Connect with us

News

IMF Excludes Nigeria From Debt Relief

Published

on

IMF

Nigeria has been excluded from the list of 28 countries granted debt pardon by the Executive Board of the International Monetary Fund (IMF).

The Board has approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). This approval followed two prior tranches approved on April 13, 2020 and October 2, 2020, respectively.

In a report released yesterday, the Fund said the approval will enable the disbursement of grants from the CCRT for payment of all eligible debt service falling due to the IMF from its poorest and most vulnerable members from April 14, 2021 to October 15, 2021, estimated at SDR 168 ($238) million.

The beneficiaries of previous CCRT tranche are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Ethiopia, and The Gambia.

Others are Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.

This tranche of grants for debt service relief will continue to help free up scarce financial resources for vital emergency health, social, and economic support to mitigate the impact of the COVID-19 pandemic.

Subject to the availability of sufficient resources in the CCRT, debt service relief could be provided for the remaining period through from October 16, 2021 to April 13, 2022 amounting to a total of about SDR 680 ($964) million.

In March 2020, Managing Director Kristalina Georgieva launched an urgent fundraising effort to raise $1.4 billion in grants for the CCRT. This would enable the CCRT to provide financial assistance for relief on debt service for up to a maximum of two years, while leaving the CCRT adequately funded for future needs.

Thus far, donors have pledged contributions totaling about $774 million, including from the European Union, the UK, Japan, Germany, France, the Netherlands, Switzerland, Norway, Singapore, China, Mexico, Philippines, Sweden, Bulgaria, Luxembourg, and Malta.

Executive Directors welcomed the opportunity to consider the approval of grants under the Catastrophe Containment and Relief Trust (CCRT) to support the third tranche of debt service relief for the Fund’s poorest and most vulnerable members.

They noted that the COVID-19 pandemic continues to exact a severe human and economic toll on these countries and that the resources freed up by the first and second tranches of CCRT debt service relief had helped mitigate the impact of the pandemic.

Directors agreed that the available resources and pledges are sufficient to finance the third tranche of debt service relief for the period from April 14 to October 15, 2021.

Accordingly, they approved grant assistance under the CCRT for relief for 28 eligible members that have debt service falling due during this period.

Continue Reading
Comments

News

Police Drag Federal Lawmaker To Court For Assaulting, Threatening Cab Driver’s Life

Published

on

The Police have arraigned a member of the House of Representatives, Hon. Alex Mascot Ikwechegh, on Wednesday, before an Abuja Chief Magistrate’s Court sitting at Kuje for allegedly assaulting a bolt driver at his Abuja residence.

The lawmaker, who is representing Aba North and South federal constituency of Abia State, was also accused of abusing his office and threatening the e-hailing driver’s life.

The charge against the defendant bordered on abuse of office, assault, and threat to life.

After the charges were read to him by the court clerk, the defendant entered into a not-guilty plea.

Consequently, the prosecution counsel, Mr. A. Umar, applied for a date for full-blown hearing to commence in the matter.

The bolt driver was represented in court by a human rights activist, Mr. Deji Adeyanju.

However, counsel to the defendant made an oral application for the lawmaker’s release on bail, pending the determination of the case.

The defendant argued that the charge against him contained bailable offences, adding that his right to presumption of innocence was guaranteed by the 1999 Constitution, as amended.

In his ruling, Magistrate Abubakar Umar Sai’id acceded to the defendant’s application for bail and granted Ikwecheg bail in the sum of N500,000 with two sureties in the like sum.

The court stressed that the sureties must not only reside within its jurisdiction but also provide their utility bills as proof of residence.

It subsequently adjourned the matter till November 8 for trial.

Investors King had reported that the federal lawmaker had boasted that he could make the driver disappear without a trace and nothing would happen.

Ikwecheg was seen in a viral video expressing displeasure over what he described as the driver’s rude behaviour towards him when the driver asked him to come out of his residence and collect a delivery.

However, following a widespread condemnation that trailed his action and utterances, the lawmaker tendered a public apology for his conduct.

