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Obaseki Lied, FG Didn’t Print N60 Billion For FAAC Allocation – Minister

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, finance minister Zainab Ahmed

The federal government has denied printing sixty billion naira in March to shore up allocation to states.  This was to disprove assertion by Edo governor, Godwin Obaseki, that the government printed that amount in March because it did not have enough money for states allocations.

Minister for finance, budget and national planning, Zainab Ahmed says the governor’s statement was untrue and sad.

The finance minister said there should be no concern about the nation’s current indebtedness which is about a quarter of the gross domestic product, GDP.  She said that figure is within the sustainable limit and should cause no worries.

But that did not sway the Lagos Chamber of Commerce and Industry, LCCI, which said it was concerned about the federal government’s ability to sustain the medium term debt management strategy for 2020 to 2023.  The chamber said the nation’s debt to GDP threshold has increased to enable the financing of the federal budget deficit through borrowing.

Obaseki says he stood by his assertion and called on the federal government to “stop playing the ostrich.”  He said, at this pace, the nation’s total borrowings by the end of this year would be about sixteen trillion naira.

Nigerian News

Power Restored To National Grid After System Collapse

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Ghanaians Blames Power Firm For Nationwide Blackout

The Transmission Company of Nigeria says power has been restored to national grid after a system collapse left most of the nation in the dark on Wednesday.

The company said on Thursday electricity has been restored across the entire grid through which distribution companies offtake electricity they deliver to consumers nationwide.

TCN’s public affairs general manager Ndidi Mbah, says experts were already making efforts to fully restore electricity on the grid.

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Nigerian News

Army Denies Boko Haram’s Eid Donations Report

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The Nigerian Army has denied reports that Boko Haram insurgents distributed Eid donations to communities in the northern states of Borno and Yobe.

Reports alleged the terrorist group had donated food and money to residents in attempts to woo them to support its activities.

The army says the reports were “propaganda,” and that it had conducted investigations and established the reports were untrue.

The army said in a statement “our team of eagle-eyed analysts went further to critically examine the pictures attached to this malicious publication and discovered that they were simply stage-managed in a typical terrorists-styled propaganda.

Nigeria continues to experience a wave of insecurity occasioned by attacks and kidnappings carried out by Boko Haram militants.

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Nigeria Seeks To Tap Into Digital Economy

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Nigeria Seeks To Tap Into Digital Economy

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