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CBN Illegally Funding Buhari’s Government - Sanusi
Muhammad Sanusi II, emir of Kano and former governor of the Central Bank of Nigeria (CBN), says the apex bank is illegally lending to federal government.

Sanusi also said “the problem of the current government is not having the right policies to fix the current economic woes”.

Speaking at a policy monitoring dialogue hosted by Savannah Centre for Diplomacy, Democracy and Development, at Transcorp Hilton Hotel in Abuja, Sanusi said the CBN had been lending to the government above the limits stipulated by the CBN Act of 2007.

Sanusi’s presentation showed that CBN’s lending to the government since Buhari came in had spiked from about N1.5 trillion to over N4.5 trillion.

“The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy,” he said.

“CBN claims on the FGN now tops N4.7 trillion — equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues. Has CBN become the government’s lender of last or first resort?”

He said no one was willing to lend to the Nigerian government, further stating that “if senate approved, I want to see who will lend you $30billion when you have five exchange rates”.

Sanusi said the country is enmeshed in heavy debts, stating that out of every N1 Nigeria makes, 40 kobo goes to debt and 60 kobo is left for salaries, health, education, power, infrastructure.

He said oil is merely a working capital that cannot make the country rich. Nigeria produces one barrel for 80 Nigerians; Saudi Arabia produces one for 3 Saudis, Sanusi said.

He noted that in every economy, growth is driven by “consumption, investment and net export”, adding that “our exports cannot grow, without regulatory certainty or an increase in the price of oil”.

He lamented that the country was spending money on repaying debts and also on recurrent expenditure, as against education, healthcare, power, and other infrastructure.

The emir also stated that Nigeria is the lowest per-capital spender on development in Africa.

On speaking truth to power, Sanusi said: “I cant apologise for being who I am. The government I served, I did not keep quiet. When I am not serving the government, I cannot keep quiet.”

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Sacked PHCN Staff Electrocuted while doing illegal Connection

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Sacked PHCN Staff Electrocuted while doing illegal Connection

Sacked PHCN Staff Electrocuted while doing illegal Connection

A former staff of the Benin Electricity Distribution Company BEDC, in Agbor, Delta State, who was dismissed in 2009, was, on Tuesday, electrocuted in Agbor.

According to reports, the deceased, identified as Monday Ebor, was illegally working on high tension lines when electricity was restored.

Eboh who was wanted by BEDC for his illegal activities which destroyed many transformers, was said to be illegally diverting lines from one feeder to another when power was restored.

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United Kingdom Accepting Naira Payments from Nigerian Business Owners

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United Kingdom Accepting Naira Payments from Nigerian Business Owners

United Kingdom Accepting Naira Payments from Nigerian Business Owners

Former President of the Nigerian-British Chamber of Commerce (NBCC)Dapo Adelegan, has announced that the British Government will henceforth begin accepting Nigerian currency from Nigerian business owners in the UK.

Adelegan made the assertion in an interview on Wednesday in Lagos.

The British Government on February 9, through its export credit agency, UK Export Finance (UKEF), said it will accept Naira payments from Nigerian business owners trading with the UK.

Adelegan said that the initiative was a monumental step that will deepen trade, open more opportunities, expand patronage and market scope of products from both countries.

“If we look at the quality of manufactured equipment and technology; Made-in-Britain is number one.

“Through this, we will access technology transfer, boost the capacity of workforce and impact on our outputs of consumables and products in the market.

“It is a win-win situation that will go beyond procurement, as there are multiple layers of benefits that this will bring to the economy,’’ Adelegan said.

Joyce Akpata, Director-General, Nigerian-American Chamber of Commerce (NACC), also said the initiative will ease importation of goods from the UK to Nigeria and strengthen economic ties.

“The UK has the largest concentration of Nigerians in the diaspora and given cultural ties, it is something that should have happened before now,’’ Akpata said.

The director general said the initiative would improve knowledge sharing and technology transfer.

“We will see a lot of businesses in the UK supplying equipment and machinery backed by this finance to their Nigerian counterparts.

“This will enhance the activities of manufacturers, especially the growing SMEs that are into processing.

“It will also take off issues of foreign exchange challenges and instability in the market,’’ she said.

Akpata noted that the scheme would be a welcome opportunity for most Nigerian businesses that could not access financing locally.

She urged other countries, especially the United States, to take a cue from the UK to evolve initiatives that will assist businesses to maximise opportunities and strengthen trade ties.

Trade experts put the value of trade between Nigeria and the UK at about £8 billion, with oil and gas making up 60 per cent of the figure.

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South Africa’s Embattled President Jacob Zuma resigns

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President Zuma must face corruption charges - Supreme court rules

South Africa’s Embattled President Jacob Zuma resigns

The embattled President of South Africa, Jacob Zuma has resigned his office with immediate effect.

Zuma made the announcement in a televised address to the nation on Wednesday evening.

Earlier, Mr Zuma’s governing ANC party told him to resign or face a vote of no confidence in parliament on Thursday.

The 75-year-old has been under increasing pressure to give way to Deputy President Cyril Ramaphosa, the ANC’s new leader.

Mr Zuma, who has been in power since 2009, faces numerous allegations of corruption.

His resignation came at the end of a long speech in which he said he disagreed with the way the ANC had acted towards him.

He said he did not fear a motion of no-confidence, adding: “I have served the people of South Africa to the best of my ability.”

According to President Zuma, violence and division within the ANC had influenced his decision to step down.

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