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

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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.

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Customs Corner

JBPT Sector 2 Records Seizures Worth N1.6 Billion Within Six Months

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Author: Abass Quadri.

The Joint Border Patrol Team (JBPT) Sector 2, Southwest Zone, has recorded seizures of illegal goods, with a Duty Paid Value of N1.6 billion.

Deputy Comptroller Mohammed Shuaibu in charge of JBPT Sector 2, availed the team’s activities under his stewardship in a press briefing held at Abeokuta on Wednesday, 24 April 2024.

The coordinator noted that the team’s area of responsibilities, which covers all six southwestern states, is mandated to “curbing anti-smuggling activities, channelling of procedures, and combating other cross border crimes that threaten Nigeria’s national and economic security.

“The sector wishes to announce the seizures of illegal goods, which include Cannabis Sativa, secondhand clothings, and means of conveyance smuggled into the country with a Duty Paid Value of N1,663,646,360 and petroleum products valued at N52,486,215 which were auctioned out due to their inflammable nature.”

According to him, the seized goods were recorded between November 2023 and April 2024, adding that “no fewer than 15 suspects were arrested with some charged to court and others prosecuted”.

Handing over the seized Cannabis Sativa at Ogun II Command to the representative of the National Drug Law Enforcement Agency (NDLEA), Deputy Commandant Narcotics Ogun state, Nnyigide Alexander, DC Shuaibu commended the dedication, doggedness and professionalism of officers involved in the interception of the substances which would have caused more security threat.

On revenue generation, the border drill coordinator stated that N36,318,727 was generated through the issuance of Demand Notices (DN) on vehicles and other goods improperly imported into the country.

Receiving the seized Cannabis Sativa, DC Alexander thanked Shuaibu for his hard work, adding that this synergy fulfils the existing Memorandum of Understanding (MOU) between NCS and NDLEA.

In his words, “I feel highly happy that we are doing what we call sister agency collaboration, which has led to the result we have here. I expect to see more in the future because I know they are capable.”

Similarly, DC Shuaibu, who was also on a working visit to Seme and Ogun 1, Idiroko Area Commands, also handed over seized Cannabis Sativa to representatives of the NDLEA at Seme.

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Customs Corner

Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making

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Author: Bashir Muhammad.

The Nigeria Customs Service (NCS) has reiterated its dedication to promoting gender equality in decision-making processes as part of its efforts to combat gender discrimination and gender-based violence.

At a capacity-building workshop on gender inclusivity, co-organized by the World Customs Organization (WCO) and the NCS in Abuja on Monday, April 22, 2024, the Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed his commitment to fostering a gender-inclusive environment within the service.

Acting Deputy Comptroller-General of Customs, Caroline Niagwan, represented the CGC at the event, where she emphasised the need for clear policies and procedures to address gender discrimination, harassment, and biases within the NCS.

“Our aim is to create a workplace where everyone has equal opportunities to grow and contribute to the service’s success, regardless of gender,” the CGC said. “We are committed to addressing gender discrimination, harassment, and biases within our ranks, and we will work tirelessly to ensure that our policies and practices reflect this commitment.”

The workshop brought together customs officials, gender experts, and stakeholders to discuss strategies for promoting gender inclusivity and addressing gender-based violence in the workplace.

With this reaffirmed commitment, the NCS demonstrates its dedication to creating a more inclusive and equitable work environment where all employees can thrive and reach their full potential.

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Customs Corner

CGC Adeniyi Meets NFIU DG, Reiterates Commitment to Enhance Border Security

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Author: Muhammad Bashir.

The Comptroller-General of Customs (CGC), Bashir Adeniyi, had on Tuesday, 16 April 2024, received in audience the Nigerian Financial Intelligence Unit (NFIU) delegation, led by Director General Hafsat Bakari, at the Service’s Headquarters in Abuja.

CGC Adeniyi’s meeting with DG Bakari centred around sealing a strong partnership that will enable the two agencies to take measures of enhancing border security through intensifying onslaught against smugglers and money launderers and other terrorism financing activities.

The CGC, while addressing the NFIU officials, congratulated DG Bakari for her appointment to head the organisation. He expressed Nigeria Customs Service’s commitment to support NFIU by way of establishing a joint team that will be tasked to address some pressing issues.

“I want to wish you a successful tenure. I see, through your passion, your commitment to Project Nigeria, and I also see the collaborative spirit that you brought on board. These are all things that I share also because I believe that we can draw strength from each other, assist ourselves, and get things done.” the CGC said.

“We need to form an internal team that will be drawn up from our side to review those outstanding issues so that we begin to see, in a determined effort, what we can do,” he added.

Speaking earlier, the NFIU Director-General, Hafsat Bakari, applauded the NCS’s resilient commitment to safeguarding Nigerian borders, particularly in combating smuggling activities.

Emphasising the importance of information sharing, Mrs Bakari highlighted that her visit to the Headquarters of the Nigeria Customs Service is to establish a cordial relationship with the service in intelligence sharing.

She said, “We recognise the vital role of the NCS in protecting Nigeria’s borders, preventing the smuggling of illicit goods, but also in ensuring that those who import goods into our country pay the appropriate fees and levies that are due to the federal government.”

According to her, the ultimate goal of the NFIU was to ensure the safety and prosperity of Nigeria, adding that “we want to make sure that we have efficient systems processes and technologies in place to identify the smuggling of currency and other high-value items.

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