22042019 - ACUTE HUNGER: Outrage as IDP children feed on onion leaves

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2—Vanguard, MONDAY, APRIL 22 , 2019 :Vanguard News :@vanguardnews :@vanguardnews NEWS HOTLINES: 08052867023, 08052867058 Rising national debt: Finance Minister disagrees with IMF, World Bank By Emeka Anaeto, with agency report DESPITE the mounting complaints over rising debt profile amidst plans to borrow more, Minister of Finance, Mrs Zainab Ahmed, h<strong>as</strong> said while government borrows to deliver on its promises, it w<strong>as</strong> also mindful of rising debt burden. She also said International Monetary Fund, IMF, and World Bank were not right to indicate Nigeria w<strong>as</strong> headed to a debt crisis. Current data from Debt Management Office, DMO, shows Nigeria’s total public debt at N24.4 trillion <strong>as</strong> at December 2018, which indicated almost a 10 per cent rise over the 2017 figure. The figure, which had maintained a steady rise since 2015 prompted the National Assembly, while looking into the 2019 Appropriation Bill (National Budget) to query the planned borrowing of about N2.0 trillion to part-fund the budget. The IMF had, late l<strong>as</strong>t year, raised alarm over the rising debt burden, saying the concern is about the country’s weak revenue stream, which gives adverse debt-servicing-to-revenue ration of about 70 percent, the worst in Africa and about the worst globally. But speaking to the media on the side-line of the just concluded International Monetary Fund, IMF/World Bank meetings, which took place in W<strong>as</strong>hington DC from April 9 to 14, Ahmed insisted that despite warnings by IMF and World Bank, the country w<strong>as</strong> not in any way near a debt crisis. She stated: “The World Bank and IMF are cautioning us on the rate at which we are borrowing. They are also cautioning us on the need to build fiscal buffers because the global economy is going to be facing some risks and we agree with that. “We are very mindful of the level of our borrowings. Our borrowing is very much within fiscal limits right now. What we are doing is to incre<strong>as</strong>e our revenue generating capacity to make it e<strong>as</strong>ier for us to meet our debt obligations and our routine <strong>as</strong> well <strong>as</strong> capital expenditure.” Speaking at the presentation of the Regional Economic Outlook for Sub- Saharan Africa – Capital Flows and the Future of Work in Abuja l<strong>as</strong>t November, Senior Resident Representative and Mission Chief for Nigeria, African Department, Amine Mati, said although Nigeria’s debt to Gross Domestic Product remained low at between 20 and 25 per cent, the country spent a high proportion of its revenue on debt servicing <strong>as</strong> a result of low revenue generation. For Nigeria, he added: “The debt servicing to revenue ratio w<strong>as</strong> more than 50 per cent while for sub- Saharan Africa, the rate w<strong>as</strong> about 10 per cent,” a figure he said w<strong>as</strong> too high and reminiscent of what the region went through in the period following debt relief at the beginning of the 21st century. On whether the conditions for the loans were favourable to the overall interest of Nigeria, Ahmed said: “To Speakership: Gbajabiamila’s camp woos Dyegh for deputy speaker •It’s an act of desperation —Bago campaign By Levinus Nwabughiogu ABUJA—TO successfully execute his ambition to emerge <strong>as</strong> the Speaker of the House of Representatives of the 9th National Assembly, Mr. Femi Gbajabiamila is now making moves to reach out to John Dyegh. Recall that the ruling All Progressives Congress, APC, l<strong>as</strong>t Tuesday endorsed him <strong>as</strong> its preferred choice for the office. The lawmaker hails from Lagos State, South West geopolitical zone. The endorsement is, however, against the wishes of other <strong>as</strong>pirants such <strong>as</strong> Mohammed Bago and Dyegh who hail from North Central. Bago, a three-time lawmaker from Niger State is Gbajabiamila’s main challenger outside Dyegh. Both men are contesting the zoning to the South-West, which they said w<strong>as</strong> at variance with the principle of equity, justice and fairness the party preaches. No sooner had the party adopted Gbajabimila that Dyegh formerly declared his ambition to run for the same office. He is a Christian member-elect from Benue State. Outside him is Yusuf Buba Yakub, a Christian from Adamawa State, North E<strong>as</strong>t. The duo are the only northern Christians in the race for speakership. Vanguard gathered that the consideration for Dyegh is to weaken the momentum Bago’s campaign w<strong>as</strong> gathering among his colleagues and to also give the House leadership a religious balancing in the event that Gbajabiamila emerges the speaker. Gbajabimila’s endorsement h<strong>as</strong> rather become controversial one which may have necessitated the need for a Christian deputy. It’s an act of desperation—Bago campaign borrow, we go through several processes of <strong>as</strong>sessments <strong>as</strong> well <strong>as</strong> negotiations. “We make sure we get the best possible terms and whether we are borrowing from financial institutions or in Europe or China or anywhere else, we try to get the best rates of borrowing. So far, the conditions we’ve got are very good ones.” BRIEFING: Governor Abdulaziz Yari of Zamfara State (middle) being briefed by AVM Idi Lubo, Team Leader of an investigation team on the recent allegations by the State Council of Chiefs that Air Force personnel hit wrong targets in the state killing innocent people. Photo: NAN. Bago’s camp is, however, not perturbed by the move to