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Developing countries need $2.7 trillion yearly investment to meet SDGs
Low–medium income countries will need between $640 billion and $2.7 trillion investment yearly to meet development goals by 2030, according to the World Bank.
The bank in a statement explained that rising debt levels is a concern as many emerging and developing economies have borrowed heavily while reductions of public debt before the global financial crisis have eroded.
It disclosed that emerging and developing economy debt increased by an average of 15 percentage points to 51 per cent of gross domestic product (GDP) last year.
The bank, however, argued that debt accumulation can be justified because of the need for growth-enhancing projects, such as investments in infrastructure, health and education.
It said: “The needs are massive: World Bank analysis finds that low- and middle-income countries will need in the range of $640 billion to $2.7 trillion in investment a year to meet development goals by 2030.
In addition, prudent government spending can help a country ride out an economic downturn. But excessive debt carries serious risks. Even in an environment of low interest rates, debt can accumulate to unsustainable levels.”
It maintained that government spending large amounts to service debt is allocating less on other important activities.
The bank cautioned that high debt may force governments to raise taxes to rein in deficits, chilling business and consumer spending while in extreme cases, elevated debt can lead to defaults and bailouts.
On how much debt can be said to be too much, the bank said every government needed to strike the right balance. “Those with sound balance sheets may find that borrowing to boost growth is appropriate. Economies in shakier fiscal shape may need to be more cautious and find ways to enhance revenues first,” it stated.
It advised that those that borrow would benefit from better debt management and greater debt transparency. Debt should be contracted with a view to maintaining stability and preserving resilience.
“It is urgent that countries make significant structural reforms that improve the business climate and attract investment. They also need to make debt management and transparency a high priority so that new debt adds to growth and investment,” it advised.
However, the global bank urged countries to make significant structural reforms that will improve the business climate and attract investment. It also advised on the need to make debt management and transparency a high priority so that new debt adds to growth and investment.
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We Received N80,000 Minimum Wage in November – Enugu Labour Leaders
The Organised Labour in Enugu State has refuted the media reports that the new minimum wage was yet to be paid in the state, saying that the implementation of the N80,000 minimum wage, which is above the N70,000 national minimum wage, commenced in November 2024.
The workers also said that they had no plan to go on strike since. They said that observed discrepancies in consequential adjustment in the implementation of the N80,000 minimum wage had already been conveyed to Governor Peter Mbah and nursed no doubts that it would be addressed subsequently, as he had already earned workers’ trust by his commitment to their welfare since his assumption of office.
This was made known in a joint statement in the state capital on Tuesday by the Chairman, Nigeria Labour Congress, NLC, Enugu State Council, Comrade Fabian Nwigbo; Chairman of the Trade Union Congress, TUC, Comrade Ben Asogwa; and the Chairman of the state’s Joint Public Service Negotiating Council, JNC, Comrade Ezekiel Omeh.
The statement read, “The Orgaised Labour in Enugu State wishes to make clarifications in several media reports, which wrongly project Enugu among the states that are yet to pay the national minimum wage.
“We want to acknowledge the fact that the Enugu State Government paid the N80,000 minimum wage approved by the governor in the November 2024 salary.
“However, the minimum wage paid did not reflect the consequential adjustments inherent in minimum wage implementation.
“As labour leaders, we have already communicated to His Excellency the observed discrepancies and in his usual magnanimity to the welfare of workers, we strongly believe that he will address this subsequently.
“Our confidence in the governor remains intact, considering his usual dispositions to the wellbeing of workers.
“It is worthy of note that he continued to pay wage award of N25,000 he approved for workers from December 2023 till October 2024 when the new minimum wage of N80,000 was approved and consequently reflected in the November salary.
“We also recall his good faith in ensuring that local government employees were included from the onset in the new minimum wage of N80,000, having earlier upgraded them to full N30,000 minimum wage upon assumption of office after several years of waiting.
“Likewise, he approved the payment of the N1.9bn four-year accumulated leave allowances owed to teachers of public primary schools in the state and eight-month salary arrears valued at over N467m, which were also owed the academic, non-academic, and casual staff of the Enugu State College of Education Technical, ESCET, Enugu, before his assumption of office.
“Consequently, in the same culture, we trust him to address all the concerns regarding consequential adjustments in the implementation of N80,000 minimum wage.
“So, we have not gone on strike. We do not also contemplate or foresee any strike in the near future because there is no need for that yet.”
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Badaru on Operational Tour of 82 Division, other Military Installations in Enugu and Imo States
The Honourable Minister of Defence H.E Mohammed Badaru Abubakar CON mni is currently in Enugu on operational tour of 82 Division of Nigerian Army and other military platforms in Enugu.
He was received on arrival by the General officer Commanding 82 Division of the Nigerian Army / Commander JTF SE of operation Udoka Major-General H.T Dada and other senior military officers.
The Minister is expected to meet with South East stakeholders on the way forward.
Details later…
Tinubu has granted full oversight responsibilities to Ministers of State over agencies under them amongst whom are Minister of State for Defence Dr. Bello Matawalle, Water Resources and Sanitation, Minister of State for Agriculture and others will henceforth enjoy full oversight responsibilities over such agencies.
President Bola Tinubu at FEC Meeting has approved that ministers of state be given full powers to supervise the agencies under them, the cable reported.
Until now, files pertaining to departments and agencies under their supervision were sent by their permanent secretaries to the senior ministers.
With the new dispensation, ministers of state can now grant all necessary administrative approvals on the governance process of these agencies and departments.
According to a source in the office of the head of service of the federation, “the president was not pleased with the prevailing governing framework in which ministers of states were just ministers in name”.
This, Tinubu reportedly said, led to the “underutilisation of the expertise and capabilities” of most ministers of state.
“The president believes ministers of state should have the right to make decisions and direct action within their areas of responsibility,” the official added.
According to the Cable report, the source said the idea, first mooted by Hadiza Bala Usman, special adviser to the President on policy coordination and head, central delivery coordination unit got an instant buy-in from the President.
With the new directive, the administration hopes “to unleash” the potential of all the ministers, the source added.
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