- Akinwumi Adesina, the president of the African Development Bank (AfDB), has dismissed allegations by whistleblowers that he violated the code of conduct of the institution
- The president of the African Development Bank describes the allegations as spurious and unfounded
- Adesina says he has strong confidence in the governance systems of the bank put in place by its board of governors
President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, has dismissed allegations by a group that accused him of violating the code of conduct of the institution.
Adesina in a statement on Monday, April 6, faulted the publication of the allegation in a foreign magazine, Le Monde, by the group which described itself as concerned staff members of the bank, This Day reports.
Adesina described the allegations by the group as spurious and unfounded. He said the bank had a very high reputation for good governance.
He noted that he had strong confidence in the governance systems of the bank put in place by its board of governors.
Adesina stated that the ethics committee of the board of directors is following its internal review systems and should be allowed to complete its review and work without interference from anyone or the media.
Meanwhile, one of the top rating agency in the world, Fitch Ratings has downgraded Nigeria's credit rating to B from B+ while also assigning a negative outlook.
According to the international agency, the recent slump in oil prices and the pandemic shock will put pressure on Nigeria's external finances.
Going further, Fitch noted that the collapse in oil revenues and the slowdown in economic activity will take a toll on the "government's already weak fiscal revenues."
"The shock will also raise government debt and interest payment-to-revenue ratios from already particularly high levels and lead to a renewed economic recession," Fitch wrote in a release on Monday, April 6.
In another report, Zainab Ahmed, the minister of finance, budget and national planning, has disclosed that the decline in oil revenue due to the hard-hitting effect of coronavirus has posed a great threat to the economy.
Addressing journalists in Abuja on Monday, April 6, the finance minister said the impact of the tumble in oil price globally has really brought a damning effect on Nigeria's economy.
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Legit.ng notes that since January 2016, the oil price has tragically slipped below $30 a barrel, leaving countries like Nigeria who depend on the oil as major revenue generation in an economic quagmire.
The finance minister, who lamented the impact of COVID-19 on each sector of the economy, said the pandemic will have an impact on economy-related sectors of the country.
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