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Nigeria’s Public Debt Stock Increases to N87.38trn

By
Rhoda Onuzulike
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Nigeria’s public debt stock increased from N49.85 trillion (108.30 billion dollars) in the first quarter of 2023 to N87.38 trillion (113.42 billion dollars) in the second quarter of 2023.

The National Bureau of Statistics (NBS) said this on Friday in its Nigerian Domestic and Foreign Debt Report for Q2 2023, released in Abuja.

The report said Nigeria’s public debt stock, which included external and domestic debt, grew by 75.27 percent in Q2 of 2023.

It said that External debt stood at N33.25 trillion (43.16 billion dollars) in Q2 2023, while domestic debt was N54.13 trillion (70.26 billion dollars).

“However, the share of external debt to total public debt stood at 38.05 percent in Q2 2023, while domestic debt was recorded at 61.95 percent.’’

In a breakdown by state, the bureau said that Lagos State recorded the highest domestic debt of N996.44 billion in Q2 2023, followed by Delta at N465.40 billion.

The report showed Jigawa recorded the lowest domestic debt at N43.13 billion, followed by Kebbi at N60.94 billion.

In addition, it stated that Lagos State recorded the highest external debt with 1.26 billion dollars, followed by Kaduna State with 569.38 million dollars.

“Borno recorded the lowest external debt with 18.75 million dollars, followed by Taraba with 21.92 million dollars,” the NBS stated.

Nigeria’s Inflation Jumps to 25.80% in July

By
Rhoda Onuzulike
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Nigeria’s inflation for the month of July has risen to 25.80 per cent, according to report by the National Bureau of Statistics (NBS) on Friday.

This is 1.72 per cent higher than the previous month, which stood at 24.08 per cent amidst rising cost of foodstuff and living in the world’s most populous black nation.

According to the report, in August 2023, the headline inflation rate increased to 25.80% relative to the July 2023 headline inflation rate which was 24.08%.

“Looking at the movement, the August 2023 headline inflation rate shows an increase of 1.72% points when compared to the July 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%.

“This shows that the headline inflation rate (year-on-year basis) increased in August 2023 when compared to the same month in the preceding year (i.e., August 2022),” the NBS said.

Similarly, it explained that on a month-on-month basis, the headline inflation rate in August 2023 was 3.18%, which was 0.29% points higher than the rate recorded in July 2023 (2.89%).

“This means that in August 2023, on average, the general price level was 0.29% higher relative to July 2023. The percentage change in the average CPI for the twelve-month period ending August 2023 over the average of the CPI for the previous twelve-month period was 22.38%, showing a 5.31% increase compared to 17.07% recorded in August 2022,” NBS said.

On Urban inflation, the Bureau said on a year-on-year basis, in August 2023, the Urban inflation rate was 27.69%, which was 6.73% points higher compared to the 20.95% recorded in August 2022.

Inflation Rate Hits 24.08% in July – NBS

“On a month-on-month basis, the Urban inflation rate was 3.29% in August 2023, this was 0.24% points higher compared to July 2023 (3.05%). The corresponding twelve-month average for the Urban inflation rate was 23.46% in August 2023. This was 5.87% points higher compared to the 17.59% reported in August 2022,” it explained.

For rural inflation, the rate in August 2023 was 24.10% on a year-on-year basis; which was 3.98% points higher compared to the 20.12% recorded in August 2022.

“On a month-on-month basis, the Rural inflation rate in August 2023 was 3.08%, up by 0.34% points compared to July 2023 (2.74%).

“The corresponding twelve-month average for the Rural inflation rate in August 2023 was 21.39%. This was 4.81% points higher compared to the 16.58% recorded in August 2022,” it said.

European Union Ministers Agree On Fiscal Reform

By
Rhoda Onuzulike
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European Union flags in front of the blurred European Parliament in Brussels, Belgium

European Union finance ministers have backed a timeline calling for the reform of the bloc’s fiscal rules by the end of the year as they look to balance debt cuts with investing in an individually tailored yet equal way.

“It may be challenging but the Spanish Presidency is committed to this timeframe and just today we outlined the way to do it, the fiscal ‘Camino’,” European Commission Vice-President, Valdis Dombrovskis said.

Report says Dombrovskis was referring to the “Camino de Santiago” or Saint James’s way, a famous Catholic pilgrimage to the shrine of the apostle James in the cathedral of Santiago de Compostela the city in north-western Spain where the talks took place.

IMF Proposes Fiscal Reforms To Reduce Nigeria’s Food Inflation

Meanwhile, EU fiscal rules underpin the value of the euro used by 20 countries and set a limit on budget deficits of 3% of GDP and a public debt limit of 60% of GDP.

