News
Commonwealth Meridian Deployed to Manage Public Debt Portfolio
Commonwealth Meridian Deployed to Manage Public Debt Portfolio
By: Michael Mike
A powerful software developed by the Commonwealth Secretariat is being deployed in Nigeria to transform how the country manages its public debt portfolio of US $114.35 billion while enhancing transparency.
A statement on Monday by the Commonwealth Secretariat, said at the request of the Government of Nigeria, the Commonwealth Secretariat hosted a two-week training workshop for 15 Nigerian debt managers at its headquarters in London this month.
The statement added that during the workshop, participants received hands-on training on getting their debt databases ready for seamless migration to the new software, known as Commonwealth Meridian, and learned essential skills for recording, analysing, and managing various types of debt using the advanced tool.
The Acting High Commissioner of Nigeria to the United Kingdom, Dr Cyprian Heen, according to the statement, opened the workshop on 5 February 2024 and described the software as a crucial tool for sound debt management practices in developing countries.
He highlighted the importance of monitoring debt liabilities to prevent escalating debt costs and risks, which hinder governments from spending on projects essential for sustainable development.
Heen said: “Meridian allows borrowers to record their debt accurately and comprehensively across the full range of debt management transactions and operations.
“In turn, this facilitates accurate and timely debt service payment to creditors while allowing governments to monitor their liabilities.”
Launched in 2019, Meridian replaces its predecessor, the Commonwealth Secretariat: Debt Recording and Management System (CS-DRMS), which has helped Nigeria manage its public debt since the 1990s.
The upgraded software gives managers access to real-time debt data to monitor liabilities and make informed decisions, while ensuring national financing needs are met in time and at an acceptable level of risk.
Speaking at the workshop, Senior Director of the Commonwealth Secretariat’s Economic, Youth and Sustainable Development Directorate, Dr Ruth Kattumuri, said Nigeria is the Commonwealth’s key partner in supporting Africa’s development.
She emphasised Nigeria’s catalytic role in driving growth and sustainable development across the continent, leveraging its abundant natural resources and human capital.
Kattumuri reiterated the Commonwealth’s full support for Nigeria’s development efforts, including through the deployment of essential tools, such as Meridian.
One of the training participants, Director of the Debt Recording and Settlement Department of Nigeria’s Debt Management Office, Maraizu Nwankwo,, welcomed the training initiative.
He said: “Meridian would help to address the challenges encountered by our debt officials in the use of CS-DRMS and support the Debt Management Office in meeting the increasing demand for public debt data in various forms by the stakeholders and users.”
The upgraded software is offered to Commonwealth countries as part of the Commonwealth’s debt management programme, which includes advocacy and policy advice on formulating debt management strategies.
Currently, the software is in use in 39 Commonwealth countries
Commonwealth Meridian Deployed to Manage Public Debt Portfolio
Military
Mutiny: Presidential Guard Tightens Security Around Niger Presidency Amid Reports of Military Protest
Mutiny: Presidential Guard Tightens Security Around Niger Presidency Amid Reports of Military Protest
By Zagazola Makama
Security was significantly reinforced around Niger’s Presidential Palace in Niamey following reports of unrest involving elements of the country’s armed forces, security sources told Zagazola Makama.
According to multiple security sources, the heightened deployment of the Presidential Guard, supported by armoured vehicles around the Presidential Palace on the night of July 3 and into July 4, followed what was described as a limited protest by personnel of an armoured unit within the Niger Armed Forces (FAN).
The sources said some soldiers reportedly declined deployment to frontline positions in northern Tillabéri Region, particularly around Inatès and Chinagodrar, citing inadequate heavy equipment and insufficient operational resources to confront the growing security threats in the area.
The protest was described by one source as a “small mutiny,” although there has been no official confirmation from the Nigerien authorities.
Security sources said the development triggered concern within the country’s leadership, prompting the reinforcement of security around the Presidential Palace and temporary restrictions on movement in the surrounding area as a precautionary measure.
The Tillabéri Region remains one of Niger’s most volatile security zones, with recurrent attacks by armed extremist groups, including factions linked to the so-called Islamic State in the Greater Sahara (ISGS).
As of the time of filing this report, the Nigerien government and military authorities had not issued any official statement regarding the reported protest or the increased security presence around the Presidency.
The situation remains under close observation.
Mutiny: Presidential Guard Tightens Security Around Niger Presidency Amid Reports of Military Protest
Two suspected criminals arrested during patrol in Plateau
By: Zagazola Makama
Troops of Sector 1 under Operation Enduring Peace have arrested two suspected criminals during a routine patrol in Jos East Local Government Area of Plateau.
Security sources disclosed that the suspects, identified as Azi Ezekiel, 21, and Ajiji Emmanuel, 19, were apprehended at about 10:30 a.m. on Saturday along the road leading to Forbur Village.
The sources said the suspects were intercepted by troops of Sector 1, Sub-Sector 12, while conducting a routine patrol in the area.
According to the sources, the two suspects have been handed over to the Keystone Police Station in Forbur for further investigation and possible prosecution.
The arrest forms part of ongoing security operations aimed at combating criminal activities and enhancing safety across Plateau State.
Two suspected criminals arrested during patrol in Plateau
Troops arrest suspected kidnapper in Plateau community
By: Zagazola Makama
Troops of Sector 4 of Operation Enduring Peace have arrested a suspected kidnapper during a security operation in Barkin Ladi Local Government Area of Plateau.
Security sources said the suspect, identified as Mohamdu Surajo, 29, was arrested at about 6:45 p.m. on Friday at Sabon Layi Village following sustained security operations in the area.
The sources disclosed that the suspect is currently in military custody and is undergoing preliminary interrogation to aid ongoing investigations.
They added that the arrest is part of continued efforts by security forces to dismantle criminal networks and enhance security across Plateau State.
Troops arrest suspected kidnapper in Plateau community
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Mutiny: Presidential Guard Tightens Security Around Niger Presidency Amid Reports of Military Protest
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