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FG suspends plans to borrow $22.7bn

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…Commodities market to be used to diversify economy — Osinbajo
The Minister of Finance, Mrs. Zainab Ahmed, Monday, disclosed that the Federal Government has suspended its $22.7 billion external borrowing plans due to current realities in the global economic landscape.
Speaking in Abuja, at the 2020 International Conference on the Nigerian Commodities Market, organized by the Securities and Exchange Commission, SEC, Ahmed stated that the government would not go ahead with the borrowing programme even if it secures the approval of the National Assembly.
The finance minister explained that the decision of the government to suspend the borrowing was due to the fact that market indices do not support external borrowings at the moment. She said, “The parliament is still doing its work on the borrowing plan.
One arm of the parliament has completed theirs and the other arm is still working and it is a process that is controlled by the parliament itself, so we are waiting.
“However, we are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get approvals we will defer it and watch the market and go out only when the timing is right.”
She explained that the Federal Government was not relenting on its plans to diversify the country’s economy, noting that unfolding events of the past few months, the coronavirus pandemic and the oil price war, had further reinforced the resolve to diversify the national economy.
She disclosed that the current challenges in the global economy had brought to the fore the need for the country to develop a non-oil attitude to everything.
According to her, the Federal Government planned to prioritize expenditure in favour of major capital expenditures that would have greater impact, and which would create job and visibility and also enhance the ease of doing business in the country.
She noted that expenditures that are not critical must be deferred to a later date when things become more normal.
 She said, “Several national plans, programmes and projects have been directed at diversifying the production and revenue structures of our economy. “While some levels of achievements have been recorded in this area, more still needs to be done to ensure that our production and exports base become more robust, less vulnerable to external shocks and provide more opportunities to our teeming population.”
Commodities market to be used to diversify economy — Osinbajo
Also speaking, Vice President Yemi Osinbajo, stated that the government was taking steps towards developing the Nigerian commodities market, using it as a major driver for its economic diversification efforts. He said, “As we are all aware, Nigeria is working on diversifying its economy as well as its revenue sources.
The need to develop other channels of generating revenue and foreign exchange is critical. “This need is further underscored by the recent drop in the global price of crude oil, which also constitutes a major threat to achieving planned government expenditure.
“There are various other initiatives towards mapping, quantifying and efficiently exploring the nation’s solid minerals deposits.
Such efforts are equally necessary to diversify the country’s revenue sources from oil and create more opportunities in the regions where such solid minerals are deposited. “No doubt, some of these developments in Nigeria’s agriculture and solid minerals sectors present emerging opportunities to be further enhanced and fully explored, all to the benefit of everyone in the country, as well as our foreign partners.”
Nigeria’s commodities’ potential still unrealized — SEC Speaking in the same vein, Acting Director-General of SEC, Ms. Mary Uduk, reiterated that Nigeria was well endowed with agricultural, metals and energy commodities, noting that the country’s potentials in these areas are unrealised. She said, “The good news, however, is that the capital market can be used as an avenue to unlock these potentials and diversify the nation’s economy, while providing jobs, creating values and contributing to governments’ revenue.
“We believe that if we can develop and institutionalise a vibrant commodities trading ecosystem in Nigeria, we can substantially address problems such as lack of storage, poor pricing, non-standardization, as well as low foreign exchange earnings affecting our agriculture and other commodities sub-sectors.”

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Super Eagles: Chelle Explains Decision to Invite New Players

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Super Eagles head coach Éric Chelle has defended his decision to hand opportunities to several new players during the Unity Cup and the international friendly against Poland, saying the move is part of efforts to strengthen the national team.

According to DAILY POST, Chelle included eight home-based players in his squad for the Unity Cup invitational tournament as he continues to assess new talents capable of improving the team.

Players such as Femi Azeez, Owen Oseni, Arthur Okonkwo, and Rafiu Durosinmi all made their debut appearances during the competition.

Banik Ostrava defender Abdullahi Bewene also earned his first cap for the Super Eagles in the friendly against Poland, while Genk defender Christian Akpan received a late invitation for the upcoming friendly against Portugal.