However, most EU countries exceed these limits as two years of the COVID-19 pandemic and the energy price crisis have both required massive government spending.

As a result, the Commission and EU governments are discussing changes to the framework that would take into account big differences in debt levels and economic growth among EU countries while guaranteeing equal treatment.

Report says the main clash is between Germany, which wants annual debt reduction benchmarks that are the same for all, and France, which believes individually negotiated debt reduction paths are the way to go and that one-size-fits-all policies do not work.

Adding to the complexity of the talks is the need to provide incentives for governments to invest in the green and digital transition of their economies and the need for large defence spending after Russia’s invasion of Ukraine.

Spanish Finance Minister, Nadia Calvino said that Spain, which holds the rotating EU presidency until the end of the year, is aiming for an initial agreement at the next finance ministers’ meeting in October, but that more talks could be necessary.

She said 70% of the text of the new rules has been agreed in technical work over the summer.

“Now the time has come to look for a compromise, which will need to strike the right balance between sustainable debt reduction paths and ensuring the necessary fiscal space for investments, as well as incentives for structural reforms,” Calvino said.

Nigeria Commits To Harmonizing Of Identity Cards

By
Rhoda Onuzulike
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The Nigerian Government has expressed its dedication to the unification of all citizen identity databases using the National Identity Management Commission (NIMC).

Through this initiative, NIMC has introduced a user-friendly mobile application to simplify the National Identity Number (NIN) and digital identification processes nationwide.

During the official launch of the NIMC’s “Self Help” mobile app in Abuja, Nigeria’s capital, as part of the 5th National Identity Day celebration, Minister of Interior Olubunmi Tunji-Ojo reaffirmed this commitment.

Tunji-Ojo noted that the Day is set aside to assess the country’s progress on National Identity Management, noting that data management is a prerequisite to implementing President Bola Ahmed Tinubu’s renewed hope agenda.

“Think about it: you can’t access bank services and get ATM cards without proving your Identity. You can’t even engage with others on online social media platforms without first verifying your Identity. So, Identity is key in our everyday lives, which is why we commemorate this Day today.

“With a database of over 100 million National Identification Numbers in the National Identity Database, NIDB, NIMC provided essential access to attaining this goal along with other major stakeholders.

77.1M Identity Numbers Issued as NIN-SIM registration Ends

“It is fitting then that the theme for today is, Identity as a Catalyst for Nigeria’s development. We are all stakeholders in ensuring the successful implementation of positive policies regarding national Identity as it affects government social safety net and financial inclusion programmes,” he stated.

Speaking to the media after the launch of the Self Help App, he said the Director General of NIMC, came to him to harmonise all identity databases in the country and that she has his support.

“The first day the DG came to my office that was her cardinal point of what she told me she’s to do and I can assure you that we are working on all the modalities to harmonising all identity data; from BVN, Telcos, NIMC, INEC, because NIMC is the statutory body that is given the power to harmonise identity database for the nation,“ he said.

The Acting Director General of NIMC, Abisoye Coker-Odusote, said reliable identity is not only a privilege but a fundamental right for all Nigerians.

Speaking on the APP, she said the agency created the Self Help App to ease the stress Nigerians go through to get enrolled for their National Identity Number (NIN), where they have to spend money and time and may not get instant feedback.

“We are trying to increase the turnaround time of registration. I’ve seen a lot of complaints from the average Nigerian about going to register NIN, enrolling for it takes a long time and it also takes them a long time to get feedback after registration has been completed.

“So what we’re trying to do at NIMC is to ensure that we create an ease of access for you to be able to register from the comfort of your home with digital or technical tools and register. And it will also remove the cost of going to a NIMC centre of office.“

Coker-Odusote added that Nigeria’s journey towards a robust Digital Public Infrastructure (DPI) is emblematic of its commitment to harnessing the power of digital technology for the betterment of its citizens, especially in providing social services.

World Identity Day holds exceptional importance as it provides us with an opportunity to reflect on the pivotal role that identity plays in our lives and its profound impact on society.

It is a day to recognize the transformative power of identity in shaping our destinies, safeguarding our rights, and connecting us as global citizens.

Nigeria, Cuba Partner On Science And Tech

By
Rhoda Onuzulike
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Nigeria has signed a Memorandum of Understanding (MoU) with the Republic of Cuba to further enhance collaboration in the field of Innovation, Science and Technology between the two countries.

The signing ceremony which took place on Saturday on the sidelines of the G77+China Summit at Hotel Palco La Habana, is the high point of Nigeria’s participation at the summit.

