Today’s Headlines: Nigeria’s Debt Hits N50 Trillion; Wike, PDP To Know Fate May 31, Beggars lament naira shortage in Ogun

Alleged suspension: Wike, PDP To Know Fate May 31

A Federal High Court, Abuja has fixed May 31 for judgment in a suit filed by Rivers State Governor, Nyesom Wike, praying for an order restraining the Peoples Democratic Party from suspending or expelling him from the party.

Justice James Omotosho fixed the date on Monday after the counsel to the governor, Dr Joshua Musa, SAN, and lawyer to the PDP, Johnson Usman, SAN, adopted their processes and presented their arguments for and against the suit.

The News Agency of Nigeria reports that Wike had sued the PDP, its National Working Committee and National Executive Committee as 1st to 3rd respondents respectively…..Continue Reading

The governor, in the suit, marked: FHC/ABJ/CS/139/2023, also joined the National Chairman of PDP, Dr Iyorchia Ayu; National Secretary of PDP, Senator Samuel Anyanwu, and the Independent National Electoral Commission as 4th to 6th respondents respectively.

Beggars lament naira scarcity in Ogun

Some physically-challenged beggars in some parts of Ogun State have expressed concern over the persistent scarcity of naira notes across the country, lamenting that this has brought a decline in almsgiving.

They also lamented that the decline in almsgiving had led to many physically-challenged beggars facing serious problems with feeding and meeting basic needs.

They said the nationwide naira shortage had slowed down the pace at which they received assistance from people and organisations, lamenting that the scarcity was making life unbearable for them.

They added that benevolent assistance from individuals and organisations was fast disappearing in the country.

The Central Bank of Nigeria had in December, launched the currency redesign programme aimed at tackling inflation and mopping up excess liquidity outside the banking system.

The President’s directives to remove the old N1000, N500 and N200 naira notes from circulation, however, caused a naira shortage as a result of this redesign.

Nigerians have continued to experience difficulties in accessing cash and this has led to long queues at Automated Teller Machines, while Point of Sale agents charge exorbitant fees for cash withdrawal.

While the Supreme Court has ruled against the naira redesign policy and ordered that the old notes naira should continue to be legal tender till December 31, this year, there is yet to be a respite from the naira scarcity.

Some of the beggars who spoke with PUNCH HealthWise, however, appealed to the President, Major General Muhammadu Buhari (retd), to address the naira scarcity issue and find a way to ease the suffering of the masses.

Musa Ibrahim, one of the physically-challenged beggars in the Ibafo area of Ogun State, said it wa difficult to see someone that would give them fifty naira.

Ibrahim lamented that some people, however, bring food or fruits, noting that the average donation for alms at the moment was N20 a day.

Nigeria’s Debt Hits N50 Trillion

Nigeria’s total public debt portfolio now stands at about N48.93 trillion, with the government borrowing about N3.73 trillion over the past five months.

Data obtained by The Nation’s Economic Intelligence yesterday showed that the government raised about N1.599 trillion in the fourth quarter of 2022.

The Debt Management Office (DMO), which oversees the issuance and management of Nigeria’s sovereign debts, had earlier confirmed The Nation’s exclusive report that the government had raised N2.129 trillion in the first two months of 2023.

A breakdown indicated that Nigeria’s domestic debts have risen to about N30.643 trillion, primarily due to new borrowings of about N1.599 trillion in the fourth quarter of 2022 and N2.129 trillion between January and February 2023.

Nigeria’s external debt increased to N18.282 trillion, mainly due to the depreciation of the naira against the dollar.

Naira redesign: Buhari’s order to CBN will do magic – Etiaba

Three days after the Supreme Court verdict on the old Naira notes’ validity, a Senior Advocate of Nigeria, Emeka Etiaba, said President Muhammadu Buhari’s directive to the Central Bank of Nigeria Governor, Godwin Emefiele, would end the weeks-long currency crisis.

Emeka disclosed this on Monday during a Channels Television interview monitored by DAILY POST.

“The Federal Government has been directed by the Supreme Court, by inference its agency, in this case, the Central Bank of Nigeria.

“A statement, directive from President Muhammadu Buhari to the Governor of the Central Bank will work magic; it does not need to take one week”, he stated.

DAILY POST gathered that the Central Bank of Nigeria had remained mum over the Supreme Court’s verdict validating the use of old N200, N500, and N1000 notes amid uncertainty by business owners, traders and commercial banks…..Continue Reading