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FG: 2019 Budget Performance is 55%

  • …insists on new taxes

The federal government has said its commitment to generate more revenue base informed the decision to implement new taxes to meet targeted revenue of 15 per cent to Gross Domestic Product (GDP). The Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed stated this yesterday during the presentation of the highlights/breakdown of the 2020 budget proposal to the public in Abuja.

She said Nigeria could not continue on the current revenue it generates as it will not match the recurrent expenditure, and its targeted workforce.

She said there is a need to grow the country’s revenues, and that is why the Ministry of Finance, Budget and National Planning designed and launched a Strategic Revenue Growth Initiatives (SRGI) which is focused on boosting revenue generation for the country to meet its revenue to GDP of 15% as set in the Economic Growth and Recovery Plan which is supposed to be attained by 2020.

The minister who noted that the country is currently at 8% said “we need to do more on that which is why we have shifted the goal to 2023 and looking at what we must do to increase revenue.’’ She added: “The Initiative is planned in three thematic areas which is to achieve sustainability in revenue generation, identify new and enhanced revenue areas and which is why we’ll be looking at implementing new taxes in addition with the one the Federal Inland Revenue Service collects so as to broaden the tax base and enhance growth, and finally implementing a model that advances collaboration with agencies, use of data, synergies that spur growth’’.

She also disclosed that there is a designed monitoring and evaluation process to ensure the targets are attained and appealed to investors and the organized private sector to key into Nigeria’s investments to solve revenue challenges.

When asked if the federal government still pays for subsidy, the minister affirmed that “N450bn has been budgeted for the under-recovery which is a fiscal framework for funding the operational cost of the Nigerian National Petroleum Corporation,” The minister said the money was included in the proposed budget because it captures the cost incurred by the NNPC. She also said that the revenue performance of the 2019 budget was at 55 per cent with (Non-oil revenue at 76% while oil revenue at 77%) that was budgeted half year would have been 4.58trn but the actual budget spent was 3.45trn which represents 76%.

On expenditure, she said expenditure performance is currently at 76% (Personnel cost at 99%, debt service at 98% and government spending at 58%). The minister explained that there was no capital funding releases in the first half of the year due to non-availability of cabinet. “Capital releases did not commence in the first year of 2019 budget because the budget was passed into law on the 27th of May.

Also, there were no ministers so releases did not start until late July and as at the last week of September, we have scheduled releases that are up to N650bn and we have a 900bn target by the end of November. Fiscal outcomes has GDP growth of 2.02 per cent, oil production is 1.86 million barresl per day, but it doesn’t include 100million barrels per day which Nigerian National Petroleum Corporation  has been authorized to settle arrears for cash call obligations. Crude oil price is now $67.2 per barrel for the full year.

Inflation is at 11.4%,” she said. She further stated that Global Economic outlook has been projected to be at 3.2% in 2020 while the African outlook, growth is expected to rise to 3.6% in 2020. The minister said the key assumptions of the 2020 budget is premised on careful planning and due consultations.

Source: Dailytrustng

‘Pension Funds As Equity Will Boost Mortgage Finance, Housing, Others’

Industry regulator, the National Pension Commission (PenCom), has said there will be a significant development in Nigeria’s housing sector if contributors devoted a percentage of their Pension Fund Assets (PFA) under management as equity injections for residential mortgages.

According to the Commission, this will accelerate the development of both the mortgage finance and housing sectors, as well as make affordable housing accessible to registered contributors.

Recently, the Bankers’ Committee resolved that banks will support the pension industry to release up to 25 per cent of the pension funds to their contributors as equity injections towards owning houses, saying the funds can be used to stimulate demand for mortgage loans in Nigeria.

In her remarks, Chief Executive Officer, FSDH Merchant Bank, Hamda Ambah, explained that: “It was agreed that the Central Bank of Nigeria (CBN) would talk to fellow regulators, and also work with government of various states to make the process of land transfer and titling a lot easier so that many more people across the nation can access mortgage financing to stimulate demand in our economy.”

Speaking to The Guardian, Acting Director-General, PenCom, Aisha Dahir-Umar, said one of the major inclusions in the Pension Reform Act (PRA) 2014, was the introduction of Section 89 (2), which allows registered contributors under the Contributory Pension Scheme (CPS), to apply for a percentage of their pension assets as equity contribution for residential mortgages.

