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FG approves new debt management strategy

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  • Debt to GDP now 40%

The Federal  Government has approved a new Medium-Term Debt Management Strategy (MTDS) which has raised the total public debt as a percentage of Gross Domestic Product from 25 per to 40 per cent.

The Federal Executive Council (FEC) granted the approval on Wednesday at its meeting, adding that the new strategy would run in period of 2020-2023.

A statement by Debt Management Office (DMO) said that the new fiscal sustainability of the target would enable it to accommodate borrowings to fund budget deficits and other government obligations.

The DMO said that the government would issue promissory notes to settle government arrears and the Ways and Means Advance at the Central Bank of Nigeria.

Under the new strategy, domestic borrowing is targeted at 70 per cent, while external borrowing would be 30 per cent and optimise access to both concessional and commercial sources abroad.

An average tenor or 10 years is being targeted so as to ensure more effective management of the refinancing risks.

The DMO said, “The Medium-Term Debt Management Strategy (MTDS) is a policy document that provides a guide to the borrowing activities of government in the medium-term, usually four (4) years.

“It is recognised as one of the best practices in public debt management and is recommended by the World Bank (WB) and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader macroeconomic and public debt management objectives.

“The MTDS, 2020-2023 has been prepared by the Debt Management Office (DMO), in collaboration with relevant stakeholders (Federal Ministry of Finance, Budget and National Planning, Central Bank of Nigeria, Budget Office of the Federation, National Bureau of Statistics and the Office of the Accountant-General of the Federation).”

The new strategy, it said, “had to be re-worked to reflect the global and local economic impact of the COVID-19 pandemic and incorporates data from the revised 2020 Appropriation Act and the Medium-Term Expenditure Framework 2021-2023. Thus, the new MTDS adequately reflects the current economic realities and the projected trends.”

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Railway

Police still on trail of Warri-Itakpe rail track vandals – NRC

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• Says vandals risk life imprisonment
Vandals of a section of the newly inaugurated Warri-Itakpe rail track have not been arrested, contrary to an earlier report, the Nigerian Railway Corporation has said.
Coordinator of the new rail line operation, Abdulganniyu Saani, an engineer, who stated this, also dismissed the viral video of the arrest of five suspects with a vehicle load of rail track sleepers, saying it was an old clip of an incident around Jos, Plateau State taken some years back.
He also said the latest cutting of Warri-Itakpe track material was not on the main lane but an extra lane, which had not disrupted the running of freight and passenger trains.
Saani spoke in an interview with NewsTrends on the telephone, warning that vandals would be treated as manslaughter suspects with a maximum penalty of life imprisonment upon conviction because their activities could lead to fatal railway accidents.
He also said that a number of traps had been laid for the arrest of the vandals still on the run and other hoodlums that might be contemplating of vandalizing or stealing railway materials.
“The police in Kogi State where the incident had happened are on the red alert. They are working with other security agencies to apprehend the vandals and anybody who dares tamper with railway materials.
Details later…

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Business

Aviation workers threaten one-week shutdown of Kaduna airport from Sunday

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Aviation workers have threatened to withdraw their services at the Kaduna airport from Sunday, May 16 to Friday, May 21.
The workers in a statement on Saturday said their action was in support of the Kaduna State chapter of the Nigeria Labour Congress (NLC) over “anti-labour practices perpetrated against public servants in Kaduna State”
The statement was jointly signed by Ocheme Aba, general secretary of the National Union Of Air Transport Employees (NUATE); Rasaq Saidu, general secretary of the Association Of Nigeria Aviation Professionals (ANANP); and Umoh Ofonime, deputy general secretary of the National Association Of Aircraft Pilots And Engineers (NAAPE).
NLC had said that over 20,000 state workers had not received their April salaries, adding that due process was not followed in the recent disengagement of over 4,000 workers from the local government service, state universal basic education board and primary healthcare agency.
The statement read in part, “As you are all aware, the Nigerian Labour Congress (NLC) has declared strike action against the Kaduna State Government over numerous anti-labour practices perpetrated against the public servants of Kaduna state.
“Our unions, being affiliates of the NLC, are part of the decision and are in support of the action against the Kaduna State Government In this regard, our participation on the planned shutdown of Kaduna State is hereby affirmed.
“Accordingly, all aviation workers at the Kaduna Airport are hereby directed to withdraw all services at the airport with effect from midnight of Sunday the 16th of May 2021 to midnight of Friday the 21st of May 2021.
“The effect shall be the total grounding of operations of the Airport within the stipulated period. By this notice, members of the public are advised to make alternative travel plans within the period.”

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Business

Remittances to Nigeria drop by 28% – World Bank

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Remittance inflow to Nigeria dropped by 28 per cent in 2020 due to the COVID-19 pandemic, the World Bank has said.
The bank added that remittance flows fell for sub-Saharan Africa by 12.5 per cent, according to its Migration and Development Brief 33 Phase 11 entitled: “COVID-19 Crisis Through a Migration Lens’’ published on Thursday.
The report said the decline in remittance flows to Nigeria was largely responsible for the fall in remittance flows to sub-Saharan Africa.
“The decline in flows to sub-Saharan Africa was almost entirely due to a 28 per cent decline in remittance flows to Nigeria.
“Excluding flows to Nigeria, remittances to sub-Saharan Africa increased by 2.3 per cent, demonstrating resilience,’’ the report stated.
According to the report, the relatively strong performance of remittance flows during the COVID-19 crisis has also highlighted the importance of timely availability of data.
It stated that given its growing significance as a source of external financing for low and middle-income countries, there was need for better collection of data on remittances.
It emphasised that there was need for better collection of data on remittances, in terms of frequency, timely reporting, and granularity by corridor and channel.
With global growth expected to rebound further in 2021 and 2022, remittance flows to low and middle- income countries are expected to increase by 2.6 per cent to $553bn in 2021 and by 2.2 per cent to $565bn in 2022.
The report stated that global average cost of sending $200 remained high at 6.5 per cent in the fourth quarter of 2020, more than double the Sustainable Development Goals (SDGs) target of three per cent.
It stated that sub-Saharan Africa continued to have the highest average cost (8.2 per cent) adding that supporting the remittance infrastructure and keeping remittances flowing includes efforts to lower fees.
The true size of remittances, which includes formal and informal flows, is believed to be larger than officially reported data, though the extent of the impact of COVID-19 on informal flows is unclear.
“As COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable,” said Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice at the World Bank.
“Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants,” he said.

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