never displayed any act of rigidity since it took the mantle of leadership. It responds even to mere comments on social media expressly within. It is clear to every discerning and positive citizen that this government has become one of the most engaging one since 1999.

It has engaged with the organised labour on the minimum wage and it’s being passed to law. It has won autonomy for local government councils. It is on course for disbursements of students’ loans. It has given tax waiver for certain commodities and goods. You only protest against a government that is either passive, incorrigible or rigid. How can a government that is barely a year in office be protested against even when it has surpassed many of the past ones within one year? That cannot be called a protest but a mischief.

President Bola Tinubu should not be deceived by those who harp on funny fundamental human rights to cause mayhem. America is the country they use as a reference point. But American government does not take untoward attitude from anyone. If you want some you will be given some. There is no way for avoidable discomfort.

Kenyans are licking their wounds at the moment. We must not allow our own case to get to that point. I believe that many of those who are planning for the protest are children who do not know the implications of such a protest. Those who are old among them are those who would gladly set their universities’ libraries on fire in the name of students’ demonstration just because water tap didn’t run at the expected time.

Please, begin to show us that we have someone in charge of our affairs. Be more presidential Your Excellency. We know that it’s those who lost elections in 2023 and those they have recruited among those who think you have not compensated them among your conditional supporters that are behind the protest.

Please, refuse to be blackmailed. No matter what you do, there is but one mind in those people and it is turned against you. Please do everything humanly possible for PH REFINERY to work. Support Dangote Refinery to get crude oil locally.

We must not be importing fuel forever. Therefore, you should beware of the sinister motive of the August 1 planned protest, Your Excellency. May you continue to succeed and may all patriotic Nigerians continue to progress in all spheres of life in the mighty name of God.

Comrade Oladimeji Odeyemi is an entrepreneur, opinion leader and a security analyst.

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Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training

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Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training.

 

 

The Lagos State Law Enforcement Training Institute ( LETI ) begins her Annual Mandatory Training Exercise for the year 2024 for Law Officers across the state.

The exercise, which will run for a duration of six weeks brings together officers from the Lagos State Traffic Management Authority ( Lastma ), the Lagos State Environmental Sanitation Corps ( Kai ), the Vehicle Inspection Service ( Vis ), the Lagos Neighbourhood Safety Corps ( Lnsc ) and the Central Business District ( Cbd ) law Officers.

In her opening remarks, the CEO / Head of Leti Mrs Abiola Adeyinka emphasised on the importance of continual training for Law Officers to ” be at their best” and to ” embrace the opportunity to enhance their skills and knowledge.” she stressed the need for professionalism, integrity, and respect for the Rule of Law in the discharge of their duties as respectable officers of the state of excellence. The training program will cover a wide range of topics to include:
* Traffic management and Enforcement.
* Public safety and security.
* Human right and law enforcement.
* Conflict resolution etc.
* Interpersonal relations to mention but few.

Mrs Adeyinka reteirated the State government commitment to ensuring that Leti delivers on its mandate of providing high quality training to Law enforcement Officers in the state.

According to the Ceo, “The Governor of Lagos State has pledged the full support of his administration to Leti in its efforts to enhance the professionalism and effectiveness of Law enforcement in Lagos State. The annual mandatory training exercise is a testament to the Lagos State government commitment to ensuring a safe, secure and well- managed environment for all residents.

Law Enforcement Training Institute ( LETI ) Commences Annual Mandatory Training.

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