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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.

DAILY TRUST

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

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Lagos Assembly Calls For Full Implementation of Tenancy Law

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Lagos Assembly Calls For Full Implementation of Tenancy Law

 

 

The Lagos State House of Assembly has called on the Attorney-General and Commissioner for Justice to enforce the Tenancy Law of Lagos State 2015 to deter landlords from the arbitrary and illegal practice of unregulated rent increase in the state. The House also resolved to call on the Commissioner for Information and Strategy to rev up sensitisation and awareness activities about the provisions of the Tenancy Law.

This resolution was reached during plenary on Tuesday after a motion by Hon. Sa’ad Olumoh, the member representing Ajeromi Ifelodun Constituency 1, on the need to curb excessive rent increments by landlords, which he said have led to an increase in the number of homeless people across the state. Hon. Olumoh cited Section 37 of the Tenancy Law of 2015, which prohibits unreasonable rent increases and provides legal protection for tenants against this act by landlords.

Indeed, the Lagos State Tenancy Law 2015 aims to protect tenants and landlords in the state by outlining the rights and obligations of both parties, including provisions for rent payment, notice periods for termination of tenancy, and dispute resolution. The law also sets a limit on how much rent can be paid in advance and prohibits landlords from using ‘self-help’ methods to evict tenants.

The member representing Surulere Constituency 1, Hon. Desmond Elliot, seconded the motion, complaining that because of the infrastructural development and renewal designed to make life easier for his constituents, rents have, conversely, skyrocketed. He described this as a menace to society and called for urgent action by the House as “the last hope of the common man.”

In his contribution, Hon. Aro Moshood slammed the fact that many landlords in Lagos State raise rent without considering the income of their tenants, while the law states that the landlord cannot do so without duly serving the tenant prior notification. The member representing Ikorodu Constituency 11 further condemned the eviction of occupants without going through the legal process as stipulated in the Law, saying, “Many people earning minimum wage cannot afford to get a room for themselves.”

However, Hon. Shabi Adebola (Lagos Mainland 11 Constituency) called for circumspection in enforcing the law because of the corresponding increase in the prices of building materials. He implored the government to live up to expectations by providing Low-Cost Housing to the less privileged in the state.

Similarly, the Speaker, Rt. Hon. (Dr.) Mudashiru Ajayi Obasa, described the issue as sensitive, stating, “Nothing should be looked at in isolation. We need to go beyond the issue of rent increment and consider the cost of building materials. There is a need for an interface between the real estate agents and investors.”

To this end, Speaker Obasa directed the Committee on Housing, chaired by Hon. Ege Olusegun (Ojo Constituency 1), to invite Hon. Olumoh and Hon. Elliot, and all concerned stakeholders and related agencies to meet and find a lasting solution to this menace.

In another development, the House passed the bill for a law to establish the Lateef Jakande Leadership Academy, which aims to provide for the development of young persons for leadership purposes in the state while nurturing the next generation of value-based Nigerian leaders. Subsequently, the Speaker directed the Acting Clerk, Mr. Abubakar Otun, to send a clean copy of the Bill to the governor for assent.

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My lineage is entitled to Alaketu -Epe throne- Akeem Oluwo

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My lineage is entitled to Alaketu -Epe throne- Akeem Oluwo

My lineage is entitled to Alaketu -Epe throne- Akeem Oluwo

… Dismisses allegations of land grabbing in Ketu-Epe

Following the kinship tussle going on in Ketu -Epe in Ejinrin Local Council Development Area, Lagos State, Agbon of Ketu- Epeland, Chief Akeem Oluwo has said that he is a royal blood from the Ateshimara lineage and that was why he was designated as Alaketu -Epe Elect.

My lineage is entitled to Alaketu -Epe throne- Akeem Oluwo

Chief Oluwo stated this to set record straight delving into historical lineages of the traditional stool of Ketu-Epe land, stated that he was installed as Agbon of Ketu-Epe land in 2006 by Adegboyega Adefowora, he explained that the royal battle started after demise of Adegboyega Adefowora who reigned in the town for 18years.

He dismissed the claim of Prince Babajide Adekoya Adefowora that it is only the Adefowora family that is entitled to the Alaketu Epe throne.

Setting the record straight in his narration recently, the Agbon of Ketu – Epeland said he was chosen as the Alaketu designate by the oracle, ifa and the people of town.

” On branch and the ruling houses, Osokeji Atesimara was the founder of Ketu Epe. He had one children called Adeniran. Adeniran had two wives and birthed four children.
Three from the first wife who he married from ijasin.The children of the first wife were Efunderu, Adeona, and otuwunmi and the second wife married from ilese gave birth to one child named Lijero,a male child.

Otuwunmi was a woman who got married to two husbands. Her first husband was from Ejinrin while the second husband she married later was from Epe.

Otuwunmi gave birth to three male children for the first husband, namely; Efusu, Emusu and Ogunderu and Rufai who happened to be the fourth child for the second husband.Rufai Alias Adefowora.

