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NIGERIA: ECONOMIST CAUTIONS FG ON N21.73TRN DEBT.

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 An economist, Prof. Sheriffdeen Tella, on Monday described the nation’s debt stock of N21.73 trillion as worrisome and urged the Federal Government to stop external borrowing.

Tella, a professor of Economics at Olabisi Onabanjo University, Ago-Iwoye, Ogun, expressed his views in an interview with the News Agency of Nigeria (NAN) in Lagos.

He said that the current size of the country’s external debt was worrisome.

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NAN reports that the Debt Management Office (DMO), on March 14, said that Nigeria’s external debt had risen to 18.91 billion dollars (N5.79 trillion) as at Dec. 31, 2017.

The DMO said that domestic debt also rose to N15.94 trillion, bringing the total debt stock to N21.725 trillion (70.92 billion dollars).

According to the economist, the total external debt of 18.91 billion dollars is very high compared to the current Gross Domestic Product (GDP).

He said that the current GDP growth rate was largely due to higher crude oil price than increased output in agriculture.

Tella said that there was no rationale for government to borrow in dollars to offset domestic debts, stressing that part of the earnings from oil should be monetised to offset such debt.

According to him, government is borrowing as if the country is not earning foreign exchange which can be used to meet some of the external needs.

“What is the pride in accumulating external debt when you are at the same time building external reserve?

The ratio of debt service to the annual budget continues to rise, thereby depriving the nation of funds that should go into project execution and general economic development,” Tella said.

He said that apart from the delay in passing the 2018 budget and attendant delay in budget implementation which were affecting the speed of economic recovery, the huge sums spent on debt servicing also contributed to the slow economic recovery.

“This is the time to put a stop to these orgies of borrowing. How much of the dollar borrowed reach the shores of Nigeria?

“A sizeable proportion is used for agency fees, facilitator fees, technical expertise, purchase of equipment, machinery, and other production inputs that are not produced locally, and payments are made for all these in foreign currency,” the don said.

Tella said that a number of research results had shown that external debts had negative impact on the development of the country.

He said that the earlier the National Assembly stopped approving borrowing, the better it would be for the country.

Tella said that there must be a threshold for external reserve and once the threshold is met, the rest should be for infrastructure development and other items we borrowed money to execute.

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24 Hours Across Africa

Nigeria: Woman arrested over Outrageous Viral video of her abusing a child

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Police in Nigeria’s commercial hub of Lagos have arrested a woman filmed abusing a child and then locking him in a caged kennel with dogs.

It is not clear when the footage was shot, but it went viral on Twitter earlier this month.

In the video clip, a woman is seen beating a boy, stripped to his waist, with a belt. She then drags him into an empty kennel and locks it before walking away. Two dogs can be seen in other neighbouring kennels.

The video caused outrage on social media, where shocked users offered rewards to anyone that could track down the woman.

On Thursday, a police spokesperson, Dolapo Badmos, tweeted that the woman in the video had been arrested.

“The suspect is in custody and will be charged to court… The boy, who happens to be an orphan, has been rescued and kept in a shelter provided by Lagos state government,” she said.

Her tweet links to a video filmed by police showing the dog kennels where the boy was locked up:

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24 Hours Across Africa

Nigeria: Imo recovery team storms Okorocha’s premises, recover alleged looted state property

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Okorocha Faults Action
Imo State Recovery of Moveable Assets Committee, yesterday, stormed a premises belonging to the immediate past governor of the state, Rochas Okorocha, where it discovered properties suspected to be that of the State Government, but allegedly parked in the premises known as All In Warehouse, located on Aba Road, Owerri.

But the Commissioner of Police, Rabiu Ladodo, who arrived the scene laced with crowd, directed that the property should be put in custody of the police. Some of the items included furniture, clothing materials and others.

The chairman of the committee, Ndubuaku, said the committee received credible intelligence information that led to them to storm the premises. He pronounced sealing of the place, directing that nobody, including the Okorochas, should enter the premises till further notice. Ndubuaku said the committee would ensure that all the State Government property illegally stolen were recovered.

But Okorocha, in a statement signed by his Special Adviser (Media), Sam Onwueneodo, described the action of the State Government as unjustifiable.

“This is to inform all men and women of goodwill, that barely two days after the agents of the Economic & Financial Crime Commission, EFCC, had marked the ALL – IN SHOP owned by the wife of the former governor, Dr. Mrs. Nneoma Nkechi Okorocha, located at Naze near Owerri, for investigation also following flood of petitions written to the Commission by PDP government in the State, the leader and members of the government’s Committee on the Recovery of Government Property invaded the shop today (yesterday) July 26, 2019, and looted the goods there, including the ones inside the containers inside the premises.

“We had told all those, who cared to hear us, that the PDP government in the State is out for witch-hunting just to intimidate Opponents, otherwise why invading and looting a Shop with furniture and baby goods, already marked for investigation by the EFCC.

“And the Containers they looted have been in the premises of the shop before the EFCC agents came and marked the Shop for investigation last Tuesday; they are still there before the Jasper Ndubuaku-led gang invaded the place. The question now is, what if at the end of the day, the EFCC’s investigation establishes that this shop has no relationship with the last administration?

“Obviously, Jasper Ndubuka and his gang are not recovering any property but are on looting spree. They were the ones, who petitioned to EFCC and they came and marked the investments they had mentioned in their petitions for investigation. Then, why going to loot the same establishments marked by EFCC for investigation? If Governor Ihedioha had asked question and if he meant well, he would not have entrusted such sensitive task into the hands of a man like Jasper Ndubuaku.

“Nigerians should watch  closely the brigandage going on in Imo. Leaders and members of the so-called Government’s Property Recovery Committee are just having the licence to loot with the protection of the State Government. Otherwise, why won’t they allow the EFCC to conclude their investigation?”

“We have been shouting for the world to hear our voice. Aside their inviting the EFCC, we have asked them to publish whatever they have against Rochas Okorocha and the family or anybody that served in the Rescue Mission government, but they have not been forthcoming. The implication of all these is that, where restraint is not applied and the governor cannot control the recklessness, self-help may be the last resort; nobody should be blamed.”

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