To record -4.6% growth in fiscal balance

The International Monetary Fund, IMF, has projected Nigeria’s public debt to Gross Domestic Product, GDP, ratio to reach 46.6 percent in 2024, and 46.8 percent in 2025.

This represents a 0.3 percentage points and 0.5 percentage points growth respectively when compared with the IMF projection for 2023.

The IMF disclosed this in its Fiscal Monitor for April 2024 titled: “Fiscal policy in the great election year”

It also downgraded the country’s fiscal balance-to-GDP ratio to -4.6 percent in 2024 from -4.2 percent in 2023.

According to the IMF, large shares of loans on concessional terms, high inflation, and resulting favorable interest-growth differentials had helped contain average public-debt-to-GDP ratios in low-income developing countries, at around 50 percent of GDP since 2020, on average.

It added: “An exception was an uptick to 53 percent of GDP in 2023, largely driven by exchange rate depreciation in Nigeria. ‘’However, countries are carrying heavy debt-service burdens, amounting to 13 percent of total spending and almost 25 percent of tax revenues, on average, in 2023 (about double the level 15 years ago).

“In Nigeria, the debt-service burden amounts to around 56 percent of tax revenues. Such high debt-servicing costs prevent low-income developing countries from spending more on essential services and critical investment to improve economic resilience and reduce poverty.

“Economies in this country group are also borrowing increasingly on commercial terms, amplifying their exposure to interest rate and foreign exchange risks. “Accordingly, risks associated with debt refinancing are high, as repayments of substantial amounts of external debt—about $60 billion—are coming due in 2024–25, three times the average in the 2010s (Holland and Pazarbasioglu 2024).

“Several low-income developing countries returned to international markets after a hiatus in early 2024 (Benin, Côte d’Ivoire, Kenya), allowing them to refinance maturing debt. However, at present, governments should carefully consider the trade-offs between current financing and future fiscal sustainability associated with issuing public debt at high cost (April 2024 Regional Economic Outlook Sub-Saharan Africa).”

IMF also said that the fiscal balances have improved only in sub-Saharan Africa (by 1.2 percentage points of GDP with both lower spending and higher revenues.

It added: “Overall, primary deficits are projected to decline further in low-income developing countries in 2024 to 1.5 percent of GDP, on average, gradually falling to 1 percent by 2029, about 1.3 percentage point of GDP below their level in 2019. Revenues are expected to improve in many economies in this group, given, among other measures, new tax measures and reduced exemptions to the value-added tax (Bangladesh). Expenditures are expected to rise modestly.”

The Student Loan Scheme of the Tinubu-led Administration os set to kick off with about 1.2 million beneficiaries.

Nigerian Education Loan Fund (NELFUND’s) Managing Director/Chief Executive Officer (MD/CEO), Mr. Akintunde Sawyer said the loan scheme will take off soon after President Tinubu signed it into law on April 3. 

It will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS). The FIRS has already been given a revenue target of N19.4 trillion.

If the target is met, N194 billion will be available as a loan to the beneficiary students and repayment, according to the law, will commence two years after the completion of the National Youth Service Corp (NYSC).

Commenting on the scheme, the NELFUND CEO said;

“We don’t expect to have more than 1.2 million students in the first instance. As time goes on, there will probably be expansion.

“For the successful applicants, we will be paying their fees – the full amount – directly to the institutions.

“There will also be a stipend paid to the individuals. At a regular interval, the beneficiaries will receive an amount of money for their upkeep so that they can do the basic things – feeding, photocopying handouts and data.

“They can use the stipend to ensure that there is enough opportunity for them to survive the experience of being students. We all know that students’ survival is on another level.”

On the condition to be met by potential beneficiaries, Sawyer said they would be required to provide their Joint Admissions and Matriculation Board (JAMB) numbers, National Identification Number (NIN), and Bank Verification Number (BVN), among other details before they can apply for the loan.

Those who are already students and seek to take the loan would need to, in addition to these conditions, provide their matriculation details. He added;

“Without a doubt, President Tinubu intends to ensure that as many Nigerians as possible get this opportunity. That is why he has vigorously pursued this opportunity on behalf of students.

