The International Press Centre, IPC, has condemned the unlawful arrest of four journalists, Ifeoluwa Adediran of Premium Times, Abiodun Ayeoba of Sahara Reporters, Awoniyi Oluwatosin of Objective Media and Daniel Tanimu of Galaxy Television on Thursday while covering a peaceful protest on the fuel price increase in Yaba, Lagos State.
Spokesperson for the organisers of the protest – the Socialist Party of Nigeria – Comrade Hassan Soweto, who was equally arrested confirmed that, “The cameras and phones of the journalists were seized while they were taken to the Lagos State Police Command.”
IPC disapproves the harassment and brutalization of the journalists in the course of legitimate duty and particularly decries the seizure and damage to their working tools.
IPC demands the immediate and unconditional release of the journalists. The Police should also return their seized gadgets and pay compensation for the damaged ones.
IPC reiterates that the right to peacefully assemble and ventilate grievances over government policies is covered by the laws of the federation and should not be tampered with arbitrarily.
Nigeria’s debt profile increased by N2.38trn between March and June 2020, the Debt Management Office(DMO) has revealed.
It said Nigeria’s total public debt stock as of June 30, 2020 stood at N31trn.
Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.
For public debt stock as of June 30, 2020, the DMO said: “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.
“The corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”
The debt office explained that the increase in the debt stock by N2.381trn or $6.593bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.
It said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.
The debt office added: “The DMO expects the public debt stock to grow as the balance of the new domestic borrowing is raised and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget.
“Recall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government’s revenues and increased expenditure needs on health and economic stimulus, among others.”
Former Aviation Minister, Femi Fani-Kayode, and spokesperson for Afenifere, Yinka Odumakin have blasted the National Leader of the All Progressives Congress (APC) Bola Ahmed Tinubu for disrespecting the greet the Ooni of Ife, Oba Adeyeye Ogunwusi.
In a viral video on twitter obtained by Thepledge during the coronation ceremony of the Oniru of Iruland in Lagos State last weekend, Tinubu was seen sitting down while receiving the Ooni of Ife, who was on his feet.
This did not go down well with Fani-Kayode who accused the APC leader of being disrespectful to the throne.
“This was not only deeply insulting to every and & indeed son and daughter of Odua but it is also a crying shame.
“A northern political leader refuse to stand up for his traditional ruler?”
In the same vein, Odumakin insisted that Tinubu should have stood up to greet the Ooni of Ife, Oba Adeyeye Ogunwusi.
In an interview with The Punch on Wednesday, Odumakin said although monarchs no longer hold political power, it was important for traditional institutions to be respected especially by the Yoruba people.
He recalled that former President Olusegun Obasanjo, who is many years older than the monarch, bowed down to greet him in 2016.
“We are still Yoruba people. With due respect to our royal fathers, we should not say because we are in a modern age, we should not give the proper respect that we give to our Oba.
“You saw the time former President Obasanjo prostrated before the Ooni.
“So, it is still our culture and we must sustain our culture and give the respect that is due to our monarchs.”
Expert Roundtable – Are Chinese Infrastructure Loans Putting Nigeria on the Debt Trap Express?
Overview
The Experts Roundtable – “Are Chinese infrastructure Loans putting Nigeria on the debt-trap express?” arises from the ongoing discussion regarding whether Nigeria or state governments should take Chinese infrastructure loan. The Nigerian press has been awash with concern about the terms of some loans contracted with or about to be contracted with China.
Data obtained from the Debt Management Office (DMO) shows that between 2010 and March 31, 2020, 11 loan facilities have been obtained from the China Exim Bank. The loans all have a seven-year grace period, 20 years tenor and were obtained at 2.5 per cent interest rate. Given Nigeria’s current total debt profile standing at N33 trillion, this merits an analysis by a panel of experts.
This communique includes presentations and discussions by the distinguished speakers, as well as recommendations and conclusions
Distinguished Speakers:
Mr. Joseph Oyediran, MD/CEO, Berkham Capital, London, UK.
Mr. Johnson Chukwu, MD/CEO, Cowry Assets Management.