Speaking to the Super Eagles media team, Chelle said the inclusion of fresh faces is aimed at raising the quality and competitiveness of the squad.

“We have analysed our game over the past year and have tried to bring in players who can help the team grow,” Chelle said.

“We need to improve because, for me and for everyone, it is often the smallest details that make the difference between being the best team and winning a trophy.”

The Malian tactician has continued to experiment with his squad since taking charge, with a focus on building a stronger and more competitive team ahead of future international competitions.

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“I Left the Frying Pan for Hellfire” — Senatorial Aspirant Laments Exit from APC to NDC

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Ehiozuwa Agbonayinwa, an aspirant for the Edo South Senatorial seat under the platform of the Nigeria Democratic Congress (NDC), has expressed deep frustration over his experience in the party, describing his defection from the All Progressives Congress (APC) to the NDC as “moving from the frying pan into hellfire.”

Speaking on Arise NewsNews Day programme on Friday, the former member of the House of Representatives alleged that despite winning the party’s senatorial primary election, he is now being prevented from appearing on the ballot.

Agbonayinwa further accused the NDC’s national leader, Senator Seriake Dickson, of reneging on earlier encouragement for him to contest the Senate seat on the party’s platform. According to him, Dickson personally persuaded him to purchase the party’s expression of interest and nomination forms, only to later deny ever doing so.

“I have moved from the frying pan into hellfire,” Agbonayinwa said.

“After efforts to reach a consensus failed, we proceeded to a direct primary election. Party leaders brought all the aspirants together and encouraged us to step down for one another, but no agreement was reached.

“We went through a rigorous process. I understand the party is relatively new, but in all my years in both the APC and PDP, I have never witnessed this kind of situation. The primary election was held on May 29, and as of June 5, the results have still not been officially announced.”

The former lawmaker said he was particularly disappointed by the role allegedly played by Dickson, whom he described as a longtime friend and respected associate.

“Before joining the NDC, I reached out to Senator Seriake Dickson and later visited him at his residence. During our discussion, he asked why I could not pursue a Senate seat under the NDC platform.

“At the time, I was considering contesting for the House of Representatives, but after his suggestion, I told him I would consult with my political leaders. After doing so, I informed him of my decision and thanked him. To my surprise, the same person who encouraged me to obtain the nomination form has now claimed he never made such a recommendation,” he stated.

Agbonayinwa maintained that the handling of the primary election process has left him frustrated and disillusioned, raising concerns about transparency and internal democracy within the NDC.

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Some Nigerians Have Turned Insecurity Into a Commercial Venture — PDP Chieftain

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A chieftain of the Peoples Democratic Party (PDP), Anthony Ehilebo, has expressed concern over the worsening security situation in Nigeria, alleging that some individuals now view insecurity as a profitable enterprise.

Speaking on News Central’s Politics HQ on Friday, Ehilebo said the failure of authorities to bring perpetrators of major terrorist attacks and kidnappings to justice has contributed to the continued spread of insecurity across the country.

He cited the abduction of schoolgirls in Borno State and the attack on students in Buni Yadi as examples of incidents in which those responsible have not been adequately held accountable.

“When Boko Haram kidnapped girls in Borno State, till today we have not found those responsible and held them to account. Buni Yadi happened and nobody was held to account, and it spread to other schools,” he said.

Ehilebo noted that insecurity in Nigeria has evolved into different dimensions, including terrorism driven by extremist ideology and criminal activities motivated by financial gain.

“There are multiple facets and there is one that is solely domiciled within terrorism and if you look at the literal translation of Boko Haram, it means western education is haram according to radical Islamic teachings,” he stated.

He also alleged that some people now engage in kidnapping and related crimes for economic reasons, citing a recent case involving a senior special assistant in a state government who was reportedly arrested for allegedly staging her own abduction in an attempt to obtain ransom from the government.

“It has now become an industry and a commercial venture for some and for some it has become literally a religious thinking process,” he said.

The PDP chieftain argued that the lack of consequences for criminal acts has encouraged the persistence of insecurity, stressing that stronger political will is required to address the challenge effectively.

“The bottom line that has kept this is the consequence, which is almost driven by political will,” he added.

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