“That is why all of us must join hands to ensure that capacity expansion can happen. This is not going to be an elitist programme. It is a programme that is going to drag as many people into the education net as possible.

“That is what the President intends and that is what we are going to do.”

Former Kaduna State Governor, Nasir El-Rufai, has accused a northwest Governor of writing election results instead of conducting free and fair elections.

El-Rufai disclosed that the said Governor had approached him on how to conduct free and fair elections, but instead of heeding the advice given to him, the Northwest Governor went ahead to write election results as usual.

El-Rufai stated this on Monday in Maiduguri, while delivering a lead paper at a capacity-building workshop for top officials of the Borno State government.

Speaking against the backdrop of state electoral commissions as rigging tools in the hands of the state governors, El-Rufai recalled how he used electronic voting to conduct a free and fair local government areas elections during his tenure as governor.

He narrated that it was after the success of the local government elections that the Northwest state governor approached him to use his pattern, but after availing him of the technique used in conducting the elections, he went back to his state and wrote results of the local government elections he conducted instead of conducting it electronically.

El-Rufai, during his lecture, called for the scrapping of the state electoral commissions, arguing that the Independent National Electoral Commission (INEC) could handle all local government elections.

“While I was the Governor of Kaduna State, I introduced electronic voting and conducted local government election with it. After the election, we lost about three to four local government areas to the opposition, because of the credibility of the election. And because we were transparent in the election, some of those opposition candidates decamped to our party because of our fairness in the election.

“I remember that one governor from the Northwest who loved the conduct of the election through electronic voting asked me to assist him with the technology I used in the election, but because it has the state logo, I told him that it would not cost more than 10,000 US dollars, so that he can get the equipment to conduct his state LGA election electronically. But after that conversation, I did not hear from him again, he went back home and conducted his election by writing the results as usual,” El-Rufai said.

Ex-Minister of Women Affairs, Hajia Maryam Inna Ciroma, has chided latter day leaders of the Peoples Democratic Party (PDP), for elevating selfish interests to the detriment of the party and democracy.

Ciroma, who was at one time National Woman Leader of the PDP, said this at a press conference and Diaspora Grassroots Engagement Parley, organized by the Directorate of Diaspora And Foreign Missions of PDP Rescue Mission International, in Abuja, on Tuesday.

She specifically lamented PDP’s departure from the ideals of its founding fathers.

According to her, the PDP was formed to promote inclusive democracy which will serve as a basis for rapid national growth; an ideal which those at the helm of affairs have since abandoned for a system which promotes selfishness and greed.

The Ex-Minister also accused Nigeria elites, particularly leaders of political parties, of putting their selfish interests over and above those of their various parties ,thus destroying the very fabric of the parties.

She said, “The basis for the formation of PDP has crashed because when the PDP was formed, it was it was called Peoples Democratic Party.

“The people that started the party were very passionate about democracy. “They stood and fought the military to ensure that Nigeria returns to democracy.

“Unfortunately, as it is now, there is no democracy, not even in Nigeria as a whole. All our political parties are not democratic.

” So, Nigerians especially the elites, will have to stand up and look at this issue of democracy in Nigeria. You can see that in some countries they hold democracy seriously as if it is their religion.

“Go to America, as far as they are concerned, democracy is Number one. But here in Nigeria we have thrown democracy away.

“We are not talking of fairness, we are not talking of justice. Our party, when it was formed, it was with the belief that Nigeria needs a united a party.

“That’s why our symbol is umbrella. People’s interest have overtaken the interest of the party and the interest of Nigeria.

Also speaking at the event, the Director-General of the PDP Rescue Mission International, Comrade Vic-Morrow Ulo explained that the mission of his group is to reform, rebuild and return PDP to its winning ways by ensuring that in the eyes of its members and public.

He said, “PDP is seen as a rules based political party, distinctively different from others and fully aligned to the provisions of her constitution and that of the country.

“The PDP Rescue Mission International has an approach which is driven by a redemptive and transformative agenda and focused on getting PDP transformed into a strong rules based political party, which is equally answerable to the yearnings of Nigerians.

