Connect with us


BIG STORY

World Bank Lists Nigeria, Nine Others As Countries With High Debt Risk Exposure

Published

on

The World Bank has stated that Nigeria is among a list of top 10 countries with high debt risk exposure.

It stated this in the financial statement for International Development Association, which was among the World Bank FY21 audited financial statements released on Monday.

The financial statement said, “IDA faces two types of credit risk: country credit risk and counterparty credit risk.

“Country credit risk is the risk of loss due to a country not meeting its contractual obligations, and counterparty credit risk is the risk of loss attributable to a counterparty not honoring its contractual obligations.

“IDA is exposed to commercial as well as noncommercial counterparty credit risk.”

It stated, “As of June 30, 2021, the 10 countries with the highest exposures accounted for 66 percent of IDA’s total exposure.”

Nigeria was rated fifth on the list with $11.7bn IDA debt stock, while India led the list with $22bn IDA debt stock, followed by Bangladesh with $18.1bn IDA debt stock, Pakistan with $16.4bn IDA debt stock, and Vietnam with $14.1bn IDA debt stock.

Other countries on the list in order of appearance included Ethiopia with $11.2bn IDA debt stock, Kenya with $10.2bn IDA debt stock, Tanzania with $8.3bn IDA debt stock, Ghana with $5.6bn IDA debt stock, and Uganda with $4.4bn IDA debt stock.

It added that there was a Single Borrower Limit for IDA, which for FY22, had been set at $45bn (25 per cent of $180.9bn of equity as of June 30, 2021).

It was further discovered that Nigeria’s undisbursed balance with the World Bank is about $8.656bn as at June 30, 2021.

According to the financial statement for the International Bank for Reconstruction and Development, Nigeria has a total of $589m undisbursed balance, consisting of $500m loans approved but not yet signed and $89m signed loan commitment.

The financial statement for IDA disclosed that Nigeria had a total undisbursed balance of $8.07bn, consisting of $1.462bn loans approved but not yet signed and $6.61bn signed loan commitment.

The financial statement for IBRD disclosed that although certain amount of loans has been agreed ‘the loans are not effective and disbursements do not start until the borrowers and/or guarantors take certain actions and furnish documents’.

A total of $1bn loans were agreed between Nigeria and the World bank’s IBRD, of which Nigeria’s outstanding loan is $411m.

For IDA, a total of $19.54bn loans were agreed upon, of which Nigeria’s outstanding loan is $11.47bn.

According to the Debt Management Office, Nigeria owes the World Bank a total of $11.51bn, consisting of $11.10bn IDA loans and $410.23m IBRD loans as of March 31.

Other financial statements released included the statements for International Finance Corporation and Multilateral Investment Guarantee Agency.

In a press statement titled ‘World Bank Group Releases FY21 Audited Financial Statements, the bank disclosed that the World Bank Group commitments rose to $84.3bn in the fiscal year 2021, 15 percent higher than FY20.

The statement quoted the World Bank Group President, David Malpass, as saying, “The World Bank Group support to client countries surged to $157bn over the last 15 months to address increased poverty, inequality, and the impacts of COVID-19.”

He added that the unprecedented level of commitments helped countries strengthen health systems, protect the poor and vulnerable, support jobs and businesses, promote economic growth, and lay the foundation for a green, resilient and inclusive recovery.

BIG STORY

Peter Obi Is A ‘Character-In-Chief’, I Know The Junction Where Madman Who Advised Him Stayed In Anambra —- Bwala

Published

on

Daniel Bwala, special adviser to President Bola Tinubu on policy communication, has mocked Peter Obi, presidential candidate of the Labour Party (LP) in 2023, describing him as a “character-in-chief”.

Speaking in an interview on The Clarity Zone Podcast anchored by Chinedu Emmanuel, popularly known as Nedu, Bwala said Obi was engaging in theatrics.

He was responding to a claim that the former governor of Anambra described him as a ‘character’.

“In the movie, the actor is a character. He is actually the character-in-chief, because what he’s playing is what we call theatrics,” Bwala said.

“You are demonstrating a fictitious picture of a reality that will never exist. I think that is the hope he sold to his people.

“So, after the election, when they saw reality dawn, and he lost the election, they couldn’t manage the picture of the fantasy that was painted in their mind, and they ran berserk.”

“They are all over the media now… they don’t have a particular platform where they stay. They migrate and abuse people. And that is because leadership is not easy.

“Leadership is a sacrifice. All these politicians you see, from President Bola Tinubu, and some other politicians who are not up to him, do a lot of sacrifice to build a base; a base that can resonate with them.”

Bwala also responded to Obi’s claim that he has never been to Anambra, saying he could even describe the road leading to the former LP presidential candidate’s house in the state.

The presidential aide further joked that he knew where the mentally unstable man, whom Obi said gave him advice while he was governor of the state, stayed.

