APA – Lagos (Nigeria)
The Central Bank of Nigeria’s report that the country’s external reserves dropped by $1.46bn between January and March is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that the country’s external reserves fell by $1.46bn between January and March, figures obtained from the Central Bank of Nigeria have revealed.
The reserves ended February 27, 2023 at $36.67bn.
Figures obtained from the CBN’s data on movement of external reserves on Sunday showed that the reserves, which stood at $36.99bn as of the end of January, 1, 2023, fell to $35.53bn as of the end of March, 30, 2023.
At the last Monetary Policy Committee in Abuja in March, the Governor, CBN, attributed the decline in the external reserves to the fall in crude oil price.
“The committee, however, noted the marginal decline in the level of gross external reserves to $36.13bn in February 2023, from $36.4bn in January 2023, a decrease of 0.7 per cent, reflecting the downtrend in crude oil prices, as global uncertainties persist,” he said.
According to the CBN data, Nigeria’s external reserves fell by $3.43bn in 2022, from $40.52bn as of the end of December 31, 2021, to $37.09bn as of the end of December 29, 2022.
Earlier in 2022, the CBN launched a programme tagged ‘RT200 FX Programme’ to boost forex supply in the country through the non-oil sector in the next three to five years.
The newspaper says that the Federal Government’s borrowing from China has grown by 209.15 per cent under President Muhammadu Buhari’s administration.
This is as total bilateral loans rose by 219.91 per cent from $1.58bn as of June 2015 to $5.07bn as of December 2022. Total borrowing from China rose from $1.39bn to $4.29bn in the period under review.
Available data from the Debt Management Office revealed that Chinese loans make up 84.73 per cent of the total amount Nigeria owes to other countries of the world. The remaining 15.27 per cent is spread across France, Japan, India, and Germany.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, have a tenor of 20 years, and grace period (moratorium) of seven years.
As of September 30, 2021, the DMO listed 15 projects there were being funded with Chinese loans in a document titled, ‘Status of Chinese loans as at September 30, 2021.’
The more listed loans include the Nigerian 40 Parboiled Rice Processing Plants Project (Fed. Min. of Agric & Rural Dev.), Nigerian Railway Mordernisation Project (Lagos – Ibadan section), Nigeria Rehabilitation and Upgrading of Abuja – Keffi – Markurdi Road Project, Nigeria Supply of Rolling Stocks and Depot Equipment for Abuja Light Rail Project, and Nigeria Greater Abuja Water Supply Project.
While Nigeria has drawn consistently from China’s well under Buhari, China-Exim Bank declined recently declined an earlier agreement to grant Nigeria a loan of $22.79bn.
The loan had been approved under the 2016–2018 Federal Government External Borrowing (Rolling) Plan by the Senate and the House of Representatives on March 5, 2020, and June 2, 2020, respectively. This may impact the Nigerian Railway Modernisation Project (Kaduna–Kano segment), with the contractor (CCECC Nigeria Limited), and the Federal Ministry of Transportation, engaging China Development Bank for a loan of $973.48m.
The Guardian reports that the Manager of Nigerian Port Authority (NPA), Calabar, Mr Festus Olumati has said that the port is viable and working at optimal capacity.
The Calabar Port Manager made this known yesterday to newsmen at the Port Terminal while inspecting the discharge of about five vessels of various cargos and petroleum products.
Olumati explained that one of the vessels, MV Desert Unity”, berthed at the Port with 16,000 metric tons of wheat, while “MV Medi Bangkok” berthed with 18,251 metric tons of general cargo including cars, trucks and project pipes.
And that the other two vessels were berthed at the Port with premium motor spirit, while others were still at the Calabar Fairway Bouy and ready to berth for discharge.
“For the past 10 years, we have never had it like this where over five vessels will be berthing and discharging back-to-back at the Calabar Port.
“Today is Sunday, but there is tremendous activities going on in the port. As you can see, Calabar Port is very viable and working at optimal capacity.
“In line with the mandate given to us by our able Managing Director, Mr Mohammed Bello-Koko, that the Eastern Port must work, I had to swing into action to make it a reality.
“I went out of the box to hunt for cargos to come into Calabar. The high traffic we see here today at the port is as a result of the mandate given to us by our MD.
“Special thanks to the MD of NPA for giving us all the requirements to work and achieve results. All our submissions to him for the Eastern Port to work have been approved.
“For these vessels to come here, we had to ask for a concessional rate for those who bring in cargos and he gave the approval,” he said.
He said the concessional rate was part of strategies to woo vessels to berth in the port, adding that it has shown tremendous improvement from what it used to be.
He added “As you can see, our workers are effective and efficient and everything is done perfectly. The commitment of the staff of NPA and the Eco
The newspaper says that troops and special forces of the Nigerian Army have neutralised 11 bandits during gun duel in Birnin Gwari Council of Kaduna State.
The Commissioner for Internal Security and Home Affairs, Samuel Aruwan, said feedback revealed that troops advanced to several locations and dismantled terrorist camps in Bagoma, Rema, Bugai, Dagara, Sabon Layi, Gagumi, Kakangi, Katakaki and Randagi.
In a statement, he explained that in the course of the operations, troops made contact with bandits at Kakangi and Katakaki.
A gun battle, subsequently, ensued, resulting in criminals being subdued. Eleven bandits were confirmed neutralised, as others fled, Aruwan submitted.
“After the battle, the troops exploited the location and recovered two AK-47 rifles, two AK-47 magazines and 57 rounds of ammunition. Six motorcycles, belonging to the bandits, were destroyed during the encounter.
“Receiving the report, Governor Nasir el-Rufai expressed satisfaction at the emphatic outing by the security forces and praised leadership of the Maj.-Gen. TA Lagbaja, GOC 1 Division and Force Commander of Operation Whirl Punch.
“The governor lauded the troops for their consistent and spirited efforts, as he urged them to build on the momentum of this notable success,” the commissioner added.
GIK/APA
Press spotlights drop in Nigeria’s external reserves by $1.46bn in 2 months, others