She noted that the initiative is significant, saying: “The Commission has drafted Guidelines, which are in line with the Framework of the Mortgage Guaranty Company (MGC), being proposed by the Central Bank of Nigeria.

“The objective of the MGC is to support mortgage originators such as Primary Mortgage Banks (PMBs), and commercial banks to increase mortgage lending by guaranteeing or partially guaranteeing equity contributions to secure a residential mortgage. The Commission is working with the CBN and the guidelines are to be disclosed before the end of the year.”

Meanwhile, Dahir-Umar said the total pension fund investment in infrastructure hit N150.71 billion as of June 30, 2019. Broken down, she said investment in Sukuk Bond took N86.10 billion, Infrastructure Funds N29.17 billion, Infrastructure Bond N11.49.92 billion, Green Bond N12.13 billion, while Agency Bond took N11.82 billion.

She explained that Sukuk was deployed for road infrastructure, while the Infrastructure Funds consist of Investments in ARM Harith Fund, which invested in the Azura-Edo independent power plant (IPP) project in Edo State, and Afri plus Fund that invested in the Constructions of 1,200 hostel rooms at the University of Calabar, Cross Rivers State.

Speaking further, she said the proceeds of the Infrastructure Bond (Vaithan Infrastructure Bond) were invested in the Akute Power Plant, Island Power Plant, Pipp Genco, and Gasco Marine Limited’s power projects in Lagos State.

However, she noted that pension assets in Nigeria, valued at N9.05 trillion as at April 30, 2019, are currently the largest available pool of capital, saying pension funds are adequately suited for investments in infrastructure, as it is a potential avenue to reap higher and consistent returns on investments if adequate policies, structures, and regulation are instituted.
“Several countries in Europe, Latin America, and Africa have successfully utilised part of the accumulated pension funds by investing in new infrastructure projects or renewing dilapidated ones. Globally, productive investments in infrastructure are majorly made possible by long-term funds and savings such as pension funds,” she added.

SOURCE:THE GUARDIAN

CBN Grant Banks’ Approval To Debit Loan Defaulters

The Central Bank of Nigeria (CBN) has given approval to the banks to debit any defaulting debtor across all the banks where the debtor has funds. The CBN also approved that the clause permitting the banks to apply this measure should be part of loan agreements to all customers.This measure is one of the new mitigating conditions against the spate of Non Performing Loans (NPLS) as the CBN is pushing the banks to rev up lending to the real and other sectors of the economy. This new measure was disclosed yesterday at the end of the October 2019 bankers committee meeting.

Also recall the CBN recently reviewed the loan to deposit ratio to 60 percent which lapsed September 30th 2019. The CBN in another circular raised the LDR to 65 percent in the second phase of prepping banks lending and has given up to December 31st 2019 for all banks to comply. At the end of the 60 percent phase of LDR implementation, the CBN debited 12 banks a total sum of N500bn for failure to meet up the threshold.

The N500bn debited will be kept in the vault of the CBN without any interest and the banks can’t invest the money until the CBN releases the money to them. Briefing journalists at the end of the bankers committee meeting, Ahmed Abdullahi, the CBN Director, Banking Supervision said: “To encourage the banks to lend, the CBN has agreed that there will be a clause that an obligor will sign that will enable the bank net off against any amount he or she has in any other bank.

” Mr. Ebenezer Onyeagwu, the MD Zenith Bank, said LDR has helped to boost credit in the system. “It’s not a fine or sanction like has been reported. Yes the debit has taken place at a particular date, but that’s at the commencement point,” he explained.

Explaining further the decisions of the committee, Mubola Faloye, the Executive Director, Risk, Standard Chartered Bank said “one of things the committee reiterated is that there are some vulnerable sectors the committee will be lending to and it’s important that we mitigate our risks and have what we call a credit cross default clause that allows us to net off the obligations of defaulting party against any other money the defaulting party has in the industry.” “That is a good support from the CBN for the banking community and it’s very important for us to include that clause in our loan agreement” she emphasized, adding that the CBN is supporting the banks to enforce that agreement when the need arises.

SOURCE:DAILYTRUST

Inside Abuja’s empty luxurious estates

Many completed estates in Abuja remain half or totally unoccupied despite improvements in the real estate sector and Nigeria’s economy in general.