break into the North Central. The spokesman of the campaign organisation, Mr Victor Ogene, who described the move <strong>as</strong> an act of desperation, stated that the quest for the speakership remained un<strong>as</strong>sailable for his principal. He said it w<strong>as</strong> a genuine <strong>as</strong>piration for the people of North Central zone to address the issues of equity, justice and fairness. He said: “The quest for North Central to get the speakership remains un<strong>as</strong>sailable. We are no <strong>as</strong>king for it out of pity. “We are saying that effort, even if not rewarded, must be acknowledged and so far all the issues we put out there, none h<strong>as</strong> been controverted, that is the need for justice, equity and fairness in the distribution of offices along the six geopolitical zones. “For us, we see it <strong>as</strong> a desperate act to buy into the North Central and weaken their legitimate <strong>as</strong>piration for the first position.” Dispose recovered loot transparently, BudgIT charges Buhari By Soni Daniel ABUJA —AS the Federal Government moves to dispose recovered loot from corrupt elements, the administration h<strong>as</strong> been <strong>as</strong>ked to adopt transparent method in selling the loot. An international agency involved in monitoring national expenditures, BudgIT, which made the call in a statement, yesterday, said the request w<strong>as</strong> in line with Nigeria’s Open Government Partnership National Action Plan. “The news on the sale of recovered <strong>as</strong>sets, which the president h<strong>as</strong> directed the Ministry of Finance to carry out within six months w<strong>as</strong> received with mixed feelings due to the non-disclosure of information on <strong>as</strong>sets recovered,” the group said in a statement by its Communications Lead, Adeniyi Soleye. “With this development, BudgIT wants to remind the Federal Government on its commitment to Open Government partnership, which relates to <strong>as</strong>set recovery - to strengthen Nigeria’s <strong>as</strong>set recovery legislation including non-conviction b<strong>as</strong>ed confiscation powers and the introduction of unexplained wealth orders. “A favourable framework would have been the enactment of the Proceeds of Crime Act, POCA, which h<strong>as</strong> been p<strong>as</strong>sed by the Senate but awaiting p<strong>as</strong>sage by the House of Representatives. “If the bill w<strong>as</strong> p<strong>as</strong>sed, it would have provided for an effective legal and institutional framework for the recovery and management of the proceeds of crime or benefits derived from unlawful activities." “We have not seen incre<strong>as</strong>ed interest in the Nigerian government to institutionalise the process of disposing of <strong>as</strong>sets recovered <strong>as</strong> proceeds of crime." “We also notice that the monthly publication of reports of the recovered <strong>as</strong>sets and utilization, <strong>as</strong> provided by the OGP secretariat, stated that an audit committee set up by the President is verifying all recovered <strong>as</strong>sets." FMBN disburses N58bn By Emma Ujah, Abuja Bureau Chief THE Federal Mortgage Bank of Nigeria, FMBN, h<strong>as</strong> disbursed N58billion to its customers. Group Head, Corporate Communications, Mr. Zubaida Umar, disclosed this in a statement in Abuja, yesterday. According to him, the disbursement, which w<strong>as</strong> recorded in the l<strong>as</strong>t years w<strong>as</strong> due to “historic improvements in the speed and scale of FMBN’s mortgage loan operations.” He added that the sum w<strong>as</strong> disbursed to 23, 600 beneficiaries. Umar gave details of the disbursement: “Current company performance statistics reveal that between April 2017 (when the current management took office) and March 2019, the FMBN posted strong performance and disbursed mortgage loans totalling N58 billion. The amount covers the provision of National Housing Fund, NHF, mortgage loans to 3,171 Nigerian workers valued at N22.3 billion. “Home Renovation Loans valued at N16.9 billion to 20,429 Nigerian workers. Estate Development Loans valued at N13.6 billion. Cooperative Development Loans totalling N2.7 billion and Ministerial Pilot Housing Scheme Project at N2.5 billion.” The high level of loan disbursements, averaging N29 billion per annum, he said, represented a significant incre<strong>as</strong>e in performance in comparison to the N152 bn, which the bank had given out over a 24-year period at an average of N6.3 bn per annum (1992 – April 2017). Additionally, the FMBN he said also posted strong performance in the processing of applications for refund of contributions to the National Housing Fund (NHF) by workers who have retired from service. The company processed 120,759 NHF refund c<strong>as</strong>es and paid out a total of N16.5bn between April 2017 and March 2019. The amount, which the new Management h<strong>as</strong> recorded in terms of NHF refunds in about 24 months, exceeded the total of N10.8bn recorded between 1992 and April 2017, when the current Management took office. Furthermore, the FMBN within the period under review, funded the construction of 6,538 housing units across the country. FMBN Managing Director, MD, Mr Ahmed Dangiwa, according to Umar, said that the results reflected the p<strong>as</strong>sion of Management to reposition the FMBN on the path of greater impact, responsiveness, and professionalism.
Vanguard, MONDAY, APRIL 22, 2019 —3
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22042019 - ACUTE HUNGER: Outrage as IDP children feed on onion leaves

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