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

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.
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.
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).
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.
“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
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.
“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.
News
Out-of-school: Bauchi Education Ministry Takes ‘Back To School’ Campaign To Markets
The Bauchi State Ministry of Education has launched a sensitization campaign on the importance of education across selected market places in the state.
The campaign aims to encourage school enrolment and showcase the infrastructural facilities provided by the Bauchi state government to ensure a conducive environment for learning and teaching in the state.
Speaking during the flag off of the campaign at Gadan-Maiwa Community, Dr. Mohammed Lawal, the state’s Commissioner for Education, emphasized that the marketplaces are ideal locations to promote education, as it is a hub of activity where people gather to buy and sell.
READ ALSO:AGILE Leads 200 Girls On Road Walk To Create Awareness In Bauchi
He highlighted the various infrastructural facilities provided by the government, which he said included the mega schools, provision of qualified teachers, and educational materials to woo parents to enroll their wards into school.
The Commissioner noted that the state has made significant progress in reducing the number of out-of-school children.
Lawal stated that the government has implemented a Conditional Cash Transfer (CCT) programme to support the education of girl children, which he said, has recorded significant success.
READ ALSO:Bauchi Begins Production Of Exercise Books, Chalks For Schools
He therefore urged parents to take advantage of the government’s efforts and send their children to school.
The commissioner also commended Governor Bala Mohammed for his commitment to education and reducing the number of out-of-school children in the state.
On their part, the village head of Gadan-Maiwa, Safiyanu Ahmed, and the Chairman of Gadan-Maiwa motor Park, Alhaji Adamu Abubakar, lauded the government’s initiative and urged parents to support the effort.
The duo also appealed for more teachers to be employed to improve education in the state.
News
How My Fiancée kept Me From Temptations – Singer Spyro
Nigerian singer, Oludipe Oluwasanmi David, popularly known as Spyro, has revealed that his fiancée, Janet Atom, keeps him him grounded and away from temptations.
The ‘Who’s Your Guy’ crooner shared that before meeting his fiancée he was “tempted” by ladies, especially in Lekki.
Hailing his fiancée as his “Jesus baddie,” he appreciated her for changing his life.
READ ALSO:Drama In Abuja Hotel As BBNaija Star, Phyna Creates Scene Over alleged N200,000 Dispute [VIDEO]
The singer captioned a picture of his fiancée via Instagram; “Eiii God! My very own Jesus baddie @_callme_njure.
“Thank you again for saving me from Lekki girls o, na me know wettin my eyes see.”
Recall that Spyro recently engaged Janet Atom. He disclosed that he met her at a nightclub while announcing their engagement in September.
News
Drama In Abuja Hotel As BBNaija Star, Phyna Creates Scene Over alleged N200,000 Dispute [VIDEO]
Former Big Brother Naija winner, Ijeoma Josephina Otabor, popularly known as Phyna, was reportedly involved in a heated altercation at a hotel in Abuja following an alleged N200,000 disagreement.
According to eyewitness accounts, the confrontation began in the early hours of Tuesday inside Phyna’s hotel room in Abuja, before spilling into the lobby, attracting the attention of guests and staff.
Sources claimed the dispute stemmed from an unsettled financial issue involving N200,000, which quickly escalated into a shouting match.
The argument reportedly intensified when neither party was willing to back down, leading to pushing and chaos within the hotel premises.
READ ALSO:JUST IN: BBNaija Season 7 Winner, Phyna, Loses Sister, Ruth Otabor After Accident
Eyewitnesses further alleged that the situation worsened after others connected to the individuals involved joined the confrontation, turning the verbal exchange into a physical clash.
Security personnel and police officers were eventually called in to restore order, using teargas to disperse the crowd.
The incident comes shortly after Phyna returned to the public eye following a brief break to mourn the death of her sister, who died in an accident involving a Dangote truck.
Watch video:
https://x.com/i/status/1978198954014629890
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