A week-long random survey of some districts in the city centre and on the outskirts of the Federal Capital Territory (FCT), Abuja, shows that as more estates are being built, some of the ones that have been completed are either yet to be occupied many years after their completion or are mostly half-empty.

Some of the districts surveyed are Jabi, Utako, Wuye, Gwarimpa, Kado and Karfe. On the outskirts of the city, Pyakasa, Sabon-Lugbe, Chika and Airport Road are homes to dozens of ongoing and completed estates.

Inquiries made from agents, security personnel and the developers show that most of the estates in the central parts of the city were constructed and operated by private property developers, whereas ownership of those on the outer edges of Abuja are a mix of government agencies and private developers.

While units in some of these estates are being developed for outright sale, there are apartments available for rent. Findings also show that some of the estates located within the centre of the city that are half-empty comprise units of  between two to five detached and semi-detached duplexes, as well as terraced duplexes with Boys’ Quarters (BQ) and pent houses in some cases, while those on the outskirts are mostly bungalows of between two to four bedrooms.

At Jabi in Daki-Biu, the estates visited are Grandview Estate and Lakeview Homes, and Al-Gamji Garden Esate Phase II, Sady Lane Apartments and Istram in Wuye District were visited. Mikasa Residences at KM 10 on Airport Road, Gold City Estate 2 and Penthouse Estate located at Pyakasa were also visited. BUA Estate, Kado, and ALD Estate at Gwarimpa were also surveyed. Dozens of estates located within the sampled districts which names could not be ascertained were also visited.

Our reporter observed that most of the houses in these estates are exquisitely planned, beautifully constructed and are spacious. Some of them are designed with modern taste. They have Plaster of Paris (POP) ceilings, interlocked compounds, choice fittings, as well as modern facilities. They also have ample parking spaces, amazing road networks and guaranteed security.

However, these elegant and classy houses lined with lush green lanes, fancy gardens and sophisticated finishing remain either half or completely empty. The cost of a home in some of the estates; depending on the type, starts from N50m and some go for as high as N1bn. Therefore, to rent an apartment in these estates, depending on the type and specification, prospective tenants pay from N1.5m to as much as N6m per annum. Some of the estates on the outskirts also boast of same aesthetic and architectural masterpieces as the ones in the city centre, but their major challenges are access road and erratic power supply.

Our reporter visited Mikasa Residences at KM 10 along Airport Road and saw a large signboard announcing the African University of Science and Technology as its owner. Seven blocks of completed duplexes were counted and basic residential facilities like street lights and access roads have been completed. However, the estate looked deserted, thick grasses compete with the fence and have begun to sprout on the interlocks, while reptiles like lizards roam freely within the compound.

Our reporter spent about 30 minutes at the gate of the estate but did not see any security guard. A notice with a phone number that read: “Please call security”, was displayed on the gate, but when the number was called the owner did not pick. After a visit to the BUA estate located at Kado on the expressway close to Next Cash-n-Carry, our reporter gathered that the estate which consists of five-bedroom duplexes with BQs is almost empty as only a few houses have been occupied.

Rent in the estate goes for N6m per annum, but our reporter gathered that presently, the management of the estate is not renting out any longer as the houses are only for sale; with each going for about N180m. At another estate in the Karfe District, after Gwarimpa, it was observed that most of the houses are empty, and according to a security man on ground who gave his name as Abdullahi, there are houses for rent which go for N5m for a 4-bedroom duplex and 2 BQs, while cost of sale is N170m.

At ALD Estate in Gwarinpa II, houses are available for rent and sale from displays on signboards. A duplex goes for N5m, while a 3-bedroom bungalow goes for N3million per annum for rent.

The amount they place on the property for outright sale ranges from N170 to N200m. Estate developers and housing experts in the country agree that the high number of unoccupied estates is a bad development and a cause for concern. Speaking on reasons some estates in Abuja are empty, the President of Housing Development Advocacy Network (HDAN), Festus Adebayo, in a telephone interview with Daily Trust, said most of the houses are not within the affordability of those that need them. Adebayo said, “Some of those houses are for money laundering.

The owners have only put the prices that will prevent buyers from coming. Therefore, government must come up with heavy taxes on empty houses. The Department of Development Control must also be involved. At the point of giving building approval, there must be documents to sign for developers on the number of days that a building can remain unoccupied. We can’t be talking of housing deficit when a good number of houses are vacant. EFCC must be involved as well.”

