The advice by the Nigerian leader to foreign envoys to be guided by diplomatic protocols and ethics as the 2023 general elections approach is one of the trending stories in Nigerian newspapers on Tuesday.
The Guardian reports that the Nigerian leader advised foreign envoys to be guided by diplomatic protocols and ethics as the 2023 general elections approach.
He gave the charge while receiving letters of credence from the ambassadors of Japan, European Union, Burundi, Denmark, Finland, Ireland, Cape Verde, France, Qatar and High Commissioners of Sierra Leone and Ghana at the Presidential Villa.
Buhari reminded the diplomats that they were assuming duties at a “very interesting political period” in Nigeria. He declared that the most populous black nation was open to more foreign direct investments in the education, health, transportation and agriculture sectors, and would welcome improved bilateral relations.
Besides the President lauded the exploits of the armed forces in sustaining peace, unity and stability in the country, urging Nigerians to celebrate them as the pride of the nation.
He made the appeal at the 2022 Armed Forces Remembrance Day emblem appeal launch, a yearly event to appreciate the gallantry, sacrifices and accomplishments of veterans of the First and Second World Wars, peace support operations and internal security operations in Nigeria.
Also yesterday, the President said stakeholders in the public and private sectors must take timely actions for Nigeria to achieve the desired national goals.
The newspaper says that notwithstanding the challenges undermining the attainment of production targets, the Nigerian Association of Petroleum Explorationists (NAPE) has advocated the adoption of innovative technology in hydrocarbon exploration and production.
According to the professionals, technological innovations will be critical not only in ensuring the supply of affordable hydrocarbons, but also in mitigating the environmental impact of hydrocarbon exploration, production and utilisation.
They expressed concerns about the industry’s readiness to adapt and meet the expected challenges of the next decade, considering that oil and gas would remain relevant for the foreseeable future.
Nigeria’s crude production has remained below the Organisation of Petroleum Exporting Countries (OPEC) quota in the last few months, owing to vandalisation and operational concerns.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, had assured that Nigeria would meet the three million barrels per day quota allocated to the country by OPEC, even though production challenges persist.
NAPE President, Mrs Patricia Ochogbu, preparatory to the Association’s 39th Annual International Conference and Exhibition (AICE), noted that lingering challenges informed the basis of the deliberation, particularly with the implementation of the Petroleum Industry Act (PIA).
The Punch reports that the Central Bank of Nigeria has said that all transactions conducted on the newly launched digital currency platform, eNaira will be free for 90 days.
The bank, however, stated that it will revert to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period.
The apex bank disclosed this in the framework titled, ‘eNaira Circular and Guidelines’ released on Monday.’ The news is coming after President Muhammadu Buhari launched the currency in Abuja on Monday.
The CBN said, “The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021, and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.” The apex bank noted that Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.
The bank also said phone numbers without verified National Identification Number (Tier 0) will have a daily transaction limit of N20,000, while the maximum that the account can hold is N120,000.
For phone numbers with verified NIN or Tier 1, CBN said they have a daily transaction cap of N50,000 and a maximum balance of N300,000.
The newspaper says that the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government is very uncomfortable with the fact that it exceeded the borrowing threshold in the Fiscal Responsibility Act.
Ahmed, who spoke at the ongoing 27th National Economic Summit in Abuja on Monday, said the Federal Government planned to scale down borrowing in the coming years.
President Muhammadu Buhari and the minister have been under fire for the country’s rising debt level, which the Debt Management Office put at N35.47tn as of June 30, 2021.
The minister said, “We tried to borrow more than planned because of the COVID-19. We are very uncomfortable at the fact that we have borrowed at the quantum exceeding the threshold that is outlined by the Fiscal Responsibility Act.
“But we have made sure that we have planned over the next few years that the borrowing is scaled down, and also that we are able to borrow at levels that we can actually repay the debt service obligation.
“So, our borrowing is not just being done blindly; it is guided by laws. It is guided by a medium-term debt plan; we have a board at the Debt Management Office that is chaired by his Excellency the Vice President.
ThisDay reports that Minister of Power, Mr. Abubakar Aliyu, has lamented that as a result of challenges associated with distribution and transmission, the country had continued to under-utilise its generated 13,000MW.
Speaking during a courtesy call by the Vice President, Power, Energy, Climate and Green Growth Complex of the African Development Bank (AfDB), Mr. Kevin Kariuki in Abuja, Aliyu said the power sector has a lot of opportunities for investors across the value chain.
While promising Nigerians reliable and quality service, he said more interventions were needed in the sector, stating that 80 percent of electricity of Nigeria’s generation was powered by gas, while efforts were underway to move quickly to renewable energy by the engagement of independent power producers.
The minister directed that further interactions should be made between the ministry and the AfDB in areas of intervention and collaboration. Speaking earlier, Kariuki highlighted the reform in the power sector in Nigeria, saying that as the largest economy in Africa, the success of the reforms will impact other African nations.
Meanwhile, Aliyu has called for speedy work on the Zungeru power plant, assuring contractors of the government’s resolve to surmount the challenges faced by the contractors in the discharge of their duties.
The Sun says that the Federal Government, yesterday, said that Nigeria’s budget deficit/Gross Domestic Products (GDP) (-4.7 per cent) and Debt/GDP ratios (21.6 per cent) are the lowest among Africa’s leading economies.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated this at the 27th Nigeria Economic Summit (#27th NES) in Abuja.
According to her, Nigeria will continue to borrow as long as the debt level of the Federal Government is still within sustainable limits.
“Borrowings are essentially for capital expenditure and human development, as specified in section 41(1)a of the Fiscal Responsibility Act 2007.
Nigeria’s budget deficit/GDP (-4.7 per cent) and debt/GDP ratios (21.6 per cent) are the lowest among Africa’s leading economies.
However, Nigeria’s debt service/GDP ratio (73 per cent as at August 2021) is the highest among same African top economies.
Thugs, we do not have a debt sustainability problem, but a revenue challenge. Tax rates and compliance ratios are significantly higher in these comparator countries.
For instance, Nigeria’s VAT rate of 7.5 per cent is the lowest in Africa. “Our target over the medium term is to grow our revenue-to-GDP ratio from about 8 to 9 per cent to 15 per cent by 2025. “Debt-service-to-revenue ratio will cease to be a critical concern.
GIK/APA