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Centre Laments World Bank Report On Nigeria, Demands Freeze On Borrowing

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The Centre for Fiscal Transparency and Integrity Watch (CeFTIW) has expressed concerns over Nigeria’s fiscal condition.

The organisation wants a freeze on borrowing for consumption purposes, demanding loans obtained be channelled to capital projects and the production sector.

A statement on Thursday by Public Relations Officer, Victor Agi reacted to the latest World Bank Macro Poverty Outlook for Nigeria.

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It described the nation’s fiscal condition as “a more fragile position than before the late 2021 global oil price boom,” and put the poverty rate at 41.1%.

READ ALSO: Oil-producing States Borrow N1.3tn Amid N6.4tn Windfall

The report revealed that 96.3 percent of the revenue generated in 2022 was used to service debt, worsening the public debt profile.

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The CeFTIW called for the suspension of the federal government’s move to borrow $800 million to distribute as a palliative to cushion the effect of subsidy removal.

Agi noted that adding more to the country’s debt stockpile will continue to frustrate meaningful efforts to grow the economy.

Nigeria’s debt was $103.11 billion or N46.25 trillion as of December 2022, according to figures by the Debt Management Office (DMO).

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READ ALSO: Buhari To Borrow N819.5 Billion To Finance 2022 Supplementary Budget

The figure may hit N77 trillion by the end of the Buhari administration if the Ways and Means Advances from the Central Bank of Nigeria (CBN) and other loans included.

“The Centre is bothered by the consistent revenue shortfalls. Despite the deregulation of the oil sector, the cost of petrol imports continues to rise with no solution in sight.

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“This is amidst promises of revamping refineries to boost local production. The inability to address the lingering cases of oil theft, diversify the economy, and monetary policy somersault has put the country on edge.”

The statement said it was against further borrowing after assessing Social Investment Programmes (SIPs) such as the COVID-19 stimulus package, which reportedly gulped N2.3 trillion.

READ ALSO: DMO Clarifies Alleged N2trn FG Borrowing

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It also listed Tradermoni, Conditional Cash Transfer (CCT), Government Enterprise and Empowerment Programme (GEEP) and school feeding.

The SIPs reportedly cost Nigeria about $1 billion annually, according to the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq.

“The fact that there has been no commensurate impact on the living standards of Nigerians puts the transparency and accountability of the programmes into question.

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“Citizens doubt the planned payment of N5,000 to 10,000 households, over a period of six months with the new loan, will be any different from previous interventions,” Agi noted.

The CeFTIW further demanded fiscal prudence in government activities and the entrenchment of strong measures to curb corruption and resource wastage.

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Shatta Wale Bailed Burna Boy From Ghana Prison After Arrest For Smoking Weed – Captan

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Ghanian singer, Captan, has claimed that his former record label boss, Shatta Wale, once bailed Nigerian singer Burna Boy out of prison in Ghana after he was allegedly arrested for smoking weed.

Speaking in a recent podcast interview, Captan claimed that Shatta Wale sent him and others to free Burna Boy from police custody.

He also claimed that Shatta Wale and his group once accommodated Burna Boy when he was being hunted by some dangerous men.

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READ ALSO: Wale Edun Opens Up After Sack

Captan said, “I once bailed Burna Boy out of prison in Ghana when he was arrested for smoking weed. Shatta Wale sent me and some guys to go and free him from police custody.

“There was a time we also accommodated him when some people were after his life. We helped him settle the case.”

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He added that he and Burna Boy are no longer in good terms after the Nigerian artist’s fallout with his mentor, Shatta Wale.

He, however, said he and Shatta Wale are open to reconciling with Burna Boy if he asks for it.

Watch the video here

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Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

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Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.

‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”

‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection

It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.

‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.

‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.

‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

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READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

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Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”

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Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

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Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

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READ ALSO:ADC Penetrates Okpebholo’s District As Defections Strengthen Party in Edo Central

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

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Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

READ ALSO:Okpebholo Felicitates Muslims On Eid-el-Fitr Celebration

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

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I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

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