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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
KARAN Appeals for Support for the ministry of Livestock Development
By: Michael Mike
The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has appealed to President Bola Tinubu to urgently support the Ministry of Livestock Development in getting its office ready.
The association decried that nearly eight months after the establishment of this crucial ministry, the renovation of the permanent office allocated to it for its operations is yet to be started, noting that this delay has impeded the
implementation of essential policies and programmes aimed at promoting the livestock sector and its value chains across Nigeria.
KACRAN, in a statement on Saturday, signed by its National President, Hon. Khalil Bello said: “When the Ministry was established on July 9, 2024, we, Nigeria’s pastoralists, viewed it as a long-awaited answer to our prayers and a significant step towards addressing over 50 years of
neglect in the livestock sector.
“However, the lack of progress since then has been disheartening, preventing the Ministry from fulfilling its critical role in ensuring food security and contributing to
the national economy.
“Currently, the Ministry functions more as a Directorate of Animal Husbandry Services, lacking the resources and infrastructure necessary for it to operate independently and effectively.
“Despite the critical nature of its mission, the allocated office space/building remains unrenovated and a timeline for starting the renovation or completion has not been provided. This situation severely hampers the ability of the Honorable Minister, Permanent Secretary, Directors and staff to coordinate effectively and execute
their responsibilities.
“Moreover, the financial resources allocated to the Ministry for the 2025 fiscal year are
insufficient for the Ministry to achieve its objectives.
“KACRAN is deeply concerned that without immediate attention to these challenges, the foundational goals of the Ministry will remain unattainable. As the political landscape evolves, it is vital that the focus remains on policy timely implementation rather than allowing the future of this very important Ministry to be muddling through uncertainties.
“We urge President Bola Ahmed Tinubu to prioritize the renovation and operation of the Ministry’s office so that the Honourable Minister and staff can effectively promote and develop the livestock sector.
Additionally, we implore the President to invest significantly in the livestock
sector, for enabling the Ministry to actively engage in ensuring food security, enhancing the nation’s GDP, and reducing heavy reliance on imported milk and food products, which costs Nigeria billions of
dollars annually.
“Finally, KACRAN expresses gratitude to President Tinubu for appointing Professor Muhammadu Attahiru Jega as an Advisor on Presidential Livestock Reform Programmes. We hope that under his
guidance, the Ministry can achieve its goals and bring tangible benefits to Nigeria’s pastoralists and the wider population.”
KARAN Appeals for Support for the ministry of Livestock Development
Armed Robbers Kill Watchman, Injure Another in Katsina School Attack
By: Zagazola Makama
Armed robbers attacked Government Secondary School Yashe in Kusada Local Government Area of Katsina State, killing one night watchman and injuring another before escaping with a solar inverter.
Intelligence sources told Zagazola Makama that the attack occurred at about 5:00 a.m. when the hoodlums stormed the school and assaulted the security guards with machetes.
One of the watchmen, Abdullahi Sanusi, 50, died on the spot, while his colleague, Aliyu Ahmed, 65, sustained serious injuries and was rushed to Kankia General Hospital for treatment.
Armed Robbers Kill Watchman, Injure Another in Katsina School Attack
Police, Security Operatives Foil Kidnap Attempt in Kaduna EX LGA Chairmans home
By: Zagazola Makama
Security operatives in Kaduna have rescued a former Executive Chairman of Kaura Local Government Area, Seimon Matthias, from a kidnap attempt at his Kagoro residence.
Intelligence sources told Zagazola Makama that the attack occurred on February 14 at about 11:00 p.m. when an unspecified number of kidnappers stormed Matthias’ residence, shooting sporadically in an attempt to abduct him.
However, the sound of gunfire attracted the attention of police officers and other security operatives stationed nearby, leading to a fierce exchange of fire.
The assailants, overwhelmed by superior firepower, abandoned their victim and fled to the mountains.
Police said the victim was rescued unhurt, and a joint operation involving the Army and Kaduna Vigilante Service (KadVS) was ongoing to flush out the criminals from the surrounding bush areas.
Police, Security Operatives Foil Kidnap Attempt in Kaduna EX LGA Chairmans home
KARAN Appeals for Support for the ministry of Livestock Development
Armed Robbers Kill Watchman, Injure Another in Katsina School Attack
Police, Security Operatives Foil Kidnap Attempt in Kaduna EX LGA Chairmans home
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