Nigeria not delaying interest payments to savings bondholders – Presidency

Published

1 week ago

September 21, 2024

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The presidency says the Federal Government is not experiencing any system issue delaying coupon payments to savings bondholders as claimed in reports on Friday.

A bondholder receives a coupon — known as an interest payment for investments in bonds — from the date of the bond issuance until the date of maturity.

Earlier today, a report said the Federal Government failed to pay coupons on two savings bonds on time and blamed the delay — being the second in two months — on system and processing issues.

The report also said the delayed payments are coming at a time when the government is under pressure from its rising debt burden.

However, Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, said the report is “inaccurate”.

According to Onanuga, the government does not have any financial payments issues causing delays in servicing debts.

He also said the country was sufficiently liquid to meet all financial obligations.

READ Living costs: Nigeria govt holds urgent meetings

Nigeria has sufficient liquidity to meet all its financial obligations, and there is no default or delay in servicing our debts,” Onanuga said.

“According to Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, the country currently owes no outstanding payments.

“Additionally, the Director General of the Debt Management Office, Ms. Patience Oniha, confirmed that, as of September 19, the Central Bank of Nigeria has successfully processed all due payments.

“The payment scheduled for today, September 20, is also being processed on time.”

Onanuga also said “any suggestion of systemic financial issues causing delays in bond payments is unfounded”.

The DMO usually issues savings bonds on behalf of the federal government every month.

The bonds are usually a two-year or three-year bond with coupon payments scheduled quarterly.

The initiative, introduced in 2017, is aimed to diversify Nigeria’s borrowing sources and offer retail investors an opportunity to earn income by investing in government securities.

READ FG targeting 77% IGR increase in 2024 - Wale Edun

On the government’s part, generated capital are used to support the fiscal policies and infrastructure development in the country.

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Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

1 hour ago

September 28, 2024

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Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

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“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

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Israel claims Hezbollah leader killed in Beirut strike

Published

2 hours ago

September 28, 2024

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The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.