Index to Nigerian Newspapers

Financial experts warn that the Central Bank of Nigeria's large foreign-currency liabilities to external creditors may worsen foreign exchange volatility and naira depreciation. The country's risk profile may discourage foreign investments, as the CBN's dollar-denominated borrowings undermine foreign reserves and worsen the national debt position. Nigeria's total public debt rose to N49.95 trillion in the first quarter, and the CBN borrowed $7.5 billion from JP Morgan and Goldman Sachs to stabilize the economy. The CBN's liabilities impact sovereign risk assessments, as the net foreign reserves are less than the $33 billion widely publicized figure. The CBN's government borrowing is high at 75% of total loans and advances, and investors must verify ownership of foreign credit securities.

The Nigerian Textile Employers Association claims smuggling of textile products through Nigeria's land borders has led to the collapse of over 150 companies in the last 40 years. The closure of the Nigeria-Niger border, stranded trucks, indicates inferior products entering the country at the expense of the local industry.

The Federal Inland Revenue Service (FIRS) is planning to eliminate multiple taxation in Nigeria to boost investment and improve tax revenue for critical infrastructure. The aim is to streamline taxes and block leakages, generating more revenue for all government levels. The FIRS is investing in partnerships with trade unions to bring the informal sector into the tax net and avoid taxing services and goods exempt from taxation. The Presidential Fiscal Policy and Tax Reforms Committee chairman, Taiwo Oyedele, urged the government to focus on high-yielding taxes, technology, constitutional review, and fiscal federalism.

Nigeria's transition process is underway with the inauguration of 45 ministers appointed by President Bola Tinubu to assist in policy formulation and campaign promises. The ministers will serve as an advisory body to the president and in policy formulation. Nigeria faces a precarious situation, with inflation at 24.08% and unemployment rising sharply. The new ministers will need to address issues such as trade policy alignment, Niger Delta's FCT Minister Nyesom Wike, South East's David Umahi, education, and health and social welfare. They will also address the country's poor health system, which contributes to high maternal mortality rates and the loss of medical practitioners to developed countries.Insecurity remains a significant challenge in Nigeria, with the Tinubu administration facing a surge in terrorist attacks. Over 100,000 insurgents have surrendered to the military, with protests over unpaid allowances. The new Ministers of Defence, State Defence, Police Affairs, and Police Affairs are expected to address security challenges, fund, equipment, and training issues.