Nigeria, Pakistan plan joint commission revamp after 4yrs collapse

custom papers writing By Newsdesk

who can help me write a research paper After several years of abandoning Nigeria-Pakistan Joint Commission, both countries have concluded plans to revive the commission, in order to strengthen economic and trade relations between them. The plan to revamp the commission was announced during a meeting between President Muhammadu Buhari and Pakistan Prime Minister, Shahid Khakan Abbasi, on Saturday in Istanbul, Turkey, where both leaders were attending the ninth D-8 summit.

buying college research papers Buhari, who expressed satisfaction at the level of defence and military cooperation between both countries, however agreed with the Prime Minister that there was still room to do more. He regretted that the same could not be said on the economic and trade fronts, which he said had fallen far short of what can be achieved by both countries. ”Nigeria-Pakistan cooperation is very historical. Military training has been very consistent and I am impressed by the efficiency of officers trained in Pakistan. But the performance of our countries in relation to trade and industrial cooperation had been very disappointing,’’ Buhari added.

click While noting that Nigeria had failed to use past earnings to create a commensurate level of socio-economic development, the President assured that his administration had identified the problems, and was ardently working to promote national development through international trade, industrial growth and the improvement of infrastructure. thesis custom menu widget He then urged Pakistan to take full advantage of the new climate of investment promoted by his administration, saying, there are a lot of opportunities, for us to harness, in the manufacturing sector, agriculture, commerce, solar energy and the electricity sector.

Buy A School Essay On the fight against terrorism, Buhari told the Pakistani Prime Minister that Boko Haram terrorist group remains degraded.

resume and cv writing service executive ”We have moved them out from their strongholds in the North East, we have denied them space and even their attacks on soft targets are becoming less often. Even the opposition [party] recognises that there is a considerable improvement of security in the North East,” he added.

click here In his remarks, Abbasi said both countries had similar prospects and challenges, including large population, key regional players in economy and security; the fight against terrorism, improving governance and the domestic economy. He said Pakistan will continue to share experiences with Nigeria in the fight against terrorism towards developing effective strategies and results.

follow site In line with this promise, the Pakistani Prime Minister presented a manual on strategy and tactics of dealing with terrorism to the President, which he said, had been put together by his country’s army.

 On the Joint Commission, which next meeting falls on Pakistan to convene, the Prime Minister said his country is now ready, adding that he would personally receive the Nigerian delegation any time.

Budget firm warns Lagos, Akwa Ibom, 34 others on external loans

By Newsdesk

A budget-based organisation, BudgIT, has cautioned 36 states governors to desist from accumulating debts especially from external loaners, stressing the the current exchange rate has further made servicing such debt difficult.

BudgIT’s appeale came barely 24 hours after office of the Accountant general disclosed that over N2 billion was spend by governors in the 36 states to service foreign debts in last month.

BudgIT’s Lead Presenter, Oluseun Onigbinde, who raised this concern while presenting the group’s 2017 State of States report on Thursday in Abuja, said that BudgIT aimed at making the Nigerian budget and public data more understandable and accessible across every literacy span.

He stressed that rising debt profile of states had become worrisome; hence the need for states to boost their Internally Generated Revenue (IGR).

“State governments are indebted to Nigerian banks and investors; shackled with by huge repayment debts borrowed against higher oil prices.

“Total debt stock of Nigerian states has increased significantly from the 2012 level of N1.79 trillion to N2.12 trillion in 2014. With increased inability to meet recurrent expenditure obligations and increased pressure, most states resort to more debt uptake; total debt profile of the states in 2015 and 2016 was N3.03 trillion and N3.89 trillion respectively.

“The debt profile of states is an understanding that their revenue has been poor and they have to resort loans and the statutory funds which the Federal Government provides.

“It is important that states begin to watch this; especially external debt; exchange debt risk can be a problem and some states like Lagos are facing it now and it can escalate to other states,” he added.

Onigbinde said that the only way forward was for states to raise their Internally Generated Revenue (IGR) , bring in investments, and become more efficient in the use of public resources.

He said that loans should be channeled to projects that could bring about sustainable development and impact on IGR such as building roads in industrial estate among others.

The lead presenter advised states to commit to a reduction in their operating costs and free up more spending on social infrastructure.

He urged states to harness the opportunities that abound in aquaculture agriculture manufacturing, trade, logistics and tourism.

We disbursed $160m to Tanzania for projects-UN

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The United Nations (UN) has disbursed $160 million to the Tanzanian government between January and October this year, to fund various development projects.

