Connect with us

Finance

The Finance Minister Explain Why IMF Excluded Nigeria From Debt Relief For 25 Poor Nations.

Published

on

IMF Nigeria Zainab excluded debt

The Finance Minister Explain Why IMF Excluded Nigeria From Debt Relief For 25 Poor Nations.

 

*Nigeria is being excluded from debt relief because the country is not owing to the organization- Zainab Shamsuna Ahmed(Finance Minister).

*Nigeria has however applied for new IMF financing-Zainab Shamsuna Ahmed

*The application is still under consideration-Minister.

 

 

 

Zainab Shamsuna Ahmed, the finance minister, explained the reason IMF(International Monetary Fund) removed Nigeria from the recent announcement of debt relief for 25 poor nations.

The finance minister also said that Nigeria has no outstanding debt with the organization.

In addition to what she has said, Nigeria has applied for new IMF financing and this is currently under consideration.

 

“Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven. Nigeria’s application for new IMF financing is under consideration and receiving attention. The new application is for financing under the Rapid Financing Initiative (RFI).

“Nigeria is entitled to access up to 100% of its quota under the Rapid Financing Initiative (RFI). Our current financial position at the IMF is public information on the International Monetary Fund website,” she disclosed this in a tweet.

Also Read:

The federal government on Tuesday, April 14, announced that it received a grant of €50 million from the European Union to fight COVID-19. Source Legit.ng.

The head of EU delegation in Nigeria, Ambassador Ketil Karsel, announced this at a meeting with President Buhari in Abuja.

Adesina stated: “EU gives Nigeria a grant of 50 million Euro to fight COVID-19. Head of EU delegation, Amb Ketil Karlsen, at the event commended President Buhari for “your powerful address to the nation last night,” and for “the bold and necessary measures you’ve taken.”

According to Legit.ng, they reported that the International Monetary Fund granted debt relief to twenty-five countries, mostly African nations excepting Nigeria.

According to a statement made by the managing director of the IMF, Kristalina Georgieva, said it will provide  $500m in grant debt service relief to these countries.

Announced on Monday, April 13, by the managing director of the IMF.

Continue Reading
Advertisement

ADVERTISEMENT

ADVERTISEMENT

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Customs Corner

Customs to Partner with SMEDAN to Ease Cross-Border Trade

Published

on

Author: Titus Omajali 

The Nigeria Customs Service (NCS) announced on Thursday, 12 September 2024, that it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost trade, encourage local production and ease Cross-border trade.

The Comptroller-General of Customs (CGC), Adewale Adeniyi, made this known when he received the Director-General (DG) and Chief Executive Officer (CEO) of SMEDAN, Charles Oidi, and his team at the NCS Headquarters in Abuja.

The CGC stated that a dedicated SMEDAN team will be established at the NCS office to provide specialized assistance and facilitate seamless processes for small and medium-sized businesses engaged in cross-border trade. “The population of SMEs cannot be ignored. Whatever you do with them, you do it to strengthen the economy of the nation,” he said

Responding, the DG/CEO of SMEDAN, Charles Oidi, commended the CGC for his commitment to SME development and pledged to continue facilitating productive interactions between government agencies and the SME ecosystem. “SMEDAN remains dedicated to identifying bottlenecks, designing inclusive solutions, and implementing effective strategies to support the growth of SMEs in Nigeria,” he stated.

Continue Reading

Customs Corner

Four Officers Honoured for Exceptional Performance in Customs Airport Cargo Command 

Published

on

As Comptroller Awe Reaffirms CGC’s Dedication to Recognition

Author: Abass Quadri

Comptroller Michael Awe, in charge of the Murtala Muhammed International Airport Cargo (MMIAC) Command, has recognised four officers for their excellent performance in executing their duties.

The officers were honoured during a parade at the Command on Wednesday, 11 September 2024.

Addressing the Officers and men of the Command, the CAC stated that the recognition, which will be done monthly or quarterly, is part of the CGC’s commitment to rewarding hardworking officers.

“There are four officers here, each representing one month from May to August 2024, who will be given letters of recognition today. The letters have reached the Office of the Zonal Coordinator, and he will send them to headquarters,” the CAC said.

Regarding the Command’s revenue generation efforts, Comptroller Awe noted that more than N16 billion has been collected so far. He appreciated the senior officers for their support, acknowledging that this success could not have been achieved alone.

The recognised officers include CSC Itinu Jimoh, CSC Moses Aboki, SC Jidda Aliyu, and IC Sanni Mohammed.

The officers expressed their excitement and gratitude to the CAC for recognising their efforts.

According to CSC Aboki, “The CAC has assured us that we do not need to harbour any fears. Henceforth, we will conduct more thorough examinations, as it is through this that we can detect illicit or underpaid items.”

The parade concluded with a free eye test provided by Poise Eye Care Limited.

Continue Reading

Customs Corner

Finance Minister Presides Over 60th Regular Customs Board Meeting

Published

on

Highlights Government Efforts to Ease Nigeria’s Cost of Living

Author: uhammad Bashir.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday, 10 September 2024, presided over the 60th regular board meeting of the Nigeria Customs Service.

The meeting, which he held at the newly built NCS headquarters in Maitama, Abuja, was said to be the first of its kind since the commissioning of the edifice by former President Muhammadu Buhari in 2023.

The Minister expressed his satisfaction with the board’s adherence to the decision to meet quarterly, describing it as an essential aspect of corporate governance.

He stressed that regular meetings and updates on financial performance were crucial for any government agency seeking to meet its objectives that impact positively on the citizens.

He highlighted further, “I think that board meetings serve as an important part of corporate governance and corporate governance is key to running an organisation efficiently as well as provide the necessary direction and management to keep government policies on track.”

The Minister also applauded the integrity and transparency of CGC Adeniyi, noting that the principles guiding the board’s operations were exemplary with a commitment to achieve laudable objectives and tenets to run an organisation like the NCS.

The Minister, who stressed the importance of collaboration between various ministries and the private sector, said the Nigeria Customs Service Board includes representatives from the ministries of Trade and Investment, Foreign Affairs, and Finance, as well as members of the organised private sector.

This congregation, according to Edun, “Ensures that critical national issues are thoroughly discussed and implemented in a timely manner”.

While filing questions about his feelings, he was the first Minister and NCSB Chairman to have chaired a meeting at the newly built NCS Corporate Headquarters, the Hon. Minister took the opportunity to commend the Customs Service on the achievement.

He said, “I congratulate the Nigeria Customs Service on this achievement of not just building a new edifice, but actually moving into it, making use of it, and keeping it very neat and tidy, and I pray for the success of all those who work at the new facility.

Continue Reading

ADVERTISEMENT

ADVERTISEMENT

Trending