Page Review: Nigeria's debt rises by #4.17tn in 1 year as President Muhammadu Buhari seeks help(Photos)

  

Nigerian

newspapers on Wednesday, September 21, have focused on the country’s debt profile, President Muhammadu Buhari’s participation at 71st Session of the UN General Assembly, Supreme Court’s verdict on Kogi governorship election, amongst other trending stories.
According to a report on The Punch, Nigeria’s debt profile has risen to N16.29tn, the Debt Management Office has said.

Statistics obtained from the DMO on Tuesday, September 20, showed that the country’s total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.
This means that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41%.
A breakdown of the country’s debt profile shows that external debt by the federal and state governments stood at $11.26bn or N3.19tn as of June 30, 2016. It was $10.32bn or N2.03tn by July last year.

But as Nigeria’s debt profile rises, President Muhammadu Buhari has made moves to ensure the nation’s doesn’t run into more debts, The Sun reports.

Newspaper headlines
This follows a speech he delivered in New York, United States at the United Nations, where he urged the United States and United Kingdom to return Nigeria’s stolen cash lodged in their banks.
The President expressed optimism that stolen cash and assets in the West will be returned to Nigeria in 2017.
In his speech at the 71st session of the United Nations General Assembly (UNGA) and his second as President, Buhari insisted that fighting corruption remains the main focus of his administration.

The speech reads in parts: “Fighting corruption remains a cardinal pillar of our administration. Corruption freezes development, thereby undermining the achievement of the Sustainable Development Goals (SDGs). I am pleased that our efforts in fighting corruption are yielding positive results including significant stolen assets recoveries.
“The recovered funds are being channelled towards the development of critical infrastructure and the implementation of social inclusion programmes for our people. We are also strengthening our capacity of government entities to institutionalise reforms to ensure transparency and good governance.

“The Anti -Corruption Summit held in London, in May this year, served as further reassurance of the global community’s commitment to fight corruption through proposed practical steps to address challenges including actions to hold perpetrators to justice within the law. Nigeria supports the development of an international legal framework to enforce anti-corruption measures and strengthen existing international institutions to effectively deal with corrupt practices.

“Nigeria calls on member states that are yet to sign up to the United Nations Convention Against Corruption (UNCAC) to do so. Nigeria will continue to advocate for the facilitation of the recovery of illicit financial assets.
“Indeed, the speedy and unconditional return of stolen public assets should be the focus of the follow-up anti-corruption conference to be hosted by the US and UK in Washington, next year.”

In a swift response, United States President Barack Obama praised President Buhari for allowing flexibility in exchange rates, The Nation reports.
They also discussed ways of countering the Boko Haram militant group.
Moving on, Vanguard reports that the lack of proper coordination between the nation’s fiscal and monetary authorities has become manifest as the Central Bank of Nigeria CBN on Tuesday, September 20, refused to cut interest rate, as expressed by the Minister of Finance, Kemi Adeosun.

CBN governor Godwin Emefiele, who briefed the press at the end of the Monetary Policy Committee (MPC), meeting in Abuja, said that rate cuts in the past did not result in banks giving credits to the real sectors of agriculture and manufacturing, as instructed.
He said a cut in the rate at a time the inflation is rising could worsen the nation’s economic situation.