Prof. Mobolaji Aluko, Director General, Office of Transformation, Strategy and Delivery (OTSD), Ekiti State
Convenor: Engr. Titus Olowokere, President, U.S.-Nigeria Trade Council, USA.
Moderator: Ms. Mopileola Amusu, Entrepreneurial Coach, Author and Management Consultant
Other: Dr. Olusola Womiloju, representative of TURN NIGERIA – Transforming, Uplifting and Reforming Nigeria.” Presentations and discussions
Mr. Joseph Oyediran
The standard practice of governments globally is to fund infrastructural projects via a Public-Private Partnership [PPP] via a competitive tender for which interested investors bid and loans are obtained to fund the project. Thus, the liability of the loan is on the private parties and government involvement is minimal.
The Chinese however, adopted a different model, particularly in advancing infrastructural loans to developing nations via its China Exim Bank. The clauses are stringent. They include the mandating of Chinese contractors to execute the project, as well as the pledging of everything that comprises the project deliverable – even sovereign resources of the nation, except its military assets.
Oyediran
This poses a real threat in the event of default as was the case with Zambia and Sri Lanka. Although not a desirable outcome for Nigeria, it is clear from the fact that, having applied major part of our earnings this year to service debts, a shortfall of revenue at end of the year looms. There is no doubt that Chinese loans are indeed a debt trap based on the caveats and conditionalities in the event of default.
The Debt Management Office [DMO] published a startling report of Nigeria’s long-standing debt. Figures as at March 31, 2020, show Total Borrowing from China to be USD3.121 billion (₦1,126.68 billion at USD/₦361), which amount represents only 3.94% of Nigeria’s Total Public Debt of USD79.303 billion (₦28,628.49 billion at USD/₦361).
In terms of aggregate external sources of funds, loans from China account for 11.28% of the External Debt Stock of USD27.67 billion at the same date. Their conclusion is worrisome: China is not even a major source of funding for the Nigerian Government. The DMO is clearly not as overwhelmed by Nigeria’s indebtedness as the people.
Mr. Johnson Chukwu
From an asset manager’s perspective, there is no doubt that Nigeria has a huge Infrastructure deficit. Yet the actions of the FGN do not suggest willingness to solve the problem, rather to retain control over all the nation’s assets, even to the detriment of the well-being of the populace. Why else would government revoke a private sector initiative to build and operate the 2nd Niger Bridge, take over the project, and many years later, leave it uncompleted [2015 to date]?
All money spent on infrastructural development in Nigeria is borrowed. This current model of funding is not sustainable. Because government is taking on more than it can handle, bureaucracy and inefficiency is built in, and projects suffer delay, and sometimes, neglect. In addition, the kind of wastage that the private sector cannot tolerate is inevitable. Government – whether at the Federal, State or Local level – has no business funding infrastructure. We do not have the requisite resources.
Chukwu
Our nation cannot continue to fund infrastructure with loans, we cannot build from such entanglement. At $42 per barrel, FGN Crude Oil earnings have drastically declined. The Capital Importation Report shows that Nigeria earned less than $1bn in Q1 2020. Portfolio Investment which could have aided infrastructure build is in decline.
With a debt of N26.9bn in the Q1 of 2020 alone, funds being earmarked for debt servicing are and will continue to rob us of infrastructure if we do not seek alternative options for funding options such as:
Energy fund.
Nigerian Sovereign Investment Authority.
Stabilization fund
Infrastructural Fund.
One option is to identify commercially viable infrastructure such as the Murtala Mohammed International Airport in Lagos, the Mallam Aminu Kano International Airport in Kano, the Nnamdi Azikiwe International Airport in Abuja, and the Port Harcourt International Airport in Omagwa to concession to private sector operators and earn Govt revenue. Lagos Airport should have long ago been made an international hub for West Africa.
Other viable cash cows would be the Lagos-Ibadan Expressway [Uncompleted since 2000] and even single-gauge Railway Lines along high traffic trade routes, nationwide. A Complete and Transfer or Complete and Own incentive can be mandated to stimulate PPP.
Prof. Mobolaji Aluko
The world of diplomacy is all about mutual benefits. Where this is threatened, it creates unsavoury political, social, and economic climate. With this understanding, those outside governance may be more forgiving of the current managers of the Nigerian Economy. It is not certain that they would be as effective if given the opportunity to serve. Nonetheless, a country should act like a responsible individual – no one borrows money to pay back a loan or even service interest on the principal.
