VenturesNow

Debt owed by 350 Nigerians enough to fund 50% of county’s 2018 budget

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget

Published

6 years ago

June 29, 2018

Africa News Watch

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget.

Speaking Wednesday in the country’s capital, Abuja, the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, said the 350 Nigerians or their businesses, owe N4.3 trillion of the entire N5.4 trillion debt profile, representing 80 percent of the N5.4 trillion debt portfolio of the company.

Kuru said many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as N200 billion.

“We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the street,” he said.

Kuru noted that the judicial system was a major challenge to the operations of the company.

“I can tell you that today, our major challenge has to do with the judicial process.

“In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years,” he said.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”