Second one was a female , Ajayi. And in Otuwunmi lineage, Efusu was one that gave birth to my grand father which was dehinde, the first son from Efusu. So those saying it is only one ruling House entitled to Alaketu -Epe throne are not saying the truth.

“The untimely death of Adeyemi Adefowora who was killed in 1999, fifteen days to his coronation led to the other lineages compensating the Adefowora again with the kingship and this time around, the son of the deceased junior brother, Adegboyega Adefowora was installed again despite that Sarafa Sonubi was initially picked.
Adegboyega Adefowora reigned for eighteen years and in 2015, this same Babajide came all way from UK , rallied support, went to the media, accused his brother king of high-handedness and he called for his dethrone ment. He even solicited my support on this, but I refused his entreaties and remained a staunch supporter and loyalist of late Adegboyega Adefowora.

” After the death of Adegboyega, their family were non challant about the burial,the town did the normal rite. Ketu Epe has no Palace building,
every king had used own family house as Palace. Oba Kareem reigned in my grandfather house, he rebuilt it.

On the issue rushing to build a Palace, I am not the one building it. It was the community. It was even called a temporary Palace built with joint efforts and contributions of all. I am the sole candidate of the Osokeji Atesimara.

The declaration was made in the name and court affirmed that Adeniran had four children”
Explaining further, Oluwo said”After the event that involved all the town leading to my selection, Jide’s mother and those concerned were at the town hall for the meeting. They too covered it.
The oracle picked me.

The Osugbos assented to it. The Oluwo,Apena were on ground. Eleku, Akanlowo and Araba as well.

Two years ago , all processes and procedures had been on going and I was about to get staff of office that injunction came and the process stalled.

On Babajide’s visit to Ooni, “he was just a visitor. The visit was baseless”.

Akeem Oluwo while responding to the allegations of being a land grabber who has been bringing thugs causing mayhem in the town ,said” They are just calling themselves bad names. Babajide supporters are the one behind all these.

They did it during the reign of Late Adegboyega. They locked up my brother at Elemoro. I am just a land administrator for the family and never a land grabber. I am a peace loving person. Who do I reign over if I should be disturbing the peace of my town, security and safety of the people? They are just saying what they like on the social media” he concluded.

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GAMJI GLOBAL MEDIA AND CONSULT PUBLISHERS OF GAMJI REPORTERS CONGRATULATE MAJOR GENERAL ABDU KHALIFA IBRAHIM OFR ON HIS APPOINTMENT AS COMMANDANT OF THE NIGERIA DEFENCE ACADEMY

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GAMJI GLOBAL MEDIA AND CONSULT PUBLISHERS OF GAMJI REPORTERS CONGRATULATE MAJOR GENERAL ABDU KHALIFA IBRAHIM OFR ON HIS APPOINTMENT AS COMMANDANT OF THE NIGERIA DEFENCE ACADEMY

Gamji Global Media and Consult, publishers of Gamji Reporters, extends heartfelt congratulations to Major General Abdu Khalifa Ibrahim OFR on his recent appointment as the Commandant of the Nigeria Defence Academy. This prestigious position is a testament to his exemplary service and dedication to the Nigerian Army and the nation at large.

Prior to this significant appointment, Major General Ibrahim served as the 57th Commander of the Infantry Corps of the Nigerian Army at Jaji, where he demonstrated exceptional leadership and strategic acumen. A distinguished graduate of the 39 Regular Course, he was commissioned as a Second Lieutenant in the Nigerian Army on September 19, 1992. Major General Ibrahim holds a Bachelor of Science Honours (History) degree from the Nigeria Defense Academy and a Master’s in Strategic Studies from the University of Ibadan, Oyo State.

Throughout his illustrious career, Major General Ibrahim has held several pivotal positions, including Acting Garrison Commander of 1 Division, Commander of the 14 Brigade, General Officer Commanding (GOC) of the 7 Division, and Commander of the Multinational Joint Task Force in Ndjamena, Chad. His leadership in these roles has significantly contributed to enhancing national security and fostering regional stability.

Major General Ibrahim’s commendable service has not gone unnoticed, as he has received numerous accolades, including the prestigious Officer of the Order of the Federal Republic (OFR) award from Nigeria and the National Order of Chad (NOOC) for his outstanding contributions to peace and security in the Lake Chad Basin.

As he embarks on this new chapter as Commandant of the Nigeria Defence Academy, we are confident that Major General Ibrahim will continue to uphold the values of excellence, integrity, and patriotism. His extensive experience and commitment to the advancement of military education and training will undoubtedly shape the future leaders of the Nigerian Armed Forces.

We wish Major General Abdu Khalifa Ibrahim OFR every success in his new role and look forward to witnessing the positive impact of his leadership at the Nigeria Defence Academy.

Signed,

Ibrahim Dahiru Danfulani
Sadaukin Garkuwan Keffi/Betara Biu
Managing Director, Gamji Global Media and Consult
Editor-in-Chief, Gamji Reporters

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