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We’ve cleared ways and means debt of over N30trn, says Tinubu

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President Bola Tinubu says the Federal Government has cleared over N30 trillion in ways and means advances.

Tinubu spoke on Tuesday while addressing the nation to commemorate the country’s 64th Independence Day.

Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the federal government’s budget shortfalls.

On May 3, 2023, the senate approved the securitisation of the N22.7 trillion loan request made by former President Muhammadu Buhari.

In December of the same year, the national assembly approved President Bola Tinubu’s request for the securitisation of outstanding N7.3 trillion ways and means debt balance.

In the first quarter (Q1) of 2024, the country’s public debt increased to N121.67 trillion.

According to the Debt Management Office (DMO), the rise in Nigeria’s public debt stock is partly due to new borrowing, as well as ways and means securitisation.

Wale Edun, minister of finance, had also said the federal government is not relying on ways and means to fund external debt service or other liabilities.

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Also, while giving his speech, Tinubu said there has been a gradual reduction in the debt service ratio by about 29 percent.

“We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent,” the president said.

According to Tinubu, his administration has also been able to pay bills, clear the foreign exchange (FX) backlog of $7 billion his government inherited and raise Nigeria’s foreign reserves to $37 billion, despite inheriting over $33 billion foreign reserves 16 months ago.

He said the country is gradually leaving the fiscal imbalances such as huge debt-to-GDP ratio.

‘ECONOMY UNDERGOING NECESSARY REFORMS’

Tinubu said the economy is undergoing the necessary reforms and retooling to serve the country better and more sustainably.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” the president said.

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“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy.

“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.”

He said the country is moving ahead with fiscal policy reforms such as the approval of the economic stabilisation bills.

Tinubu said the economic stabilisation bills will make Nigeria’s business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Five found dead in Edo as police begin probe into suspected food poisoning

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1. The Police in Edo State have confirmed the death of five and the arrest of one person in connection with food poisoning at Afashio-Uzairue in Etsako West Local Government Area. Edo Police Public Relations Officer (PPRO), Moses Yamu, a Superintendent of Police (SP), said the food poisoning occurred on October 26, causing panic among residents.

 

2. Oyo State Police Command has confirmed 10 persons dead and eight others injured when a building collapsed in Jegede, Ibadan, the Oyo state capital. Oyo Police spokesman, Adewale Osifeso made this known in a statement.

 

3. The National Economic Council (NEC) has recommended the withdrawal of the Tax Reforms Bill from the National Assembly to President Bola Tinubu to allow for wider consultations. Disclosing this to journalists at the end of the 145th NEC meeting at the State House, Abuja, Oyo State Governor, Seyi Makinde, said this formed part of resolutions reached at the meeting.

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4. Minister of Works, David Umahi, has said he will take the responsibility for any poorly constructed roads in the country under the current administration. Umahi explained that the federal government had no excuse not to finish the road projects embarked upon, noting that the ministry was not afraid to wield the ‘big stick’ by terminating the contracts of any erring companies.

 

5. The National Economic Council (NEC), on Thursday, disclosed that about 34 states, 217 local government areas were affected by the recent flooding in the country, adding that 321 persons also lost their lives. The Council also said 1,374,557 persons were affected, 740,743 displaced nationwide while 2,854 persons were injured and 281,000 houses, 258,000 cultivated farmlands were also destroyed by the ravaging flood.

 

6. The Economic and Financial Crimes Commission (EFCC) says a former minister of humanitarian affairs and poverty alleviation, Betta Edu, is still under the investigation of the anti-graft agency despite permanently exiting the cabinet of President Bola Tinubu.

READ  Nigeria’s inflation rate drops to 18.12%

 

7. Governors of the 36 states of the federation have expressed dismay over the lingering crisis in the petroleum industry, saying it is shameful that despite being a member of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria still imports petrol. Chairman of the Progressive Governors Forum and Imo State governor, Hope Uzodinma, made the expression while briefing newsmen in Abuja.

 

8. The Nigerian Safety Investigation Bureau found the wreckage of the helicopter that crashed last Thursday into the Atlantic Ocean while conveying workers of the Nigerian National Petroleum Limited from Port Harcourt. This was contained in a statement issued by the Director of Public Affairs and Family Assistance, Mrs Bimbo Oladeji, on Thursday.

