Nigeria's Public Debt At N12.12trn Is Sustainable – DMO
SAN FRANCISCO, November 30, (THEWILL) – Nigeria’s public debt, which stood at N12.12 trillion as of June 30, 2015, is said to be sustainable in spite the collapse in oil revenue, and as it has over 90 percent unemployed resources, according to Debt Management Office (DMO).
A breakdown of the public debt stock revealed that external debt stock was N2.03 trillion or $10,316.82, a Federal Government debt stock stood at N8.4 trillion or $42,633.11, while states debt stock remained at N1.7 trillion or $10,856.52.
While other countries base their borrowing on day GDP ratio of 56 percent, Nigeria decided not to exceed 19.39 percent up to 2017, Abraham Nwankwo, director-general, DMO, said in Lagos, Monday.
Nigeria has abundant resources in agriculture, solid minerals, ICT among others, that have not been tapped which calls for diversification of the economy. Also, there is need for Nigeria to diversify its revenue as authorities are required to beef up tax assessment and collection.
“To say Nigeria’s debt is sustainable does not mean that Nigerians should go and sleep. Nigerians must work hard to make sure we galvanise, exploit and process the opportunity God has given in agriculture, solid minerals, oil and gas, petrochemical, polymas, among others, so that oil calluses become a blessing.
“Why don’t you make use of the blessing instead of complaining”, Nwankwo said at a workshop for business editors organised by the DMO in Lagos.
Virgin Atlantic: FG Will Defend Rights Of Nigerian Workers In Aviation Sector – Sirika, As Suit Stalls Reps' Investigation
Hadi Sirika, minister of state for aviation, on Monday reiterated Federal Government's resolve to protect the rights of Nigerians working in the aviation sector.
Sirika gave the assurance at the opening of the investigative public hearing on the “Unwholesome, discriminatory dismissal and compulsory redundancy of the Nigerian crew members by Virgin Atlantic in clear inconsistency with the favourable conditions given to UK and other international crew members,” held at the instance of the Joint Committee on Aviation and Labour and Productivity.
The minister, who vowed to resist any anti-workers policy by employerS of labour within aviation industry, stressed the need for all operators to respect the rights of workers in line with international best practices.
Meanwhile, the investigative public hearing was stalled following the suit filed by the sacked Nigerian crew members of the airline at the National Industrial Court (NIC).
Speaking on the development, Festus Onyia, counsel to Virgin Atlantic, said the aggrieved workers had on November 26, filed a suit before NIC on the “same allegations of discrimination.”
While stressing that the industrial court had long given a “notice of injunction” restraining parties to the case from taking further actions, Onyia urged the Committee to suspend the investigation.
While responding to the submissions by the parties, Isa Bashir (APC-Sokoto), argued that the unfriendly labour practices by foreign owned airlines, had thrown many Nigerians into the unemployment market.
He said: “This is an investigative hearing, it is not a witch-hunting exercise. Your coming here is for us to rob minds. We are aware that many people have been thrown into the unemployment market. We are also concerned because it goes against the provision of the International Labour Organisation (ILO).”
While responding to the submissions, Nkiruka Onyejeocha, chairman, House Committee on Aviation, who confirmed receipt of the court processes, called off the investigation.
She said: “Arising from the above, it has also come to the knowledge of the honourable House that UK crew members of Virgin Atlantic have a choice of continuing in employment in lesser roles of taking voluntary redundancy, while the Nigerian crew members have no such options.
“And UK, Shanghai, Hong Kong and Delhi crew have also, the option of taking their voluntary redundancy from April 2016 or October 2016, while the Nigerian crew most proceed on compulsory redundancy in the 30th November, 2015 (which is incidentally today).”
After the submissions of the parties, Onyejeocha, who received a copy of the court proceedings, suspended the investigation sine die, saying: “We are a law-abiding House; even the rules of the House bar us from delving into a matter that is before the court.”