Nigeria’s Minister of Innovation, Science & Technology, Uche Nnaji signed on behalf of the Nigerian Government.

After the signing of the MoU, the Minister praised President Bola Tinubu for his visionary leadership which resulted in the signing of the agreement.

IMPLEMENTATION

He assured that Nigeria would maximise the opportunities provided by the bilateral agreement, emphasising that the implementation of the agreement will commence in earnest.

The Minister expressed his determination to put in place the appropriate mechanism to work out the modalities for a programme of action.

Addressing the global gathering on Friday,  Vice President  Shettima averred that Nigeria places a high premium on South-South cooperation as a platform for promoting sustainable development of the global South.

Nigeria To Participate In G77 Summit In Cuba

The bilateral agreement would focus on R&D as well as human resource development would further deepen the partnership between the two countries.

The areas of cooperation covered by the bilateral agreement include bio-technology; scientific Investigation and innovation; technological development; human resources development; specialist Exchange in the area of Science and Technology; and technology transfer for development areas.

It would be recalled that before the commencement of the Summit, Vice President, Kashim Shettima had told Cuba’s Vice President during his visit to him, that Nigeria would use the opportunity offered by the Summit to sign a very important MoU with Cuba for agricultural, scientific and technological development.

The historic event was witnessed by the Permanent Secretary, Ministry of Foreign Affairs, Amb. Adamu Lamuwa, Nigeria’s Ambassador to Cuba, Amb. Ben Okoyen and other senior government officials.

Meet CBN’s New Governor Dr Yemi Cardoso

By
Rhoda Onuzulike
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Dr Yemi Cardoso is a citizen of Lagos State in South-west Nigeria.

He attended Corona School Ikoyi and St. Gregory’s College, Lagos for his primary and secondary education respectively.

His undergraduate studies earned him a Bachelor’s Degree (B.Sc.) in Managerial and Administrative Studies from Aston University, in the United Kingdom in 1980.

He furthered his education at the Harvard Kennedy School of Government (HKS), where he earned a Master’s degree in Public Administration in 2005, as a Mason Fellow.

In recognition of his outstanding achievements in the private and public sector, Cardoso was awarded an Honorary Doctorate in Business Administration (DBA) (honoris causa) by Aston University in 2017.

He is also a Fellow of the Chartered Institute of Stockbrokers, among several other honours to his credit.

As Chairman of the Board of Directors of Citibank Nigeria, Dr Yemi Cardoso is a financial and development expert with over thirty years’ experience in the private, public and not-for-profit sectors.

In 1999, Yemi was appointed the first Commissioner for Economic Planning and Budget for Lagos State.

In this capacity, he wrote and monitored the implementation of the blueprint which catalysed economic development in the world’s sixth largest megacity.

He also served on the board of several leading companies including Texaco and Chevron Oil Plc.

Dr Cardoso is a member of the Belgian-based Cities Alliance Think Tank, which aims to shape and influence policy and decision making on urban development in Africa and has strong relationships with key international donor agencies.

BREAKING: Pres. Tinubu Suspends Emefiele As CBN Governor

His dedication to life-long learning has garnered for him recognition from various institutions, including as:

•Trustee of the Harvard club of Nigeria from 2022 till present

•Trustee of the Harvard Kennedy School

Nigeria Alumni from 2020 till present

•Board Advisor of the Lagos Business School from 2019 till present

•Trustee of St. Augustine University from 2018 till present

•Global Alumni-elected Board member of Harvard Kennedy School from 2006 – 2010.

President Bola Tinubu had on Friday, approved the nomination of Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate.

NNPCL Signs $7bn Agreement To Promote Natural Gas Usage

By
Rhoda Onuzulike
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0

The Nigerian National Petroleum Company (NNPC) Limited says it has signed a landmark memorandum of understanding (MoU) with Indorama Eleme Petrochemicals Limited (IEPL) on gas supply.

In a post on the X social media on Saturday, the company said the deal, estimated at $ 7 billion, was sealed in to promote the use of natural gas by large-scale gas utilisation industries.

The IEPL is a subsidiary of Indorama corporation that produces poly-olefins of a range of polyethylene and polypropylene products.

The deal is an offshoot of the recently held Nigeria-India presidential roundtable and conference at the G20 summit.

Minister Pledges Increased Investments To Unlock Gas Potential

At the meeting, Indian conglomerates made investment commitments in Nigeria.

Four Indian multinationals, including Indorama Petrochemical Limited and Jindal Steel and Power Limited, pledged to invest $14 billion in Nigeria.

The IEPL was said to have pledged $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State.

President Bola Tinubu had commended the firms for making investments in a country that offers “the best returns for investment possible”, adding that “there’s nowhere else like our country”.