Bwala’s remarks followed a statement Obi made in the build-up to the 2023 elections, in which he recounted how a piece of advice from a mentally unstable man helped him resolve a major security challenge during his tenure as governor of Anambra.

“And he also said, I have never been to Anambra; I can tell you the road that leads to his house. Peter Obi is from Agulu,” he said.

“From Nnewi, you have Umudim, Nnewichi, Uruagu, and Otolo. I can take you to places in the east. I even know the junction where the madman that used to advise him used to stay, very close to Upper Iweka.

“How can he say I have never been to Anambra?”

 

Continue Reading

BIG STORY

Fubara’s Impeachment Process On Course, Not Suspended —– Rivers Assembly

Published

on

The Rivers House of Assembly says the impeachment process against Siminalayi Fubara, governor of the state, and Ngozi Odu, his deputy, is on course.

On Thursday, the state parliament commenced impeachment proceedings against the governor and his deputy.

The lawmakers launched the process after Major Jack, Leader of the assembly, read gross misconduct charges against Fubara, signed by 26 members of the house.

On Friday, reports claimed that the Rivers State House of Assembly had suspended the impeachment process against the governor.

Responding to the reports in a statement, Enemi George, chairman of the House Committee on Information, Petitions, and Complaints, said notices of gross misconduct have been forwarded to Fubara and Odu, noting that lawmakers are awaiting their responses.

George maintained that the process has not been suspended or discontinued, describing the reports as false narratives aimed at misleading the public and causing disaffection.

“We are aware that certain persons and media platforms are at it again to misinform the public, particularly to the effect that the process has been halted or discontinued,” the statement reads.

“Some are trending false narratives to cause disaffection between the House and well-meaning Nigerians. Therefore, with the leave of the Speaker, Rt. Hon. Martin Chike Amaewhule DSSRS.

“I call on all and sundry to disregard their antics, as their actions have already failed. We remain committed to our constitutional duties and will not be dissuaded by cheap blackmail or threats from those who do not have our country’s nascent democracy at heart.

George asked the public to disregard what he described as antics, saying the house would not be deterred by “cheap blackmail or threats” and remains committed to its constitutional duties.

Continue Reading

BIG STORY

Stop Impeachment Proceedings Against Fubara, Rivers Elders Tell Lawmakers

Published

on

The Rivers State Elders and Leaders Forum has called on the Martin Amaewhule-led state House of Assembly to suspend all impeachment proceedings against Governor Siminalayi Fubara for peace to reign.

Recall that the 27 lawmakers who make up the majority in the house had on Thursday served an impeachment notice on the governor and his deputy, Prof. Ngozi Odu, over alleged misconduct and abuse of office.

The lawmakers gave the governor seven days to respond to all the allegations levelled against him.

But the forum, in a statement, faulted the move by the lawmakers, saying the reasons advanced for their action are unconstitutional and lacking substance.

The statement issued in Port Harcourt on Friday night was signed by the forum’s acting Chairman, Dr Gabriel Toby.

Tony, a former deputy governor of the state, expressed sadness that the renewed political feud that has culminated in the threat of impeachment came just a few months after the state was recovering from six months of emergency rule that halted democratic governance in the oil-rich state.

While condemning the move outright, the forum said the action of the lawmakers is self-serving rather than for the good of the state, saying it will not stay silent on a development that threatens the peace, stability, and future of the state

The statement party reads, “The Rivers Elders and Leadership Forum expresses deep concern and unequivocal condemnation of the recent impeachment notice issued against Governor Sir Sim Fubara and his deputy Prof. Ngozi Ordu by members of the Rivers State House of Assembly.

“Impeachment is a serious constitutional process, not a tool for political vendettas or factional struggles. The reasons so far advanced in support of this action are disturbingly weak, lacking substance, public interest justification, or constitutional weight.

“They appear driven by narrow personal interests rather than genuine concern for good governance.

“The Forum reminds the Rivers State House of Assembly that the Governor’s mandate was freely given by the people of Rivers State and can only be questioned in strict compliance with constitutional provisions, due process, and based on clear, compelling, and verifiable grounds.

“We warn that the current course of action risks deepening political divisions, eroding public trust in democratic institutions, and further destabilizing an already fragile polity.

“Rivers State has not fully recovered from the political, social, and institutional disruptions of the recent period of emergency rule.

“Our people continue to bear the consequences of that episode, and this development, so early in the year, risks reopening old wounds and heightening tensions at a time when stability and focused governance are urgently needed.”

It continued, “Accordingly, we call on the Rivers State House of Assembly to immediately retrace its steps and place the collective interest, peace, and progress of Rivers State above all partisan or personal considerations.

“The Rivers Elders and Leadership Forum remains firmly committed to peace, unity, justice, and constitutional democracy in Rivers State. We will not be silent in the face of any action that threatens the stability, dignity, and future of our state.”

Continue Reading


 

 


 

 

 

 

Join Us On Facebook

Most Popular


Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117