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Newspaper review: IMF warns Nigeria of debt crisis, urges diversification

Newspaper review: IMF warns Nigeria of debt crisis, urges diversification

The newspaper review for Wednesday, October 10, leads with news that Senate president Bukola Saraki and his counterpart at the House of Representatives, Yakubu Dogara will keep their position after a truce with opposition lawmakers among other stories.

This Day reports that president Muhammadu Buhari has finally resisted pressure from cash strapped state governors, who have been agitating for the release of balance of Paris Club refund, and insisted that the payment would only be made to states that are not owing workers salaries.

The president, according to This Day presidency sources, is said to have given firm instructions to the Central Bank of Nigeria (CBN) and the Ministry of Finance, not to make any further payments to salary debtor states.

The Federal Executive Council (FEC) had in September, 2018 approved the release of N689 billion balance of the refund to states.

Newspaper review

This Day newspaper for Wednesday, October 10. Photo credit: snapshot from Legit.ng.
Source: Original

The Punch reports that the Economic and Financial Crimes Commission has set up a special team to interrogate Governor Ayodele Fayose of Ekiti state next week.

Fayose, who has been governor since October 16, 2014, will lose his immunity at exactly 11.59pm on October 15, 2018, thereby giving the EFCC the constitutional right to arrest, detain and prosecute him.

Newspaper review

Punch newspaper for Wednesday, October 10. Photo credit: snapshot from Legit.ng.
Source: Original

The Guardian reports that the International Monetary Fund (IMF) yesterday warned Nigeria and Sub-Saharan African economies to check rising levels of debts, diversify their revenue bases or face crisis.

Nigeria’s debt profile was N22.3 trillion as at June 30, 2018. About two-thirds of the government’s revenues go into servicing interest payments, with the principal still waiting for redemption at maturity.

Newspaper review

The Guardian newspaper for Wednesday, October 10. Photo credit: snapshot from Legit.ng.
Source: Original

Vanguard reports that anxiety over a showdown along party lines between All Progressives Congress, APC, and Peoples Democratic Party, PDP, senators on the resumption of the Senate yesterday, turned into an anti-climax.

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Against expectations, the senators reached a deal in a secret session to preserve the dignity and configuration of its leadership, putting an end to the clamour for the removal of Senate President, Bukola Saraki, from office.

Newspaper review

Vanguard newspaper for Wednesday, October 10. Photo credit: snapshot from Legit.ng.
Source: Original

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Source: Legit.ng

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