Two months and three weeks after Ogun Assembly passed the Bill on Animal Grazing Regulation and Cattle Ranch Establishment Law, 2021, Governor Dapo Abiodun has signed it into law.
The law is titled HB No. 045/OG/2021- A Law to Regulate Animal Grazing, Establishment of Cattles Ranches in Designated Grazing Areas of Ogun State and for other Matters incidental thereto and connected therewith.”
Part of a section of the law prescribed a jail term of not less than three years without the option of fine, including the forfeiture of the herds of cattle or livestock under his/her control to the State Government for anyone who rear, herd or graze any livestock in any part of the State except within the permitted ranches or anyone who rears cattle or livestock outside the permitted ranches after the commencement of the law.
Abiodun gave assent to it on Thursday evening at Oke-Mosan Governor’s Office, Abeokuta and proceeded to set up an implementation chaired by Commissioner for Agriculture, Dr. Samson Odedina.
Sanusi: I warned Buhari govt its policies will destroy Nigeria’s economy
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.”
- Ondo Amotekun intercepts 168 invaders hiding under cows
- Donald Trump says FBI raided his Mar-a-Lago home
- At least a dozen killed in knife attack in Kerman province, southern Iran
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.
Nigeria, three others top World Bank debtors’ list
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.
- Cleaner Bags 8 Months For Stealing Laptops, Cash
- Regulatory Commission Dares Buhari, Rejects Sale Of ExxonMobil’s Assets
- Saudi Explains Why Lightning Can Only Strike Crescent Moon on Holy Mosque’s Towers
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.”
Saudi Explains Why Lightning Can Only Strike Crescent Moon on Holy Mosque’s Towers
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.
- El-Rufai: Not Even My Corpse Will Be Found Near PDP
- JUST IN: Air Peace Suspends Flights To South Africa Over Aviation Fuel, Visa Delay
- WAEC releases 2022 WASSCE results
“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.
We are not auctioning 7,000 cars – Customs
Kebbi rep rejoins APC four months after defecting to PDP
NUPRC rejects Exxonmobil oil assets sale, dares Buhari
CCECC completes Apapa port link to Lagos-Ibadan railway
Customs: Vehicle tariff reduction to begin next week
Biden, Treasury Secretary say Republicans COVID-19 aid too small
American preacher, Creflo Dollar confesses he misled congregants, says tithing not biblical + Video
[UPDATED]Conflicting Reports Over Viral Video Of Soldiers Evacuating ‘Bandits’ In Kaduna + Video
Lagos mother fights off suspected ritualist attempting to abduct kids + VIDEO
Politics1 week ago
Many Shut Out As INEC Ends Voters’ Registration
Sports1 week ago
Nigeria wins first gold medal in weightlifting at 2022 Commonwealth Games
metro1 week ago
Terror: Lagos police, South-West Amotekun on alert
metro1 week ago
Kwara Court sentences two sureties over failure to produce suspects
metro1 week ago
Maiduguri agog as Tinubu, govs, Dangote, others attend Shettima daughter’s wedding
Entertainment1 week ago
Wizkid Expects Fourth Child As Babymama Shows Off Baby Bump
News1 week ago
Nigeria may collapse soon, nowhere is safe, Northern CAN warns
metro1 week ago
Terrorists Abuja threat: Don’t return to S’E without Kanu, IPOB tells Igbo politicians