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MTN complete payment of their debt of N330b to NCC fine

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MTN finally pays debt to NCC

MTN Nigeria Communications Plc paid the Nigerian Communications Commission (NCC) the last which is actually the sixth installment of N55 billion.

This fulfills the N330 billion agreed to be paid by the telecommunications giant MTN. The agreement was negotiated in 2016 between the NCC and the company.

The prosperous settlement of the money was the result of effective collaborative work between the NCC and MTN, based on the opinion Tobechukwu Okigbo, MTN’s chief corporate relations officer.

Mr. Okigbo said:

“We are very pleased to have completed the payment of the N330 billion negotiated settlement with the NCC.

“We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed timeframes.

“I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”

The regulators of mobile operators in Nigeria, in negotiations with major telecom companies in the country, slammed MTN a fine of N1.04 trillion after failing to cut five million unauthorized users after a deadline set by NCC.

Subsequently, the fine was decreased to N330 billion, if MTN will be listed on the Nigerian Stock Exchange (NSE)—a condition which has been fulfilled by the company.

Last week, NCC reported in a message that MTN had paid N275bn but remained N55bn, while the deadline remained just a week and 2 days.

In statement, the commission had said:

“Following a negotiated reduction of the N1.04 trillion fine on MTN Nigeria to N330 billion and in line with the staggered payment arrangement, MTN has, so far, paid N275 billion to the Federal Government,

“What this means, according to the staggered arrangement, is that May 31, 2019 would be the deadline for the telecoms company to pay the sixth and final tranche of the balance of N55 billion.”

Even now, The Regulatory body is yet to confirm this last payment officially.

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I am Olarewaju, A university graduate, I love writing and delivering useful information for the major populace. An editor at NIGERIA NEWS, you can email me at olarewaju@nigeianews.net

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DMO Reveals Nigeria’s Debt Under Buhari’s Administration

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DMO reveals Nigeria's Debt

As of March 31, 2019, the Debt Management Office, DMO, released the Public Debt Data which included the Federal Government of Nigeria’s (FGN) internal and additional debts, the 36 Federal States and the Federal Capital Territory (FCT).

The numbers have been published on Wednesday in a declaration on DMO’s Official webpage.

Read DMO’s statement below:

“At ₦24.947 Trillion (US$ 81.274 Billion) as at March 31, 2019, the Total Public Debt grew marginally by 2.30% when compared to the figure of ₦24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.

“The increase of ₦560.009 Billion in the Total Public Debt in Q1 2019, was accounted for largely by Domestic Debt which grew by ₦458.363 Billion.

“Increases were recorded in the Domestic Debt Stock of the FGN, States and the FCT. External Debt also increased by ₦101.646 Billion during the same period.

“In relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019.

“The Total Public Debt to GDP Ratio was 19.03% which is within the 25% Debt Limit imposed by the Government,”

The Debt Management office has initially published one of this articles in 2018 saying the Buhari administration is in N26 Trillion debt.

Here is a complete break down of the debt:

  

Debt Category

Amount Outstanding

(US$’M)

Amount Outstanding

(N’M)

 

% of Total

A.Total External Debt25,609.637,860,875.9331.51%
 FGN + States & FCT only25,609.637,860,875.9331.51%
B.Total Domestic Debt55,664.4617,086,204.6668.49%
 FGN Only42,721.6813,113,420.2952.56%
 States & FCT12,942.773,972,784.3715.92%
c.Total Public Debt(A+B)81,274.0924,947,080.59100%
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AFCFTA: Sahara Group Lauds Buhari For The Signing The Deal

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AFCFTA Sahara group backs buhari

Kola Adesina, the MD of the Sahara Group, stated that the  African Continental Free Trade Agreement (AfCFTA) can change the energy industry of Africa. The black continent can profit from this by aligning regulations, taxation, cross-border workforce cooperation and new capital development.

Lately, AfCFTA got a major surge when the Nigerian President, Muhammad Buhari signed Nigeria to AfCFTA. The world’s biggest free trade area with a total gross domestic product of $3.4 trillion encompassing a market of more than 1.2 billion individuals.

Mr. Adesina said that the new deal will:

“propel governments and the private sector to take strategic steps towards repositioning the power industry across the continent.

“The energy sector has several components along the value chain that require interconnectivity of all stakeholders to make uninterrupted power available. With AfCFTA, Africa now has a platform to critically reconsider harmonized major infrastructure developments as well as the aggregate contribution and enabling legislation, policies and tariffs required to shore up power supply across the continent

“Nigeria has an abundance of gas deposits. With a power plant located in Nigeria we can develop transmission infrastructure that covers West Africa and achieve electrification of the entire region with the gas fired plants from Nigeria. These are some of the conversations and partnerships that I believe AfCFTA will trigger across the continent,” 

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