Connect with us

Government

Buhari’s Govt Under Attack Over N2.2tn Debt in One Year

Published

on

Economy

Civil rights groups on Friday berated the Muhammadu Buhari-led administration for incurring a N2.2tn domestic debt in the last one year.

The groups, in separate interviews on Friday said that there were no visible impacts of the borrowed money on the country in the period.

The statistics obtained from the Debt Management Office showed that the Federal Government’s domestic debt stood at N10.6tn as of June this year, up from N8.4tn a year ago.

According to the report, the country’s total debt liability rose to N16.29tn in June 2016 from N12.12tn in June 2015.

FG borrowing to pay salaries —Social Action

Expressing concern about the sharp increase in the country’s debt profile, the Head of Abuja Social Action, Vivian Bellonwu-Okafor, said the only response of the administration to the economic recession was “to borrow more money.”

She said that the group was   concerned about the circumvention of the laid down legal provisions for loan acquisitions.

Bellonwu-Okafor stated, “The Fiscal Responsibility Act, which outlines the democratic steps that should accompany any loan, is not being respected and so in this regard, loans are taken in a most shoddy and blanket manner without any clear purpose or project line tied to such acquisition(s) as well as cost-benefit analysis, as stipulated by the FRA.

“It is thus not surprising that government has not only taken but also advanced loans for recurrent items such as payment of salaries, sponsorship to foreign trips and conferences etc; this is in clear violation of the FRA which states that loans shall only be acquired for capital expenditure(s).”

She said that it appeared that the government was hiding under “a superfluous guide of so-called recession to embark on unrestrained and unmanageable borrowings.”

The head of Social Action stated that such an approach was “a false solution to the economic problems of Nigeria,” adding that the government was simply postponing the evil day.

Bellonwu-Okafor said, “Debt servicing will soon completely wipe out the country’s capital allocation. This free walk into another debt-trap should, with all experiences of hindsight, be avoided.

“The burden of debt falls on the shoulders of innocent citizens. Nigeria has the wherewithal both in human, natural as well as material and intellectual resources to have a thriving and flourishing economy without undue recourse to dependence-borrowing.”

No visible impact-CD

On his part, the President of Campaign for Democracy, Abdul Usman, said that the borrowing did not show desirable performances by the administration.

According to him, the President and his cabinet of ministers should be held accountable not only in matters that have to do with corruption, but also on debts.

He stated, “Nigerians have never had it this bad and are losing faith in the change promised by the administration.  There is hunger almost everywhere in the land. Citizens will want to see published documents or Mr. President should address the nation as we have yet to see the positivity on the budgeted N500bn social welfare.”

‘Buhari’s govt not creative’

The Executive Secretary of the Anti-Corruption Network, Ebenezer Oyetakin said the craze for borrowing had shown that the administration was not creative.

He stated that it was unfortunate that the government, which based its campaign on “change” had reverted to the old practices, which Nigerians voted against.

Oyetakin stated, “The thrust of the change is expected to be largely in the way we handle the economy. The craze for borrowing simply shows how uncreative we are and the lack of innovative thinking economically.

“What would have happened if we were Republic of Cuba that was and is still under total economic, commercial and financial blockade by the USA and its allies for 55 Years? What will happen if the entire world refuses to lend us money? I am against our craze for borrowing as a nation.”

N2.2tn domestic borrowing used to fund budget —Minister

But the Minister of Finance, Mrs. Kemi Adeosun, while responding to enquiries from one of our correspondents, justified the increase in the debts.

The minister was asked what the money was spent on.  She simply said, “I guess it would have been used to fund the budget and whatever government is spending money on.”

She said the government would continue to scale up spending in the area of infrastructure such as road, power and railway among others.

Invest borrowed funds in productive ventures, NLC tells FG

The Nigeria Labour Congress urged the Federal Government to utilise the borrowed funds to revamp the economy.

The General Secretary of the NLC, Dr. Peter Ozo-Eson said that while it was not bad to borrow to stimulate the economy during a period of recession, it was important that the money was put to productive use.

He advised that such funds should be committed to the creation of employment opportunities.

