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Nigeria, others ask IMF, World Bank for debt relief
Nigeria and other developing nations are amplifying their request for debt relief within the G-24, an assembly of developing economies.
At the ongoing meeting of the International Monetary Fund (IMF) and World Bank in Marrakech, Morocco, the G-24, of which Nigeria is a member, presented a series of appeals.
The G-24 members voiced their apprehension regarding the escalating and substantial levels of public debt faced by numerous developing countries.
They emphasized that these nations are grappling with unsustainable debt, making it challenging for them to meet their repayment obligations.
The members of the G-24 while acknowledging the G-20 Common Framework, which is a debt relief initiative by the Group of Twenty (G-20) countries, noted that some of the poorest and most vulnerable countries are not benefiting from this debt relief programme.
They therefore called for a durable debt resolution specifically designed to address the debt problems of those excluded countries at the same time demanding for a more comprehensive and sustainable solution to alleviate the burden of debt for these countries and enable their economic growth and development.
Nigeria’s Minister of Finance and Coordinating Minister for the Economy Mr Wale Edun at the Africa Group 1 Constituency Meeting on the sidelines of the IMF/World Bank meeting stated that “our member statement urges an efficient debt resolution framework to support post-pandemic recovery and we indeed welcome Zambia’s debt restructuring agreement and call for swift resolution mechanisms for Ethiopia and Malawi.
The G-24 members also called for more concessional lending, especially for investments in global public goods and sustainable development such as affordable water and energy.
Wake Edun also called for the “elimination of export restrictions on fertilizer and grains, avoiding protectionist policies and leveraging the normalization of supply chains and shipping costs to reinvigorate global trade”.
At the G-24 meeting, Edun and other finance ministers expressed their concern with the progress on the IMF general quota review. IMF general quota refers to the monetary contribution made by each member country to the International Monetary Fund (IMF).
This quota determines the country’s relative financial and voting power in the institution. The quota is assessed based on each member country’s share of the world economy, including its GDP, openness to trade, and international reserves.
The IMF uses the general quota to fund its lending activities and to provide financial stability to member countries facing economic difficulties. It also plays a vital role in decision-making processes regarding policies and strategies for the organization.
Wale Edun and his fellow finance ministers reiterated their call for the IMF “to remain a quota-based institution in order to bolster the voice and representation of the emerging market and developing economies, who now account for a larger share of world GDP”.
The Minister of Justice, Lateef Fagbemi, SAN has warned against obstructing the Economic and Financial Crimes Commission (EFCC) from carrying out its lawful duty .
Fagbemi’s warning is contained in a statement in Abuja.
“This is a matter of very grave concern, it is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigations into any matter, regardless of status.
“Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC, but to honourably answer their invitation.
“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting’’.
He added that running away from the law will not resolve issues at stake but only exacerbate them.
“Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.
“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism.
“This can only put our country in bad light before the rest of the world’’.
He said institutions of state should be allowed to function effectively and efficiently.
“I stand for the rule of law and will promptly call EFCC, and indeed any other agency to order when there is an indication of any transgressions of the fundamental rights of any Nigerian by any of the agencies’’.
NAN reports that the EFCC had on Wednesday warned members of the public that it was a criminal offence to obstruct officers of the Commission from carrying out their lawful duties.
Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.
The warning , the EFCC said, became necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.
On several occasions, the anti graft agency said, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order.
Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.
Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.
The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.
Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.
Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.
His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.
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