Nigeria Breaking News
Buhari plunged Nigeria into huge debt – BudgIT
BudgIT, May 29 Inauguration, has bemoaned the outgoing President, Major General Muhammadu Buhari’s (retd.) 8-year rule, lamenting that his reign plunged the country into high debt, increasing inflation and low growth.
In a report titled ‘The Economic Legacy of the Buhari Administration’ the organization stated that the Buhari regime messed up the nation’s economy.
It said, “According to the Budget Office, between 2016 and 2022, the Buhari government raised total revenues of N26.67tn and expended N60.64tn, leaving a deficit of N33.97tn.
“The gaping hole was financed with FG domestic debt, which rose from N8.84tn as of December 2015 to N44.91tn as of June 2023, while external debt rose from $7.35bn in December 2015 to $37.2bn in June 2023.
“This excludes support provided by the Central Bank amounting to N25tn. Ultimately, President Buhari moved Nigeria’s debt profile from N42tn to N77tn. This has had attendant effects on debt servicing, which rose from N1.06tn in 2015 to N5.24tn as of 2022. In fact, under President Buhari’s administration, the debt-service-to-revenue ratio grew from 29% to 96%.”
On the country’s apex bank and its monetary policies which heightened people’s hardship, the group said; “During the administration of President Buhari, the Central Bank extended beyond its monetary policy remit, having a firm grip on fiscal policy with its outsized role.
“CBN policies increased the money supply from N18tn in 2015 to N55tn in 2023. While it provided unrestrained liquidity to the Federal Government, the apex bank abandoned its primary mandate of price stability.
“It continued to apply blunt tools by raising the Monetary Policy Rate from 12.5% in 2015 to 18% in April 2023. This did not taper the inflation rate, which has risen to 22.5%, while food inflation galloped to 24% as of April 2023.
“Food inflation has continued to rise despite over N800bn spent by the Central Bank on the Anchor Borrowers’ Program, which has been touted to have repayment challenges.”
On employment in the country, the group also said; “Unemployment rose from 10.4% in 2015 to 33.4% in 2020 under President Buhari’s watch as the clumsy exchange rate management—with a wide difference between the official and parallel market rates—made it difficult for businesses to thrive.”
“Buhari also prevaricated on the subsidy removal, which his administration spent at least N10tn to service. While Buhari’s government planned to have the subsidy removed as the price of crude rose; it failed to act and continued a wasteful venture that only required firm commitment to implement.
“While his administration wound up, it had the chance to seize another round of oil windfall with skyrocketing oil prices reaching $114 per barrel (April 2022) but with little incentive to do so, as CBN “printing presses” continued to flood the system with liquidity.
“Nigeria’s oil production slipped below one million barrels per day at a time when oil economies skyrocketed to an unprecedented fortune. The attendant effect is that the non-oil share of public revenues grew rapidly from 44.6% in 2015 to 59.4% in 2022.
“However, Nigeria’s spending was untargeted as several BudgIT analyses continued to show that the Nigerian budget performing below par, with agencies spending public funds without the mandate to do so, foreclosing any chances of fiscal consolidation.”
In other news – I have been acting for decades yet I jump on buses every day – Veteran actress cries out
Veteran Nollywood actress, Margaret Bandele Olayinka popularly known as Iya Gbonkan has cried out for help to her fans. The actress noted how she has been acting for decades yet doesn’t have a car.
She claimed that she has been jumping on buses every day to get to her destination. Learn More
Ogun State Commissioner for Women Affairs and Social Development, Adijat Adeleye, has harped on the need for proper documentation of children in orphanages residing in the state. Adeleye stated that improved data analysis is necessary to ensure accountability, safety, transparency, and efficiency in the administration of homes.
The commissioner made this known during a training program for social workers, organized by the Ministry in collaboration with Both Ends Believing (BEB) and the Association of Orphanage and Home Operators in Nigeria (ASOHON) at Oke-Mosan, Abeokuta, on Friday.She reiterated the state government’s commitment to the welfare and well-being of all children in the state, regardless of their status, noting that their rights must be protected and that they should have a sense of belonging.
Adeleye said: “I want you to know that the present administration in Ogun State is committed to the welfare of all children in the state, and the era of being complacent is gone; whether as social workers or orphanage home operators, this time there is a need for us to have proper documentation of what is going on in our homes, both for present reasons and for the future of the children and the homes we run.”
The commissioner urged the trainees to take advantage of the training to enhance their career paths and provide efficient services in their line of duties.
Speaking, the National President of the Association of Orphanage and Home Operators in Nigeria, Dr. Gabriel Oyediji, explained that the objective of the training was to ensure a paradigm shift in keeping children’s records from analog to digital, towards achieving accuracy and timeliness in the management of children’s welfare.
Delivering a lecture on creating child-first software for orphanage homes, the Country Manager of BEB, Mr. Silas Nyam, highlighted some of the benefits of the software application for orphanage homes, which include storing and tracking children’s personal, medical, and educational records, monitoring children’s progress, goals and outcomes, and managing counseling therapy, among other things.
Appreciating the Ministry and other partners, representatives of the social workers, Adesola Omobolaji and Talabi Olusesan, said the training would be beneficial in enhancing quality service delivery in the discharge of their duties.
Source: Dailypost
President Bola Tinubu said he is not thinking about the upcoming 2027 general elections but instead dedicated to restructuring the economy for the benefit of the Nigerian people.
This is coming as several prominent figures from the All Progressives Congress, APC, including former national chairman. Chief Bisi Akande, former Ogun State governor, Aremo Olusegun Osoba, Lagos State Governor Babajide Sanwo-Olu, and governors from Ogun, Ondo, and Ekiti states—Dapo Abiodun, Lucky Aiyedatiwa, and Biodun Oyebanji, respectively—expressed their support for President Tinubu’s re-election and the success of all APC candidates in 2027.
Tinubu and the party leaders made these comments at the 2024 South West Assembly of the APC, held on Saturday at Victoria Island, hosted by Governor Sanwo-Olu, who serves as the zonal coordinator of the party.The event had in attendance party leaders and stakeholders from the South-West including senators, members of the House of Representatives, State House of Assembly members, local government officials, and top party representatives.
At the event, former Ekiti State governor, Kayode Fayemi, delivered the keynote address, praising the president as a “listening leader” with a strong determination to succeed.
Tinubu, who was represented by his chief of staff, Femi Gbajabiamila, urged Nigerians to be patient with his administration, which is committed to the genuine progress of the populace.
Source: Dailypost
In other news –
Nigeria’s tier-one bank, Zenith Bank has announced that its customers can perform transactions seamlessly on all its channels. The Bank disclosed this in a notice on Friday. This comes after the bank had earlier announced service disruption on Tuesday due to system maintenance.
In an update, Zenith Bank urged its customers that services have been restored across all its Channels, including Zenith Bank Debit, Credit and Prepaid cards, Automated Teller Machines, ATMs, Point of Sales terminals, POS, Mobile Apps, Internet Banking Platforms and Agents nationwide (Agent Banking).
This means that customers will not experience difficulties accessing services on its Channels.
“Dear Valued Customer,
We are pleased to inform you that you can now perform transactions conveniently, with the following Zenith Bankchannels:
Zenith Bank Debit, Credit and Prepaid cards
Zenith Bank Automated Teller Machines (ATMs), Zenith Bank Point of Sales terminals (POS), Zenith Bank Mobile App, Zenith Bank Internet Banking Platform Zenith Agents nationwide (Agent Banking). You can also visit any of our branches nationwide to perform your
transactions.
Source: Dailyspost