Ozo-Eson stated, “Well, with the economy in recession, we have all agreed from the beginning, we need a stimulus to turn the economy around. This is why the 2016 budget is hugely a deficit budget. That implies that you need to borrow in order to create that stimulus. It is the use to which we put what is borrowed that is important.

“If we plough it heavily into infrastructure and in creating employment, in the long run and in the medium- term, it will help to revamp the economy and then restore balance to fiscal operations.  So we do not think that borrowing is bad, particularly in the period in which we have to stimulate the economy.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

Published

on

University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

University of Ibadan (UI) on Friday announced it is going ahead with resumption on February 20 despite the second wave of COVID-19.

In a statement released by the school, the First Semester of the 2020/2021 academic session will commence virtually on February 20, 2021.

The virtual academic session will last for 13 straight weeks and end on Friday May 12, 2021, while the matriculation ceremony will hold on Tuesday March 16, 2021.

The University of Ibadan also scheduled one week for the Finalization of Continuous Assessment, to begin from Mon. 17 May and ends Friday 21 May.

The rising number of COVID-19 cases has compelled the Senate to approve the virtual academic session in an effort to ensure the tertiary institution abides by the protocols established by the Federal Government to curb the spread of the pandemic.

“It, therefore, agreed that the 2020/2021 First Semester lectures will be delivered online. In this regard, students will not be accommodated on campus,” a statement from the school said.

“Senate also approved the cancellation of the 2019/2020 session. The next session is, therefore, renamed 2020/2021 Academic Session. Consequently, students who have been admitted for the 2019/2020 session will now be regarded as the 2020/2021 intakes.

“Kindly note that online opening of Registration Portal and Orientation Programme for the 2020/2021 intakes may commence ahead of the Sat 20/02/21 date indicated above,” the statement said.

Continue Reading

Government

House of Representatives Impeached Trump Over Capitol Invasion

Published

on

House of Representatives Impeached Trump Over Capitol Invasion

The United States House of Representatives on Wednesday impeached President Trump for the second time after instigating the US Capitol invasion.

Led by Speaker of the House, Nancy Pelosi, 232 representatives, including 10 Republicans, voted to impeach the outgoing president against 197 that voted for him to remain in the office for the next six days when he would handover to the president-elect, Joe Biden.

The ten Republicans were Representatives Liz Cheney of Wyoming, the party’s No. 3 leader in the House; Jaime Herrera Beutler of Washington; John Katko of New York; Adam Kinzinger of Illinois; Fred Upton of Michigan; Dan Newhouse of Washington; Peter Meijer of Michigan; Anthony Gonzalez of Ohio; David Valadao of California; and Tom Rice of South Carolina.

Speaking before the vote, Pelosi said “a constitutional remedy that will ensure that the Republic will be safe from this man who is so resolutely determined to tear down the things that we hold dear and that hold us together.”

“He must go. He is a clear and present danger to the nation that we all love,” she said, adding later, “It gives me no pleasure to say this — it breaks my heart.

Republicans, who unanimously stood behind president Trump in 2019 during his first impeachment, were divided this time over the attack on Capitol.

A Republican representative from California, Kevin McCarthy, said “The president bears responsibility for Wednesday’s attack on Congress by mob rioters,” Mr. McCarthy said. “He should have immediately denounced the mob when he saw what was unfolding.”

Continue Reading

Government

US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

Published

on

Joe Biden Economic Impliccations on Nigeria

US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

The joint congress of the United States on Thursday, January 7, 2021 certified Joe Biden as the 46th President of the United States following President Trump’s mob action that disrupted the congress joint proceeding on Wednesday.

After ordering his followers to disrupt proceedings on Wednesday, President Trump later announced that there will be an orderly transition on January 20.

Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th,” Trump said in a statement issued by White House Deputy Chief of Staff Dan Scavino.

“I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!” Trump added.

While the certification was just a mere formality as Biden had secured enough electoral college votes (270) required to clinch the world’s most powerful seat, the refusal of Donald Trump to accept the results of the November 2020 election made the session a keenly watched, especially after Trump mob disrupted a joint session of the Senate.

Also read Facebook, Twitter, Instagram Lock President Trump Out of Their Platforms Following Insurrection

Continue Reading

Trending