Resident Coordinator for the UN Systems in Tanzania, Alvaro Rodriguez, hinted that UN spends an average of $200 million to support development projects in Tanzania annually.

He disclosed the statistics on Thursday in the commercial capital, Dar es Salaam, ahead of the UN’s 72nd anniversary on Tuesday, saying, half of the financial support was directed to refugees and the remaining half to various development projects.

Rodriguez said 72 years of UN operations were paramount to Tanzanian development, considering there were a number of challenges, including the influx of the refugees and the impact of climate change, which the east African country could not overcome single-handedly.

“Tanzania and the UN have had a good relationship in many years. While this country experiences various changes toward an industrial economy, the UN will extend their support in making sure the goal is achieved,” said Rodriguez.

He said the UN was committed to supporting Tanzania in its industrial economy agenda by investing in technical support through its agencies.

Nigeria records $22.42bn investment in 10 months

proposal and dissertation help nursing By Olawale Abdul-Fatah

The Federal Government has disclosed that $22.42 billion worth of investment was recorded between January and till date, stressing that the reform of Ministries, Department and Agencies (MDAs), embarked upon earlier in the year aided the achievement.

Meanwhile, the Apex government has warned private firms against embarking on actions that could undermine its ongoing reform of Ministries, Department and Agencies (MDAs) in the country.

Senior Special Assistant to the President on Trade and Investment, Dr. Jumoke Oduwole, who disclosed the statistics in Lagos on Thursday at the kick-off of Corporate Affairs Commission (CAC) sensitization programme, added that the fund was realized through 41 projects across 22 states.

She stressed that efforts embarked upon by the apex government was aimed at attracting more investors into the country, stressing that result of actions embarked upon earlier had helped improved the economy.

“The results have been encouraging as the inflows of capital in the second quarter of 2017 of about $1.8 billion were almost double the amount of $908 million in the first quarter of the year.

“Investor interest remains undoubtedly strong with announced investments of $22.42 billion from January to date in 41 projects across 22 states,” Oduwole added.

The Senior Special Assistant to the President on Trade and Investment hinted that sterling records would be achieved if the private sector desists from circumventing government plans and assists in adhering to the standards.

FG’s warning came barely two weeks after it commenced the second phase of its reform, which ends December 1st, aimed at improving ease of doing business in 11 areas of focus; the second phase was embarked upon following 70 percent success rate achieved in the first phase.

“As for the private sector, we will like to urge you to do your part in corporation with the Federal Government. And do not circumvent or undermine the effort of the federal government. Work with the agencies to ensure that we achieve development in the country.

“Our aim is to make business activities simpler and easier but we need your support in achieving this. We are appealing to you to support the reform initiative,” she added.

Earlier, the Acting Registrar General, CAC, Azuka Azinge, disclosed that the commission would be shutting no fewer than 10 Manual registrations in 10 more offices.

36 states September debt servicing gulp N2.67bn as Lagos tops table

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Barely 24 hours after President Muhammadu Buhari expressed his displeasure over non-utilization of disbursed Paris fund, the Federal Government has disclosed that the 36 states spent N2.67 billion to service external debt in September.

Of the 36 states, Lagos topped the list, spending over N800 million servicing its foreign loan portfolio which was included in the N603.25 billion debt released by Nigeria Extractive Industries Transparency Initiative (NEITI) seven months ago.

Closely following Lagos was Cross River state with over N231.96 million, Kaduna state, N180,57 million; Oyo state, N115,18 million; while Akwa Ibom with N111,22 million completed list of five top spenders within the month under review.

Meanwhile, Katsina, Osun, Ogun, Edo and Kano states were five other states that made the top 10 states with high debt service in September.

The data also shows that the 10 states that paid the least on external debt servicing within the period under review were: Taraba, Borno, Plateau, Benue, Delta, Kogi, Jigawa, Nassarawa, Gombe and Niger States.

The statistics was contained in a document released by office of the Accountant-General of the Federation on Wednesday to further assist Nigerians know activities of each states.

Figures from the Debt Management Office (DMO) also showed that four months ago, the 36 state governments and the Federal Capital Territory (FCT) had a debt stock of about N1.2 trillion.


According to DMO, the states and the FCT were currently servicing loans with multilateral agencies like the World Bank and Agence Française de Développement (AFD).

