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Monday, 16 October 2017

Newspaper headlines for Monday, October 16

The federal government has said it needs to borrow funds from international creditors to deliver critical infrastructural projects such as roads, rail and power.

The Punch reports that the minister of finance, Kemi Adeosun, made the disclosure on Sunday, October 15, when she spoke at a press conference marking the conclusion of the 2017 World Bank/International Monetary Fund Annual Meetings in Washington DC, United States.

The Punch newspaper for Monday, October 16, 2017,

She said: "Nigeria's debt-to-Gross Domestic Product ratio is one of the lowest actually. It is about 19 per cent. Most advanced countries have over 100 per cent. I am not saying we want to move to 100 per cent. But I'm saying we need to tolerate a little bit more debt in the short term to deliver roads, rail, and power.

"That, in itself, will generate economic activities and jobs, which will then generate revenue which will be used to pay back (the loans). It is a strategic decision that as a country we have to make."

This Day reports that Adeosun assured Nigerians that it would not bequeath a portfolio of unserviceable debts to future generations of Nigerians.

This Day newspaper for Monday,
She explained that the increase in external debt was a result of the significant decline in the country's earnings, which according to her plummeted by about 85 per cent.

She said the government also felt that laying off thousands of workers in the civil service was not the way to stimulate growth.

The Guardian newspaper also reported on Adeosun's pleas to Nigerians to tolerate the recurring borrowings of the government.

The Guardian newspaper for Monday, October 16, 2017

The Nation reports that the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who was also at the press conference said the apex bank was trying to encourage Nigerians in Diaspora to keep remitting funds home, and also invest in the country, as they do not have any other place they can call home but Nigeria.

The Nation newspaper for Monday, October 16, 2017

"We will put in place policies that will continue to encourage them. We are working on how we can actually link credit bureau arrangement to the foreign borrowing arrangement so that once there is a link between Nigeria and the foreign credit system, it will be easy for them to even borrow from Nigeria," he promised.

Meanwhile, the federal government's plan to borrow $5.5 billion loan to finance the 2017 budget has sparked a heated verbal exchange between the All Progressives Congress (APC) and the Peoples Democratic Party (PDP).

Vanguard reports that the APC through its spokesman, Mallam Bolaji Abdullahi, justified the loan request of the federal government on the basis that the mismanagement of the economy by the PDP in its 16 years in power necessitated such action.

Vanguard newspaper for Monday, October 16, 2017
In reply, the PDP on Sunday, October 15, called on the APC to stop the blame game, adding that the ruling party had shown that it was never prepared for governance.


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