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Climate Deal: Nigeria to reap Billions of Dollars in Debt relief — Osinbajo

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Vice President Yemi Osinbajo says the Federal Government will be reaping billions of dollars in debt relief from some creditors if the Debt-for-Climate (DFC) swap deal is accepted.

Osinbajo’s spokesman, Laolu Akande, in a statement on Sunday in Abuja, said the swap deal was  proposed recently  in the U.

S. by the vice president.

The idea, described as fresh thinking in Washington D.

C by senior American government officials, is already receiving positive reviews even as Osinbajo explained the potential for significant debt cancellation for African countries.

In his meetings with the top officials of the US Government right after his speech at the Centre for Global Development (CGD), Osinbajo pushed the DFC idea.

“The proposed DFC  swaps would be a very useful intervention and helpful as it will reduce debt burdens,” while advancing the Climate Change objectives of the international community.”

He also described the idea as a climate change related financing instrument, deserving of global consideration as it is a win-win proposal.

Osinbajo also pushed the idea of opening up the Carbon Market in Africa so that the climate change actions of African countries could be adequately verified by the international community through the assessments of the appropriate verification institutions.

“We are hoping to get support and international buy-ins for these ideas,” specifically the DFC and the participation of African countries in the international carbon market.

He reiterated that the DFC will help solve many of the debt burden challenges in Nigeria and other countries.

Responding to the DFC proposal,  Samantha Power, the Administrator of USAID,  told the vice president that the idea was “fresh thinking that is very exciting”.

He added  that the U.S. was open to such new thinking even though it would require the full policy review of the American Government.

Experts say that under the DFC, sovereign debtors and international creditors will forgive all or a portion of external debt.

The debts  often run into billions in a country like Nigeria, in exchange for a commitment by the country to invest in domestic currency, in specific climate or energy transition projects during a commonly agreed period.

The expectation is that DFC Debt will reduce the level of indebtedness and free up fiscal resources to be invested in clean energy projects in Nigeria and other countries signed up for the programme, once accepted by creditor-nations.

Osinbajo had explained that the swap deal was a type of debt swap where bilateral or multilateral debt was forgiven by creditors in exchange for a commitment by the debtor to use the outstanding debt service payments for national climate action programs.

“Typically, the creditor country or institution agrees to forgive part of a debt.

“If the debtor country would pay the avoided debt service in a local currency into an escrow or any other transparent fund, and the funds must then be used for agreed climate projects in the debtor country,” he said.

While in Washington D.C., the vice president  met with his American counterpart,  Kamala Harris at the White House and the U.S. Secretary of the Treasury, Janet Yellen

He also held an interactive session with a group of Nigerian staff members of the World Bank and the IMF.(NAN)

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Police Arrest 15 Suspects over Warehouse Vandalism in Abuja

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The Police Command in the Federal Capital Territory (FCT) said it has arrested 15 suspects in connection with the vandalism of a warehouse belonging to the Federal Capital Development Authority (FCTA) in Abuja.

The Police Public Relations Officer in the FCT,  SP Josephine Adeh, said this in a statement on Sunday in Abuja.

She said two security guards employed by the warehouse management were among the suspects, arrested over the vandalism of the warehouse in Tasha area of Abuja.

Adeh said 26 bags of maize, five Motorcycles and some vandalised aluminum roofing sheets were recovered from the suspects.

“The Police Command in the FCT is fully informed about the impulsive attack on Agric Department Strategic food store located at Tasha area of Abuja, on March 3.

“The attack has resulted to the vandalism and looting of the warehouse.

“The command wishes to state that normalcy has since, been restored to the area and the situation, under control,” she said.

The Agricultural and Rural Development Secretariat of the FCTA had earlier, confirmed the looting of its warehouse on Sunday, by some hoodlums. (NAN)

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Troops Neutralise ESN Terrorists, Clear  Hideouts in Imo – Army

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The Nigerian Army troops have  successfully cleared IPOB/ESN hideout at Ihiteukwa Community in Orsu Local  Government Area of Imo State, neutralising one IPOB/ESN terrorist after an intense firefight on Saturday.

The Director of Army Public Relations, Maj.-Gen. Onyema Nwachukwu, made this known in a statement on Sunday in Abuja.

Nwachukwu said the troops conducted a search in their hideout and recovered three Improvised Explosive Devices (IED), one Toyota Highlander SUV and one Hilux vehicle after overpowering the criminals.

He said that other items recovered include eight rounds of 7.

62mm (Special) ammunition, six rounds of 7.62mm (NATO) ammunition and one locally fabricated single barrel gun.

“Other items recovered from the terrorists’ hideout include a pair of proscribed Biafran uniform, one solar panel and one CCTV camera.

“Troops also recovered 10 mobile phones,  batteries, a bundle of proscribed Biafran Currency, three solar street lights, three jungle hats, pairs of black boots and assorted charms,” he said.

Nwachukwu said the troops had in another encounter engaged IPOB/ESN terrorists at their crossing point in Akawa Nneato area of Umunneochi Local Government Area of Abia.

He said the troops engaged the terrorists in a firefight resulting in the terrorists scampering in disarray into nearby bushes.

“On exploiting further after the shootout, troops recovered one AK-47 Rifle loaded with 19 rounds of 7.62mm (Special) ammunition, two empty magazines and one FN Rifle loaded with four rounds of 7.62mm (NATO) ammunition.

“In another development, troops operating in the Kawara general area of Birnin Gwari Forest in Kaduna State have cleared and destroyed a series of terrorists’ camps in the area.

“During the operation, troops recovered three motorbikes, one PKT Gun link containing 246 rounds of 7.62mm by 39mm ammunition, one woodland camouflage and a pair of Desert boots.

“Other items recovered include three magazine carriers and one Boafeng Radio.

“Troops have dominated the general area and conducting further exploits in pursuit of the insurgents.

“The Nigerian Army remains committed to ensuring the safety and security of citizens and will continue to sustain operations to sanitize troubled areas in order to restore peace and stability in the country,” he added. (NAN)

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Recruitment: Police announce 17 CBT Examination Centres in Kogi

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The Kogi Police Command on Sunday announced 17 Computer-Based Test (CBT) Centres for the 2022 Nigeria Police Force Recruitment in the state.

The command’s spokesperson, SP Williams Ovye-Aya, who dropped the hint in a statement issued in Lokoja, said that the recruitment scheduled for Tuesday and Wednesday, was only for Police Constables.

Ovye-Aya said that the 17 centres were released by the Joint Admissions and Matriculation Board (JAMB).

“All applicants who are invited for the CBT are advised to visit the portal to print their invitation slips and come along with it to the centres.

“Any applicant that doesn’t have the invitation slip will not be allowed into the CBT centre, ” he warned.

According to him, the recruitment is absolutely free and warns applicants to be wary of job scammers, who may want to defraud them.

He further advised the applicants to shun any form of examination malpractices or any other act contrary to the rules for the examination.

“This is key because any body caught will be prosecuted accordingly.” (NAN)

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