Continue Reading

News

CJN Moves To Sanitise Judiciary Of Conflicting Orders, Judges’ Misconducts

Published

on

court
The Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, has expressed displeasure over conflicting orders and judgments issued by some judges in the country.
The CJN is also perturbed by many complaints and allegations of misconduct and abuse of judicial privilege leveled against some judicial officers in Nigeria.
She therefore expressed strong desire to sanitise the judicial space and restore confidence in the dispensation of justice.
Already, some heads of courts and judges involved in the conflicting orders, have been summoned by Kekere-Ekun to explain themselves before a panel that would be headed by a retired Justice of the Court of Appeal.
Recall that conflicting court orders trailed the Local Government Area election that was held in Rivers State recently.
While the court in Abuja barred security agencies from participating in the electoral process, another court in the state gave the nod for the election to be held, even as it ordered the provision of security for the exercise.
Likewise, while the court in Abuja recognized the Martins Amaewhule-led faction of the Rivers State House of Assembly loyal to the Minister of the Federal Capital Territory and immediate past governor of the state, Nyesom Wike, on the other hand, a high court in the state gave the faction led by Victor Oko-Jumbo, who are on the side of governor Siminalayi Fubara, the legal imprimatur to continue to conduct legislative affairs of the state.
The current crisis in Rivers State can be traced back to a landmark Supreme Court ruling on July 11, 2024, which declared unconstitutional the practice of state governors withholding funds allocated for local government administration.
Specifically, some lawyers under the umbrella of Ekiti Lawyers Vanguard for Transparency asked the CJN chairman to probe the Judge of Federal High Court, Abuja, Justice Emeka Nwite for allegedly issuing conflicting orders and denying litigants of justice.
In a petition, they called on Kekere-Ekun to investigate the judge, saying he has desecrated the hallowed temple of justice by his actions and practice.

Continue Reading

Education

Patients, Students, Others Stranded As NASU, SSANU’s Strike Ground Schools, Hospitals

Published

on

University - Investors King

Activities at various public hospitals and tertiary institutions of learning across Nigeria have been grounded following the industrial action embarked upon by the Joint Action Committee of the Non-Academic Staff Union of Educational and Associated Institutions and the Senior Staff Association of Nigerian Universities.

Checks by Investors King on Tuesday revealed that workers belonging to these striking bodies refused to resume their duty posts in compliance with the indefinite strike.

Many patients who had visited public hospitals were not attended to while some newly admitted students of some federal Universities and Polytechnic were stranded in their schools.

It was gathered that there were no workers to attend to them in their registration exercises.

For instance at the Obafemi Awolowo University, Ile-Ife, Osun State where matriculation events are ongoing, the event was stalled on Tuesday after workers deserted their duty posts.

A pregnant woman who had visited Osun State University Teaching Hospital, Osogbo for medical attention said she was not attended to because workers who are members of NASU joined the strike.

Recall that on Monday, federal universities across the country were shut down, in compliance with the indefinite strike called
by the associations.

SSANU and NASU vowed to indefinitely shut down all university activities across the country, starting Monday, until the Federal Government paid the four months withheld salaries.

A statement signed by the National President of SSANU, Mohammed Ibrahim, and the General Secretary of NASU, Peters Adeyemi, said the ultimatum it gave the Federal Government over its withheld salaries expired Sunday midnight, hence the industrial action.

The unions are demanding, among others, the payment of the four-month withheld salaries, improved remuneration, earned allowances, and implementation of the 2009 agreements with the government.

The Federal Government had, through the Ministry of Labour and Employment, invoked the ‘No Work, No Pay’ policy when the four university-based unions embarked on a prolonged strike in 2022.

Last October, President Bola Tinubu directed payment of four of the eight months withheld salaries for the academic staff. It was finally paid in February.

The directive was silent about the non-teaching staff, raising concerns as to their fate, a development the unions described as selective.

The Federal Ministry of Education on Monday reached out to the leaders of the university workers’ union, following the declaration of an indefinite strike.

Ibrahim noted that the ministry reached out to him requesting a meeting.

According to Ibrahim, the compliance observed in universities on Monday likely prompted the Federal Ministry of Education to request a meeting.

 

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending