Former Nigerian President, Olusegun Obasanjo and erstwhile Managing Director of the World Bank, Ngozi Okonjo-Iweala have joined other world leaders in demanding a debt relief in the sum of $44 billion that will enable African countries have enough fiscal room to combat COVID-19.
Alongside world leaders numbering more than 100, the two are requesting “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19”.
The leaders noted in a letter addressed to the G20 nations that the economic crisis of 2008 to 2010 was less difficult to handle than the current pandemic experienced by the whole world.
“In 2008-2010, the immediate economic crisis could be surmounted when the economic fault line—under-capitalization of the global banking system—was tackled.
“Now, however, the economic emergency will not be resolved until the health emergency is effectively addressed: the health emergency will not end simply by conquering the disease in one country alone, but by ensuring recovery from COVID-19 in all countries,” the letter says.
The leaders similarly requested the international community to “waive this year’s poorer countries’ debt repayments, including $44 billion due from Africa, and consider future debt relief to allow poor countries the fiscal space to tackle the health and economic impact of the COVID-19 pandemic.”
Okonjo Iweala, who spoke at an interview on AIT Thursday, envisaged that economies in Africa will generally experience slow growth because of the outbreak while many may slip into a long recession if the situation worsens.
She stated that the push for a debt relief was necessary in order to forestall hunger, death and to resuscitate the economies.
“The recession will depend on the extent of the lock-down in many of our countries and maybe the COVID19 may start accelerating in a number of cases.
“If this continues to accelerate and there are many more deaths, it means that it might be wise to keep the lockdown for longer.
“The longer you lock down, the more the economy is impacted because there is no economic activity and the more likely you are to go into a very deep recession or even a depression,” Mrs Okonjo-Iweala said.
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2023: Buhari Will Give Us Guidance On Zoning, Says Gov Abiodun
Ahead of the APC National convention in February and General Elections in 2023, the Governor of Ogun State, Dapo Abiodun is confident that the President Muhammadu Buhari will give necessary guidance to ensure that equity and justice is reflected within the party’s zoning formula.
The Governor expressed this view after a visit to the President at the State House in Abuja on Friday.
He was accompanied by a broad delegation including former governor of the state, Olusegun Osoba; Chairman of the Council of Obas, Oba Babatunde Ajayi; former deputy governor, Alhaja Salimot Badru and a foremost industrialist, Chief Sulaiman Adegunwa.
Governor Abiodun who thanked the president for his recent visit to the state (where a number of projects were commissioned), equally spoke on the issue of zoning.
He noted that the party is working on a formula, which according to him will be made known after an approval by the National Executive Council.
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Again, Tinubu Returns To London Weeks After Declaring Presidential Ambition
Former governor of Lagos State, Asiwaju Bola Tinubu, has reportedly departed Nigeria for London, the United Kingdom (UK).
Details about the trip are still sketchy but Arise TV reports that Tinubu returned to the British capital to rest and run medical checkups after months of consultations with prominent Nigerians about his presidential bid.
Recall that Tinubu returned to the country from London on October 9, 2021 after about three months of medical vacation.
During his previous visit, Tinubu was said to have undergone a knee surgery which his media office said went successful “without complication” and that he “contemplates none in the future.”
Tinubu formally confirmed that he would be running for president On January 10, 2022, shortly after meeting with President Muhammadu Buhari at the State House.
“I have informed the President of my ambition but I have not informed Nigerians yet, I am still consulting. And I have no problem consulting. And I’ve not set a parameter of limitation to the extent of how many people I will consult.
“You will soon hear. All you want to hear is the categorical declaration. You’ve gotten that truth from me that I have informed Mr President of my ambition, and you don’t expect more answers than that”, he had said.
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Sanwo-Olu Nurses Second Term Ambition As Gov
…Reveals Plans For Lagosians
Lagos State Governor, Babajide Sanwo-Olu, on Friday said the people of the state are aware of what they will miss if his administration is denied a second term.
Although he did not expressly state if he will seek re-election in 2023, the governor believes it is left for the people to decide if his administration deserves another term or not.
“I think we are doing a very good job,” the governor rated his administration during his appearance on Channels Television’s Sunrise Daily. “If I dare say so, I think that the citizens know what it is they will be missing if they don’t let us continue to wrap up all the things we are doing.”
He added, “As we speak, we have done about two-thirds of our time – about 65.7 per cent, because we count it every day. The field is not open yet; the race has not been declared open yet. But for me, it is about ensuring that these four years that I have promised my citizens, I put every bit of my sweat into it.
“I will ask, I will consult; citizens, how do you see it? …. that’s how you get it down. Keep your focus on, try and finish very strong. You know when it is time for us to do all the politicking, we will do it.”
Governor Sanwo-Olu also spoke about the efforts being made by his administration to address the gridlock on Lagos roads.
Following the purchase of two new sets of 10 cars Talgo 330kmph trains for its red line rail project, he revealed that the coaches would be on track by the fourth quarter of the year.
According to the governor, the terminal stations will be ready by the set target but transporting passengers may commence next year.
He attributed the possible delay to proper testing of the trains and training of workers, to ensure the safety of passengers.
801 total views, 801 views today
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