Source: Dailytrustng

Finance minister needs to have Egypt, Indonesia counterparts on speed dial

Nigeria’s next finance minister needs to grab the economy by the scruff of the neck to deliver big wins that don’t require reinventing the wheel.

The minister also needs to make close friends with the Indonesian counterpart, Sri Mulyani Indrawati and Egypt’s Mohamed Maait, seeing that both ministers could have a thing or two to share about economic reforms.

Abuja’s many economic struggles mean it wouldn’t require too much for the finance minister to make global waves. That’s assuming the minister can dodge the overbearing influence of President Muhammadu Buhari.

For starters, the minister could unlock quick economic wins by pulling the plugs on crippling power and petrol subsidies that have hobbled the economy and deterred investment.

The minister can lead the charge on privatisation of redundant government assets, effectively providing more opportunities for investors to invest in and seeking ways to replicate the successful and profitable NLNG model with other government assets.

This way the Minister opens up other sources of revenue for the government, thereby cutting down on a fastgrowing public debt stock and

lowering the budget deficit.

If the budget deficit is lower and the government can borrow less, that would free up credit to the private sector while also reducing the borrowing costs of the government.

In 2018, the federal government spent 66 kobo of every naira earned to service debt. In the 2019 budget, recurrent expenditure to revenue ratio of 150 percent implies that the government will spend every naira earned as well as an extra 50 kobo borrowed on only recurrent expenditure this year.

The Minister needs to enforce a breakaway from the government’s spending on recurrent expenditure and debt servicing by pushing for reforms that reduce the cost of governance and spur spending on infrastructure.

Cutting corporate taxes for businesses to compete effectively against other countries amid the global hunt for capital, while ensuring higher compliance rates for taxpayers, would also bode well not only for the economy but even her reputation.

For the first time, there’s a good chance of Nigeria’s finance minister bagging the prestigious Bankers global finance minister of the year award that was last won by Indonesia’s Sri Mulyani Indrawati for her mark on SouthEast Asia’s largest economy.

Mulyani gained global acclaim for a cocktail of tax reforms that entailed lowering income tax for small businesses and achieving higher taxpayer compliance which stimulated economic growth, created jobs and led to higher government revenues.

Taxpayer compliance hit 82.5 percent in 2019, a sizeable increase from the 74 percent recorded in 2014.

These changes to the tax system are integral to the finance minister’s aims of boosting state revenues by 12.9 percent to $146.5 billion in 2019, with the increased income from tax predicted to represent 80 percent of the target.

For the regional awards, it was Mohamed Maait of Egypt who clinched best finance minister in Africa.

Egypt’s ambitious programme of economic reform continues to win plaudits from around the world, with good reason.

In the space of four years, the country has enacted some of the most wide-reaching structural reforms in its recent history.

Admittedly, this has led to a high degree of short-term pain for Egyptian consumers – high inflation has emerged, for instance, as a result of the free float of the pound – but these reforms are undoubtedly paving the way for a brighter future for the country. And at the forefront of this reform story is Egypt’s finance ministry.

List of Savings and Loans Companies in good standing after clean-up

The Bank of Ghana last Friday decided to revoke the licenses of some 15 savings and loans companies which it said were insolvent and could no longer meet the obligations of customers.

The central bank’s action left 25 savings and loans companies in good standing.

Below are the Savings and Loans companies that are currently in good standing, according to the BoG:

ABii National Savings and Loans Ltd

Adehyeman Savings and Loans Company Ltd.

Advans Ghana Savings and Loans Ltd.

Asa Savings and Loans Company Ltd.

Assurance Savings and Loans Ltd.

Bond Savings and Loans Ltd.

Best Point Savings and Loans Ltd.

Bayport Savings and Loans Plc.

Direct Savings and Loans Ltd.

Equity Savings and Loans Ltd.

Golden Link Savings & Loans Ltd.

Golden Pride Savings and Loans Ltd.

Izwe Savings and Loans Ltd.

Jins Savings and Loans Ltd.

Letshego Ghana Savings and Loans Plc

Multi Credit Savings & Loans Co. Ltd.

Opportunity International Savings and Loans Co. Ltd.

Pacific Savings & Loans Co. Ltd.

Pan-African Savings and Loans Company Ltd.

