The International Monetary Fund (IMF) has opened up on Nigeria’s socio/economic development issues, saying that the country allocates the majority of its revenue to debt servicing, leaving limited funds for critical development projects.
Disclosing this while speaking during the Fiscal Monitor press briefing at the IMF/World Bank Annual Meetings in Washington DC, David Furceri, Division Chief of the IMF’s Fiscal Affairs Department, emphasised the need for Nigeria to adopt more effective revenue mobilisation strategies to ease this financial burden.
Furceri noted that Nigeria’s debt service-to-revenue ratio stands at around 60 per cent, significantly constraining the government’s ability to invest in social and economic programmes.
Although the debt service-to-GDP ratio has declined from nearly 100 per cent to 60 per cent, he stressed that the country must further reduce the share of its revenue allocated to debt repayments by focusing on broadening its tax base.
He said, “There is a need to grow the revenue-to-GDP ratio.  For a country Like Nigeria, the Debt Service-to-Revenue is about 60 per cent.  What that means is that a larger part of the revenue of the country goes into debt servicing.
“What we recommend for countries like Nigeria, if they can improve their revenue mobilisation, they will be able to reduce the portion of the revenue that goes into debt servicing.
“It is important to broaden the tax base in order to have more revenue and especially in Nigeria to put in place a system and mechanism that is transparent and efficient to assist the government in collecting more revenue”.
He called for the implementation of a transparent and efficient tax collection system, urging the government to improve its fiscal operations to generate more income.
Also, the IMF’s Fiscal Monitor Report released last Thursday highlighted projections that Nigeria’s debt-to-GDP ratio, currently at 50.7 per cent, is expected to drop to 49.6 per cent by 2025.
It noted that the country’s public debt includes overdrafts from the Central Bank of Nigeria and liabilities from the Asset Management Corporation of Nigeria.
“The overdrafts and government deposits at the Central Bank of Nigeria almost cancel each other out, and the Asset Management Corporation of Nigeria debt is roughly halved”, the report noted.

Active Marine Surveillance Coast Guard limited, a private security agency, has stated its preparedness to assist the police and other security agencies to check piracy along the nation’s waterways.
Director General of the Security outfit, Commander Godwin Amare, said this during the passing out parade of over 150 members of  the Coast Guard in Port Harcourt.
He said apart from checking piracy, Active Marine Surveillance Coast Guard limited also provides security at jetties across the state and check pollution along the waterways, as well as mount security surveillance across the country.
Amare, however, said his security outfit needs the support of the state and federal governments in the discharge of its functions..
He said with government support, the problem of insecurity will be reduced in the states.
Amare also stressed the need for the government to engage  the outfit in the provision of security in the state, adding that by doing so, government will also be creating employment opportunities for the people.
According to him, it’s men can also be engaged in the provision of security at strategic locations across the state.
He used the occasion to commend the Deputy Director General of the outfit, Captain Dain Elekima Joyfull, as well as  Captain Emberra Michael Niyikpen, and Pastor Anthony Afakwa, for their support.
Speaking, the Rivers State Commissioner of Police, Cp Mustafa Bala, who was represented at the occasion by SP Luka, urged the newly passed out officers of the Civilian joint taskforce and Active Marine Coast Guard limited to be professional in the conduct of their duties.
He also pledged to provide them with the necessary support.
Also speaking, the Rivers State Commandant of the Civilian Joint Taskforce, Commander Richard Akpobari, said his group is prepared to support the security agencies to curb criminalities in the state.
According to him, the situation aims to reduce the burden of providing security in the state.

By: John Bibor

Flight Operations on the Port Harcourt—Abuja route has significantly increased at the Port Harcourt International Airport, Omagwa, as against what it used to be in recent past.
The Tide observed that this improvement in number of flights on the Abuja route became noticeable with the coming of the Nigerian Eagle, otherwise known as “NG Eagle” airline to Port Harcourt airport.
Before now, some airlines such as Air Peace, Dana, Aero Contractors, and the United Nigeria Airlines were the airlines that kept the Abuja route afloat, with Aero Contractors and United Nigeria having specific days in the week within which they fly the Abuja- Port Harcourt route.
Unfortunately, the suspension of operations of the Dana Airlines by the aviation regulatory agency, the Nigerian Civil Aviation Authority (NCAA), brought a new twist in the flights operations on the Abuja route, as other airlines resorted to cancellation of flights, rescheduling and irregular operations with its negative impact on the travelers, with many lamenting the development.
Such scenario gave room for arbitrary hike in the flight tickets in many instances on the Abuja route, as many passengers on the route had to book in advance to secure their seats, giving room for extortion by some fast airline staff who used the opportunity to make brisk business.
Recently, the scenario has changed, as other airlines: the Arik airline, Value Jets, and Ibom air, have stamped their feet, and are now plying the Abuja route, in addition to the few that were in operation.
This development, The Tide gathered,  has reflected on the prices of flight tickets positively, as prices for tickets has adequately reduced, particularly in the NG Eagle airline.
Reacting to this development while interacting with The Tide, one of the travel agents at the airport, Chima Wobisike, said the development was a good one.
“Abuja passengers have suffered so much because of lack of flights. Some of my clients sometimes had to go through Lagos to Abuja on emergencies, and that is additional cost.
“I couldn’t figure out how an airport like the Port Harcourt airport will be having issues on flight operations from and to Abuja, were many passengers are ready to travel”, Wobisike remarked.
He, however, expressed joy that a change has taken place with the coming of other airline to operate on the Abuja route, to create the desired competition, as it was some years back.

Corlins Walter