The breakdown of the figure were contained in the pictures below:


World Bank clears stance on Nigeria’s economy, borrowing strategies

By Olawale Abdul-Fatah

The World Bank Group has cleared air on alleged disagreement with Minister of Finance, Kemi Adeosun, over Nigeria’s foreign borrowings, aimed at  stimulating the economy and finance infrastructure projects in the country.

World bank clarification came barely 24 hours after its Senior Economist for Nigeria, Gloria Joseph-Raji, was alleged to have disagreed with the minister in an interview with newsmen, saying that the cost of borrowing or paying interest on Nigeria’s debt was not sustainable as revenues to make such payment had dried up.

The Bank in a statement sent to Adeosun and made available to newsmen on Wednesday by her media aide, Oluyinka Akintunde, expressed full commitment to assist Nigeria in restoring macroeconomic resilience as well as strengthen the ongoing economic recovery and achieve sustainable inclusive growth.

Senior Communications Officer of the World Bank, Rachid Benmessaoud, in the statement, stressed that Joseph-Raji was misrepresented at the launch of of Africa’s Pulse, the World Bank’s biannual analysis of African economies.

“At no point did she mention that the World Bank and the Federal Government of Nigeria (FGN), disagree on the need to rebalance the country’s debt portfolio. Where expenditures exceed revenue, governments will need to borrow.

“In doing so, the Federal Government is trying to rebalance its portfolio towards more external borrowing with lower interest rates and longer maturities.”

The World Bank Senior Economist was quoted by Benmessaoud to have commended the Nigerian Government’s effort to rebalance its portfolio in order to lower the cost of its borrowing, as outlined in its 2016-2019 medium term debt management strategy released last year.

“The use of IDA concessional financing, among others, is supportive of the FGN’s effort in this regard, with the added focus on poverty alleviation and building shared prosperity in Nigeria.

“The latest issue of Africa’s Pulse points out that growth is Nigeria is projected to pick up from 1.0 per cent in 2017 to 2.5 per cent in 2018 and 2.8 per cent in 2019. While Government debt in 2017 is projected to rise, it remains low in Nigeria,” Joseph-Raji was further quoted to have stated.

Adeosun, who led the Nigerian delegation to the 2017 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, had in Washington said the Federal Government would be prudent in the management of its foreign borrowings.

She noted that the Government adopted an expansionary fiscal policy with an enlarged budget in order to deliver a fundamental structural change to the economy, thereby reducing the country’s exposure to crude oil.

“Why are we borrowing? Mobilising revenue aggressively was not advisable, nor indeed possible, in a recessed economy. But as Nigeria now reverts to growth, our revenue strategy will be accelerated.

“This is being complimented by a medium-term debt strategy that is focusing more on external borrowings to avoid crowding out the private sector.

“This would also reduce the cost of debt servicing and shift the balance of our debt portfolio from short-term to longer-term instruments. This Government will be very prudent around debt. We won’t borrow irresponsibly,” Adeosun explained.

“With Nigeria’s source of revenue dropping by nearly 85 per cent, the country had no option but to borrow.  The option before the country was to either cut public services massively, which should have led to massive job losses, or borrow in the short-term, until it begins to generate sufficient revenues, she said.

“We felt that laying-off thousands of persons was not the best way to stimulate growth. Also, when we came into office, about 27 states could not pay salary. If we had allowed that situation to persist, we would have been in depression by now.

“So, we took the view as a government  that the best thing to do was to stimulate growth and spend our way out of trouble, get the state governments to pay salaries, making  sure that the federal government pays and invests in capital infrastructure,” Adeosun added.

Kaduna Assembly allege Senate frustrating access to $350m World Bank loan

By Newsdesk

The Chairman, House Committee on Finance, Kaduna State House of Assembly, Bello Sani-Gimi, has allegedly accused the senate of frustrating the state government’s effort to access $350 million loan from World Bank, stressing that rancor between the state governor, Nasru El-Rufai and some lawmakers have been attached to the request.

Sani-Gimi, in an interview with newsmen on Tuesday in Zaria hinted on reasons for the delay, stressing that such fund required that the senate’s approval.

He said: “Last week, during a retreat to discuss the 2018 Budget, the state governor told us that the loan, being sought by Kaduna State from the World Bank, was subject to the approval of the National Assembly.

“That we should assist in anyway possible to see the actualisation of that loan. After the retreat, some of us met him and asked if we could go to the extent of meeting these people.

“He said why not, in fact, he is ready to do anything to see that the loan is actualised. After the meeting, the speaker set up a committee to meet the senators.”