Aluko
A comparative diplomatic analysis revealed that:
In post-colonial diplomacy, for a long time, the UK was a major financier of Nigerian infrastructure. This was followed by a Commonwealth diplomacy, post-independence.
Economic Diplomacy resulted when the discovery of Oil caused Nigeria to be courted by several countries
Another type is Gun Boat Diplomacy. The African Growth and Opportunity Act [AGOA] of 2000 which was re-enacted in 2015 is another form of economic diplomacy in which Nigeria is integral.
China has a Charm Offensive Strategy in Africa which uses governmental influence to infiltrate Nigeria and the continent. This new charm is the massive amount of infrastructural loans and concessionary conditions which unfortunately, are not sustainable.
Nigeria owes many more agencies than the Chinese. France, Japan, Germany, and India are other creditor nations. The so-called amiable terms of Chinese loans, such as long-term moratorium and low interest rates are fairly standard globally. Despite its attraction, what makes them a debt trap are the stringent conditionalities should Nigeria fall into default.
There are ways to make good the threat without physical appropriation of projects built with the borrowed funds. This is cause for concern because it threatens the very sovereignty of our nation.
Nigeria is certainly in a debt trap, but it is not caused by China. Whereas the FGN chose to fall into this trap, States should show discipline and not follow suit. The DMO should do a spreadsheet analysis of all loans and devise effective plans for responsible repayment.
How to avoid a debt trap? We must fortify ourselves by making the projects to which the loans were applied productive – revenue generating. Roads must be tolled, and internal models of success proven to work must be replicated in a holistic manner.
Engr. Titus Olowokere, President, U.S.-Nigeria Trade Council, USA – Convenor
Recommendations and conclusion
Clearly Nigeria’s significantly low credit rating reduces our negotiation capabilities. It is therefore suggested that we stop borrowing, service existing debts responsibly, and set up and manage project-specific funds.
To attract private sector investment in infrastructure development, a fiscal and legal framework need be established which continuity is assured and performance indemnified from political upheaval or any other circumstances, in particular, that there be no threat of revocation with change of leadership. Bidding should be a global affair.
Government at all levels should push propositions for the private sector to provide capital funding of infrastructure.
We recommend that Nigeria should stop taking new loans as we can’t afford it any longer, due to our national debt, most especially, foreign loans, which has more than tripled over the past four years from US$7.5 billion to over US$25 billion. Debt Service Cost to Revenue Ratio (DSCR) is almost 70% already; only 30% of FGN revenue is available for capital expenditures and recurrent expenditures due to revenue constraints. At the rate Nigeria is booking new loans, financial crisis may be imminent unless FGN retires at least US$10 billion within its debt portfolio, to reduce annual debt service costs.
We strongly submit that debt servicing & ratio as percentage of GDP may not be sustainable in the long run even though debt financing may be imperative for economic growth & development. The idea of PPP is an excellent mechanism to ensure effective & efficient utilization of resources in the power sector. it is more important to look at debt ratio in terms of revenue earning of the Country.
Although loans are integral part of the financial trajectory and fiscal equation of any country, with the USA being one of those countries, with national debt at $22billion, additional loans for Nigeria will be stifling, and in fact a death grip. Our national debt must be reduced through debt retirement and debt restructuring, while our recurrent expenditures, must be reduced through budget reviews, cost cutting (cost reduction) programs and restructuring of the budget of many ministries, departments and agencies, to enable FGN save billions of Naira, in annual recurrent expenditures. .
While debt is sometimes inevitable, when used wisely, to execute investment projects, that will generate substantial economic and social impact for the nation, the structure of the debt and its execution strategy, must be implemented wisely, to avoid financial crisis for Nigeria.
We urge the Federal Government, to seek PPP projects instead of taking on costly loans. In Nigeria, we need INVESTMENT, not loans. We need more Public Private Partnerships (PPP), where investors are involved with project planning, project financing and project implementation. PPP implementations, by the private sector, will reduce the likelihood of fraud and funds embezzlement, when investors have major equity stakes, in the PPP projects.
