The concerns expressed by the International Monetary Fund (IMF) over the management of the Nigerian economy dominate the headlines of Nigerian newspapers on Thursday.
The Punch newspaper says that the International Monetary Fund (IMF) has expressed worry over Nigeria’s ability to repay its foreign debt which had continued to rise.
The report said that the IMF noted that the conditions were favourable for Nigeria to continue to borrow, but it equally expressed worry over the capacity to repay.
The newspaper also reported that the Nigeria Labour Congress (NLC) on Wednesday urged President Muhammadu Buhari to sign the new minimum wage bill, which had been approved by the National Assembly and passed to the President for his assent.
The report said that the union’s Head of Information and Public Affairs, Benson Upah, said that workers would be grateful if Buhari signs the bill this month.
The Nation newspaper reported that the International Monetary Fund (IMF) has warned Nigeria and other emerging market countries taking loans from China to consider the terms of such facilities, especially their compliance with the Paris Club arrangements.
Speaking yesterday at the ongoing IMF/World Bank Spring Meetings in the United States, Director, IMF Monetary and Capital Markets Department, Tobias Andrian, said there was nothing bad in borrowing from China, except that the terms of such loans are always questionable.
The Vanguard newspaper said that following the increasing insecurity in the country, the Senate yesterday, reiterated its call for the establishment of state police if the problem must be nipped in the bud, just as it condemned in very strong terms, the killings nationwide.
The Leadership newspaper said that President Muhammadu Buhari has directed the country’s security chiefs to flush out bandits and kidnappers by whatever means from Zamfara, Kaduna, Katsina States and other parts of the country.
The newspaper said that the president’s directive was disclosed yesterday in Katsina by the acting Inspector-General of Police (IGP), Mr. Mohammed Abubakar Adamu.
The Guardian newspaper reported that the Nigerian Government has begun moves to end granting of cabotage waivers nationwide. To this end, a five-year plan was yesterday launched in Lagos to see to its successful execution and establishment of a new regime that makes indigenous operators compete favourably with their foreign counterparts.
This comes as government said Nigeria was targeting to join the comity of shipbuilding nations in 2024.
The newspaper also said that the Federal Government stated yesterday that there was no cause for alarm over the country’s rising debt profile.
Nigeria’s total debt profile as at December 31, 2018 was N24.387 trillion, showing an increase of 12.25 percent from N21.725trillion in 2017.
According to the Minister of Budget and National Planning, Udoma Udo Udoma, the level of debts incurred by the country remains sustainable.
GIK/APA