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FG To Pay IMF $3.51bn In Five Years As Debt Service

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The Federal Government of Nigeria is expected to pay the International Monetary Fund a total of $3.51bn between 2022 and 2026 to offset a $3.4bn loan.

This is according to information obtained from a webpage on the IMF’s website, titled ‘Nigeria: Financial Position in the Fund as of January 31, 2022.’

In April 2020, the IMF disbursed a $3.4bn emergency financial assistance to Nigeria

The loan was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, ‎to address challenges arising from the economic impact of the COVID -19 in the country.

A statement by the IMF on the loan read, “The IMF approved $3.4bn in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices.”

It was also disclosed that out of four agreed loans, disbursement was made on only one loan.

Under a section titled ‘Overdue Obligations and Projected Payments to Fund’, a breakdown of how much Nigeria is expected to pay each year is provided.

The amount to be paid is provided in the Special Drawing Rights. The SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.

SDR1 is currently $1.39 based on the exchange rate provided by the IMF on its website.

As a result, in 2022, Nigeria is expected to pay SDR26.91m ($37.40m), which includes only the interest fee on the loan.

Nigeria is expected to pay a total of SDR639.81m ($889.34m) in 2023. This comprises a principal fee of SDR613.63m ($852.95m) and an interest fee of SDR26.18m ($36.39m).

In 2024, Nigeria is expected to pay a total of SDR1.24bn ($1.72bn). This comprises a principal fee of SDR1.23bn ($1.72bn) and an interest fee of SDR15.29m ($21.25m).

The country is expected to pay a total of SDR616.38m ($856.77m) by 2025. This comprises a principal fee of SDR613.63m ($852.95m) and an interest fee of SDR2.75m ($3.82m).

The least amount is expected by 2026, which is only an interest fee of SDR0.28m ($389,200).

BIG STORY

Olota Of Otta Advocates Cultural Preservation During European Tour, Visits Nigerian Embassy In Rome, Italy [PHOTOS]

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In continuation of the ongoing Europe Tour, His Majesty, Olota of the Paramount and Ancient Ottaland, Awori Kingdom, Professor Adeyemi Obalanlege Ph.D, MCIPR, MPRII, FHEA (Lanlege Ekun II, Arole Iganmode) was warmly received at the Nigerian Embassy in Rome by a dedicated team led by Her Excellency, Amb. Gwendy OMIJEH, the Charge d’Affairs, along with key officials including M.M. LAWAL, H. KWACHE-ADAMS, G. W. GABKWET, A.O. AHANONU, M.N. TONY-BISONG, and N.J. RIBI.

Welcoming His Majesty, Mrs Gwendy OMIJEH commended Kabiyesi Olota for the diplomatic visit, and for the efforts in promoting culture and traditions. She described the tour “thoughtful”, as it will further integrate subjects living in Rome with their homeland.

During the diplomatic visit to Rome, Italy, His Majesty highlighted the importance of preserving the rich cultural heritage of the Awori people. Kabiyesi emphasized the significance of remembering one’s roots and encouraged his subjects to maintain strong ties with their homeland. He urged them to embrace their cultural identity, visit their ancestral land frequently, and actively promote and preserve the rich Awori Cultural Heritage.

Kabiyesi’s message resonates deeply in an era marked by rapid globalization and cultural homogenization. As traditional values and customs face the pressures of modernization, the Olota’s call for cultural preservation serves as a poignant reminder of the importance of heritage and identity.

As the Olota’s message reverberates beyond the confines of the embassy walls, it serves as a beacon of cultural resilience and a call to action for all to cherish, celebrate, and preserve the diverse cultural tapestry that enriches our world.

In his Majesty’s delegation; Alayeluwa Oba Adewunmi Adeniji Odutala (Onibudo of Ayetoro Itele Otta, Awori Kingdom), Chief Olusegun Johnson (Otunba of Otta, Awori Kingdom), Chief Okikiolu Fadayiro (Baamolu of Otta, Awori Kingdom), Prince Adewale Adeyanju (Culture and Tourism Consultant to His Majesty), Prince Adeyemi Sulaimon Olusesi (Principal Secretary to His Majesty & Omotobase of Otta, Awori Kingdom), and many others.

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Sanwo-Olu To Be Decorated As Omo Eko Pataki

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Lagos Sate Governor, Babajide Olusola Sanwo-Olu will on Thursday, July 18, 2024 be decorated as Omo Eko Pataki, being the high point of the maiden edition of Eko Mi Award 2024. The hardworking and forward-thinking governor will be decorated by some of the revered custodians of the heritage and culture of Lagos at the Sheraton Hotel and Tower, Ikeja, Lagos.

According to the organizers of the awards, Eko Mi Awards is going to be an annual event where individuals, groups, organizations and government agencies/parastatals that have contributed to the economic, social and culturally development of the state will be recognized and awarded and the most prestigious category of the award, annually is going to be the decoration of one outstanding individual as the Omo Eko Pataki. The decoration, which will be done by adorning the individual an Aga, the traditional Eyo cap will be performed by the Oba of Lagos, His Royal Majesty, Oba Rilwan Akiolu.

The organizers further stated that the choice of Governor Babajide Sanwo-Olu as the winner of the Omo Eko Pataki award at the maiden edition of Eko Mi Awards is informed by the outstanding performance of the governor since his assumption of office in 2019. The footprint of Governor Sanwo-Olu can be felt across the state, especially through the THEMES agenda of his administration that has seen the state seen continued developments in the areas of education, health, housing, education, infrastructure and the environment.

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JUST IN: Six Teenage Students Drown In Kaduna River After Writing Junior WAEC

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Six teenagers drowned in the Mbang river on Tuesday in Ribang (Mbang) village, Kauru Local Government Area, Kaduna State, while returning from a Junior WAEC exam at about 5:30 p.m.

The victims were identified as Manasseh Monday (16 years old), Musa John (16 years old), Pius David (15 years old), Monday Ayuba (16 years old), David Danlami (19 years old), and Yahuza Audu (16 years old).

According to The Punch, the National Public Relations Officer of Ribang Development Association, Pastor Simon Ishaku, who confirmed the incident on Wednesday, disclosed that three dead bodies have already been recovered and buried amidst tears.

He explained that, as of now, there are still three missing as locals have not been able to recover them out of the river.

“The school children left their homes full of hope and excitement while their parents went to the farm with the hope of reuniting with them after writing their papers of the day, only to meet their untimely death.

“The Mbang river has been a death trap for our people over the years, noting before the community can access any school or any hospital facility they’ve to travel for about 8 kilometres.

“We’re calling on the Federal Government, Governor Uba Sani, Senator Sunday Katung and our House of Representative members as a matter of urgency, to kindly assist us with school, hospital, access road and bridge in order to bring succour to our community,” Simon appealed.

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