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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.

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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).

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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.

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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.

DAILY TRUST

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

society

Nova Care CEO, Tijani Olumide Bags ‘Face of London 24’ Awards.

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Nova Care CEO, Tijani Olumide Bags ‘Face of London 24’ Awards.

 

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The Managing Director of Nova Care and Recruitment Limited, United Kingdom has bagged the face of London 2024 awards on the 16th of May 2024.

The awards was organized by Triangle Media International, a creative and balanced reporting outfit cutting across the world.

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The awards was presented based on tremendous efforts of Mr Tijani Olumide in caring for Nigerians and other citizen in getting a stable job in the United Kingdom among other philanthropy gesture to humanity.

He was ably represented by Omooba Damilare Oloyode who is a close ally to Tijani Olumide.

Below is the awards and certificates

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Nova Care CEO, Tijani Olumide Bags 'Face of London 24' Awards.

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Politics

Lagos Assembly Plans Geographic Information Law

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Lagos Assembly Plans Geographic Information Law

 

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– bill will create comprehensive database of Lagos state

 

 

 

 

 

 

– will curb issues involved in land ownership

 

 

 

 

 

 

Sahara Weekly Reports That A new bill that seeks to harmonise all geographic information service projects of Lagos is under consideration at the State House of Assembly.

 

 

 

Lagos Assembly Plans Geographic Information Law

 

 

 

 

 

The Lagos Geographic Information Service bill, which had stakeholders making contributions on Friday, is also aimed at establishing a computerised central database for all information relating to geospatial matters and related issues.

 

 

 

 

 

 

 

 

Section 4(2) of the bill says the agency’s responsibilities include introducing, implementing and sustaining best practices for all Geographic Information Systems (GIS) in the state as well as “develop and maintain an online platform that will contain all information and statistics on geospatial-related matters.”

 

 

 

 

 

Lagos Assembly Plans Geographic Information Law

 

 

 

 

Speaker of the House, Rt. Hon. Mudashiru Obasa, said the bill, when passed, would help in improving governance and boosting professionalism.

 

“It is targeted at integrating governance with advancements in technology. This is something we hope to always take advantage of so that our state can continue to be ahead in the area of development,” Dr. Obasa, represented by Hon. Stephen Ogundipe, a member of the House, said adding that the Assembly will always make the residents of the state its focal point.

 

Chairman of the House Committee on Physical Planning and Urban Development, Hon. Ogunkelu Sylvester, said the bill “shows a commitment and sincere

sense of duty on the part of the legislators of the state to put people’s interest at heart.

 

“Today’s public hearing means a lot to the improvement of

information technology and computerised central database in Lagos State.”

 

Ogunkelu, who represents Epe Constituency 2 at the House, described it as a bill that will cover the database of Lagos just as he commended the Speaker for his passion for the progress of the State.

 

“The bill will guide the government to have a database of everything concerning Lagos and in this case, you could be in your house and apply for a certificate of ownership on your property and have it without even visiting the Ministry.

 

“It will also cut sharp practices and curb fraudulent sales of land. For land, the database will have details of owners including their photographs,” he said.

 

Rasheed Makinde, a former lawmaker, commended the House for its proactiveness while some of the stakeholders suggested the involvement of professional bodies in the proposed law.

 

Eromosele Ebhomele

Chief Press Secretary to the Speaker of the Lagos State House of Assembly.

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society

Civil Society Groups Name Keyamo Minister of the Poor

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Civil Society Groups Name Keyamo Minister of the Poor

 

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A coalition of 15 civil society groups in the country has named the Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, as the minister of the masses.

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The CSOs, under the auspices of the Civic Room for Good Governance said of all the ministers, Keyamo’s policies and programs have positively impacted ordinary Nigerians the most.

In a statement signed by its national coordinator,
Assoc. Prof. Thomas Uzah, the groups said Keyamo has demonstrated a genuine and deep understanding of the challenges faced by ordinary citizens.

The appraisal comes days before President Bola Tinubu’s first anniversary in office.

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Highlighting some of the pro-masses policies of Keyamo, Uzah said the mandatory e-tag system for VIPs shows the minister means business.

He said not only would this improve revenue for upgrading decaying airport infrastructure, but it shows a sincere commitment towards the plight of the citizens.

Uzah also applauded the introduction of helicopter landing levies as another game-changer in line with global best practices and cost recovery measures.

He noted that Keyamo noticed a lacuna in the lower airspace where helicopter operations are dominant and took advantage for the overall good of Nigerians.

While commending the minister for supporting the growth and sustenance of local airlines, Uzah added that he has continued to advocate for fair pricing for Nigerian travellers.

“Today, we celebrate a leader who has demonstrated unwavering commitment to the growth and development of our nation’s aviation sector. Festus Keyamo’s tireless efforts and visionary leadership have brought hope and transformation to an industry that was once plagued by inefficiencies and stagnation,” the statement said.

”He has shown unwavering commitment to prioritizing the needs of the masses. His tireless efforts to implement policies and programs that benefit the most vulnerable members of our society are truly commendable.

“ Under Keyamo, the Aviation leadership has demonstrated a genuine understanding of the challenges faced by ordinary citizens, and his responses have been swift and effective. The ministry’s initiatives have brought hope and relief to countless individuals and communities.

“We particularly appreciate his commitment to inclusive decision-making processes; support for the masses; efforts to address poverty and inequality as well as dedication to transparency and accountability.

“It is no longer business as usual. The elites or VIPs must now pay for e-tickets like the ordinary Nigerian. Commendable! The Minister said it is unacceptable for wealthy Nigerians to receive free passage while ordinary citizens pay full fees.

“The Minister also charged NAMA to live up to its responsibilities, to enable them to show strong support for the growth and sustenance of local airline businesses whilst holding them to the highest international standards in the aviation industry. But he is not discarding our foreign partners.

“The Minister stressed the importance of fair pricing for Nigerian travellers and wants foreign airline to consider offering low airfares to ensure parity with the cost of tickets in neighbouring countries.

“His actions to address long-standing challenges, such as flight delays and cancellations, and initiatives to enhance safety and security are praiseworthy. His vision for a world-class aviation sector is inspiring, and we are confident that under his leadership, Nigeria will become a hub for aviation excellence in Africa.

“The Minister’s efforts have positively impacted the lives of many Nigerians and foreign travellers, promoting safety, efficiency, and economic growth in the aviation sector.

“In all of these, he has ensured a strict compliance with safety regulations and the continuous upward movement of Nigeria’s rating by the ICAO.

“His dedication to the well-being of the masses is a shining example of leadership and public service. We, therefore, pledge to continue working closely with his ministry to ensure the successful implementation of these policies and programs.

“We urge Mr Keyamo to persist in their dedication to the welfare of the people, and we encourage all stakeholders to join forces in supporting these vital efforts”.

 

 

 

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