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BIG STORY

Nigeria’s Debt Stock Hits N39.6tn In 11 Months – Reports

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The overall debt stock of Nigeria increased from N32.9 trillion in December 2020 to N39.6 trillion in November 2021.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021, according to a copy of the presentation obtained by our correspondent.

The new borrowing in the period under review consists of N5.1tn domestic debt and N1.6tn. The domestic debt, however, includes borrowing from the Central Bank of Nigeria, according to the presentation document.

In March 2021, the Debt Management Office had disclosed that the country’s total public debt stock was N32.9tn as of December 2020.

An additional N6.7tn loan means the total public debt stock would be about N39.6tn as of November 2021.

The DMO had disclosed that the country’s total public debt increased to N33.1tn at the end of the first quarter of 2021, from N32.9tn in December 2020, showing an increase of about 200bn.

In Q2 2021, the total debt stock rose by N2.4tn to N35.5tn by June 2021.

The increase continued by N2.5tn to hit N38tn by Q3 2021, which was the last figure provided by the DMO.

However, based on the minister’s presentation, there was an increase of N1.6tn from September to November 2021.

The PUNCH had reported that within the 11-month period, debt servicing gulped N4.2tn which represents 76.2 percent of the N5.51tn revenue generated during the period.

The minister defended government borrowing and the country’s debt level, insisting the country had a revenue challenge, and not a debt problem, adding that the debt level was still within sustainable limits.

She had said, “This is to restate, that the debt level of the Federal Government is still within sustainable limits. Borrowings are essentially for capital expenditure and human development as specified in Section 41(1) of the Fiscal Responsibility Act 2007.

“Having witnessed two economic recessions we have had to spend our way out of recession, which contributed significantly to the growth in the public debt.  “It is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded partly by debt.”

However, economic experts, including a former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, have countered the minister.

BIG STORY

JUST IN: Amaechi Resigns As Minister Of Transportation

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Chibuike Rotimi Amaechi, a presidential aspirant on the platform of the All Progressives Congress, on Monday, officially resigned his position in the cabinet of President Muhammadu Buhari as the Minister of Transportation.

In a press statement issued by the Amaechi Presidential Media Committee (APMC) signed by Kingsley Wali, in Abuja, Amaechi in his resignation letter expressed profound gratitude to the President for considering him fit to serve in his administration.

He equally thanked Buhari for the enormous support given him, which he said, was responsible for the tremendous record of achievements he made in the Ministry of Transportation over the last seven years.

The statement quoted Amaechi as saying in his resignation letter: “It is with mixed feelings that I tender my resignation as the Minister of Transportation of the Federal Republic of Nigeria to contest for the Presidential ticket of our great party, the All Progressives Congress.

“Your Excellency, it has been a great honor and privilege serving as a member of your cabinet following your historic victory at the polls in 2015. Under your administration, the Ministry of Transportation has recorded significant achievements, made possible by your visionary support and commitment to ensuring that we deliver on our mandate.

“As I embark on the next phase of our mission to work towards a better Nigeria for ALL NIGERIANS, I humbly seek Your Excellency’s prayers, and blessings, and look towards your continuous support and guidance.

“Your Excellency, whilst humbly seeking your kind consideration of my request please accept the assurances of my highest esteem.”

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BREAKING: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris, Over Diversion Of N80bn

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Nigeria’s Accountant-General, Ahmed Idris, has been arrested over alleged money laundering and diversion of public funds.

Those familiar with the development said Mr. Idris was intercepted in Kano by operatives of the Economic and Financial Crimes Commission (EFCC) on Monday evening and is being flown to Abuja, the nation’s capital, for interrogation.

Report has it that the EFCC has for some time been investigating a case of diversion of at least N80 billion in public funds which were allegedly laundered through some bogus contracts.

The companies used in laundering the funds have allegedly been linked to family members and associates of the accountant-general, investigators said.

Our sources further said after progress was made in the investigation, Mr. Idris was summoned repeatedly for interrogation but he failed to honor the invitations.

“We kept inviting him but he kept dodging us,” one of our sources said. “We were left with no choice but to keep him under watch and arrest him.”

The spokesperson for the EFCC could not be reached to comment on his story. One of his subordinates said he is traveling in the United Kingdom at this time.