Report prepared by Mr. Regis Uzoma and Ms. Mopileola Amusu.
Interesting story of Xin Zhui who is also known as Lady Day was the Marquise of Dai during the Western Han dynasty in ancient China. Her tomb was found 2,000 years after her death inside a hill named Mawangdui in China with hundreds of valuable artifacts and documents alongside her body. What surprised everyone, however, was how incredibly well preserved her body was thousands of years after her death.
In 1971, workers in China’s Hunan Province unearthed one of the world’s most amazing archaeological sites. The area contained three elaborate tombs. One belonged to a well-to-do civil servant named Li Kang, who held the illustrious title of Marquis of Dai. The other two tombs contained his wife, Lady Dai, and their son.
The family lived during China’s Han Dynasty (206 BCE – 220 CE). Lady Dai passed away around 163 BCE, more than 2,000 years ago, but her near-perfectly preserved corpse, and the family’s funerary items, have helped historians piece together important information about life in ancient China.
The Dai family was discovered thanks to “ghost fire”
The remarkable archaeological find was discovered during what was expected to be an uneventful project. Labourers in the city of Changsha were digging a hole for an air-raid shelter in the side of Mawangdui Hill, a spot that meant nothing to locals.
Workers were in for a shock when they decided to take a smoke break and their matches suddenly lit up from a blast of cool air emanating from deep inside the hill. Scientists were called in to investigate what locals were calling GUI Huo (“ghost fire”). That’s when they happened upon the Dai family’s remains.
The following year, archaeologists began excavating the site. With only a tiny amount of funding from the government (about $854 by today’s exchange rate), archaeologists enlisted the help of 1,500 high school student volunteers who helped excavate one of the world’s most remarkable archaeological finds.
The ‘Diva Mummy’ is unearthed
Archaeologists soon learned that the innermost coffins contained the remains of the marquis, his wife, and son, while the outer coffins were created to hold over 1,000 valuable items for the afterlife. The objects inside Xin Zhui’s tomb were so opulent that she’s been nicknamed the “Diva Mummy.”
Some of the objects researchers discovered included 100 lavish silk garments, 182 pieces of expensive lacquerware, along with various makeup and beauty accessories. Since a woman of her stature in society would also need servants, 162 carved wooden statutes symbolizing her attendants were also placed in her tomb. Other family objects sent off with the Dai family to assure their contentment included a variety of lacquered, wooden and bamboo kitchenware, cooked food, containers filled with wine, and staples such as lotus roots, beans, fruits, and vegetables.
There’s even a lovely lacquered cup with a cloud design and an inscription that reads, “Please drink.” Other afterlife necessities packed into the tomb included beautiful clothing, musical instruments, maps and 28 books about medicine, astronomy, and spiritual life were thrown in as well.
Unfortunately, the tombs belonging to Lady Dai’s husband and son (or possibly her husband’s brother) weren’t nearly as exciting. It’s thought that the two noblemen died much earlier than Xin Zhui, whose burial seems to have been better planned.
Medical researchers study a mummy to Dai for
More than 2,000 years after her death, Lady Dai’s autopsy provided as many clues to her life and death as a modern corpse. Scientists were able to do a complete internal examination of her body. Xin Zhui’s stomach contained 138 melon seeds, telling researchers that she probably died in the summer when fruits were plentiful and that she passed just a few hours after eating. Pathologists discovered she’d suffered from a variety of parasitic infections, blood clots, back problems, and liver disease.
But what probably killed Lady Dai was her lavish, over-the-top lifestyle. Scientists believe Xin Zhui died at the approximate age of 50 due to heart disease. She also suffered from a gallstone that was blocking a bile duct and that excruciating pain may have caused her to go into cardiac arrest.
Lady Dai’s Mummification Mystery
Unlike the dried-out mummies found in ancient Egypt and other parts of the world, Lady Dai’s remains were remarkably preserved. After 2,000 years, her skin was still supple, she’d retained her hair and eyelashes, and her limbs and joints were still flexible. Researchers even found Type A blood in her veins. Her autopsy revealed that all of her organs were intact and still moist.
To this day, scientists are mystified as to how Lady Dai’s body was so well preserved. The warmth and humidity around the Yangtze River Valley would normally not have been an optimal location for preserving bodies. But the Dai family’s tombs had been placed 12 meters inside the hill, which kept the corpses relatively cool.
Her body was also found tightly wrapped in 20 layers of silk, preventing bacteria from causing her remains to decompose, placed in four nesting coffins, sealed with a heavy lacquer. According to Ask a Mortician, the burial vault was then covered with five tons of charcoal and a moisture-blocking clay and then filled with soil. It wasn’t until her corpse was removed from the tomb that it began to decompose.
A mysterious red fluid is discovered, too
Another oddity was that Xin Zhui’s body was found immersed in a mildly acidic reddish fluid. Scientists have debated if the fluid was placed in the coffin to help preserve her body or if, instead, water molecules accumulated in her coffin over the last 2,000 years. The depth of the tomb, along with the constant temperature and humidity most likely played a role in keeping Lady Dai’s corpse fresh, researchers are still debating how her remains were so perfectly preserved, especially since blood and not embalming fluid was found inside her corpse.
Other tombs of wealthy Chinese citizens have also contained a similar mystery fluid, but none of the corpses has fared as well as Lady Dai. Perhaps China’s ancient morticians perfected their technique when she passed. And while experts can’t seem to answer how Xin Zhui’s body was preserved, it’s been reported that a secret fluid was injected into her corpse with the hope of keeping maintained it for future generations.
A look at China’s “Sleeping Beauty”
Hoping to bring history to life, China Criminal Police College Professor Zhao Chengwen was able to use computer technology to create a wax model depicting how Xin Zhui may have looked like at the age of 30. The beautiful figure is currently on display at the Hunan Provincial Museum and while lovely, some scientists are sceptical that the image is a true representation of how Lady Dai looked while alive. Thanks to her indulgent lifestyle, her body showed signs of obesity and chronic illness.
The discovery of the Dai family tomb may not have been impressive to the Chinese government back in the early 1970s, but today the discovery is seen in a new light. “Mawangdui is considered one of the most important findings in Chinese archaeological history,” Willow Weilan Hai Chang of the China Institute Gallery in New York City told the publication Archeology.
One of the most important – and beautiful findings – was a T-shaped six-foot-long banner placed on the innermost coffin. While the exact purpose for the banners is unclear, it’s almost certain that it is associated with the afterlife. Lady Dai’s banner is also remarkable since it’s the earliest known portrait seen in Chinese art and depicts naturalistic scenes combined with symbols.
The banner is comprised of three sections. The upper part of the banner shows the heavens. The middle section depicts hopeful scenes of the afterlife, with Lady Dai wearing a decorated silk robe and walking staff gazing at two servants who have bowed down to present the noblewoman with a platter. Three other servants watch her from behind. To Lady Dai’s left and right, fearsome dragons can be seen swirling up to the heavens. Mourners can be seen directly below as they prepare Lady Dai’s body and tomb. The bottom shows images of the underworld.
Symbolic fish, snakes, goats, toads, and birds are depicted on the colourful silk cloth. Xin Zhui’s death banner is certainly stunning, but more importantly, it gives historians insight into the lives and beliefs of upper-class families living during the Han Dynasty. Lady Dai may have died in pain caused by her excessive lifestyle, but the tomb prepared so lovingly by those who waited upon her was designed to bring her eternal happiness and joy.
A Lagos high court has ordered Access Bankto pay the sum of N5 million to its customers, Blaid Construction Limited and Blaid Properties, for breach of bank-customer relationship.
The court also declared that a post-no-debit alert action by the bank and continued denial of the customers’ rights to access and operate their accounts since 2015 were unlawful, illegal and void except within the periods between July and September, 2016.
In a judgement dated August 13, Justice I.O Harrison of the Lagos high court noted that the judgement was delivered outside of the 90-day period prescribed by the 1999 constitution due to the COVID-19 pandemic.
She added, however, that the court is well aware of the facts of the case and submission of the counsels.
Details of the judgement, obtained by PREMIUM TIMES, showed that the suit was instituted against the defendant, Access Bank, in May 2017.