He asked the investors to put their fears aside, assuring that he leads a team that can drive the goal of broad prosperity through investment and infrastructure.

“Do not procrastinate. Don’t be frightened about investments in Nigeria. Bring it on. Ask your questions and make your requests. The trade and investment opportunities are enormous. I have a team, and I am the captain of that team, and I assure you that we solve problems,” Tinubu had said.

Federal Govt., States Partner To Harness Solid Mineral Resources

By
Rhoda Onuzulike
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The Minister of Solid Minerals Development, Dele Alake, says the Federal Government will work with states to harness the country’s solid mineral resources.

The Minister gave the assurance during a courtesy visit by Gov. Abdullahi Sule of Nasarawa State on Friday in Abuja.

“The  ministry will work with governors to harness mineral resources for maximum socio-economic development of the country.

“Nasarawa state is very significant in terms of the development of the mineral sector and we are putting the mechanisms together.

“We want to make sure that the nation derive maximum benefits from this God given gift of  minerals that are in abundance in Nigeria,” Alake added.

Nigeria’s Minister of Solid Minerals Development Orders Illegal Miners To Vacate Sites

The minister, who described solid minerals as the next petroleum of Nigeria, assured that the country would harness and utilise the resources efficiently and effectively.

Alake however emphasised the need for effective synergy and coordination in all the dynamics surrounding minerals exploration, exploitation and judicious utilisation of the resources.

He appreciated the governor for the visit, adding that partnership between the federal and states would promote and bring strong development to the sector.

Earlier, the governor expressed confidence in the new minister, saying Alake’s appointment was a win win situation for the entire nation.

Greenland Cruise Ship Pulled Free After Three Days Stuck In Mud

By
Zoe Maven
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A luxury cruise ship, Ocean Explorer that has been stuck in the mud in Greenland since Monday has finally been pulled free.

The Ship and its 206 passengers and crew were rescued on Thursday by a Greenland research trawler after it was grounded within the Northeast Greenland National Park.

The Ocean Explorer became stuck in mud and silt above the Arctic Circle in Alpefjord, 1,400 km northeast of Greenland’s capital Nuuk. A number of attempts were made to free the ship during high tide but they failed.

The Danish military’s Joint Arctic Command said an inspection vessel had been due to arrive at the scene on Friday.

The ship was eventually dislodged based on a pull from a Greenland government-owned trawler called Tarajoq, which means “salt” in Greenlandic, as well as Ocean Explorer’s own power.

There had been no pollution to the environment and no breach of the hull, it added.

The 112 passengers and 94 crew on the Australian tour operator’s cruise had set off from Norway on 2 September and were due to return on 22 September.

Many of the passengers were from Australia, as well as New Zealand, the UK, South Korea and the US. Steven Fraser and Gina Hill, a retired couple on board the Ocean Explorer, said passengers’ spirits were high despite being stranded.

Aurora Expeditions said earlier this week that three people had contracted the virus but were being kept in isolation. The Northeast Greenland National Park is nearly the same size as France and Spain combined and is famed for its fjords, icebergs and mountains.

It is also home to wildlife such as polar bears, muskoxen and the elusive narwhal.

Bangladesh Jails Activists For 2013 Report On Killings

By
Zoe Maven
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1

A Bangladesh court has sentenced two prominent human rights activists – Adilur Rahman Khan and Nasiruddin Elan from rights group Odhikar, to two years in jail.

The two were convicted on Thursday in Dhaka after a 10-year judicial process and prosecutors said their report on security force killings in 2013 “undermined” the country’s image

However they have always denied decade-old charges that they published a report with false information and critics say the sentence is part of a crackdown ahead of elections.

Both activists have spent decades documenting thousands of alleged extrajudicial killings, disappearances of opposition activists and police brutalities in Bangladesh.

They were convicted for a report Odhikar published in 2013 about a protest by an Islamist group which had sought to impose a stricter form of the religion on Bangladeshi society.

Dozens of international human rights groups have called for the two men’s immediate release, saying the pair were denied a fair trial.

Their report documented that security forces killed at least 61 people, including children, in an overnight operation in Dhaka to remove protesters.

Khan and Elan were detained shortly after the report was published and then released on bail. The charges were only again picked up by prosecutors in recent times.

Human Rights Watch has pointed out prosecutorial action on their case did not proceed until 2021- after US sanctions were brought against Bangladesh’s elite paramilitary force for their alleged involvement in hundreds of enforced disappearances and extrajudicial killings since 2009.

Last week, the United Nations also highlighted that both men had faced harassment and intimidation while on bail.

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