The Accountant General of the Federation, Ahmed Idris has disclosed that Nigeria’s debt servicing currently being paid will not cause any problem to the economy, due to the factor that the Federal Government has initiated some strategies to cushion the effect of the debt profile.
The statement was reportedly issued on Monday, by the Accountant General when he paid a traditional homage on the Emir of Kano, Muhammadu Sanusi II, at his Palace in Kano State.
While making an attempt to allay the fear that servicing the Country’s debt at the rate of 70% of the total national income will not destabilize the economy, Ahmed stressed that the huge debt service profile is not a problem.
“We are doing our best to meet our obligations even though debt services are obligations and we meet them as at when due. We do not have any problem with settling our debts.
“It is always a burden paying debt and anyone paying debt would know that he is just meeting a burden which has to be met in line with the agreements, some local and international debts, but we just have to abide by all our agreements and obligations.” – Idris
Recently, the African Development Bank (AfDB) revealed that debt servicing gulps more than 50% of Nigeria’s revenue. According to AfDB, the average revenue spent by West African countries on external debt servicing is 17%. This is high and even higher in Nigeria which spends about 50% revenue on external debt servicing.
According to the AfDB, “The rapid increase in external indebtedness remains a challenge, especially given the shift toward non-concessional external debt. Debt service payments have also increased since 2010 and are projected to remain high in the medium term.”
Further analysis of Nigeria’s debt service data obtained from the Debt Management Office (DMO) shows that the total external debt servicing stood at $194.4 million or N69.9 billion as at the end of 2018, while the domestic debt service was estimated at N223.3 billion at the end of 2018.
This means Nigeria’s total debt service (domestic and external) as at the end of 2018 stood at N293.3 billion.
Debt servicing is biting hard, and the Accountant General admitted to this fact. While further reacting to claims that Nigeria only accesses 30% of its revenue generated to meet the expenditure, Ahmed stressed that the government is deploying strategies to overcome the challenges being faced in terms of revenue generation.
“There is a number of ways the Federal Government is deploying to boost its revenue generation drive. The strategic revenue growth initiative under which all the revenue generating ministries, parastatals are given portfolios to meet revenue targets.
“All these agencies are given the responsibilities to generate and they are working assiduously to meet up their revenue portfolios.”
The Bottom line is while Nigeria’s debt servicing is rising and becoming worrisome, Ahmed has assured that the Federal Government is putting in place a strategic plan to boost the revenue generation of the nation.
Covid-19 Update in Nigeria
On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 10,819.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 10,819 confirmed cases.
On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria.
To date, 10819 cases have been confirmed, 3239 cases have been discharged and 314 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 65,885 tests.
Covid-19 Case Updates- 2nd June 2020
- Total Number of Cases – 10,819
- Total Number Discharged – 3,239
- Total Deaths – 314
- Total Tests Carried out – 65,885
The 241 new cases are reported from 14 states – Lagos (142), Oyo (15), FCT (13), Kano (12), Edo (11), Delta (10), Kaduna (9), Rivers (9), Borno (8), Jigawa (4), Gombe (3), Plateau (3), Osun (1), Bauchi (1).
The latest numbers bring Lagos state total confirmed cases to 5277, followed by Kano (970), Abuja at 687, Katsina (371), Edo (336), Oyo (317), Kaduna (297), Borno (296), Ogun (280), Jigawa (274), Rivers (248), Bauchi (241), Gombe (164), Sokoto (116).
Kwara State has recorded 111 cases, Plateau (108), Delta (98), Nasarawa (80), Zamfara (76), Yobe (52), Osun (46), Akwa Ibom (45), Adamawa (42), Ebonyi (40), Imo (39), Kebbi and Niger (33), Ondo (28), Bayelsa (21), Ekiti (20), Taraba and Enugu (18), Abia (15), Anambra (11), Benue (9), while Kogi state has recorded only 2 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
Buhari meets with AfDB President, Akinwumi Adesina, promises support
Nigeria stands solidly behind Akinwumi Adesina in his re-election bid as the President of the African Development Bank (AfDB).
President Muhammadu Buhari on Tuesday, June 2, 2020, met with the President of the African Development Bank (AfDB), Akinwumi Adesina, at the presidential villa.
The meeting will not be unconnected with the current travails of Adesina, who was accused by a group of whistleblowers for official misconduct and the pressure by the United States Government for an independent probe of all allegations.
This was disclosed in a tweet posted on the president’s official Twitter handle.
The meeting which lasted for about 45 minutes was also attended by the Minister of Finance, Budget and National Planning, Zainab Ahmed; Minister of Foreign Affairs, Geoffrey Onyeama, and the Chief of Staff to the President Ibrahim Gambari.
The President in his statement said, ‘’Nigeria stands solidly behind Akinwumi Adesina in his re-election bid as the President of the African Development Bank (AfDB). We will work with all leaders and stakeholders in AfDB to ensure that he re-elected on the strength of his achievements during this term.
