Metro

Nigeria not begging for debt forgiveness, FG insists

Published

1 week ago

September 30, 2024

The Nigerian government has refuted insinuations that the country used the just ended 79th Session of the United Nations General Assembly (UNGA79) in New York, United States, to canvass for debt forgiveness from its creditors and multilateral financial institutions.

In an opening address at the Summit, President Bola Tinubu, who was represented by Vice President Kashim Shettima, had urged world leaders to consider waiving off debts owed by Nigeria and other developing countries.

Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, while appearing in an interview programme on Sunday night, said contrary to what many have come to believe, Nigeria was not pushing for debt forgiveness from its creditors, particularly China, which is the country’s biggest lender.

Tuggar, however, said the Federal Government would be willing to take fresh loans from the Asian powerhouse as this was based on the country’s low debt-to-Gross Domestic Product (GDP) ratio which has placed it among the less indebted nations of the world and the willingness of Beijing to borrow Nigeria more money and invest more in the economy.

He also stated that Nigeria is not in talks with Beijing for debt relief after President Tinubu meeting with his Chinese counterpart, Xi Jinping recently.

“That is not what we are discussing with China. And when it comes to the issue of debt, look at the debt-to-GDP ratio of Nigeria, we are not even among the critically indebted nations,” Tuggar said.

“Under President Obasanjo, we benefited from debt forgiveness. It’s a process; it’s not just an event, it takes time but you have to be there, you have to be present, and then these things happen, they don’t happen overnight.

“The effect that we felt the last time we had debt forgiveness did not just happen with one UNGA.

“When you talk about the debt of a developing country, Nigeria is not in that sort of precarious situation. As a matter of fact, China is prepared to lend more, China is prepared to invest more in Nigeria in terms of infrastructure development and other things,” the envoy said.

Related Topics:China debt Featured Nigeria UNGA79

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Metro

All the choices we have made are for sustainable, inclusive growth— Tinubu

Published

3 hours ago

October 9, 2024

Isaac Dachen

Nigeria’s President Bola Tinubu has reiterated that all the choices his administration has made since assuming office 17 months ago have been made to stop the country’s decline and put it on a path to sustainable and inclusive growth.

Tinubu, who made the assertion at the 54th Annual Accountants Conference in Abuja on Tuesday, said it was encouraging that Nigeria’s Gross Domestic Product growth for the first and second quarters of 2024 was positive, giving credence to his reforms and policies.

The president, who was represented by Minister of Budget and Economic Planning, Alhaji Abubakar Bagudu, noted that it was gladdening that inflation was on a downward trend, and the foreign exchange market was stabilising, with encouraging investment signals.

“We are continuing with innovative reform measures: digitisation of revenue collection and government services, consumer credit system to boost manufacturing and enable access to goods and services,” Tinubu said in his address to the audience.

“Our reforms include removing punitive subsidies to the economy. Revenue bleeding has reduced, and the three tiers of government are receiving higher allocations, which enable more support to vulnerable populations.

“Social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.

“Our collective vision for Nigeria’s future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability,” he said.

He added that his government was committed to leveraging cutting-edge technologies to boost transparency and efficiency and cultivate strategic partnerships to pave the way for sustainable development.

Metro

10 Zambian miners confirmed dead, 20 feared trapped in Mumbwa mine tragedy

Published

20 hours ago

October 8, 2024

Isaac Dachen

At least 10 Zambian miners have been confirmed dead, with 20 others feared missing after the collapse of the Lwiili Mine located in the Mumbwa region.

The devastating accident, which was confirmed by the Member of Parliament representing Nangoma, Collins Nzovu, and the Zambia Police, was said to have occured on Monday.

Search efforts are ongoing to locate the missing miners.

“I regret to confirm a tragic mining accident at Lwiili Mine in Nangoma, where 20 lives are feared lost. As of now, nine bodies have been retrieved, with 10 confirmed dead,” Nzovu stated in a video posted on his official Facebook account.

He also stated that President Hakainde Hichilema and Vice President Mutale Nalumango had been informed of the incident and urged residents and the bereaved to remain calm.

The Central Province Police Chief, Charity Chanda, who also confirmed the incident in a statement, said five miners were also injured.

“An unknown number of people were conducting mining activities when the earth collapsed on them,” Chanda said.

He added that rescue teams recovered six injured miners, but one later died at Nangoma Mission Hospital.

The police chief also said bodies of the deceased have been taken to Mumbwa General Hospital Mortuary, while the injured are receiving treatment at Nangoma Mission Hospital.