Progress Savings and Loans Ltd.

Services Integrity Savings and Loans Ltd.

SIC Life Savings and Loans Ltd.

Sinapi Aba Savings and Loans Company Ltd.

The Seed Funds Savings and Loans Ltd.

Utrak Savings and Loans Ltd.

‘Funds available to pay customers of collapsed 23 savings and loans, finance houses’

The Bank of Ghana (BoG) has given the assurance that funds are available to pay depositors of the 23 savings and loans companies and finance house companies that have been shut down.

“In line with the Government’s commitment to protect depositors’ funds, the Government has made funds available to enable the Receiver pay depositors after their claims are validated. The Receiver will in due course make an announcement with regards to when and where payments will be made,” a statement issued on Friday by the BoG said.

It said the Receiver, Eric Nipah would make known documents required from the affected depositors to facilitate the validation of claims and orderly payment of validated deposits.

The BoG revoked the licences of the 23 companies because they were highly insolvent.

The BoG also revoked the licences of two nonbank financial institutions, namely Express Funds International Ltd (remittance company) and Ghana Leasing Company Ltd (leasing company).

According to the BoG, the two entities have been insolvent and have been inactive for a number of years.

“This action is pursuant to Section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates the Bank of Ghana to revoke the licence of a non-bank financial institution licensed under that Act if that institution among other things ceases to carry on business,” it said.

Thus, the BoG says it has completed the clean-up of the banking, specialized deposit-taking (SDI), and non-bank financial institutions (NBFI) sectors which began in August 2017.

“This follows the revocation of the licences of nine (9) universal banks, 347 microfinance companies (of which 155 had already ceased operations), 39 micro credit companies/money lenders (10 of which had already ceased operations), 15 savings and loans companies, eight (8) finance house companies, and two (2) non-bank financial institutions that had already ceased operations,” it said.

BANK OF GHANA REVOKES LICENCES OF GHANA SAVINGS, IDEAL FINANCE AND 20 OTHERS

The Bank of Ghana (BoG) has revoked the licences of twenty-three insolvent savings and loans companies and finance house companies.

The affected institutions include Ideal Finance, GN Savings and Loans, First Allied Savings and Loans, ASN Financial Services, Midland Savings and Loans, IFS Financial Services, Unicredit Savings and Loans and Women’s World Banking Savings and Loans.

A statement issued by the BoG on Friday August 16, 2019 said the revocation of the licences of the institutions had become necessary because they were insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.

“These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent,” the statement said.

The Bank of Ghana has also appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.

The companies are:

  • 1. Accent Financial Services Ltd
    2. Adom Savings and Loans Ltd
    3. AllTime Finance Ltd
    4. Alpha Capital Savings and Loans Ltd
    5. ASN Financial Services Ltd
    6. CDH Savings and Loans Ltd
    7. Commerz Savings and Loans Ltd
    8. Crest Finance House Ltd
    9. Dream Finance Company Ltd
    10. Express Savings and Loans Company Ltd
    11. First African Savings & Loans Company Ltd
    12. First Allied Savings and Loans Co. Ltd
    13. First Ghana Savings and Loans Co. Ltd
    14. FirstTrust Savings and Loans Ltd
    15. Global Access Savings and Loans Company Ltd
    16. GN Savings and Loans Ltd
    17. Ideal Finance Ltd. Finance House
    18. IFS Financial Services Ltd
    19. Legacy Capital Savings and Loans Ltd
    20. Midland Savings and Loans Company Ltd
    21. Sterling Financial Services Ltd
    22. Unicredit Savings and Loans Ltd
    23. Women’s World Banking Savings and Loans Co. Ltd

Source: graphic

Positives As NMRC Announces 2018 Financial Results

Nigeria Mortgage Refinance Company Plc (NMRC) has published its Annual Reports and Accounts for 2018 at its Annual General Meeting held at the Eko Hotel, Victoria Island, Lagos on Wednesday.

The Chairman, Mr. Charles Adeyemi Candide-Johnson (SAN), in his remarks noted that despite the challenging operating environment, NMRC had a good year in 2018. The Company’s Balance Sheet grew by 63% with refinanced loans portfolio growing by over 100% thereby positioning the company for sustained growth and profitability. Mr Candide Johnson further noted that the Company’s capital position remains strong and far in excess of the regulatory requirement in in view of the impending recapitalisation exercise within the financial services sector.

