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Nigeria: Finance minister, Zainab Ahmed, confirms buying N1.4 billion vehicles for Niger on President Buhari’s order

Published

2 years ago

August 3, 2022

Amidst wave of outrage over news that the Federal of Government of Nigeria purchasing vehicles for Niger Republic, the Nigerian government has confirmed it actually did.

The Nigerian government admitted it indeed purchased vehicles worth N1.4 billion to help Niger tackle insecurity.

Nigeria’s Minister of Finance, Budget, and National Planning, Zainab Ahmed confirmed the position on Wednesday after the Federal Executive Council (FEC) meeting presided over by the President Muhammadu Buhari.

“This is not the first time that Nigeria has supported Niger, Cameroon or Chad, and the President makes an assessment as to what is required, based on the request of their president and such requests are approved and the interventions provided is to enhance their capacity to protect their own territory as it relates to security also to Nigeria.

“Nigerians have a right to ask questions, but also the President has a responsibility to make an assessment of what is in the best interests of the country. And I cannot question that decision.” Ahmed said.

Documents emerged on social media on Tuesday that showed that the president approved the release of the funds on February 22, 2022, for the Niger Republic.

The minister revealed that the decision was at the prerogative of President Muhammadu Buhari who approved the purchase.

Minister Ahmed explained that providing intervention to the neighboring Niger Republic is not new. She added that the financial support, which is primarily for the purpose of enhancing capacity to protect their territory, based on a request by the Nigerien Government, is also in the best interest of the country.

Related Topics:Featured Nigeria Zainab Ahmed

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IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

1 day ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

1 day ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.