According to him, Shehu Sani is Chairman, Senate Committee on Foreign and Domestic Debts and is supposed to be the first person which the committee must meet to seek his consent.

“Therefore, the committee went and met him; it was a fruitful discussion. He gave his words that he is not against the loan and he is not against reconciliation.

But we should do a lot of homework by bringing everybody on board, while in his own part, he is ready to cooperate so that Kaduna State will excel. After the meeting, the committee came back and briefed the speaker and the house,” he said.

Sani-Gimi hinted that another committee was also inaugurated to see another lawmaker, Danjuma Laa, representing Southern Kaduna, saying, the discussion went the same way with that of Sani.

The lawmaker added that the committee also approached Suleiman Hunkuyi representing  Kaduna North, who assured of readiness to make a positive input to actualise the loan.

“As you know, Hunkuyi is a vocal person and he has opened up; we intended to stay for just 30 minutes but we ended up spending more than three hours with him.

“We discussed a lot of issues that had to do with the state, his issues with government and so many other things. Finally, he told us that he is also ready for reconciliation and promised that they are going to look at the loan issue and see to the possibility of accessing it,” he said.

Sani-Gimi disclosed that during the visits, some of them raised issues that the year was coming to an end and why seeking such huge amount as loan now.

During the meeting, he said, being the chairman of finance committee in the house, he was able to explain to them issues they didn’t understand before.

“In Kaduna State, we are running a medium term framework budget, which is about four years budget, 2016 to 2020. So, we are talking about breaking this amount to run through these four years; we are not talking about collecting this loan and spend it this year, 2017. My explanation cleared some misconceptions about the loan and they were all convinced with the explanation,” he said.

Nigeria won’t borrow irresponsibly-Adeosun

By Newsdesk

The Minister of Finance, Kemi Adeosun, has assured Nigerians that the President Muhammadu Buhari-led administration would not embark on borrowing that would have adverse effect on the country’s economy.

Adeosun added that the borrowing aimed by the government would be external to avoid crowding out the private sector while revenue strategy would be accelerated to provide more funding.

She disclosed the government plans yesterday in Washington D.C. at a Joint Media Briefing with the Governor of the Central Bank of Nigeria, Godwin Emefiele, at the end of the 2017 Annual Meetings of the International Monetary Fund and the World Bank Group.

She stated that the Federal Government adopted an expansionary fiscal policy with an enlarged budget in order to deliver a fundamental structural change to the economy, thereby reducing the country’s exposure to crude oil.

“Why are we borrowing? Mobilising revenue aggressively was not advisable, nor indeed possible, in a recessed economy. But as Nigeria now reverts to growth, our revenue strategy will be accelerated.

“This is being complimented by a medium-term debt strategy that is focusing more on external borrowings to avoid crowding out the private sector.

“This would also reduce the cost of debt servicing and shift the balance of our debt portfolio from short-term to longer-term instruments. This Government will be very prudent around debt. We won’t borrow irresponsibly,” said Adeosun, who led the Nigerian delegation to the 2017 Annual Meetings of the IMF and the World Bank.

The Minister however disclosed that she participated in both the International Monetary and Financial Committee (IMFC) and Development Committee (DC) meetings, the two highest decision making organs of the Bretton-woods Institutions.

Adeosun hinted that during the meeting, developments in the global economy since the Spring meetings were reviewed, noting that growth had picked up in 2017 even though not even.

International Monetary Fund (IMF) and the World Bank Group projected a positive outlook of higher growth for the Sub-Saharan Africa and global economy in 2018.

“Global growth is estimated to be 3.6 per cent for Fiscal Year 2017, while Sub-Saharan Africa (SSA) is projected to grow at 2.6 per cent and outlook is for higher growth in Fiscal Year 2018.

“However, down side risks remain in the medium-term with high policy uncertainty, geopolitical tensions. Inflation remains subdued,” she added.

Providing further details on the IMF and World Bank meeting, she said the overarching policy priorities for the entire membership was to boost potential output and improve income distribution while improving financial sector resilience.

The two Bretton-wood institutions, according to her, urged commodity exporters like Nigeria, to pursue structural policy reforms to unlock the country’s potentials and stimulate aggregate supply as well as enhance the diversification process.

On the Development Committee (DC) meeting, Adeosun said members discussed the need to enhance the capacity of the International Bank for Reconstruction and Development (IBRD) and International Finance Corporation (IFC) to meet their obligations of supporting the financing needs of client countries and to prevent a slowdown in lending.

