Connect with us

News

Buhari okays N13.3bn for start of community policing

Published

on

As part of efforts to boost nationwide security, President Muhammadu Buhari has approved N13.3 billion for the commencement of community policing initiative.

The President announced this in Abuja on Monday at the opening of a two-day Mid-Term Ministerial Performance Review Retreat to assess progress made towards the achievement of the nine key priorities of his administration.

“We have also approved the sum of N13.3 billion for the take-off of the Community Policing initiative across the country, as part of measures adopted to consolidate efforts aimed at enhancing security nationwide,” he said.

“As part of the efforts towards strengthening our national security, we have increased investments in arms, weapons and other necessary equipment; expanded the National Command and Control Centre to nineteen states of the Federation; and established a Nigerian Police Trust Fund, which will significantly improve funding for the Nigeria Police Force.”

According to him, the Ministry of Defence has been instructed to create a modest military-industrial complex for the local production of weapons to meet some of the requirements of the country’s armed forces.

While noting that the establishment of the industrial complex would address Nigeria’s over-dependence on other countries for military equipment and logistics, the project is being implemented under the Defence Industries Corporation of Nigeria (DICON), a military department responsible for arms manufacture.

On other efforts to strengthen national security, Buhari said it was gratifying to note that Nigeria had received six A-29 Super Tucano aircraft.

He said the propeller-driven aircraft are being used for training, surveillance and attack by the military.

The President also spoke on his administration’s efforts in improving the nation’s power sector, noting that the implementation of a ‘Willing Buyer-Willing Seller’ Policy has opened up opportunities for increased delivery of electricity to underserved homes and industries.

He expressed the hope that the execution of critical projects through the Transmission Rehabilitation and Expansion Programme, will result in achieving the national goal of improved power supply by 2025.

News

Sanusi: I Warned Buhari’s Govt that Its Policies Will Destroy Nigeria’s Economy

Published

on

Former Emir of Kano, Muhammad Sanusi II

Former Emir of Kano, Muhammad Sanusi II, has disclosed he warned the President Muhammadu Buhari administration that its economic policies would destroy Nigeria’s economy.

Sanusi also lamented the current state of the nation, saying Nigeria will not be where it is if public office holders take their job seriously.

The former Emir, who spoke in Lagos on Sunday at a stage play titled “Emir Sanusi: Truth in Time”, every inherent dangers in the economic polices he communicated to the administration when he newly came on board in 2015/2016 is what the country is facing today.

The former Kano Emir recalled how he wrote a confidential letter to ex-President Goodluck Jonathan as the Central Bank of Nigeria (CBN) governor voicing his strong concerns about the economy.

“If every president, every governor, every minister, every commissioner took their job seriously, this country will not be where it was,” he stated.

“If people are willing to be ministers, commissioners, governors and presidents for eight years, and not tell us how they have improved our lives, we have a problem.”

READ ALSO:

He charged politicians to be accountable to the people.

Sanusi asked Nigerians to take charge of the country, he said Africa’s most populous nation will not move forward until actual steps are taken.

The ex-CBN governor also spoke on why he usually criticises government policies he found not to be good enough, saying what many do not know is that he would have advised the officials privately for months before going public.

On the current administration, Sanusi said he warned the Federal Government of the dangers of its policies in 2015, especially how it would destroy the economy.

“With the current administration, I spent the whole of 2015 and 2016 speaking to everybody who should be communicated to, and telling them that the economic policies they were pursuing were going to destroy the Nigerian economy.

“It was only when that failed that I spoke publicly, and we had to speak. Now the question which everybody is asking is should an Emir speak? The answer is yes and it depends on what you are speaking on,” he added.

According to Sanusi, he served as Chief Risk Officer at the United Bank for Africa, at First Bank, and also as CBN governor; as Emir of Kano for six years.

He stated that he would be ungrateful to God if he expressed regret or sadness over his removal as emir despite his position in life.

Thisday

Continue Reading

News

Nigeria, three others top World Bank debtors’ list

Published

on

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed

Rising debt has pushed Nigeria up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global financial institution added that the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

READ ALSO:

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

Economists have also raised concerns over the rising debt profile of the Federal Government.

The Fiscal Policy Partner and Africa Tax Leader of PwC, Mr Taiwo Oyedele, expressed his agreement with the World Bank on the high cost of debt servicing.

He said, “I agree with the World Bank. Although the debt to GDP ratio is not too high, if you think about the debt service cost to revenue ratio, it is already over 70 per cent. That’s when you know it’s costly.

“Nigeria borrows at double-digit, and even when we borrow in dollars, the rates are very high and then you devalue the naira and the cost of servicing the debt in naira goes up because it is dollar-dominated debt.

“Put all of that together, and you can easily say to yourself that even though our debt to GDP ratio is very low, our cost of borrowing is unsustainable because it is very high, and therefore, make it very costly.”

A former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, also criticised the increasing borrowing tendency of the government, urging the officials to re-consider other ways of generating revenue for the country.

According to Moghalu, it was also not reasonable to borrow for infrastructural development as the government could expand the public-private partnership options for such development.

In a document by the Director General of the Debt Management Office, Patience Oniha, recently obtained by our correspondent, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.

According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.”

Continue Reading

News

Saudi Explains Why Lightning Can Only Strike Crescent Moon on Holy Mosque’s Towers

Published

on

The Holy Mosque in Saudi (Masjid Al Haram and Masjid Al-Nabawi) has explained in a tweet on Sunday night why lighting only strikes the Crescent Moon on the clock tower.

The mosque, through its handle @theholymosques stated that the lightning only strikes the crescent on the clock tower because of the Makkah clock which consists of 20 automatically extending lightning conductors and 800 fixed rods to protect the watch and lights from lightning.

READ ALSO:

“The lightning only strikes the crescent moon on top of the clock tower because the Makkah clock contains 20 automatically extending lightning conductors and 800 fixed rods to protect the watch and lights from the lightning.”
The Holy Mosque attracts millions of worshippers annually.

Continue Reading

Trending