The rise in Nigeria’s total public debt stock to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021 and the ruling All Progressives Congress presidential primary, which began on Tuesday and lasted till early hours of Wednesday dominate the headlines of Nigerian newspapers on Wednesday.
The Punch reports that the Debt Management Office said on Tuesday that Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021.
This shows an increase of N2.04tn within a period of three months.
The public debt stock covers the total domestic and external debt of the Federal Government and state governments and the Federal Capital Territory.
This was disclosed in a statement on Tuesday on the DMO’s website.
It read in part, “The total public debt stock as at March 31, 2022, was N41.60tn or $100.07bn, according to the Debt Management Office.
“The amount represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments and the Federal Capital Territory. The comparative figures for December 31, 2021, were N39.56tn or $95.78bn.”
According to the DMO, the total public debt stock includes new domestic borrowing by the FGN to partly finance the deficit in the 2022 Appropriation Act, the $1.25bn Eurobond issued in March 2022 and disbursements by multilateral and bilateral lenders.
It added that there were also increases in the debt stock of the state governments and the FCT.
The DMO also said the total public debt to GDP is now 23.27 per cent, which is below Nigeria’s self-imposed limit of 40 per cent.
The newspaper says that the All Progressives Congress presidential primary, which began on Tuesday and lasted till early hours of Wednesday, was characterised by drama as aspirants stepped down for a former Lagos State Governor, Asiwaju Bola Tinubu, and the Vice-President, Prof Yemi Osinbajo.
Although the convention proper was supposed to have commenced at 3.30pm based on the programme of events, it did not begin until about 7:40pm when the President Muhammadu Buhari arrived.
Although 21 aspirants were in the race, contestants including Governor Kayode Fayemi; ex-Minister of Niger Delta, Godswill Akpabio; a former Governor of Ogun State, Ibikunle Amosun; Senator Ajayi Boroffice; the Jigawa State Governor, Abubakar Badaru and former Speaker of the House of Representatives, Dimeji Bankole, stepped down for Tinubu.
A presidential aspirant, Nicholas Felix, who stepped down for Osinbajo said the party could not have a Muslim-Muslim ticket.
In his welcome address, the APC National Chairman, Abdullahi Adamu, called for a compromise to be reached on all fronts.
The APC national chairman disclosed that it is the bedrock of democracy, which everybody including delegates and aspirants should not be afraid to imbibe.
He stated, “We cannot continue to make our choice out of sentiments or other primordial considerations. That will only invoke in us a wrong choice that we might regret.
“In the course of this decision making, we need to be called upon to make compromises to achieve our goals and objectives as a party.
“Democracy, by its nature, permits such compromises in the spirit of give and take. Indeed, no human society can survive without compromises.
“Let us, therefore, not be afraid of making them with clear conscience and sense of responsibilities,” he urged.
The Guardian reports that the Director General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadri, has called for greater investment in the industrial sector to boost the nation’s economy.
Ajayi-Kadiri, while disclosing this at the launch of a German-owned company, Knauf Training Centre and Modular Mixing Line in Lagos, said that the nation is in dire need of skills to power the industrial sector and all aspects of the economy.
The centre was opened by the Consul General of Germany in Lagos, Dr. Bernd Von Münchow-Pohl; Director, German Business, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Mr. Klaus Helsper; Managing Director, Knauf Engineering, Dr. Alexander Schütz; West Africa Regional Manager, Knauf, Vincent Allard and Delegate of German Industry and Commerce in Nigeria, Katharina Felgenhauer.
Ajayi-Kadri, while applauding the foreign investment, said Nigeria is the best place to invest owing to its large population of vibrant youths, who are sensitive with great potential and are willing to learn.
He noted that despite the challenges that have prevented people from investing in the country, only those who are on ground when things are bad will reap the benefits when things turn out.
He said: “Our connection with Kanuf is because they have a modular mixing line which makes them manufacturers and puts them among those who are moving and contributing to the country’s Gross domestic product.”
The newspaper says that the Nigeria Football Federation (NFF), yesterday, reiterated that tomorrow’s 2023 Africa Cup of Nations qualifying encounter between the Super Eagles and the Leone Stars of Sierra Leone at the MKO Abiola National Stadium, Abuja, will be played without fans in the stands.
NFF General Secretary, Dr. Mohammed Sanusi, said the situation is a consequence of the one-match ban placed on the country by world football–governing body, FIFA, over the fracas that followed the end of 2022 FIFA World Cup playoff round against the Black Stars of Ghana in March.
“We want to appeal to our very passionate football fans to take heart for this one game. It is only a one-match ban, after which they can again start trooping out to support the Super Eagles. The match against Sierra Leone will be without fans as a consequence of what happened after the match against the Ghanaians.
“Nonetheless, we want to urge all our football fans, and indeed all Nigerians, to support the team whichever way they can and pray for success against the Sierra Leoneans on Thursday.”
The Super Eagles take on the Leone Stars at the MKO Abiola National Stadium, Abuja in a Day 1 game of the 2023 Africa Cup of Nations starting from 5.00 p.m. tomorrow. Four days later, they tackle ‘The Falcons and True Parrots’ of São Tomé and Príncipe at the 45,000 –capacity Grand Stade de Agadir in southern Morocco.
While CAF has appointed Ivoirian officials to take charge of the encounter in Abuja, Liberian officials, led by referee Hassen Corneh, will oversee the match in Agadir on Monday.
The Nation reports that the Federal Government has unveiled plans to increase the production of cocoa from the present 340,000 tons to 500,000 tons by 2024.
The Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar, stated this in Abuja during a visit led by the Executive Director, International Cocoa Organisation (ICCO) Mr. Arrion Michel.
While explaining that Nigeria was ranked number four among cocoa producing countries in the world, Abubakar assured that the country can achieve an increase in cocoa production based on the present drive of the Federal Government and relevant stakeholders towards utilisation of improved varieties.
He noted that of utmost importance is traceability and transparency in the cocoa sector, national cocoa farm irrigation, improvement of the cocoa sector through research, input delivery, production, value addition, processing and export.
He said: “Nigeria has made a remarkable move to join the Living Income Differential (LID) initiatives which was established by Cote d’Ivoire and Ghana in 2019 which aims at guaranteeing the livelihood of small holder farmers through LID of $400/ton of cocoa beans sold,’’ adding that the two countries are benefiting while Nigerian cocoa farmers are at disadvantage of this benefit due to unregulated and liberalised cocoa industry in the country.
GIK/APA