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Nigeria will attain net zero emissions by 2060, says Buhari

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President Muhammadu Buhari says Nigeria aims to achieve net-zero emissions by 2060, ensuring that the amount of greenhouse gas produced is equivalent to what is removed from the atmosphere.

This means that as carbon is being released, it is also being removed from the atmosphere such that emissions are reduced to zero in order to stabilise global temperatures.

The 2060 target is coming 10 years later than the United Nations-approved target.

The UN had said global carbon dioxide emissions would need to reach net zero around 2050 to limit the disastrous effects of climate change.

Speaking on Nigeria’s plans during the climate change conference in Glasgow on Tuesday, Buhari said climate change is ravaging all regions of Nigeria and the country is committed to tackling its impacts.

He said, “There is an urgent need for action on the environment. Desertification in the north, floods in the centre. Pollution and erosion in the coast are enough evidence. For Nigeria, climate change is not about the affairs of tomorrow but what is happening today.

“Nigeria is committed to net-zero by 2060. In our lifetime, Lake Chad has gone from a vast expanse of biodiversity to a shadow of itself. We are investing in renewable, hydro dams and solar projects.”

Commenting on the Paris Agreement which requires nations to move from fossil fuel to clean energy, Buhari said Nigeria’s revised national determined contributions (NDCs) prioritises sectors that can help the country achieve the transition.

The president however said the country needs financial support and funding to be able to meet its ambitions for climate energy transition.

“We are looking for partners in innovation, technology and finance to make cleaner and efficient use of all available resources to help us make a stable transition in the energy market,” he said.

“The revised NDCs has additional priority sectors – water and waste, nature based solutions, adaptation and resilience, vulnerability assessment, a clean cooking agenda, green job assessment, and a bottom-up renewable energy transition pathway by 2030.”

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DHQ confirms arrest of Owo church attackers

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The Defence Headquarters has confirmed its arrest of suspected terrorists behind the attack on St Francis Catholic Church, Owo, Ondo State, that killed scores of worshippers.

Chief of Defence Staff, Gen. Lucky Irabor, said this on Tuesday at a media briefing in Abuja.

Some gunmen suspected to be terrorists on June 5 attacked the church, with 40 people confirmed dead after the incident.

On June 17, the funeral for the slain worshippers was conducted at the Mydas Resort and Hotel in Owo.

The names and photographs of those killed in the church were published in the funeral handbook, while 74 names were listed as those who sustained injuries during the attack.

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Sanusi: I warned Buhari govt its policies will destroy Nigeria’s economy

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Former Emir of Kano, Muhammad Sanusi II

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

He also lamented the current state of the nation, saying Nigeria would  not be where it is if public office holders had taken their job seriously.

The former emir, who spoke in Lagos at a stage play titled “Emir Sanusi: Truth in Time”, said every inherent danger in the economic polices he had warned the administration when he newly came on board in 2015/2016 was what the country was facing currently.

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.”

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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.

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Nigeria, three others top World Bank debtors’ list

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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.

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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.”

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