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Nigeria Now World Bank’s Fourth Highest Borrower With $13bn Stock Debt

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The rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

 

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Metro

Police Arrests Suspects And Recover Weapons After Rampage In Osun

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The Osun State Police Command on Monday disclosed that it has arrested ten persons in connection with the disruption of law and order in Osogbo while trying to take control of motor parks.

Fidel Info reports that Hoodlums, earlier in the day, were on a rampage across Osogbo, Osun state capital shooting sporadically into the air and attacking members of the National Union of Road Transport Workers, NURTW, across major parks in the town.

However, the police, in a statement by its Public Relations Officer, SP Yemisi Opalola, said the security outfit arrested ten suspects and recovered various weapons.

The statement reads partly, “This is to inform the general public that the Osun State Police Command is aware and frowns at the crises that erupted within the National Union of Road Transport Workers (NURTW) in the state.”

“The Commissioner of Police, CP Faleye Olaleye, swiftly charged the Area Commanders, Divisional Police Officers, and Tactical Commanders to ensure the situation is brought under control and arrest culprits.”

“Consequently, the Police operatives tactical operation led to the arrest of Ten (10) Suspects and recovery of One (1) Barretta pistol, Two (2) Pump Action, Two (2) Barrel guns, Nine (9) live and Four (4) expended cartridges, Five (5) cutlasses and charms.”

“The Commissioner of Police wishes to assure the general public that the Police Command is fully on top of the situation as Mobile/Conventional/Tactical/Patrol teams have been deployed to curtail the crises and advice members of the public to go about their lawful businesses/work without fear of insecurity or attacks.”

“He, therefore, sternly warned that anyone found culpable in these unwarranted violence/attacks will face the full wrath of the law.”

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Nigeria Has Enough Food To Feed All Residents – FG

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The nation has enough food to feed every resident, according to Dr. Mohammad Abubakar, Minister of Agriculture and Rural Development.

Fidel Info reports that this was disclosed by Abubakar during his presentation at the fifth meeting of the “PMB Administration Scorecard 2015-2023 Series,” which took place on Monday at Radio House in Abuja.

The Minister attributed the country’s soaring food prices to both inflation and the effects of the Covid-19 outbreak, which led many nations, including Nigeria, to halt vital economic activity for months.

According to him, the ministry is building 10 large-scale integrated rice mills with a daily capacity of 320 metric tonnes in Jigawa, Kano, Adamawa, Niger, Kaduna, Gombe, Ekiti, Ogun, Bayelsa, and the Federal Capital Territory, in addition to assisting in the production and distribution of breeder, foundation, and certified rice seeds for farmers, all of which are intended to increase the nation’s food supply.

He added that the number of fertilizer factories has expanded from eight to 200 as a result of the presidential fertilizer initiative, which was started in 2016 and increased production from 300,000 metric tonnes to seven million metric tonnes.

He said, “We have enough food to take care of Nigerians. We are producing food across the country and we will continue to do so to feed Nigerians in line with our mandate and expedite the transformation of the rural communities of Nigeria.

“As it is today, many parts of the world, including our own country are yet to fully recover from the negative effects of the pandemic, which has triggered inflation and high food costs across the world.”

“The fact that some categories of food are imported by Nigeria is not an indication that we have food shortages. The high cost of food that we experience in the country is a result of rising inflation, which is not peculiar to Nigeria but due to the Covid-19 pandemic that forced many sectors of economic production to be shut down for many months.”

He also noted that the ministry was also constructing two 2000 metric tonnes specialized warehouses for the storage of food commodities at federal government-retained silo complexes in Irrua, Edo State and Ilesha, Osun State.

He said, “In a bid to ensure that the country had enough food to eat, the ministry has procured 79,277.30 metric tonnes of food commodities between 2020 and 2021 to replenish the national strategic reserve that was depleted by Covid-19 release and relief to the Poultry Association of Nigeria in 2021.”

Despite his assurance that the federal government has started taking action to eliminate such confrontations, Abubakar stated that he was unsure whether pastoralists purposely let loose their animals.

He said, “One of the measures to checkmate herders’/farmers’ conflicts is the introduction of the National Livestock Development Programme and the proposal to have ranching and grazing reserves across the country.”

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Governance

Adeleke Clashes With Osun Assembly On Renaming State

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On Monday, the Osun State House of Assembly disapproved of Senator Ademola Adeleke’s move to change the name of the state from “State of Osun” to “Osun State,” who had just been sworn in as governor.

Fidel Info reports that the Assembly stated that no one can use force to change the state’s anthem, crest, or flag because they are enactments of laws that were approved on December 18, 2012.

Adeleke changed the state’s name from “State of Osun” to “Osun State” and its nickname from “The State of the Virtues” to “The State of the Living Spring” during his inauguration on Sunday, November 27, 2022.

Additionally, as of July 7, 2022, Adeleke revoked all appointments made by the outgoing governor, Adegboyega Oyetola.

Additionally, he mandated the freezing of all government bank accounts and stated that all decisions made by the Oyetola-led administration as of July 17 will be reviewed.

The House issued a press release on Monday, November 28, 2022, to refute the governor’s decision. It was written by Moshood Kunle Akande, the chairman of the House Committee on Media and Publicity. It read, “The State of Osun House of Assembly having reviewed the inaugural speech of the Governor and the activities of the inauguration hereby resolves as follows;

“The usage of the State Anthem, Crest, and Flag is an enactment of the law and as such, its usage is a matter of law and not choice.

“The enactment ‘State of Osun Anthem, Crest and Flag Law, 2012’ assented to on December 18, 2012, contained in Schedule 1, II, III, IV and V, which carefully details every component of this law is not in ambiguity.

“Schedule I is the State Anthem, Schedule II has to do with the State Crest, and Schedule III is the symbolic significance of the elements in the Flag.

“Lastly, while we are aware of a court judgment in effect recognizing ‘Osun State, the Assembly, pending the determination and exhaustion of all legal means would not be drawn into this matter.”

The lawmakers further said that the state will continue to be described as the “State of Osun”  and “Ipinle Omulabi” (State of the Virtuous).

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