“If there is anything we must be mindful about, it is the fact that the younger generation has lost confidence in the PDP of today”.

Gov Abba Yusuf of Kano State has been handed a 6 months suspension by the Board of Trustees of a faction of the New Nigeria People’s Party (NNPP).

This decision, revealed by Comrade Oginni Olaposi Sunday, the party’s National Secretary, is linked to alleged anti-party activities involving the governor.

During a press conference held at the party’s headquarters in Abuja, Oginni stated that this suspension stems from Yusuf’s failure to comply with a prior summons to appear before a disciplinary committee.

The committee was tasked with investigating his alleged violations of the party’s constitution, specifically his participation in what the party deems an unauthorized national convention organized by the Kwankwasiya group on April 6, 2024, at the Class Event Centre in Wuse, Abuja.

“We called this conference to intimate you on the developments resulting from the recent invitation extended to Gov. Abba Kabir Yusuf of Kano to appear before a disciplinary committee,” Oginni explained. He highlighted the necessity of addressing these issues publicly, given the governor’s status as a prominent national figure of the NNPP.

The disciplinary committee, led by Barrister Monday Mawah and with Prince Adetoyese Omakanye as secretary, noted that Gov. Yusuf did not attend the scheduled hearing or provide any explanation for his absence despite being given ample opportunity to defend himself.

“In accordance with Article 39.0, 39(1-4) on disciplinary procedures, His Excellency Abba Yusuf was availed with an unfettered opportunity to explore all openings to resolve the issues being investigated as stipulated therein in relation to allegations of gross misconduct brought against him, he however failed to take advantage of this by not appearing,” Oginni added.

The NNPP’s internal regulations and the 2022 constitution, as amended, mandate strict adherence to party discipline and the supremacy of party directives. The decision to suspend Yusuf was made following a unanimous decision by the National Working Committee (NWC), underscoring the party’s commitment to maintaining stringent internal democratic and disciplinary measures.

says party’s stability at stake

Abuja: Barely 48 hours of the National Executive Committee (NEC) meeting of the Peoples Democratic Party (PDP), the PDP Loyal Group 100 percent, has said lasting peace will elude the party if former Vice President, Atiku Abubakar does not sacrifice his 2027 Presidential ambition and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, is not sanctioned for anti-party activities .

National Cordinator / Chairman of the group , Dennis Shima said this while addressing newsmen in Abuja, on Tuesday.

The group suggested that Atiku should act as a statesman, sacrifice his 2027 Presidential ambition and support one of his mentees for the PDP ticket while the party should use the powers conferred on NEC to sanction Wike and others whose activities have proven detrimental to the party’s stability.

The pro- PDP interest group came to linelight after 2015 general election with the sole objective of addressing the political challenges and intimidations faced by PDP loyalists across Nigeria after PDP lost 2015 presidential general election as a result of internal crisis.

Shima said the group took the decision to suggest a reasonable cause of action for the party ahead of the NEC meeting after wide consultations and several meetings.

He said, “We also consulted widely across Nigeria and resorted to call on PDP National Caucus, Board of Trustees BOT and most importantly NEC to do the following in accordance with the provisions of PDP Constitution (As amended 2017) without prejudices thus: “Advise, His Excellency Alh. Atiku Abubakar GCON, former Vice President of Nigeria (1999 to 2007), PDP 2019 Presidential Candidate and 2023 Presidential Candidate to stop further contest for PDP Presidential Tickets beginning from 2027. And further, request His Excellency Alh Atiku Abubakar GCON to support one of his many mentees across Nigeria to contest for PDP Presidential Tickets beginning from 2027.

“We call on, His Excellency Alh Atiku Abubakar GCON, to nominate and support, any of his many mentees from the appropriate geo-political Zone for 2027 presidential election.

“We also call on, His Excellency Alh Atiku Abubakar GCON, to appreciate God for his wealth of experience and mentorship in Nigerian democracy under PDP since 1999 to date.