‘’In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position, I didn’t say because you were a PDP Minister, and I belonged to the APC, so I would withhold my support.’’
Adesina has continued to deny the allegations and maintain his innocence.
“I maintain my innocence with regard to trumped-up allegations that unjustly seek to impugn my honour and integrity, as well as the reputation of the African Development Bank,” Adesina said recently while responding to the accusations.
The Federal Government has, however, continued to rally support for Adesina as the Minister of Finance, Budget and National Planning, Zainab Ahmed in a letter urged the board of the AfDB to ignore calls for an independent investigation of Mr Adesina.
Nigeria stands solidly behind @akin_adesina in his re-election bid as President of the African Development Bank (AfDB). We will work with all leaders, and stakeholders in AfDB, to ensure that he re-elected, on the strength of his achievements during this first term. pic.twitter.com/OSl6S99DW8
— Muhammadu Buhari (@MBuhari) June 2, 2020
Nigeria’s Former President Olusegun Obasanjo had earlier in his statement, and as a show of support, called on the board of AfDB to ignore calls for an independent investigation of Adesina by the US treasury secretary.
“In 2015, when you were to be elected for the first term, I wrote to all African leaders, recommending you for the position. I didn’t say because you were a PDP Minister, and I belonged to the @OfficialAPCNg, so I would withhold my support.”—@MBuhari to @akin_adesina, today. pic.twitter.com/0GMtH7F89K
— Presidency Nigeria (@NGRPresident) June 2, 2020
Lagos commends religious leaders in the state, churches and mosques to remain closed
The Lagos State Government has commended religious leaders in the state for their cooperation and active participation in the ongoing fight against the COVID-19 pandemic
The Lagos State Government has commended religious leaders in the state for their cooperation and active participation in the ongoing fight against the COVID-19 pandemic, saying that the cooperation received from the leaders of the two major religious groups, especially in the area of zero-congregational gathering, assisted in lowering the curve of the pandemic.
The commendation was given on Tuesday, June 2, 2020, by the state’s Commissioner for Home Affairs, Prince Anofiu Elegushi, during a Ministerial Press briefing commemorating the first year in office of Mr Babajide Sanwo-Olu at Alausa, Ikeja.
On plans to reopen the economy of the State including worship centres, Elegushi pleaded for continued collaboration with the State government and adherence to the government’s directives that would still be presented to the various churches and mosques when they are eventually allowed to gather for their services.
According to Elegushi, “When we got a hint on the current Coronavirus disease across the globe, we immediately went into action by organising a sensitisation and briefing workshop on Tuesday, March 3rd, 2020 at the Chapel of Christ the Light Hall, Alausa. This was followed by another meeting where a joint decision was reached by all religious bodies to reduce the attendance of worshippers to 50 worshipers at a time”.
“In addition to this, our Religious Leaders came together again on 18th March 2020 after reviewing the situation to agree on a total lockdown of Religious Worship Centres across the State before President Muhammad Buhari came up with an announcement locking down Lagos, Ogun and Abuja“, he said.
Elegushi said that the shutdown of all religious gatherings, activities and programmes by churches and mosques was quite timely and helped in the containment of the virus from escalating beyond control, considering the huge numbers that do gather periodically for religious purposes in the State.
He also acknowledged the discomfort which the pandemic brought on both the Muslims and Christians in Lagos, specifically during the Lenten season and the Ramadan period.
He said: “For a very long time in human history, Christians celebrated the Lenten period and Easter celebrations at home, while our Muslim brothers and sisters were also restricted to observe Sallah at home throughout the Ramadan period, including the Eid-El Fitri celebrations”.
Elegushi attributed the mutual understanding that exists between the State government and the religious groups to a long-term religious harmony and peaceful coexistence, saying that creating rapport is one of the critical functions of the Ministry.
Lagos State Government has commended religious leaders in the State for their cooperation and involvement in the ongoing fight against the COVID-19 pandemic@jidesanwoolu @drobafemihamzat #LASG #ForAGreaterLagos
Read More.. https://t.co/txGKGCZy2H pic.twitter.com/bKHaUG1XTT
— The Lagos State Govt (@followlasg) June 2, 2020
Meanwhile, information from a monitored report suggests that the churches and mosques in the state might not be opening anytime soon for worshippers. This was disclosed by Elegushi on the sideline of the Ministerial briefing commemorating the first year in office of Governor Babjide Sanwo-Olu.
He said that the reopening was not possible as Lagos State is the epicentre of the coronavirus pandemic in the country and that after several meetings with religious leaders in the state, the possibility of reopening religious houses was ruled out.
Elegushi said that they claim that they cannot take responsibility for ensuring that only 20 or 50 people are in attendance.
He said that the governor will come out with further directives.
It can be recalled that the Federal Government, on Monday, June 1, 2020, announced the relaxation of the ban on religious gatherings. They, however, said that each state government can devise measures that suit them, thereby looking at the possibility of doing so in their respective states.