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External debt now 18% of N16trn debt stock –DMO

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Debt Management Office (DMO), has revealed that as at June 2016, Nigeria’s  external debt accounted for only 18.33 per cent of the country’s total debt stock of about N16 trillion.
Director General of DMO, Dr Abraham Nwankwo, who disclosed this in a statement recently, said  that within that very small external debt, concessional debt (with average interest rate of about 1.25 per cent per annum and average tenor of about 40 years), accounted for about 80 per cent of the total.
He also revealed that, the external debt service accounted for an insignificant proportion of the total public debt service expenditure.  The annual external debt service expenditure for the last five  years was always less than 6.5 per cent of the total public debt service outlay.
These features reflect the strategic stance taken after the exits from  the Paris and London Club debts in 2005 and 2006 respectively.  Nigeria deliberately decided to develop and depend more on the domestic bond market as a reliable alternative source of borrowing by the government.  This was to avoid compelled dependence on external sources” he said.
According to Nwankwo, the external debt stock is currently about 23 per cent of the export earnings, whereas the applicable threshold is 150 per cent, adding that this is seven times stronger than it needs to be.“
Similarly, the external debt service  is currently about 0.74 per cent  of total export earnings, compared to the applicable threshold of 20 per cent.  This means that this liquidity indicator is 27 times stronger than what is required to guarantee that the external debt can be serviced as and when due.  In addition, there is an administrative safeguard.
Since 2005, Nigeria’s prudential public debt management practice has been that debt service charge is the topmost item in the sequence of the line of expenditures in the budget.
Only very few other developing economies could boast of such a healthy and attractive external debt condition” the DG, explained.

Nwankwo explained that Nigeria’s external debt is uniquely of top investment grade and this is the reason that in spite of global economic and financial tribulations, Nigeria’s eurobonds have continued to trade creditably at stable low yields relative to the weight of the challenges and compared to other countries’ eurobonds.“
Empirically, this position is well supported by investors and the markets.  That is why in spite of global economic, financial and foreign exchange tribulations, as well as local structural challenges which have manifested since mid-2014, Nigeria’s eurobonds have continued to trade creditably at stable low yields relative to the weight of the challenges and compared to other countries’ eurobonds.
For example, Nigeria’s 10-year eurobond (2013-2023), which traded at an average yield of about 6.945 per cent for 2015 and at 8.68 per cent for January 2016, has been trading at a daily yield of between 6.147 per cent and 6.571 per cent so far throughout the month of September 2016.
Similarly, the current yields on both the 2013 – 2018, 5-year eurobond and the 2011-2021, 10-year eurobond are lower than their January 2016 figures by about 280 basis points and 215 basis points, respectively.  In summary, Nigeria’s eurobonds are substantially in greater demand and are more highly priced than they were about a year ago” he noted.

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12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.

 

The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

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Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.

 

 

In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

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Foreign

Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
 
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

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