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FG’s total debts, other liabilities to hit N60.9 trillion in 2023

Buhari
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By Francesca Iwambe
As the President Muhammadu Buhari-led government scrambles for available funds to survive the current financial squeeze before its expiration in May, next year, a new report has revealed that the government’s total debts and contingent liabilities have hit N60.9 trillion.
The report preempt that the figure is likely to rise to N65 trillion before the end of the year,
According to the report, the figure does not include undocumented contingent liabilities to university lecturers, public school teachers and other public employees to whom the government is indebted. It also excludes other pending financial liabilities to non-lending bilateral and multilateral institutions.
The Federal Government’s debt obligation stood at N35.7 trillion as of June. The amount does not include the Central Bank’s lingering overdrafts estimated at N20.6 trillion at the last count. Besides, the government’s “contingent liabilities” to different institutions and projects stood at N4.6 trillion at the close of last year. The figure is projected to reach N4.98 trillion at the end of the year and jump by as much as 50 per cent to N7.52 trillion next year when the current administration will leave office.
Items and organisations on the contingent liability list are Nigeria Mortgage Refinance Company Plc, Nigeria Ports Authority – Lekki Deep Seaport, pension arrears, NNPC – AKK Gas Pipeline Project among others.

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FEC Approves N580.5m To Procure Armoured Vehicles To Fight Drug War

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By Gloria Ikibah

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The Federal Executive Council (FEC) has approved the sum of N580.5 million for the procurement of four armoured vehicles to fight dangerous and illicit drugs by the National Drug Law Enforcement Agency (NDLEA).

Minister of Justice and Attorney General of the Federation, Abubakar Malami disclosed this to State House correspondents at the end of the Council’s meeting which was presided over by President Muhammadu Buhari in Abuja on Wednesday.

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He said: “Today, a memo was presented by the office of the Attorney General of the Federation, that is the Federal Ministry of Justice, which was relating to a parastatal under the supervision of the office of the Attorney General; the National Drug Law Enforcement Agency (NDLEA).

“The purpose of the memo was to seek approval of the council for the award of contract for the supply of four customised armoured security vehicles of 14 seater model for the NDLEA.

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“The contract sum is N580, 500, 000 only inclusive of 7.5 percent value added tax with a delivery period of 16 weeks.”

The Minister said the decision to procure the armoured vehicles was taken to encourage and safeguard the lives of NDLEA personnel who have been working very hard with impressive results being recorded.

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“It is common knowledge that of recent the NDLEA has been repositioned and arising from the support both in terms of our capacity building, hardware and associated things.

“They have been recording an extra-ordinary or unprecedented success. Recently they seized about 1.8 tons of cocaine having a market value of about N194 billion.

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“So, with all these successes recorded, it is only logical that the criminals and their syndicate are now devising means inclusive of attacks on NDLEA personnel.

“It is with that in mind that the memo was presented for the procurement of such vehicles for the NDLEA and the council approved,” he said.

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According to him, between January and July 2022 the NDLEA arrested 18,940 suspects with 2,904 convictions.a

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Naira depreciates by 0.08%, exchanges at 436.33 to dollar

Naira, CBN
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The Naira on Tuesday exchanged at N436.33 to the dollar at the Investors and Exporters window, a depreciation of 0.08 per cent, compared with N436 to the dollar on Monday.

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The open indicative rate closed at N434.93 to the dollar on Tuesday.

An exchange rate of N441 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.33.

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The Naira sold for as low as N435 to the dollar within the day’s trading.

A total of 99.43 million dollars was traded at the official Investors and Exporters window on Tuesday. (NAN)

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Nigeria’s Fuel Subsidies Surpassed $1 Billion In August As It Supplied More Petrol

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The cost of Nigeria’s fuel subsidies rose to 525.714 billion naira ($1.22 billion) in August, bringing the total spent this year to 2.568 trillion naira, according to figures submitted to the government by the Nigeria National Petroleum Corp, NNPC.

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The ballooning costs of keeping petrol prices low in Africa’s most populous nation are straining the budget and draining revenue from the Nigerian National Petroleum Corp (NNPC).

In April, Nigeria’s parliament approved a 4-trillion-naira petrol subsidy for this year after the government in January reversed a pledge to end its subsidies to avert protests in the run-up to presidential elections in February 2023.

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NNPC has not submitted any money to the federal government this year due largely to subsidy costs. August’s bill compared with 448.782 billion naira in July, according to a document NNPC submitted on Friday to the Federation Account Allocation Committee.

Part of the increased cost was down to a bigger daily supply of petrol, which rose to 71.8 million litres, up nearly 10% from July, according to information submitted at the same meeting by regulator Nigerian Midstream and Downstream Petroleum Regulatory Authority.

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Oil production in August averaged 1.18 million barrels per day, well below the nation’s OPEC quota of 1.8 million bpd, due in large part to theft from pipelines that has curtailed production.

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