News

DMO Defends $13bn Indebtedness To World Bank

Published

1 month ago

May 1, 2023

The Debt Management Office, DMO, has said that Nigeria’s $13.46 billion World Bank loan is a plus because the loans which came from the international Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) were concessional, with low charges and for very long tenors.

DMO made these explanations in a statement following media reports on Nigeria’s debt to the World Bank.

It said that while figures presented by the report were correct, it was a positive development for the country contrary to the narratives of the media reports.

DMO said: “Following media reports on Nigeria’s debt to the World Bank, the Debt Management Office (DMO) wishes to clarify to the general public that loans from the World Bank come from the International Development Association (IDA) and the International Bank for Reconstruction and Development (BRD).

“According to the media reports, Nigeria’s indebtedness to IDA grew from $6.29 billion in 2015 to $13.46 billion in 2022. Whilst these figures are correct for IDA loans only, it is actually a positive development for Nigeria contrary to the narrative in the media reports.

“Positive development in the sense that IDA loans are concessional, that is, they attract low charges and are for very long tenors in some cases, exceeding 30 years. These are the types of loans required to fund development in countries such as Nigeria. By accessing IDA funding, the Government is actively reducing debt service costs, since non-concessional funding is usually more expensive and for shorter tenors.

“Indeed, it will be inefficient for Nigeria to borrow from commercial sources when concessional funding sources such as IDA are available.

“It would seem that the authors of the media reports did not put into consideration the fact that IDA Loans are concessional, and that it is a plus that Nigeria qualifies for such Loans.

“In addition, it may be useful at this time to state that Nigeria’s Medium-Term Debt Management Strategy (2020-2023) actually states that we will, “Maximize funds available to Nigeria from multilateral and bilateral sources in order to access cheaper and long tenured funds. Therefore, borrowing from IDA (a multilateral organization is actually an implementation of this strategy.”

News

VIDEO: Dismantle EFCC, Sack Bawa For Successful Anti-corruption War – Agbakoba

Published

2 hours ago

May 31, 2023

Editor

Senior Advocate of Nigeria (SAN), Olisa Agbakoba, has asked President Bola Tinubu to dismantle the Economic and Financial Crimes Commission, EFCC, in his bid to have a successful anti-corruption war.

Agbakoba stated this while speaking in an interview on The Morning Show of Arise Television on Wednesday.

The legal luminary also urged the President to relieve the EFCC chairman, Abdulrasheed Bawa of his job, in order to have a fresh leadership for the agency in the new administration.

He said, “We need to talk about anti-corruption. The anti-corruption process is not working. I have challenged the constitutionality of the EFCC. The EFCC is a behemoth and it needs to be dismantled.

“Mr. Bawa needs to go because what he’s doing is not attracting people’s confidence. He needs to go. He’s always in battles with everybody. Now, he’s battling Metawalle. That’s not the way to fight corruption.

“We need to see Mr. Bawa step aside honourably so that the anti-corruption process can be seen to be genuinely fought by the President without any equivocation,” he said.

VIDEO:

Tinubu needs to dismantle EFCC, sack Bawa for successful anti-corruption war – Agbakoba
Bawa
Senior Advocate of Nigeria (SAN), Olisa Agbakoba said President Bola Tinubu needs to dismantle the Economic and Financial Crimes Commission, EFCC, in his bid to have a successful… pic.twitter.com/CJXdhlw2SI
— Vanguard Newspapers (@vanguardngrnews) May 31, 2023

Source: VANGUARD

News

NAPTIP Sacks Director, Four Officers For Misconduct

Published

3 hours ago

May 31, 2023

Editor

The National Agency for the Prohibition of Trafficking in Persons has dismissed a deputy director and four other officers for various offences including bribery, corruption and leaking confidential information to suspects.

The Press Officer of the NAPTIP, Vincent Adekoye, disclosed this in a statement on Wednesday.

Adekoye explained that the offences range from corruption to demanding and receiving bribes from suspects and relatives.

According to him, other offences committed by the officers were leaking confidential information to suspects that endangered the lives of colleagues, violating the oath of secrecy, stealing and alteration of official records and being absent without official leave.

He said, “These offences are all contrary to provisions of the Public Service Rules and other extant laws and regulations. Two other officers were demoted by two ranks for soliciting bribes from a suspect of human trafficking, while one officer was demoted by one rank for negligence of duty.

“The disciplinary actions followed the approval of the Governing Board of the Agency at its meeting of May 25, 2023. At that meeting, the board considered and ratified the decision of the agency’s Senior Staff Committee which earlier sat on the disciplinary matters in accordance with the Public Service Rules and other extant laws and regulations.”

Adekoye also announced that a Federal High Court sitting in Sokoto State convicted a law enforcement officer and sentenced him to prison.

He said the officer was convicted on two counts of trafficking, contrary to section 26 (2) of the Trafficking in Persons (Prohibition) Enforcement and Administration Act (2015) and was sentenced to five years on each count.

He added, “This is NAPTIP’s 37th conviction and counting for the year 2023.”

News

Otti Suspends Transport Levies In Abia

Published

4 hours ago

May 31, 2023

Editor

The Abia State Governor, Alex Otti, has suspended all transport levies imposed on commercial drivers in the state.

This was contained in a statement by the special adviser to the governor on Media and Publicity, Ferdinand Ekeoma, on Wednesday.

He stated that the directive was in line with the campaign promise of the governor to sanitize methods of revenue collection in the state and stop all kinds of extortion, intimidation and harassement of motorists.

The statement read, “The governor has directed the immediate suspension of all kinds of transport levies payable to Abia state government and imposed on Tricycles (Keke), Buses, taxis and other commercial vehicles plying Abia roads.

“This suspension takes immediate effect, and will remain until government reviews these levies and makes public its arrangements for the smooth, organized and transparent collection of such transport levies in a manner it would not lead to extortion, intimidation and violation of rights and privileges of Abia residents.

“The government believes that the present method is archaic and very harmful to the lives of the people and the economic well-being of the state, and thus should not be allowed to continue.

“In the light of the above decision, the governor has asked all those involved, directly and indirectly to please discontinue forthwith, or face the wrath of the law, as security agents have been briefed and directed to apprehend and bring to justice anyone found violating this directive”.