Governors of the 36 states of the federation have implored the federal government to defer the repayment of the bailout loans billed to commence this month.
This was one of the major highlights at the National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo at the presidential villa yesterday.
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NEC, the highest economic decision making body in the country, comprises the 36 state governors, FCT minister, minister of Finance, governor of the Central Bank of Nigeria (CBN), and other officials from federal agencies.
Revealing the governor’s request in a statement he issued yesterday after the meeting, spokesman of the vice president, Laolu Akande, said, “On the Budget Support Facility, State Governors restated their request to defer the repayment of the loans, which was to have started this month.
“Ekiti State Governor, Dr. Kayode Fayemi, who is also Chairman, Nigeria Governors’ Forum, reported interactions with the Finance Minister and the CBN Governor regarding the matter.
“The CBN Governor, Godwin Emefiele, also emphasized the importance of the timely repayment of loans, especially those owed to commercial banks, indicating the challenges inherent in a further delay in payment, including audit concerns. He said the repayment of the commercial loans should resume this month.
“In addition, the Vice President stated that he will be holding a meeting soon with representatives of the State Governors, the Finance Minister and the CBN Governor to resolve the issue raised.”
The statement also noted that the Nigerian Sovereign Investment Authority (NSIA) has recorded a 343 per cent growth in Total Comprehensive Income, totalling N160.06 billion in 2020 compared to N36.15 billion in the previous year and 33 per cent growth in Net Assets, rising up to N772.75 billion from the previous N579.54 billion.
At the NEC meeting, the managing director/chief executive officer of the NSIA, Uche Orji, noted that the NSIA achieved core income of N109 billion compared to N33.07 billion in 2019, excluding forex gains of N51 billion in 2020 and N1.29 billion in 2019.
The NSIA boss noted that despite the challenges of COVID-19, it had a favourable year owing to strong performance from its investments in international capital markets, improved contribution from associates, as well as exchange rate gains from foreign currency positions.
“In response to COVID-19, the NSIA partnered with Global Citizen, a not-for profit group, to form the Nigeria Solidarity Support Fund (NSSF), acquired and distributed oxygen concentrators to 21 teaching hospitals as part of its Corporate Social Responsibility; in addition to staffing support to the Presidential Taskforce on COVID-19 towards combatting the pandemic”, he stated.
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He also noted that other major milestones reached by the NSIA were recorded across domestic infrastructure projects, specifically in roads, agriculture, healthcare, technology and gas industrialization.
NEC also received a presentation on the Digital Switch Over (DSO) by the minister of Information and Culture, Alhaji Lai Mohammed.
He stated that it was the International Telecommunications Union, ITU, that decided on member states switching off analogue television transmission to ‘go digital’.
“The DSO will be taking off first in Lagos, Kano and Rivers States,” he stated.
According to him, the National Broadcasting Commission (NBC) and the DSO Ministerial Task Force are tasked with ensuring that Nigeria ‘digitizes’ and develop a public information and awareness campaign to inform citizens about DSO/FreeTV.
The minister disclosed that the switch-over has a revenue generation potential of N20 billion annually; and that the funds will enable the NBC support and upgrade DSO initiative, as well as fund local producers.
The council also received an update on Nigeria’s response to the COVID-19 pandemic by the director-general of the Nigeria Centre for Disease Control (NCDC), Dr. Chikwe Ihekweazu.
According to the DG, NCDC, in the last two months there has been reduction in the number of cases globally, adding that even India has also experienced reduction in its infection rates in the last five days.
He added that in Nigeria, the total number of cases as of yesterday, May 19, 2021, was 165,809, while number of cases tested was 2,002,653, with 7,323 active cases.
It was also disclosed that discharged cases were now 156,419, while there had been 2,067 deaths.
The NCDC boss said the “transmission rate in the country is low,” even as he noted that attention is now on tracking the new B1.617.2 variant from India.
He said there are only three such cases identified in Nigeria so far.
He added that focus should remain on the protocols to stop the spread of the virus, while the health authorities and agencies will keep an eye on tracking the Indian variant.
