Emefiele urges FG to pay commercial bank loans
…as Natural Resources Devt. Account drops to N54.09bn in 29 days
By Our Correspondents
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has stressed on timely repayment of commercial banks loans by Federal government.
Speaking at the Thursday’s National Economic Council (NEC), he identified audit as the greatest challenge being created with delay in payment of loans by the Federal Government.
The Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande quoted the CBN governor as stating that the repayment of the commercial loans to resume this month.
On the Budget Support Facility, State Governors restated their request to defer the repayment of the loans, which was supposed to start this month.
Ekiti State Governor, Dr. Kayode Fayemi, who is also Chairman, Nigeria Governors’ Forum, reported interactions with the Finance Minister and the CBN Governor regarding the matter.
The Vice President, Prof. Yemi Osinbajo stated that he will be holding a meeting with representatives of the State Governors, the Finance Minister and the CBN Governor to resolve the issue raised.
From the NEC’s communiqué, our correspondent gathered that Natural Resources Development Account between April 22, 2021 that was N77.74billion dropped by N54.09billion to N23.65billion as at May 20, 2021.
The Minister of State for Budget and National Planning, Mr. Clem Agba disclosed at the meeting that Excess Crude Account (ECA) balance as at May 18, 2021 stands at $72,413,574.70
At the recent meeting of the Council, which comprises the 36 State Governors, the Federal Capital Territory Minister and the Governor of the CBN, besides other Federal Government officials, a session was devoted to holding the AGM of the NSIA where reports and financial statements, including the audit were presented.
In particular, the Managing Director/Chief Executive Officer of the Nigerian Sovereign Investment Authority (NSIA), Mr. Uche Orji, submitted that the Authority achieved core income of N109 billion compared to N33.07 billion in 2019, excluding forex gains of N51 billion in 2020 and N1.29 billion in 2019.
The NSIA presentation noted that despite the challenges of COVID-19, it had a favourable year owing to strong performance from its investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.
In response to COVID-19, the NSIA partnered with Global Citizen, a not-for profit group, to form the Nigeria Solidarity Support Fund (NSSF), acquired and distributed oxygen concentrators to 21 teaching hospitals as part of its Corporate Social Responsibility; in addition to staffing support to the Presidential Taskforce on COVID-19 towards combatting the pandemic.
Other major milestones reached by the NSIA were recorded across domestic infrastructure projects, specifically in roads, agriculture, healthcare, technology and gas industrialization.
NEC also received a presentation on the Digital Switch Over (DSO) by the Minister of Information and Culture, Alhaji Lai Mohammed. He stated that it was the International Telecommunications Union (ITU) that decided on member states switching off analogue television transmission to ‘go digital.’
“The DSO will be taking off first in Lagos, Kano and Rivers States,” he stated.
According to him, the National Broadcasting Commission (NBC) and the DSO Ministerial Task Force are tasked with ensuring that Nigeria ‘digitizes’ and develop a public information and awareness campaign to inform citizens about DSO/FreeTV.
The Minister disclosed that the switch-over has a revenue generation potential of N20 billion annually; and that the funds will enable the NBC support and upgrade DSO initiative, as well as fund local producers.
The Council also received an update on Nigeria’s response to the COVID-19 pandemic by the Director General of the Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu.
According to the DG, NCDC, in the last two months there has been reduction in the number of cases globally, stating that even India has also experienced reduction in its infection rates in the last five days.
According to the NCDC boss, the “transmission rate in the country is low,” adding that attention is now on tracking the new B1.617.2 variant from India. He said there are only three such cases identified in Nigeria so far.
He added that focus should remain on the protocols to stop the spread of the virus, while the health authorities and agencies will keep an eye on tracking the Indian variant. Governments and leaders in the society are also urged to discourage pandemic fatigue and stick to the COVID-19 safety protocols.