 

9. The Commissioner of Police in Abia State, CP Danladi Isa, on Thursday, confirmed the death of an employee of a new generation bank identified as Mr. Victor Udensi and two others in Umuahia, assuring that the perpetrators would soon be brought to book.

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10. No fewer than 15 people were reportedly killed in a renewed attack by gunmen suspected to be armed herders at Anyiin in Logo Local Government Area of Benue State. The attackers were reported to have invaded the town on Wednesday around 6:32 pm killing people.

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  Police detain VeryDarkMan after honouring invitation

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Deji Adeyanju, the Nigerian lawyer, says the police have detained VeryDarkMan, the social media critic.

 

In a Twitter post on Thursday evening, the lawyer said the activist, born Martins Otse, was detained after honouring the police invitation.

 

Adeyanju lamented that his client was taken into custody despite cooperating with the police authorities.

 

“Our client, VDM has been detained after honouring police invitation just like yesterday. VDM who has been consistent in saying the Nigerian Police are our friends even when we all know they are not,” the tweet reads.

 

The development comes after VeryDarkMan shared a video of himself in a matching suit. In the footage, he said he was heading to the police station in Abuja to respond to the invitation.

 

Trouble began when VeryDarkMan wore a police uniform and introduced himself as the “chief superintendent of police (CSP) of the online division”.

 

The police said it would launch an investigation to determine the source of the police gear used and the authority under which the activist acted.

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VeryDarkMan would later apologise to the police while emphasizing that he didn’t intend to impersonate the law enforcement agency.

 

The fitness expert had also revealed that he returned from the police station where he was interrogated based on the controversial footage.

 

The police have yet to confirm VeryDarkMan’s detention or provide further details.

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We secured over 3,000 convictions, recovered N248bn, $105m in one year – EFCC

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The Economic and Financial Crimes Commission (EFCC) says it recovered over N248 billion, $105 million, and secured 3455 convictions in one year.

Ola Olukoyede, chairman of EFCC, spoke in Abuja on Thursday during a press conference to mark his one year in office.

 

Represented by Wilson Uwujaren, EFCC’s director of public affairs, Olukoyede said the achievements were recorded between October 18, 2023, and October 18, 2024, when he assumed office.

 

“The commission within the year recovered N248, 750,049,365.52; $105,423,190.39; £53,133.64; €172,547.10; T1,300.00 Indian rupees and CAD $3,400.00 Canadian dollars,” he said.

 

“It also recovered ¥74,859:00 Chinese Yuan; AUS $ 740:00 Australian Dollars; 170:00 UAE Dirham; 73,000:00 Korean Won; CFA 7,821,375:00 and R 50:00 South Africa Rands.

 

“On asset recovery and return, the EFCC on Sept. 6 handed over to the Royal Canadian Mounted Police (RCMP) the sum of $180,300 and 53 vehicles, being assets recovered for Canadian victims of Nigerian fraudsters.”

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The EFCC chairman said $164,000 of the recovered cash assets was from one Elena Bogomas, while $16,300 belonged to another victim, known as Sandra Butler.

 

He added that about 53 vehicles recovered “were stolen over a period of time in Canada, freighted to Nigeria, and distributed to multiple locations in Nigeria by the criminal elements”.

 

He said the commission charged four former governors to court over corruption allegations in the past year.

 

The former governors are Yahaya Bello, Abdulfatah Ahmed, Willie Obiano, and Darius Ishaku.

 

Olukoyede said the commission also arrested two former ministers of power, Saleh Mamman and Olu Agunloye, who are currently facing prosecution.

 

“Also, a former minister of aviation, Hadi Sirika, is currently standing trial before two different courts: Justice S.B. Belgore of the FCT high court, Garki, and Justice Sylvanus Oriji of the FCT high court, Maitama,” he said.

 

He said Sirika is being prosecuted alongside his brother, Ahmad Sirika, and two companies, Enginos Nigeria Limited and Samahah Integrated Investment Limited, on 10 counts bordering on alleged N5.8 billion fraud.

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He added that the former minister is also standing trial for six counts alongside Fatima Sirika, Jalal Hamma, and Al Buraq Global Investment Limited over alleged N2.8 billion fraud.

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