“At the DC where I spoke on behalf of Angola, Nigeria and South Africa, I urged the international community particularly the Bretton-wood Institutions to change the narrative on Africa which always portray the continent as Low Income Countries (LIC).

“Indeed, there are some Middle Income Countries represented by this constituency and so there is the need for the Bank to deploy instruments, policies and programs that will address the peculiar needs of these countries,” she said.

Emefiele, who also participated at the IMF and World Bank meetings, confirmed improvement in the Nigerian economy.

“The fundamentals we are seeing show that there is a lot of stability in the foreign exchange market, and having come down from high level to the level we are now, and the currency is just fluctuating between N359/N365 to dollar.

“We think it is good level compared to where we are coming from. We think it is important to note that as reserves get stronger, as economic fundamentals get stronger, there is no doubt that the naira will get stronger and we will see more appreciation in the currency,” Emefiele added.

He assured that the CBN would continue to focus on the banking system to ensure there were no significant threats that would affect the strategic health of the banking system.

World Bank investment in Nigeria hits N8.5bn

By Newsdesk

To support inclusive economic development and youth empowerment in Nigeria, World Bank has disclosed that its investment portfolio, scattered across the country, has increased to N8.5 billion

The World Bank disclosure came barely 48 hours after President Muhammadu Buhari received the financial institution’s President, Jim Yong Kim, a meeting that afforded Buhari opportunity to seek intervention for North Eastern states.

In a statement by its Senior Communications Officer, Olufunke Olufon, on Sunday, said the investment was to assist the states and the Federal Capital Territory to reduce poverty and foster prosperity for all Nigerians.

She hinted that aside the states, the bank was also working with federal and states governments, and development partners on speedy delivery of critical interventions to residents of North East who urgently need assistance.

“In 2015, the Government of Nigeria requested World Bank support to respond to the humanitarian and development crisis in the North East of Nigeria.

“To assess the needs of the nearly 15 million people in this region impacted by the crisis, the World Bank Group, the United Nations, and European Union carried out a Recovery and Peace Building Assessment (RPBA).

“Based on the findings of this report, World Bank’s $775 million support to the North East focuses on restoring basic education, health services, agricultural production, and livelihood improvement opportunities,” she added.

Olufon also said that the World Bank Group was doubling its resources to address fragility, conflict and violence at the subnational and national levels and help stabilise places that were affected by high poverty and influx of people.

Osinbajo’s wife, two governors to mentor 1,000 Lagos women on entrepreneurship

By Newsdesk

In order to assist women develop their business skill, wife of the Vice President, Dolapo Osinbajo, Akwa Ibom state governor, Emmanuel Udom and his Adamawa state counterpart, Jibrila Bindo, would mentor about 1,000 women on strategies to boost their income generation.

Meanwhile, following Federal Government declaration that the country is out of recession, Lagos state governor’s wife, Bolanle Ambode, has tasked women to be creative in their chosen endeavours, stressing that it would assist them in competing favorably in the society.

Ambode, who disclosed these at press briefing on forthcoming 17th National Women’s Conference (NWC), held on Wednesday at the secretariat, Alausa Ikeja, added ingenuity of Nigerian women is needed to achieve practical solutions to the country’s economic challenges.

She said that the three-day women’s conference which start in two weeks, themed ‘She Creates, She Transforms’, is aimed at helping women improve their participants’ social and economic conditions in the society.

She hinted that Osinbajo and the two governor’s would declare the conference open and close, stressing that they will mentor the women on how they can become successful enterprenuer and assist the nation.

Ambode disclosed that renowned facilitators have been selected to examine issues on women empowerment in the country

On creativity, she argued embracing creative and innovative entrepreneurship skills would not only assist the family, would aid development of every family in Nigeria.

“You will agree with me that women are uniquely created, endowed with skills and blessed with creativity. As helpmate, we care for the family and impact on immediate environment positively. The woman out of very little creates. She transforms the little created to something bigger and better. Our transformation efforts extend to all facets of human engagement.

“Empowered women can become not only wage-earners but also job-creators and this is imperative for eradicating poverty in our nation.

”We therefore, call on women who wish to make a difference for themselves and their families to adapt to new challenges and keep up with changing times by using whatever vocational skills they have to improve their economic status.

”We are also calling on government at all levels to investing in  women’s economic empowerment  to spurs  growth and development in the country, ” she added.