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FG Releases Guidelines For States’ Debt Management

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The Federal government of Nigeria has released guidelines for the legal framework for states’ debt management operations for the achievement of the disbursement-linked indicator (DLI) under the States’ Fiscal Transparency Accountability and Sustainability (SFTAS) Programme of the central government.

This DLI requires states to have robust state level legislation which incorporates amongst others; responsibilities for contracting State debt for recording and reporting State debt as well as fiscal and debt rules and/or limits for States.

This was contained by director-general of the debt management office (DMO) Patience Oniha, while speaking at a workshop for virtual presentation of the guidelines for the legal framework for states’ debt management operations in Abuja, on Wednesday.

She said World Bank is using the programme to provide support for the federal government and the states in area of financial management.
“DLI is most appropriate and relevant for debt management operation.

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The SFTAS Program has upscaled these initiatives, improved the level of commitment, and, brought a sense of urgency to improve public debt management at the Sub-national level. Overall, the outcome is a strong positive,”

Some guidelines have been prepared to enable the states understand what should be contained in those laws. One of the areas of focus is ‘who has authority to borrow, what is the process for borrowing and what is the limit?

The workshop is designed to help states have a clear understanding of the guidelines and requirements of state debt legislation and the institutional frameworks required for efficient debt management operations, whose ultimate objective, is to ensure that borrowing is prudent and that debt is sustainable.

According to official figures, 23 states have already enacted laws and fiscal frameworks and by extension earned the SFTAS World Bank grant associated with its implementation.

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Oniha said the DMO is committed to ensuring that the remaining thirteen (13) States meet this requirement.

The background is a 2016 adoption of the fiscal sustainability plan for sub-national governments. The agreement from both parties is that some things are needed to be done to improve financial management services at the state levels.

The aim is to migrate some of the federal government financial reform initiatives as the DMO act, IPPIS and financial responsibility act to the states to improve overall fiscal sustainability.

She said, “It’s a partnership, it’s a working relationship to work with the state governments to achieve some targets regarding debt, especially, to ensure they have the equivalent debt management law.

Legislations and institutions are what make countries work. The SIFTES programme ensure that the requirements and agreements in the 2016 agreement are delivered.

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The DMO DG said the federal government is not setting a timeline for the states to implement the programme or compel them to domesticate it. She said there are incentives for states who implement the requirements for public finance management.’’

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Buhari directed us to drop Osinbajo from Tinubu’s campaign – APC

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Buhari directed us to drop Osinbajo from Tinubu’s campaign – APC

Naija News

The All Progressives Congress (APC) has said President Muhammadu Buhari, directed that Vice-President Yemi Osinbajo, be dropped from the Campaign Council of the party’s Presidential Candidate, Asiwaju Bola Tinubu.

Naija News 247 had reported that Osinbajo’s name was missing from the he 422-man list realised by the Presidential Campaign Council Secretary, James Faleke, in Abuja on Friday night on Friday night.

The spokesman of the campaign, Festus Keyamo, said President Buhari asked that Osinbajo alongside Boss Mustapha, Secretary to the Government of the Federation, should not be part of the campaign council so they could focus on governance.

Keyamo disclosed this on Saturday in a statement while explaining the reason behind the decision to drop the vice president

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The statement read, “Our attention has been drawn to some stories making the rounds that there may be something amiss within the family of the All Progressives Congress (APC) as the name of our own revered and respected Vice-President, Professor Yemi Osinbajo, SAN, GCON, is not included in the list of the Tinubu/Shettima Presidential Campaign Council.”

“Nothing can be farther from the facts. For the avoidance of doubt, President Muhammadu Buhari , GCFR, is the Chairman of the Campaign Council. As a result, Mr. President has SPECIFICALLY directed that the Vice-President and the Secretary to the Government of the Federation, Mr. Boss Mustapha should be left out of the Campaign Council to concentrate on the governance of the country and administration of Government. As a responsible Party and Government, all the key functionaries of government cannot abandon their positions for electioneering campaigns. The APC has the mandate of the Nigerian people to administer the country on their behalf at least till May, 29, 2023, and this we intend to do with all sense of responsibility.

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“We will not toe the path of those who governed the country in an irresponsible manner before us and our Party is not in total disarray like those who wish to ‘rescue’ the country, but cannot simply manage their own internal affairs.”

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Again, three storey building collapses in Lagos

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Again, three storey building collapses in Lagos

Naija News

A three storey building has collapsed on Sonuga Street, Palm Avenue, Mushin Local Government Area of Lagos State.

According to Vanguard, an eyewitness said the incident happened at 12 noon on Friday amid heavy rainfall.

The Permanent Secretary, Lagos State Emergency Management Agency, Dr Olufemi Oke-Osanyinyolu, who confirmed the development said, “A building has collapsed in Mushin few minutes ago. The rescue operation is ongoing,” PUNCH reports.

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As of the time of filing this report, it could not be established if anyone was trapped in the rubble of the collapsed structure.

However, LASEMA, and Lagos State Rescue and Fire Service, have arrived the scene on rescue victims mission.

  Photos as Nigerian Army destroys Unknown Gunmen Camp in Anambra

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Ayu manipulated PDP presidential primary – Wike

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Ayu manipulated PDP presidential primary – Wike

Naija News

The Rivers State Governor, Nyesom Wike, has accused the National Chairman of the Peoples Democratic Party, Iyorchia Ayu, of manipulating delegates at the party’s convention for former vice president, Atiku Abubakar, to clinch the PDP presidential ticket.

The governor revealed this on Friday in an ongoing media parley.

Wike alleged that Ayu played a vital role that was detrimental to other aspirants in the emergence of Atiku as PDP flagbearer.

He said if not for the love he and others in his camp had for the main opposition party, they could have prevented the PDP convention from holding.

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The governor alleged that Ayu called several presidential aspirants to step down for the former vice president during the convention.

“He was calling aspirants to withdraw for Atiku. I was there, Saraki and others were there.

“He manipulated the delegates. There was nothing Ayu did not do to ensure Wike didn’t emerge,” Wike said.

The governor added, “Meetings upon meetings were going. Pressures were being mounted on people to step down.

“Even on the night of the convention meetings were going on. That is why we started our convention late.

“Some of the retired generals were involved. Some of the meetings were held in their houses. There is nothing they didn’t do for me to step down.

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“Those who know me, know that I would have stopped the convention, even if heaven falls.”

Naija News 247 had reported that Wike camp announced their plan not to participate in the campaign council which was scheduled for inauguration next Wednesday after a meeting at Wike’s private residence in Port Harcourt, Rivers State, on Wednesday morning.

Reacting to the withdrawal from Wike’s camp, Atiku in a statement he personally signed reiterated his decision not to interfere in the demands for Ayu’s removal.

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