The claimants’ statement of claim include a declaration that the post no debit alert and continued denial of the claimants’ right to access or operate their bank accounts is illegal and unlawful; an order directing the defendant to immediately remove and take down the post no debit alert placed on the account; N500 million damages for breach of bank-customer relationship; and costs of the actions.
The court said the defendant filed its defence submission in June 2016 while the claimants filed a series of documents, including cheques, solicitors’ letters, among others.
Details showed that the defendant opened its case on October 22, 2019, by calling its sole witness, Olugbenga Kutemi, the zonal head business banking division of the bank. He adopted his statement on oath dated June 11th, 2019 and tendered two documents out of the six documents mentioned.
The court said that the post-no-debit alert placed on the claimants’ accounts was removed by the bank in December 2017.
The case was closed on January 14, 2020.
The claimants (Blaid) claimed that the bank was obligated to allow unrestrained access to its accounts, alleging that the bank’s action made it suffer. Within the period, the claimants said their accounts terribly diminished in value and lost “over forty percent of its purchasing power.”
In its judgement, the court said the bank “unilaterally restrained” about seven accounts belonging to the claimants and placed post-no-debit alert on the accounts in September 2015 even though a letter by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) letter only referred to two accounts.
The court noted also that the ICPC did not obtain any order from a competent court authorizing the PND order, contrary to a prevailing law. Similarly, while the Economic and Financial Crimes Commission obtained a valid order from a court, the order was to lapse three months.
“Thus, from 30/9/2016 till the PND was lifted,” the court said, the claimants accounts were frozen without any court order.
The court noted further that when ICPC instructed the bank to lift the PND order, it failed to comply and a warrant of arrest was issued against the bank and its managing director.
In its defense submissions, the bank noted that in obedience to the letter from ICPC, it was in the process of lifting the PND when another letter dated 9/11/17 from the special presidential investigation panel for the recovery of public property instructed them to place PND on the accounts and they were confused and had to seek the directive of the federal attorney general over the conflicting directives.
But, the court, in its judgement, found that the bank is in breach of its banker-customer relationship.
The customer has equally suffered loss that does not require specific evidence, the judge added.
The court, thereafter, ordered the bank to pay N5 million to Blaid Construction Limited and Blaid Properties, adding that the PND order was illegal and unconstitutional.
It remains unclear whether the bank will appeal the judgement as of press time Monday afternoon.
Efforts to reach the bank between Sunday night and Monday morning were unsuccessful.
Fraser will replace a retiring CEO Michael Corbat in February, the company announced yesterday.
By Zlati Meyer
The new CEO of Citigroup will be the first woman ever to helm a major U.S. bank.
Jane Fraser will replace a retiring Michael Corbat in February, Citi announced this morning.
Fraser has been Citi’s president and CEO of global consumer banking since 2019, overseeing business in 19 countries, including retail banking and wealth management, credit cards, mortgages, and the associated operations and technology. She joined Citi 16 years ago after working at McKinsey & Company, Goldman Sachs, and Asesores Bursátiles.
A member of the Board of Dean’s Advisors at Harvard Business School, Stanford University’s Global Advisory Council, and the Council on Foreign Relations, Fraser has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.
Fraser grew up in Scotland, but then moved to Australia for high school. At the time, she thought she wanted to be a doctor, but wasn’t good at biology, she toldFast Company‘s Stephanie Mehta in January. Fraser discovered that she loved economics and math and in the 1980s, got into banking. At that time, women in banking were rare, and those who were there she described as “a little scary.” They weren’t really the role models Fraser wanted, so she moved to consulting for 10 years. When her two sons were older, she went back into banking, because she missed it.
“I will do everything I can to make all of our stakeholders proud of our firm as we continue to build a better bank and improve our returns,” Fraser said in a statement. “We will invest in our infrastructure, risk management, and controls to ensure that we operate in a safe and sound manner and serve our clients and customers with excellence. Citi is an incredible institution with a proud history and a bright future. I am excited to join with my colleagues in writing the next chapter.”
Fraser also was elected to replace Corbat on the bank’s board of directors.
The Federal Government says it has paid N20 billion as COVID-19 allowance to health workers in the country.
This is according to the Minister of State for Health, Dr Olorunnimbe Mamora who spoke on Channels Television’s Sunrise Daily on Wednesday.