“Therefore, accept this clarion call for him to be a statesman and kingmaker politically going forward. We are optimistic that, His Excellency, Alh Atiku Abubakar GCON, former Vice President of Nigeria, and two times PDP presidential candidate, is not an ingrate and will be grateful to God and PDP, for the platform provided for him, to serve Nigerians in the aforementioned capacities.

“We are optimistic that, if His Excellency Alh Atiku Abubakar GCON, accepts his fate going forward as a, father, husband, mentor and statesman in PDP and by extension Nigerian democracy, PDP will win the forthcoming 2027 presidential general election in Nigeria landslide without many political battles as recently faced from prominent figures in Nigeria who are against the person of His Excellency Alh Atiku Abubakar GCON former Vice President of Nigeria.”

The group further said, “Secondly, we call on the forthcoming PDP National Executive Committee NEC to exercise its power and authority inline with provisions of PDP Constitution regarding; offenses and sanctions, as contained in Section 58(1) a, b, c, d, e, f, g, h, I, l, and m. And also Section 59(1) a, b, c, d, e, f, and g, as well as Subsection (2), (3), (4), and (5) to “suspend” His Excellency Barr. Nyesom Wike CON, former Governor of Rivers State from participating in meetings or functions, of PDP at all levels at home and abroad, directly or indirectly.

“Considering the fact that, the deviant PDP stalwart obtained a Court Order restraining PDP from expelling him from the party, we jettison the option of expulsion from the PDP, which would have been appropriate sanction to him.

“This is because of former Governor Wike’s present role as Federal Minister and responsibilities in APC led Federal Government, which is alien to the character and ethics of PDP and also violates, the Constitution of our great party as given in the above sections 58, 59 and subsections (as amended 2017) without prejudices to the personality of the former Governor of Rivers state Mr. Nyesom Wike until the day he officially leaves the Pay Roll of APC led Federal Government under President Bola Ahmed Tinubu GCFR. After all, PDP receives returnees into its membership. “

The PDP pressure group recalled that, ahead of 2015 general election, a group of G5 Governors emerged from PDP known as New PDP led by His Excellency Alh. Atiku Abubakar GCON former Vice President of Nigeria (1999-2007) which then frustrated PDP campaigns and caused the defeat of PDP at the 2015 presidential polls in Nigeria which is why the unfortunate President Buhari led Federal Government happened to Nigerians from 2015 to 2023.

It equally said, “In 2016, PDP100% in collaboration with His Excellency Senator Ahmed Mohammed Makarfi- led National Caretaker Committee to rebrand PDP to be what ought to be ahead of future elections beginning from 2019, we mobilized like minds across Nigeria to uphold the vision and mission of PDP in Nigeria with our motto “100% Loyalty Pays”.

“We stood by Senator Makarfi- led Caretaker committee to legally dislodge former Governor Ali Modu Sheriff who was appointed PDP National Chairman in 2016 and later became a thorn in the PDP flesh up to Supreme Court and PDP won.

“We contributed to rebranding of PDP during the 2017 PDP National Elective Convention in various capacities including publicity subcommittee with our sweats

In a move to revolutionise Nigeria’s trade and commerce, President Bola Tinubu has launched the National Single Window Project, which is expected to generate an annual economic benefit of approximately $2.7 billion from paperless trade alone.

The National Single Window Project is a cross-government initiative that aims to simplify trade processes, unlock economic potential, and position Nigeria as a global trade leader.
The project will create a single digital platform that links ports, government agencies, and stakeholders, enabling a seamless and efficient trade ecosystem.

“The National Single Window is a game-changer that will revolutionise the way we conduct trade,” said President Tinubu during the launch event at the State House in Abuja. ”
By simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.”

The project is expected to reduce the time and cost of doing business in Nigeria, making it more attractive to foreign investors.

Additionally, the platform will enhance transparency and efficiency in the trade sector, which will help to reduce corruption and improve revenue collection for the government.

Tinubu said the project is expected to reduce the time and cost of doing business in Nigeria, making it more attractive to foreign investors. Additionally, the platform will enhance transparency and efficiency in the trade sector, which will help to reduce corruption and improve revenue collection for the government.

