Connect with us

News

CISLAC explains Africa’s rising debt profile

Published

on

African Map
African Map
Share

Civil Society Legislative Advocacy Centre (CISLAC) says a major contributor to Africa’s rising public debt is the unprecedented influx of private lenders flooding developing economies looking for higher returns outside advanced economies.

Mr Auwal Rafsanjani, Executive Director, CISLAC, said this at a news conference in Abuja on Monday organised in collaboration with Christian Aid Nigeria on the Increasing Role of Private Creditors in Nigeria’s Debt Crisis and its Human Costs.

He said Nigeria’s debt was growing and increasingly putting the country in a precarious situation, adding that it had significant implications for human rights.

Rafsanjani said the situation also had implications on education, health, climate change, mitigation and adaption and these called for a collective action to address the debt crisis.

He said the past decade had seen the largest, fattest and most broad-based increase in debt in emerging and developing countries over the past 50 years.

He said the total debt in these areas has risen by 54 per cent points of Gross Domestic Product (GDP) to a holistic peak of almost 170 per cent of GDP in 2028.

“A major contributor to this increased public debt level is the unprecedented influx of private lenders flooding developing economies as they look for higher returns outside advanced economies.

“This is sequel to the global financial crisis of 2008.
“According to the Debt Management Office (DMO), Nigeria’s total public debt stock as of June 30, 2022 was N42.84trillion.

“It is instructive to recall that Nigeria’s debt service cost presently outweighs its revenue with clear signs of economic dangers ahead,” he said.

Rafsanjani said with refusal of private creditors to embrace debt relief initiatives, the Nigerian government would continue to spend a significant part of its budget to service loans.

He said this would come under stringent conditions including high interest rates, adding that it would drastically reduce due commitment to more critical socio-economic sectors like health and education.

Rafsanjani said in the Nigerian context, about 90 per cent revenue was devoted to debt serving at the expense of development projects.

He said the group was concerned with the lack of vigorous scrutiny and attention by lawmakers in granting requests for loans without reflecting the provisions of the Fiscal Responsibility Act and the greater implication for the nation economic state.

He said that the Nigerian legislators had the constitutional and legislative mandate to approve loan request only on the basis of public interest and should put this clause as a prerequisite to any approvals they might want to give.

Rafsanjani said the group had inaugurated a research product centred on revealing and challenging role of private creditors in hindering peoples recoveries to enhance the urgency with which the international community should address sovereign debt crisis.

 

(NAN)

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Tinubu Accelerates Northern Rail Projects, Kaduna-Kano Line Set for December 3 Inauguration

Published

on

Train station
Share

 

President Bola Ahmed Tinubu has intensified efforts to complete major railway projects across Northern Nigeria, with the Kaduna–Kano Standard Gauge Railway scheduled for inauguration on December 3, 2026.

The 203-kilometre Kaduna–Zaria–Kano railway project has reached approximately 90 per cent completion, while the 400-kilometre Kano–Katsina–Maradi railway project has attained 70 per cent completion.

According to the Federal Government, both projects have recorded significant progress since the Tinubu administration assumed office in 2023. The Kano–Katsina–Maradi project was reportedly at just five per cent completion, while the Kaduna–Kano line was below 30 per cent.

The projects form part of the administration’s commitment to expanding Nigeria’s railway network, improving regional connectivity and facilitating the movement of passengers and goods across the country and beyond.

The Kaduna–Kano railway, an extension of the existing Abuja–Kaduna Standard Gauge Railway, is expected to establish a continuous rail connection between Abuja, Kaduna, Zaria and Kano, strengthening transportation links among key commercial centres in Northern Nigeria.

To assess the level of progress, President Tinubu recently directed a Federal Government inspection team, led by the Permanent Secretary of the Federal Ministry of Transportation, Engr. Funso Adebiyi, to inspect the projects.

Adebiyi expressed satisfaction with the quality of construction work, particularly the railway alignment, drainage systems, embankment protection, stone pitching and soil stabilisation.

The inspection also featured a train test run from Jaji in Kaduna State to Kano, enabling officials to assess the completed track infrastructure and passenger comfort.

