Page 4 - Bongo Adi News Today

Ayo Oyoze Baje argues that the country’s debt burden is excessive “Our political leaders have suddenly developed not just a taste for, but a voracious appetite for debt. As usual, most of such debts that are procured are hardly thought through. Predictably, ability to repay such debts is lacking” -Chief Olusegun Obasanjo One recurring ugly decimal of Nigeria’s inexcusable economic paradox in the midst of abundant God-endowed resources is the ever-increasing debt profile, at both the sta...

Last week was a scary one for millions of Nigerians who have been impoverished by the government’s rising appetite for easy money, including debt, and missteps of statecraft. Scary, not because the government has secured a fresh loan or about to so, but that its officials reminded the people of their aloofness to the real cost of the rising indebtedness and its correlation with other socio-economic variables. x First, in a self-contradictory intervention at...

However, the Minister of Finance, Budget and National Planning, Zainab Ahmed had at the end of the last Federal Executive Council Meeting (FEC), faulted Obaseki’s claim. Obaseki in a reaction to this, said he stood by his comment, indicating he got his facts right. But clearing the air recently on this, CBN governor Emefiele who field questions from newsmen in Tunga Awe LGA of Nasarawa state recently, said printing money is a key mandate of the bank and that it was part of lending to the gove...

  Traders in Abuja told Daily Trust that there has been a price increase in food commodities since the last three months even though the price of rice has been stable to no increase since the last five months. A provisions seller, Ahmadu Tijjani, told our correspondent that they were not given reasons for the hike in the price of some of the goods, stating that since food commodities are essential people would still buy even if they have to reduce their purchasing capacity. According to Tijja...

• It is untrue we printed N60b, FG replies Obaseki • Seek alternative funding options as country risks falling into hyperinflation  • Senate summons minister, AGF over N7.5b secret withdrawals Five days after Edo State Governor, Godwin Obaseki, released a bombshell, saying Nigeria was in huge financial trouble after the Federal Government printed N60 billion as part of federal allocation distributed to states for March, the Presidency yesterday described the statement as complete falseh...

By Chris Agabi, Francis A. Iloani (Abuja) & Sunday M. Ogwu (Lagos) Experts have urged the federal government to exercise caution over the printing of the naira currency (Ways and Means) to fund its needs. Edo state Governor, Godwin Obaseki, recently said the Central Bank of Nigeria (CBN) printed about N60 billion (Ways and Means) to augment the amount distributed to states in March 2021 by Federation Account Allocation Committee (FAAC). Ways and Means (W&M) financing is basically the printing o...

•Advises FG to raise VAT to 10% by 2022 By Obinna Chima, Nume Ekeghe in Lagos, Emmanuel Addeh and James Emejo in Abuja Analysts yesterday forecasted a faster economic recovery for Nigeria as crude oil prices, at $60 per barrel, hit a new high since February 2020. The International Monetary Fund (IMF) has also stressed the need for the federal government to intensify revenue mobilisation in order to reduce fiscal sustainability risks. The analysts, however, urged the federal government to be p...

By Olawale Ajimotokan in Abuja, Nume Ekeghe and Dike Onwuamaeze in Lagos Economic analysts and representatives of the organised private sector (OPS) have warned against a second lockdown in the country, expressing concerns about possible job losses even as the added that efforts at stimulating economic activities to facilitate an earnest recovery from recession would be hampered. They warned that any total lockdown of the economy will lead to huge economic and social costs that the country will...