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Nigerians Spend $30bn on Foreign Education, Medicals in 10 Years

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By Tony Obiechina, Abuja

Minister of Budget and Economic Planning, Abubakar Bagudu, has said that citizens should expect discomfort as a result of the policies of the Bola Tinubu-led administration but he believes the policies would translate into shared prosperity.

Bagudu said this during the presentation made by the nation’s economic at the House of Representatives on Tuesday.

He said the National Assembly particularly the House of Representatives was right to be worried about complaints on Nigeria’s cost of living.

“One of the quickest wins and this challenge does not come unanticipated. We reckon with global challenges that are impacting us domestically, and we reckon with the transitional nature of some of the measures that we have taken.

“We know that they will have some impact but we have compensatory kindnesses, one of which is to support domestic production, particularly one that we are most familiar with 36 states of Nigeria plus the FCT and the agricultural production is a component as well as other infrastructural activities for which funding has been generously provided in the budget.

“What is happening in our country is akin to somebody visiting a reconstruction site. It might be inconvenient. Those living in it might be inconvenienced, especially when such a construction site involves people living in them.

“In improving the site, you have to discomfort those who are living there as well as those who are coming to help,” the minister explained.

He noted that the government’s plan is to prioritise projects that will stimulate economic activities as quickly as possible.

Bagudu said, “We are very clear that we are on the right track and the challenges of the moment are being dealt with.

“We are sure that we will overcome the challenge of the moment, and we build our path to sustain economic growth that includes everyone.”

In a related development, the Central Bank of Nigeria (CBN) has said that it approved $28.6bn on foreign education and another $11bn on foreign medical trips between 2010 and 2020.

The governor of the CBN, Olayemi Cardoso made the revelation on Tuesday during a presentation before the House of Representatives

Cardoso said the figures which summed to $40 billion have contributed to the country’s foreign exchange crisis which has dragged the naira to depreciate to over N1,400 at the official market.

The CBN made provisions for school fees and healthcare at a CBN-approved rate.

According to the CBN governor, recent data show there are significant changes in the demand for PTA for payment of school fees abroad compared to the early 1990s.

Cardoso quoted UNESCO Institute of Statistics data which show that the number of Nigerian students abroad increased from less than 15,000 in 1998 to over 71,000 in 2015.

He said that by 2018, the figure had reached 96,702 Nigerian students schooling around the world.

The CBN said Nigerian students schooling abroad will exceed 100,000.

The UK Higher Education Statistics Agency projected a 64 percent increase in Nigerian study in the country, rising from 1,320 in the 2009-2020 academic session to 21,305 by the 2020-2021 session.

Cardoso said, “Given these data, it is crucial to highlight that between 2010 and 2020, foreign educational expenses amounted to a substantial $28.65bn, as for the CBN publicly available balance of payment statistics.

“Similarly, medical treatment abroad has entered around $11bn in costs during the same period. Consequently, over the past decade, foreign exchange demand for education and healthcare has totaled nearly $40bn.

“Notably, this amount surpasses the total foreign exchange reserves of the CBN. Mitigating a significant portion of this demand could have resulted in a considerably stronger naira today.”Cardoso revealed plans to introduce a new foreign exchange operation mechanism for the operation of the Bureau de Change segment and fight currency hoarding.

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Federation Account Garners N7trn Revenue in Six Months – RMAFC

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By Tony Obiechina, Abuja

Revenue Mobilization Allocation and Fiscal Commission (RMAFC) yesterday disclosed that a total sum of N7.31 trillion accrued to the Federation Account between July and Dec. 2023.This was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) under the caption “CBN Federation Account Component Statement”.

This amount is higher than the sum of N5.
244 trillion realised in the first half of year 2023, according to a statement signed by the RMAFC Chairman, Mr. Mohammed Bello Shehu and made available to the media in Abuja.The chairman disclosed that out of the total gross revenue inflows into the Federation Account, the sum of N1,692 trillion was transferred to the Exchange Gain Differential Account, thus leaving a balance of N5.
475 billion for distribution.He added that from the amount stated above, the sum of N3.26 trillion was deducted as approved statutory deductions by the OAGF, leaving a net balance of N2.2 trillion for distribution to the three tiers of government within the period under review.The chairman explained that out of the N3.267 trillion statutory deduction indicated above, N2.251 trillion was transferred to the Non-Oil Excess Account as savings, thus leaving a net statutory deduction of N1.016 trillion with further augmentations for sharing among the three tiers of government received from some “reserve accounts.”The statement added that within the period under review, the net sum of N4 trillion was shared with the three tiers of government, an amount higher than the total sum of N3.06 trillion.In terms of percentages, the chairman stressed that “the statutory deduction in the second half of the year constituted 44.12 percent of the total gross inflow into the Federation Account in the six-month period, which was higher than the first half deductions of 42.31 percent (inclusive of transfer to the Non-Oil Excess Account).”On remittances by Revenue Generating Agencies (RGAs), the RMAFC chairman disclosed that out of the total gross revenue inflows into the Federation Account, the Nigerian National Petroleum Company Limited (NNPCL) remitted N874 64 billion in the second half of the year as against the zero-remittance made in the first half of the year.Similarly, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted the sum of N1.56 trillion while the Federal Inland Revenue Service (FIRS) remitted N3.65 trillion

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PDP NEC Meeting Ends with Damagum as Acting Chairman

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By Johnson Eyiangho, Abuja

Peoples Democratic Party (PDP) 98th National Executive Committee (NEC) meeting yesterday ended without a word on the much talked-about replacement of the party’s Acting National Chairman, Amb. Iliya Damagum, an indication that he will continue to function in that position.