However, a top EFCC official confirmed the development but asked not to be named because he had no permission to discuss the matter with the media.

President Muhammed Buhari appointed Mr. Idris’s accountant-general on June 25, 2015.

The position became vacant at the time after the former Accountant General, Jonah Otunla, left office on June 12, 2015.

President Buhari reappointed Mr. Idris for a second four-year term in June 2019, amid criticisms from labor groups who said the accountant-general should retire after turning 60.

Mr. Idris, a native of Kano State, North-west Nigeria, was born on November 25, 1960, and was until his appointment in 2015 the Director of Finance and Accounts, Federal Ministry of Mines and Steel Development.

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BREAKING: Embattled Ex-EFCC Chair, Ibrahim Magu, Promoted To AIG

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The Police Service Commission has promoted Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC) to the rank of an Assistant Inspector General of Police (AIG), along with five others.

AIG Magu Ibrahim who is proceeding on retirement is the most senior in the CP cadre and missed the last two promotions after returning to the Police from the EFCC.

It was gathered that the decision to promote Magu follows the recommendation of the Inspector-General of Police, Usman Baba. The PSC had last July declined to promote Magu during the promotion of 24 CPs and other officers.

This is just as the PSC confirmed the promotion of Mr. John Ogbonnaya Amadi as a Deputy Inspector General of Police, to take over from late DIG Joseph Egbunike who represented South East in the Police Management team. Also promoted DIG is Zana Bala Senchi.

The other Commissioners of Police promoted to AIG are CP Abraham Egong Ayim; Okunlola Kola Kamaldeen; Andrew Amieengheme; Akeera Mohammed Younous; Celestine Amechi Elumelu; Ngozi Vivian Onadeko and Danladi Bitrus Lalas (Airwing).

A statement by Ikechukwu Ani, Head of Press and Public Relations said 23 Deputy Commissioners of Police were promoted to Commissioners of Police

The new 23 Commissioners of Police are; Taiwo Olusola Jesubiyi, former DC, Admin and Finance, Akwa Ibom State Command; Kolawole Olajide former DC, Force CID Annex, Alagbon, Lagos; Julius Alawari Okoro, former DC, Maritime, Lagos; Adelesi Ebunoluwa Oluwarotimi, former DC DFA, Kwara State Command; George Chijioke Chuku, former DC Ops Ebonyi State Command; Paul Alifa Omata, former DC Ops, Kwara State Command; and Effiong Dominic Edem, former DC Ops, Zone 2 Lagos. Others are Yusuf Adesina Akeem, presently at the National Defence College; Mary Gbemudu George, former DC, Anti Human Trafficking Abuja; Etim Aqua Efiom, former DC Ops FHQ, Abuja; Mohammed Yakubu, former DC SCID Anambra Command; Ganiyu Alhaji Salami, former DC ZCID Zone11 Osogbo; Magaji Kontagora Ahmed, former, DC Ops, Lagos State Command; and Kolo Yusufu, presently O/c IGP Special Tactical Squad & TIU.

Also promoted CPs are Bzigu Yakaba Kwazhi Dali, presently on secondment to ECOWAS Commission, Guinea, Bissau; Ahmed Ammani, presently at the National Defence College; Afolabi Babatola Adeniyi, former DC, Ops Yobe State Command; Njoku Henry Eronini, former DC, JTF, Yenagoa, Bayelsa State; Abiodun Oladimeji Asabi; Dankwara Adamu Mohammed, former DC, SPU FHQ, Abuja; Mohammed Usaini Gumel, former DC TIU FHQ, Abuja; Ogundele Ayodeji, former DC Central Intelligence, Force CID Annex, Lagos and Idris Nagoya, former 2i/c Force Animal branch.

The Commission also approved the promotion of 23 Deputy Commissioners to the next rank of Commissioners of Police; 31 Assistant Commissioners to Deputy Commissioners of Police.

Magu’s ordeal began in July 2020 when he was suspended from office as acting EFCC chairman by President Muhammadu Buhari, over Malami’s allegations against him and he consequently appeared before a presidential panel headed by retired Justice Ayo Salami set up to probe him for alleged graft and insubordination.

More to come…

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