“The National Single Window is a game changer that will revolutionise the way we conduct trade. By simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.

“This initiative will link our ports, government agencies and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before. Imagine a Nigeria where business can save time and resources, where small enterprises can reach global markets and where the informal e-commerce sector is brought into the fold increasing our tax base. This is the Nigeria we are building with the National Single Window.

“The benefits of this initiative are immense. The paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion US dollars. Countries like Singapore, Korea Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing Single Window Systems.

“It is time for Nigeria to join their ranks and reap the reward of a streamlined, digitised trade process. We cannot afford to lose an estimated $4 billion annually to red tape, bureaucracy, delays and corruption at our ports.

“The National Single Window will address these issues headlong, preventing revenue leakage and facilitating effective trade. By doing so, we will create a more transparent, secure and business friendly environment that will attract investment and spur economic growth.

“The implementation of the National Single Window will not be an overnight process, I know. It requires dedication, collaboration and a phased approach. But I assure you my fellow brothers and sisters, that we are fully committed to seeing this project through.

“We work tirelessly to ensure its success by engaging all partner agencies and stakeholders to create a system that works for every one of us”, he said.

According to the chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, the implementation of the National Single Window Project is expected to generate an average GDP growth rate of seven per cent annually.

“The National Single Window is a decisive response to the challenges we face in the current international trade environment,” said Adedeji.

“By improving trade facilitation, revenue generation, economic growth, transparency, security, and streamlining processes, we will transform Nigeria into a global trade powerhouse.”

The National Single Window steering committee, which includes representatives from various government agencies and ministries, has set a target of 24-hour port clearance, significantly faster than the 72-to-48-hour range in neighbouring countries.

“Our aim is to streamline this process so that minimal information is entered, benefiting all government agencies involved in import and export procedures,” said Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority.

Members of the National Single Window steering committee are: Representatives of the Ministries of Finance, Marine and Blue Economy, Transportation, Industry, Trade and Investment, Federal Inland Revenue Service, Nigerian Customs Service, Nigeria sovereign Investment Authority (NSIA).

Others are “ Central Bank of Nigeria (CBN), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organization of Nigeria (SON), Nigerian Maritime Administration on Safety Agency (NIMASA), Nigerian Ports Authority (NPA) and Presidential Enabling Business Environment Council (PEBEC).

The Kaduna chapter of the All Progressives Congress (APC) has denied any intention to suspend the former governor of the state, Mallam Nasir El-Rufai.

Recent reports had suggested that El-Rufai would face suspension from the ruling party due to alleged anti-party activities.

However, the spokesperson for the APC in Kaduna, Salisu Wusono, addressed the speculations on Tuesday evening.

In a terse response to TheCable, Wusono dismissed the alleged plan to suspend the party chieftain, stating categorically that there is no such plan by the party leadership.

“Nothing like this!,” Wusono said.

It is worth noting that El-Rufai was recently seen with Abdul Ningi, a senator who was suspended for accusing the 2024 budget of being padded by approximately ₦3 trillion.

Additionally, El-Rufai paid a visit to the headquarters of the Social Democratic Party (SDP) in Abuja.

Naija News understands that these visits elicited debates on and off social media, as many speculated that the former governor was plotting a political move.

In a reaction earlier, the SDP national chair, Shehu Gabam, said political meanings should not be read into the SDP visit because he has known El-Rufai for quite some time.

He said: “My relationship with Mallam Nasir el-Rufai predates 1999. I knew him long before then, and we have been close.

“Coming to the SDP secretariat, I don’t know why it is so special that people misinterpret or interpret how it suits them. There are a lot of politicians of the APC that have visited me, and other parties have visited me.

“Do not forget that not too long ago, Al Mustapha came to my office and people were speculating that he is decamping to SDP.

“Will you be surprised if President Bola Tinubu visits SDP? He knows me and I know him.”

It is worth noting that El-Rufai played a major role in the merger that birthed the APC in the buildup to the 2015 polls.

However, the Kaduna State House of Assembly on Tuesday commenced a probe into “multi-million dollar loans” taken during the El-Rufai administration.

