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Osinbajo Says Buhari will Inherit $60Bn Debt from Jonathan

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Prof. Yomi Osinbajo, Vice President-elect, has said the Muhammadu Buhari-led government will inherit the worst economy ever in the history of the nation.

This is coming as Mr. Tony Blair, former British Prime Minister, asked Buhari, to overhaul the Nigerian National Petroleum Corporation (NNPC), saying it was one sure way of tackling corruption and saving more money for infrastructural development.

They both spoke at the policy dialogue themed “Implementing Change: From Vision to Reality,” organised by the Policy, Research and Strategy Directorate of the APC Presidential Campaign Council in Abuja, yesterday. –

Osinbajo put the nation’s local and international debt profile at $60 billion with a 2015 debt-serving bill of N953.6 billion, representing 21 per cent of this year’s budget.

He noted that an estimated 110 million out of the nation’s over 170 million population, were living in extreme poverty while the largest chunk of the benefits of the nation’s wealth was going into the pockets of a small percentage of the population.

According to him, the nation’s dwindling oil revenues has made it difficult for 24 of Nigeria’s 36 states to pay salaries.

He said, “We are concerned that our economy is currently in perhaps its worst moment in history. Local and international debts stand at US$ 60bn.

“Our debt servicing bill for 2015 is N953.6bn, 21 per cent of our budget. On account of severely dwindled resources, over two-thirds of the states in Nigeria owe salaries.

“Federal institutions are not in much better shape. Today, the nation borrows to fund recurrent expenditure.”

Osinbajo said the manifesto of the All Progressives Congress “offers a vision of shared prosperity and socio-economic inclusion for all Nigerians that leaves no one behind in the pursuit of a prosperous and fulfilling life.”

According to him, the goal of the policy dialogue is to interrogate the positions and propositions before a wider audience and to launch a robust public conversation on policy directions and priorities that would help inform the incoming administration’s approach in the next four years.

But Blair asked the leadership of the All Progressives Congress, to switch from its opposition status and assume the posture of head of an organisation, stressing that the days of persuasion and agitations were over.

The former Prime Minister who was represented by Mr. Peter Mandelson, former Secretary of State for Trade and Industry, explained that with the current state of affairs, the task ahead of the incoming administration was indeed a daunting one

He further stated that Buhari and the APC must be true to their words at all times, saying the action of the incoming government within the first 100 days in office would determine the kind of goodwill it would eventually have.

He also warned against politics of region especially against the zones seen to have not voted for the APC.

He said: “You, Mr. Vice President-elect and Mr. President-elect, Buhari, I must say you have the expectations and the ambitions of 173 million Nigerians in your hands. You have the hopes of an entire continent as well as the eyes of the entire world focused on your efforts. But I tell you, people are excited about what is about to happen in Nigeria. They really feel a sense of expectation of faith and hope.

“What you do in the first 100 days is important and symbolic and can also have tremendously positive repercussion for the government and throughout the country. You have a limited window of opportunity to make an impact as a government. Looking at Nigeria, I would say your vulnerability is corruption and that is not new to you, particularly around the oil sector.

“People in this country seem to be able to do things with impunity and beyond the reach of the rule of law or proper accountability and the judicial system. You can crack the NNPC nut or you can make a start on it in the first 100 days and if you do so, you would have built a very strong foundation for what you have to do in the next four years and beyond.


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NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

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Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


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Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

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Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.

Tizeti Selects Nokia to Provide LTE Fixed Wireless Access Solution for High-Speed internet Services in Nigeria

Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).

The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.

Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.

Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.

Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.

The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.

Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”

Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.

The project will also enable them to delight their subscribers by providing more reliable data services.

On the other hand, Tizeti will benefit by adding new revenue streams.”

 

 


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Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed

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By Hussein Sayed, Chief Market Strategist at FXTM,

After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.

The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.

 

Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?

 

From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.

 

In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.

 

As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.


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