Newspaper review: FG borrows N1.16 trillion from equity market

Newspaper review: FG borrows N1.16 trillion from equity market

The newspaper review for Tuesday, January 15, leads with Assistant Inspector General of Police (AIG) Abubakar Adamu Mohammed Lafia being named as the acting Inspector-General of Police (IG), war of words between Buhari and Atiku's presidential campaigns, among other stories.

The Punch reports that the Federal High Court in Abuja on Monday stopped the federal government’s arraignment of the Chief Justice of Nigeria, Justice Walter Onnoghen, before the Code of Conduct Tribunal on charges of non-declaration of assets.

But as the case was going on in Abuja, more groups including the Yoruba Council of Elders, Ohanaeze Ndigbo, Southern and Middle Belt Forum and the Socio-Economic Rights and Accountability Project, came hard on the federal government for planning to plunge the country into crisis with the CJN’s trial.

READ ALSO: Atiku, Saraki are threatening stability of Nigeria - Aisha Buhari’s campaign team

Newspaper review

The Punch newspaper for Tuesday, January 15 photo credit: snapshot from Legit.ng
Source: UGC

They said the way the matter was being handled could plunge the nation into anarchy, saying due process must be followed so that the President Muhammadu Buhari administration would not be seen as being desperate to ease out the CJN.

However, ruling on two separate ex parte applications brought before her by different groups, Justice N.E. Maha, made an order restraining the Attorney-General of the Federation Abubakar Malami, the CCT and its chairman Danladi Umar, the Code of Conduct Bureau, the Inspector-General of Police Ibrahim Idris, and others from taking steps in respect of the case till January 17.

Vanguard reports that Muhammadu Buhari and Atiku Abuabakar presidential campaigns were, yesterday, locked in a fierce exchange of words over alleged attempts to derail perceived plans for somebody from the south to emerge as president in 2023.

Women and Youth Presidential Campaign Organisation of All Progressives Congress fired the first shot when it accused Atiku, the Peoples Democratic Party, candidate of attempting to short-change the southern part of the country by contesting next month’s presidential election.

The directorate said Atiku’s bid would alter permutations on power shift envisaged after a second term for President Buhari.

Newspaper review

Vanguard newspaper for Tuesday, January 15 photo credit: snapshot from Legit.ng
Source: UGC

The assertion was immediately dismissed by PDP campaign, which affirmed that there would be nothing left of Nigeria after four years if Buhari is re-elected given what it claimed as the spate of violence across the country.

The Atiku campaign said as vice-president, the PDP candidate guided the country into its fastest GDP growth. Addressing a news conference, in Abuja, director, media and strategic communications of the organisation, Abdulmumini Jibrin, said Atiku remained the biggest threat to Nigeria’s democracy.

The Nation reports that Assistant Inspector General of Police Abubakar Adamu Mohammed Lafia has been named as the acting Inspector-General of Police.

Adamu’s appointment reportedly got the blessing of President Buhari, who met with IG Ibrahim Idris, who is expected to bow out of service after attaining the retirement age of 60.

Newspaper review

The Nation newspaper for Tuesday, January 15 photo credit: snapshot from Legit.ng
Source: UGC

The appointment came following opposition from some quarters against possible tenure extension for IG Idris, who has also attained the statutory 35 years in service.

It was gathered that the acting IG was selected by the president among three names submitted to him after weeks of shopping for Idris’ replacement.

AIG Adamu is a course mate of Force Secretary AIG Taiwo Lakanu and former Economic and Financial Crimes Commission (EFCC) boss Ibrahim Lamorde.

The Guardian reports that to finance its fiscal and infrastructure deficits owing to paucity of funds, the federal government had borrowed about N1.16 trillion from the equities market in 2018, including the maiden N100 billion Sukuk designed to fund critical road network across the country.

Furthermore, the government plans to borrow additional N1.65 trillion is year, half of it (N824.82 billion) from domestic sources, while 24.24 per cent or N2.14 trillion of its 2019 expenditure will be devoted to debt servicing, minister of budget and national planning, Senator Udoma Udo Udoma, had told journalists at the weekend.

According to the Nigerian Stock Exchange (NSE), capital raising from the market in 2018, was dominated by the government and accounted for 79.30 per cent of bond issuance during the period.

Newspaper review

The Guardian newspaper for Tuesday, January 15 photo credit: snapshot from Legit.ng
Source: UGC

This is even as the NSE raised the alarm that current volatility in the market will sustain until mid-year, on account of the forthcoming general elections.

However, it expressed optimism that with enhanced stability post-elections, the market would witness a return of listing during the year with uptick in activity in the second half of 2019.

This Day reports that Governor Samuel Ortom of Benue state has raised the alarm over what he described as an attempt by certain cabal within the presidency to pit him against President Buhari, who he alleged did not act on time when two Fulani socio-cultural groups threatened and carried out attacks and killings in Benue State.

Ortom made this known while campaigning in Konshisha local government area of the state.

He stated that he has never attacked the personality of the president as insinuated by the spokesman of the president, Mallam Garba Shehu.

READ ALSO: NAIJ.com upgrades to Legit.ng: a letter from our Editor-in-Chief Bayo Olupohunda

Newspaper review

This Day newspaper for Tuesday, January 15 photo credit: snapshot from Legit.ng
Source: UGC

Shehu had alleged that Ortom, who is presently campaigning for his re-election, was alleged to have claimed that Buhari was trying to islamise Benue State.

However, Ortom while fielding questions from journalists at Tse Agbaragba described Shehu’s statement as unfortunate, stressing, “I’m not sure it’s coming from Mr. President but from the presidency.”

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