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Despite $84bn debt: There’s no cause for alarm-Lai Mohammed

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The Minister of Information and Culture Lai Mohammed, said there is no cause for alarm over Nigeria’s rising debt.

Speaking on Monday at a press conference to highlight the administration’s major achievements in the year, the minister said the country’s total debt is $84 billion.

He said the public debt stock is a cumulative figure of borrowings by successive governments over many years.

There is currently a nationwide outrage over a $29.6 billion loan request the president sent to the national assembly.

In the letter where he conveyed his request, Buhari asked the lawmakers to approve the loan which he said is “critical to the delivery of the government’s policies and programmes”.

Ex-President Olusegun Obasanjo and Atiku Abubakar, his former deputy, have asked the national assembly to reject the request but Mohammed defended the president, saying the government is borrowing more to address “massive infrastructural decay with roads, bridges, railways, waterways and power”.

“There have been concerns in certain circles about the country’s growing debt, both domestic and external,” he said.

“In the process, there have been some misrepresentations and scare mongering. We therefore believe it is important to put things in the right perspective, so our citizens will be well informed.

“The public debt stock is actually a cumulative figure of borrowings by successive governments over many years. It is therefore not appropriate to attribute the public debt stock to one administration.

“Nigeria’s total public debt stock in 2015 was $63.80 billion, comprising $10.31 billion of external debt and $53.49 billion domestic debt. By June 2019, the total debt stock was $83.883 billion, made up of $27.163 billion of external debt and $56.720 billion domestic debt. It is therefore not correct to say that Nigeria’s external debt alone is $81.274 billion.

“There is yet no cause for alarm. This is because Nigeria has a debt ceiling of 25% in the total public debt stock to Gross Domestic Product (Debt/GDP), which it has operated within. The ratio for Dec. 31 2018 and June 30 2019 were 19.09% and 18.99% respectively.

“The debt service to revenue ratio has however been higher than desirable, hence the push by the government to diversify the economy and increase oil and non-oil revenues significantly. The government is also widening the tax base to capture more tax-paying citizens.”

 

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Enthusiasts Praise Ghana’s Meteoric Progress at African Games, Sport Minister Applauded for Visionary Leadership

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Ghana’s remarkable ascent in the African Games has sparked widespread acclaim from sports enthusiasts and stakeholders alike. The nation’s stunning leap from 15th place in the previous edition to an impressive 6th place in 2024 has captured the attention of the sports community, highlighting Ghana’s burgeoning potential and the transformative leadership of its Minister of Youth and Sports Development, Mustapha Ussif.

Under Minister Ussif’s visionary leadership, Ghana’s sports industry has undergone a profound renaissance, marked by unprecedented achievements in grassroots development and infrastructure growth. The Minister’s strategic initiatives have not only revitalized the sporting landscape but have also positioned Ghana as a beacon of excellence on the African continent.

The recent success at the African Games is a testament to Ghana’s commitment to fostering talent at all levels. Through innovative programs and investments in youth development, Minister Ussif has cultivated a fertile environment for nurturing emerging athletes, paving the way for their seamless transition into senior sports teams.

Furthermore, Ghana’s hosting of the African Games in 2023 underscores the nation’s dedication to expanding its infrastructure base and solidifying its status as a regional sports hub. The prospect of hosting this prestigious event not only promises to elevate Ghana’s profile on the international stage but also presents unparalleled opportunities for economic growth and societal advancement.

Speaking on Ghana’s remarkable achievement, Minister Mustapha Ussif expressed his gratitude to all stakeholders and affirmed his commitment to further advancing the nation’s sports agenda.

He stated, “The remarkable progress we have witnessed at the African Games is a testament to the collective efforts of our athletes, coaches, administrators, and supporters. I am immensely proud of what we have accomplished together, and I am confident that Ghana’s journey to sporting excellence has only just begun.”

On the eve of the closing ceremony alone, Ghana clinched eight gold medals, winning the ultimate prize in women’s hockey, 200m men’s athletics event, high jump, men’s football event, and four boxing gold medals in boxing. All in one night.

Ghana also made history by becoming the first country to win god in both men’s and women’s football events at the Games.

The closing ceremony of the Games saw star performances from star acts such as Stonebwoy, Stanley Enow, Wiyaala, Innoss’B, amongst others.

As Ghana continues its upward trajectory in the realm of sports, the nation stands poised to achieve even greater milestones under the visionary leadership of President Nana Akufo-Addo and Sports minister, Mustapha Ussif.

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