NMRC’s Managing Director, Mr Kehinde Ogundimu in his comments stated that 2018 was indicative of a positive performance for the company across all financial metrics. Mr Ogundimu further noted that the company improved in terms of its strategic positioning and witnessed growth in total assets from N42.54 billion in 2017 to N69.29 billion in 2018. While the company’s Mortgage Refinance Loan portfolio increased by 106% from N 8.23 billion in 2017 to N 17.02 billion in 2018. NMRC’s Gross earnings increased by 15% from N 6.160 billion in 2017 to N7.086 billion in 2018.Earnings per share decreased to N0.93 in 2018 from N1.04 in 2017.

 

In terms of operational efficiency, the company’s personnel expenses decreased by 8% to N0.82 billion in 2018. Other operating expenses decreased by 6% to N0.98 billion in 2018.

Profit before income tax decreased marginally by 0.5% from N1.945 billion in 2017 to N 1.935 billion in 2018 primarily due to the adoption of International Financial Reporting Standards No. 9 (IFRS 9).

The shareholders of the company passed all resolutions presented at the meeting.

NMRC is a CBN-licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets. NMRC raises long-term funds from the capital market for mortgage refinancing and by extension promotes affordable housing development and home ownership in Nigeria. NMRC was incorporated on 24th June 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on 18th February 2015.

Nigeria’s Total Debt Stock Rises to N24.9 Trillion

Nigeria’s total debt stock rose to N24.9 trillion (US$81.2 billion) as of the end of March 2019. This is revealed in the latest report released on Wednesday by the Debt Management Office (DMO).

According to the latest report released by DMO, Nigeria’s total debt portfolio hits N24.9 trillion as of March 31, 2019, compared to N24.3 trillion in December 2018. That is, quarter on quarter, Nigeria’s total debt stock rose by 2.3% or N560 billion.

Breakdown of debt stock: Nigeria’s debt stock category for the first quarter of 2019 shows that the country’s total external debt is estimated at N7.8 trillion (US$25.6 billion), constituting 31.5% of total debt for Federal government, Stated and the FCT.

  • The total domestic debt rose to N17 trillion (US$55.6 billion) or 68% of total debt stock within the quarter.
  • The Federal government’s domestic debt was put at N13.1 trillion or US$42.7 billion
  • All the 36 states accrued domestic debt of N3.97 trillion or US$12.9 billion as of the end of March.

States’ debt stock hits N3.97 trillion: A Further look into the breakdown of debts accruable to states in Nigeria revealed that states’ debt profile increased by 3% within the last quarter.

Specifically, as of December 2018, total debt accruable to states was estimated at N3.85 trillion, while the figure rose to N3.97 trillion in March 2019.

 

Analysis of the data shows that Lagos State posted the highest debt stock as of March 2018 with a whopping N542.2 billion. Other states that make up the top 10 highest indebted states in Nigeria include;

  • Rivers – N225.5 billion
  • Delta – 223.4 billion
  • Akwa Ibom – N199.7 billion
  • Cross River – N167.2 billion
  • FCT – N163.5 billion
  • Osun – N147.7 billion
  • Bayelsa – N133.3 billion
  • Kano – N121.7 billion
  • Ekiti – N118 billion

Debt stock

States are in debt trap: It is no longer news that close to 30 states in Nigeria have been described as insolvent. Recall that the federal government dished out bailout funds to assist almost 30 states in the past year to pay up workers’ salaries at respective states.

While the federal government has come out to indicate no more bail-out to states governments, trouble may soon unravel as the organized Labour Union is bent on the implementation of the new N30,000 minimum wage from states whose revenue sources have plunged over time with rising debt.

Fresh concerns about Nigeria’s rising Debt: In recent months, Nigeria’s debt has gained wide criticisms both within the domestic and international spheres. For instance;

  •  The African Development Bank (AfBD) recently revealed that Nigeria spends more than 50% of its revenue on debt servicing.
  • The World Bank has claimed Nigeria’s debt is not sustainable
  • The former Central Bank of Nigeria’s Governor, Sanusi Lamido, recently declared that Nigeria is “bankrupt and the country is heading to bankruptcy”
  • With Nigeria’s rising debt closing down on N30 trillion mark, the calls for fresh concerns in the country.

Source: nairametrics

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