President Tinubu has further directed that outstanding land acquisition and compensation issues within Kaduna metropolis be resolved immediately to facilitate the completion of the railway corridor connecting Abuja to Kano.

The Federal Government disclosed that the completed 190-kilometre Jaji–Kano section of the Kaduna–Kano railway, alongside the 250-kilometre Dawanu–Kano–Kazaure–Daura–Katsina section of the Kano–Maradi project, is scheduled for inauguration on December 3, 2026.

When fully operational, the Kaduna–Kano railway is expected to ease passenger movement, boost commercial activities and provide a safer alternative to road transportation along one of Northern Nigeria’s busiest economic corridors.

Similarly, the Kano–Katsina–Maradi railway is expected to enhance cross-border transportation, strengthen regional trade and deepen economic relations between Nigeria and neighbouring Niger Republic.

The Federal Government reiterated its commitment to ensuring that ongoing infrastructure projects across the country are completed and delivered in line with their scheduled timelines.

Continue Reading

News

FG Begins ₦50,000 Monthly Cash Relief for Vulnerable Nigerians

Published

on

Coat of Arms
Share

 

The Federal Government has commenced a monthly cash relief programme offering ₦50,000 to vulnerable Nigerians to cushion the effects of rising living costs and economic hardship.

The Minister of Humanitarian Affairs and Poverty Reduction, Bernard Doro, disclosed this in a statement issued on Friday in Abuja, announcing the National Emergency Relief and Stabilisation Intervention (NERSI), a presidential initiative aimed at providing direct financial support to millions of vulnerable households.

Doro said the intervention was introduced in response to global food inflation and rising prices of essential goods, which continue to put pressure on household finances.

Under the programme, eligible beneficiaries will receive ₦50,000 monthly to help meet essential needs and ease the burden of the rising cost of living.

The minister explained that the intervention would be reviewed periodically in line with prevailing economic conditions, with beneficiaries notified directly before any adjustment.

He said the ministry was working with licensed digital financial service providers to ensure secure, transparent and timely disbursement of the funds.

According to him, beneficiaries will receive text messages from the providers seeking their consent before payments are made directly into their bank accounts or mobile wallets.

Doro clarified that beneficiaries are not required to apply, pay any fee or register through agents to access the programme.

He warned Nigerians against fraudsters, urging them not to disclose their Personal Identification Numbers (PINs) or Bank Verification Numbers (BVNs) to anyone.

The minister advised those uncertain about any message or facing demands for payment to contact the official NERSI helpline on 0700-022-2222.

He said the intervention complements existing Federal Government social protection and economic support programmes, while strengthening household resilience and economic stability.

Doro added that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda and underscores the ministry’s commitment to delivering social support with dignity, transparency and accountability.

Continue Reading

News

Ekiti Bureau Congratulates Oyebanji, Prioritises Curbing Capital Flight

Published

on

Share

 

 

 

The Ekiti State Bureau of Local Content has congratulated Governor Biodun Oyebanji on his inauguration for a second term in office, pledging to prioritise efforts to address capital flight and strengthen the state’s economy.

The Bureau, in a congratulatory message issued by its management, and signed by the director of Admin Mr Tope Fasoyin, described the governor’s second-term inauguration as an opportunity to consolidate the achievements of his first tenure and advance policies aimed at promoting sustainable economic development in the state.

 

The agency reaffirmed its commitment to supporting the governor’s vision of retaining more economic resources within Ekiti State through effective implementation of local content policies.

 

It said efforts would be intensified to promote the participation of indigenous businesses in government projects, encourage patronage of locally produced goods and services, and create more opportunities for local contractors, suppliers, and service providers.

 

According to the Bureau, prioritising local content would help reduce capital flight, stimulate indigenous enterprise, create employment opportunities, and ensure that more economic benefits accrue to the people of Ekiti State.

 

The management also pledged to collaborate with relevant stakeholders to ensure that the governor’s economic development agenda is translated into tangible benefits for residents.

 

It expressed confidence that Governor Oyebanji’s second term would bring renewed opportunities for economic growth, investment, and sustainable development across the state.

 

The Bureau wished the governor a successful and impactful second term in office.

Continue Reading