“We’ve been able to disburse close to N20 billion and I repeat close to 20 billion. So, to now say nothing has been done, that is not true,” the minister said.
Dr Mamora explained that the Federal Government had to stop the payment of hazard allowance to the health workers because of renegotiation with them.
“We were able to pay April, May full, June, part of it has been paid but not fully paid and it’s because of the economic situation and these funds have to be sourced for one way or the other,” he added.
According to the Minister, the funds were paid to “Federal health institutions” across the country including Federal Medical Centres (FMCs), teaching hospitals among others.
On the N5,000 hazard allowance for doctors and health workers, the Minister stated that the payment has existed in the country for about 30 years but was suspended due to the COVID-19 pandemic.
– ‘No Exemptions’ –
The National Association of Resident Doctors (NARD) had on Monday embarked on an indefinite nationwide strike to press home its demand.
According to the union, the doctors are downing tools and demanding a pay rise, better welfare, and adequate facilities.
“We have kicked off the strike today,” NARD president Aliyu Sokomba told AFP, adding that medics treating virus cases would join the action this time around.
“There will be no exemptions,” he said.
“We have arrears of 2014, 2015, 2016, salary shortfalls that were supposed to have been paid over six years ago, still pending,” Sokomba added. “These are the issues we have and they appear not to have been addressed up till this day.”
The Debt Management Office on Wednesday put Nigeria’s debt at N31 trillion, an increase of N2.38 trillion in three months.
According to the DMO, Nigeria’s total public debt stock as of June 30, 2020, included that of the Federal Government, the 36 states, and the Federal Capital Territory.
The Office also released reports on Nigeria’s Actual External Debt Service Payments in the Second Quarter 2020, as well as Nigeria’s External Debt Stock.
According to it: “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.
“The corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”
The debt office explained that the increase in the debt stock by N2.381trn or $6.593bn was accounted for by the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.
Other contributory factors, according to it, included the issuance of the N162.557 billion Sukuk, and promissory notes issued to settle claims of exporters.
A statement by the office reads: “The DMO expects the public debt stock to grow as the balance of the new domestic borrowing is raised and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget.
“Recall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government’s revenues and increased expenditure needs on health and economic stimulus, among others.”
Meantime, the Office has announced that additional promissory notes would be issued during the current year.
The Federal Government has directed the Chief Medical Directors and Managing Directors of federal tertiary hospitals to “immediately” commence the use of consultants and doctors on the National Youth Service Corps to provide routine services.
The government also directed that locum staff should “be brought in when and where necessary to forestall services’ disruption when applicable and affordable”.
The Minister of Health, Dr. Osagie Ehanire, gave the directive in a statement issued in Abuja on Wednesday.
He was reacting to the nationwide strike by the National Association of Resident Doctors over the non-payment of their COVID-19 hazard allowance and other demands.
He said, “lt is with deep concern that l view the ongoing strike by the Nigerian Association of Resident Doctors which commenced yesterday (Tuesday) September 7, 2020.
“We must remember that the primary duty of doctors and all health workers is to save lives. Embarking on a strike in this time that the country is battling with the COVlD-19 pandemic is ill-timed and ill-advised.
“lt is a critical time in which all well-meaning medical professionals should close ranks and confront the common enemy, which is the COVlD-I9 pandemic threatening mankind.
“This is therefore one strike too many. Besides, most of the demands have been met and others, though, difficult, are at an advanced stage of implementation. A little patience would have made a big difference.
“The Federal Ministry of Health finds it necessary to ensure measures are put in place to mitigate the effect of this strike on the generality of our populace by directing the CMDs/MDs of our federal tertiary hospitals to immediately do the following: COVlD-19 treatment outlets should continue to function as before.
“Emergency services should continue to run as before. Routine services should be maintained with Consultants, NYSC Doctors. Locum staffers to be brought in when and where necessary to forestall services disruption when applicable and affordable.
“I call on the NARD to return to work and engage the Federal Government in completing the ongoing due process of implementing the MoU between NARD and government.
“I wish to assure the general public that measures have been put in place to ensure that they continue to access services at all our federal tertiary hospitals across the country.”
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This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