A former National Publicity Secretary of the Peoples Democratic Party (PDP), Kola Ologbondiyan, has shed light on why the party has not taken decisive disciplinary action against its former presidential aspirant and current Minister of the Federal Capital Territory (FCT), Nyesom Wike.

Wike’s recent appointment raised eyebrows within the party, fueling speculation about his possible alliance with the All Progressives Congress (APC) under President Bola Ahmed Tinubu.

Despite these concerns, the PDP has refrained from immediate punitive measures against the ex-Governor of Rivers State.

Addressing the media, Ologbondiyan clarified that the party is meticulously adhering to its established procedures.

“There’s a disciplinary committee whose responsibility it is to look extensively into the situation before deciding whether or not to sanction the FCT minister,” he explained, emphasizing that the party operates under a strict constitution that governs its internal affairs.

He said, “Let me start by saying that the constitution of the party provides for how the party should be managed. That has been clear from the onset. The responsibility of the day-to-day running of the party lies in the office of the national chairman.

“So in respect of the minister of the FCT, Nysom Wike, it’s about disciplinary action. And I can recall that under the leadership of Secondus, when the former Governor of Ebonyi State, (Dave) Umahi, started relating with the APC, a letter was written to him in form of a query and issued to him to explain to the party why he was rallying with the APC.

“So the constitution of the party provides for disciplinary measures. It’s not a mob. Somebody can’t rise from somewhere and carry wood and say ‘You are responsible for this and that.’

“So the purview of sanctioning is with the current working committee to consider your action this way or that. The party also has a disciplinary committee where matters of this nature are addressed.”

The ruling All Progressives Congress (APC) National Working Committee (NWC) has said that the Inspector General of the Nigeria Police Force, Kayode Egbetokun, has been informed about the purported suspension of its National Chairman, Abdullahi Ganduje.

The party executives maintained that non-APC members sponsored the suspension and that the perpetrators would be brought to justice upon police investigation.

The ruling party’s latest action was disclosed in a statement yesterday in Abuja by APC National Publicity Secretary Felix Morka.

According to Morka, the purported suspension of Ganduje is downright criminal and has no effect whatsoever. He asserted that the opposition party plotted the political event to create confusion with the APC.

The statement reads: “The attention of the All Progressives Congress (APC) has been drawn to media reports of the purported suspension of the National Chairman, HE Abdullahi Umar Ganduje, CON, from the party by the Executive Committee of the Ganduje Ward in the Dawakin Tofa Local Government Area of Kano State.

“The purported suspension was the devious act of a group of impersonators of ward officials out to cause mischief and create confusion in the otherwise peaceful Ganduje Ward chapter of our party. The perpetrators of this criminal act are not card-carrying members of APC in the ward but are individuals affiliated with senior officials and representatives of the NNPP.

“This act procured by officials of the ruling NNPP in Kano is part of the despicable programme of political persecution launched by the administration of Governor Abba Kabir Yusuf against Ganduje, a former Governor of Kano State.

“The purported suspension is downright criminal, and of no effect whatsoever. The legitimate Executive Committee of the Ganduje Ward has since denounced the action and reaffirmed Dr. Ganduje as a bonafide member of the Party in the Ward, and in good standing.”

Determined to unearth the mastermind behind the suspension, Morka said: “The party has filed a petition with the Inspector General of Police, requesting an expedited investigation of this matter and that the perpetrators and their sponsors be brought to justice.”

Earlier, the APC’s Kano State chapter warned party ward leaders who falsely declared the suspension of Ganduje, stating that they will face legal action.

During a press conference held in Kano yesterday, the ward chairman of the party in Ganduje’s area of residence, Alhaji Ahmed Mohammed Koko, declared that the party intends to sue the ward leaders for their involvement in “conspiracy, impersonation, and defamation”.

He said: “The purported suspension was null and void, and would have no any effect on the national chairman.

“The ward and local government executives, having identified the persons involved in this unfortunate situation, have already prepared to charge them to court for impersonation and calculated attempt to embarrass and dent the image of the party and that of the national chairman.

“We call on all party members to disregard the purported suspension and remain calm.”