Servicing
Anxiety in Bayelsa as four local councils cannot pay salaries
Trouble is looming in four local government areas in Bayelsa State over the inability of the council to pay the salaries of its workers. The affected local government areas – Ogbia, Nembe, Sagbama and Ekeremor – are said to be owning three months salaries. The other four local government areas namely Kolokuma/Opokuma, Yenagoa, Southern Ijaw and Brass are said to be struggling but have a financial edge due to the internally generated revenue. Bloated wage bills in the troubled local government councils and the various debts they are servicing have eaten up their finances such that they cannot meet the financial obligations to their workers. The state government had recently taken over the payment of teachers salaries in the Ogbia Local Government Area to prevent industrial action by the tea...
DMO: Nigerian roads financed with Sukuk not repaying debt as planned
File Photo The Debt Management Office (DMO) has decried the country’s debt service to revenue ratio, describing it as a major issue of concern. Patience Oniha, the Director-General of DMO, said this in Abuja on Thursday at the fifth Budget Seminar (webinar) organised by the Securities and Exchange Commission (SEC). The theme of the budget seminar was, “Financing Nigeria’s Budget and Infrastructure Deficit through the Capital Market.” Oniha stressed the need for infrastructure built with borrowed funds to generate revenue to service the debts. According to her, “We have done the Sukuk, for instance, but the government is the one servicing the debt of those Sukuk. “They (the debts) are not being serviced with revenue from those sources (infrastructure). “I think that when we are talking abou...
SEC: Governments can unlock potentials by privatisation
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