Nigeria Does Not Have A Debt Crisis – Finance Minister

 

The Minister of Finance, Mrs Zainab Ahmed, says Nigeria is not in any debt crisis as being speculated in many quarters.

Ahmed gave the assurance while speaking at a public hearing on the budget organised by the National Assembly on Wednesday.

She insists that the country’s debt profile is still within a reasonable limit.

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“Nigeria does not have a debt crisis”, she said.

“Our total borrowing today is just under 20% of our GDP while the multilateral institutions project for an economy our size to borrow up to 50-55% of our GDP. What we have is a revenue problem”.

House Of Representatives Wades Into WAEC Debt Crisis

waec-WASSCE-2015The Nigerian House of Representatives has set up an Ad hoc Committee to intervene in the alleged debt crisis between the West African Examination‎ Council (WAEC) and some states, resulting to a threat by the examination body to withhold the results of some students.

The House took the decision following a motion by a lawmaker, Linus Okorie that the academic pursuit of more than half of the 1.2 million candidates who sat for the examination would be disrupted if WAEC was allowed to carry out its threat.

The motion was passed unanimously after deliberations, and the House mandated the Committee to report back in one week, to allow actions be taken before the date for the release of the May/June 2015 West African Secondary Schools Certificate Examination (WASSCE) results.

On Monday, the examination body claimed that 19 states out of the 36 states were owing about four billion Naira exam entry fees for state government sponsored candidates.

The Head of WAEC in Nigeria, Charles Eguridu, said: “A total number of 19 states in the country owe the Council in respect of entry fees for state government sponsored candidates for the May/June 2015 WASSCE. Some states also still owe the Council registration fees for the May/June 2014 WASSCE.

“We, therefore, want to publicly plead with the affected states to off-set the registration fees of their candidates as soon as possible, as we cannot guarantee that the results of their candidates for the May/June 2015 will be released along with others”.

EU Leaders Agree To Relocate 40,000 Migrants

eu on migrantsEuropean Union (EU) leaders have agreed to relocate tens of thousands of migrants who have arrived in Italy and Greece.

At a late-night meeting in Brussels, the summit Chairman, Donald Tusk, said 40,000 migrants will be relocated to other EU states over the next two years.

However, there will be no mandatory quotas for each country.

New figures from the United Nations (UN) refugee agency, UNHCR, show that 63,000 migrants have arrived in Greece by sea this year and 62,000 in Italy.

The summit Chairman had earlier called on EU member states to share the burden of the loads of illegal migrants who have crossed the Mediterranean.

Media reports says that leaders have agreed to resettle another 20,000 refugees who are currently outside the EU.

It is also reported that French President, Francois Hollande, said he expected most of the refugees to be Syrians and Iraqis.

Meanwhile, details of where the refugees will go is yet to be decided.

Greece Debt Crisis: EU Leaders Gather For Critical Summit

greeceEuropean leaders are gathering for an emergency summit in Brussels that could break the deadlock around the debt crisis facing Greece.

On Sunday, the Greek Prime Minister, Alexis Tsipras, set out new proposals to try and prevent a default on a €1.6bn (£1.1bn) International Monetary Fund (IMF) loan.

The proposals, according to an European official, held plenty of promise.

Greece risks crashing out of the single currency and possibly the European Union (EU) if it fails to repay the loan by the end of June

Talks have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are not willing to unlock the final €7.2bn tranche of bailout funds until Greece agrees to economic reforms.

The three creditors must agree to the deal offered by Greece, to ensure Monday’s talks have a clear focus.

Further findings revealed that if deposit withdrawals continue at the current pace, Greek banks will soon exhaust eligible assets they can pledge to the Bank of Greece for cash under the Emergency Liquidity Assistance (ELA) scheme.

Before then, the ECB could turn off the ELA drip feed because it is forbidden to allow the Bank of Greece to lend to insolvent banks.