In an interview with newsmen after the meeting, the PDP spokesman, Hon.
Debo Ologunagba said for now, the party is focusing on issues of reconciliation and its stability, adding that the issue of the Acting National Chairmanship had been “deferred to the next NEC meeting, which is tentatively scheduled for August 15, 2024″.
Also speaking, the Governor of Bauchi State and Chairman of the PDP Governors’ Forum, Bala Mohammed said the party is united as there was no dissension and rancour.
In his words, “It was planned that the party would have an implosion. PDP is more than that. We have gone beyond all that. This party is united, guided by experience and constitutionality.”There were a lot of permutations and mischievous thinking outside there. But we looked at all the issues and we worked along our guidelines and constitution.“There is no problem or dissension and problem among members,” Mohammed said.The well attended NEC meeting was held amid tight security as police and personnel of the Department of State Services (DSS) condoned off roads leading to the PDP Secretariat, Abuja and diverted vehicular traffic.It will be recalled that the PDP National Working Committee (NWC) had passed a vote of confidence on Damagum during its meeting on Tuesday.A communique issued at the end of the three hours meeting commended all the organs of the party for their collective resilience, steadfastness and commitment towards the unity, stability and sustenance the party despite daunting challenges.The communique commended the efforts of the NWC in its effort towards rebranding the party and urged all party members to continue to work together for the success of the PDP for the benefit of Nigerians and sustenance of democracy in our country.

The document which was read by the PDP National Publicity Secretary, Ologunagba, however, expressed concern over what it described as the ill-implemented policies of the APC administration, leading to worsening insecurity, harrowing economic hardship, soaring unemployment rate, high cost of food and other necessities of life with pervading misery and despondency across the country.”NEC expresses serious apprehension over the spate of acts of terrorism and violence including the escalated cases of mindless killings, mass abduction of innocent Nigerians and marauding of communities in various parts of the country.”NEC condemns the insensitivity, nonchalance, incompetence and arrogance in failure of the APC administration which continues to conduct itself in a manner that shows that it has no iota of interest or commitment towards the wellbeing of Nigerians.”NEC also condemns the creeping totalitarianism and tendencies towards a One-Party State which is inimical to the peace, stability and corporate existence of our nation as well as the development of Democracy and good governance in the country,” it said.The communique demanded that President Bola Tinubu should urgently convene a special National Security Council meeting to proffer a holistic solution and measures to curb the disturbing insecurity with its attendant negative consequences on the nation.It also called on the president to “immediately rejig his Economic Team to bring in persons of proven integrity and competence without bias and vested interest to assist in repositioning the economy.”NEC further demands that the Federal Government should review all policies and programmes which are stifling the economy with suffocating effect on the lives of citizens; including the increase in price of fuel without cushioning measures, hike in electricity tariff, increased taxation and implementation of adverse fiscal policies,” the communique added.Present at the meeting were FCT Minister Nyesom Wike, former Vice President Atiku Abubakar and many other past and presently elected members of the PDP.

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CBN Reduces Banks’ Lending Rate to 50 Percent

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By Tony Obiechina, Abuja

Central Bank of Nigeria (CBN) yesterday announced a review of the loan-to-deposit ratio (LDR) for banks from 65 percent to 50 percent to align with the current monetary tightening.

LDR is used to assess a bank’s liquidity by comparing its total loans to its total deposits.

An increase in the loan-to-deposit ratio allows banks to expand their credits to businesses and individuals, however, a decline in LDR reduces their ability to loan customers from depositors’ funds.

CBN disclosed the increase in a circular titled “Re: Regulatory Measures to Improve Lending to the Sector of the Nigerian Economy”, signed by Adetona Adedeji, CBN Acting Director, Banking Supervision Department.

“Following a shift in the b  ank’s policy stance towards a more contractionary approach, it is imperative to review the loan-to-deposit ratio (LDR) policy to align with the current monetary tightening by the CBN,” the apex bank said.

“Accordingly, the CBN has decided to reduce the LDR by 15 percentage points to 50%, in a similar proportion to the increase in the CRR rate for banks.

“All DMBs are required to maintain this level and are further advised that average daily figures shall continue to be applied to assess compliance.”At the last monetary policy committee (MPC) meeting on March 26, the CBN retained the CRR at 45 percent and the liquidity rate at 30 percent.

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