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Here’s our picks on today’s top buzzy stories on Punch Newspaper. We prepare it as a quick-read for our visitors who also enjoys Punch News.
Naira tumbles by 51.95% despite CBN’s defence measures
The value of the naira to the dollar fell from 196.99 in December 2015 to 410 in April 2021, reflecting a 51.95 per cent decline despite the various foreign exchange policies introduced by the Central Bank of Nigeria to strengthen the currency.
According to a monthly document obtained from the CBN’s website, the value of naira at the inter-bank forex market stood at N196.99 as of December 2015.
The PUNCH had reported last month that the CBN officially adopted the NAFEX exchange rate of N410.25/$1 as its official exchange rate, devaluing the naira from N379/$.
Buhari regime borrows $2.02bn from China in six years
The Buhari’s administration has borrowed $2.02bn as loans from China from 2015, data obtained from the Debt Management Office on Monday showed.
According to the statistics obtained from the DMO, Nigeria’s total debt from China as of June 30, 2015 stood at $1.38bn. However, as of March 31, the country’s debt portfolio from China had risen to $3.40bn.
According to the DMO, loans from China are concessional loans with interest rates of 2.50 per cent per annum, a tenor of 20 years and grace period (moratorium) of seven years.
PDP govs lampoon Buhari over huge debt profile, CBN’s operations
The Peoples Democratic Party Governors Forum on Monday rose from a meeting in Uyo, Akwa Ibom State, condemning the rising debt profile of the country.
The forum said over 80 per cent of the budget was being spent on serving debts. The body also accused the Central Bank of Nigeria of Nigeria of operating as an independent government within a government.
The forum in a communique which was read by its Chairman and Governor of Sokoto State, Aminu Tambuwal, lamented that all the gains of the PDP-led government, when the country exited its debts obligations had been destroyed by the APC-led administration.
Old grazing reserves law applied only to northern states —Falana
Human rights lawyer, Mr. Femi Falana (SAN), says the Grazing Reserves Act of 1964 which President, Major General Muhammadu Buhari (retd.), is bent on reviving was only applicable to northern Nigeria in the 1960s.
He argued that the Grazing Reserves Act of 1964 was not a law of general application because the “Western Region, Mid-Western Region and the Eastern Region had ranches for animal husbandry.”
Falana, therefore, advised Buhari to promote ranching instead of attempting to revive grazing routes. The senior advocate said this in a statement on Sunday titled, ‘President Buhari Should Embrace Ranching’.
Interviews: Some people disappointed to have seen Buhari ‘real life’ –Garba Shehu
Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Monday, said some people were disappointed to have seen his principal, Major General Muhammadu Buhari (retd.), ‘real life’ in interviews and broadcast last weekend.
Shehu said this on NTA’s ‘Good Morning Nigeria’ programme monitored by The PUNCH. Buhari had last week featured in interviews aired on Arise TV and NTA. The President also visited Lagos State last Thursday and inaugurated some projects. He also delivered a Democracy Day Speech on June 12.
When asked whether the president’s interviews and speeches last week allayed the doubt of Nigerians on whether the president is in control or not, Shehu said, “Yes, he has always been (in control) but there has been misperception and propaganda.
Mr. Joseph Simeon is an Editor/Content Creator at Naija Buzz News. He is an experienced content creator. He currently leads a small group of talented writers at Naija Buzz News. He previously served as the Relationship Editor at 1Push.Ng. He studied Public Administration at the Federal Polytechnic Idah, Kogi State, before proceeding to Kaduna Polytechnic Kaduna for his Advance Studies in Public Administration. Simeon loves and enjoys playing football.