Nigerian newspaper review for Wednesday, September 25: Buhari says P&ID’s $9.6bn claim fraudulent
The Nigerian newspaper headlines for Wednesday, September 18, leads with the news that President Muhammadu Buhari, in his speech at the United Nations, described the award of $6.5 billion to P&ID, which due to interest accretion has now risen to $9.6 billion as at the last calculation, as a scam and an attempt to defraud the country among other top stories.
Nigerian newspaper The Nation reports that the federal government is “vigorously” prosecuting Irish firm Process and Industrial Developments (P&ID) for “attempting to cheat Nigeria of billions of dollars”.
Source: UGC
President Muhammadu Buhari declared this on Tuesday during his address at the 74th United Nations General Assembly (UNGA) in New York, United States.
It was the first time the president spoke on the $9.6 billion arbitration judgment obtained against Nigeria by the firm in what is generally described as a fraud.
Source: UGC
Nigerian newspaper The Guardian reports that the Senate said it was yet to receive a draft copy of the Medium-Term Expenditure Framework (MTEF) from President Buhari, despite provisions of the Fiscal Responsibility Act mandating the president to submit the document four months to the end of the year.
The announcement, which was made by Senate President Ahmad Lawan as lawmakers resumed from their end-of-session recess, suggests the ‘delay bug’ could cripple the fiscal document as in previous years.Section 11 of the Act clearly stipulates: “Not later than four months before the commencement of the next financial year, (the presidency shall) cause to be prepared a Medium-Term Expenditure Framework.”
Source: UGC
Nigerian newspaper This Day reports that Central Bank of Nigeria (CBN) governor, Godwin Emefiele, yesterday ruled out a cut in interest rate until inflation, which is currently at double digits now, drops to a single digit of nine per cent.
He told Bloomberg Television in an interview in London that the CBN was hopeful that Nigeria’s inflation rate would hit the single digit mark by 2020 and that was when the banking regulator would consider a rate cut.
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