Nigeria

One Hundred and Eighth Sovereign Debt News Update: Nigeria’s Public Debt to hit N95trn as Senate Approves President Tinubu’s Request to Securitise N7.3 trillion owed to the Central Bank

It remains imperative for both the executive and lawmakers to find the political will to push for judiciousness in debt management; thus, eliminating the danger of excessive and unproductive debt. The government of Nigeria must adopt responsible borrowing practices in order to arrive at a sustainable debt stock. As it stands, the Ways and Means advances facility may be prone to abuse if Presidents can easily approach the CBN for loans without repaying and transferring the burden to the average citizen. The AfSDJN recommends that the Tinubu administration only approaches the Central Bank as a “lender of last resort” in strict conformity with Section 38 (1) of the CBN Act. The Federal Government must devise more proactive ways of raising revenue to reduce such borrowing activities as it increases Nigeria’s debt servicing burden as highlighted. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

The $11 Billion Dollar Question in The Federal Republic of Nigeria v. Process & Industrial Development: A Cultural Analysis

“You want to tell us you don’t want to sow, you want to reap” asked the Nigerian appointed arbitrator, Chief Bayo OJO, during oral argument in the arbitration proceedings, to which Nigerian counsel, Chief Ayorinde, responded: “You cannot reap where you do not sow. That is a very Nigerian saying.” (Nigeria v. Process & Industrial Development, para. 360). The Chair of the Tribunal, Lord Hoffmann, then intervened with his own cultural reference and said: “There is a passage in I think it is Shakespeare’s Henry VI where one of the rebels says: ‘Isn’t it terrible that people should be able to get into such trouble just by signing a document? Let’s kill all the lawyers.’” (Nigeria v. Process & Industrial Development, para. 360). Perhaps, underneath all the arbitral extravagance and incalculable network of disturbing corruption lurks a least appreciated cultural milieu worth $11 billion dollars.

Judgment of Mr. Justice Robin Knowles CBE in The Federal Republic of Nigeria v Process & Industrial Developments Limited [2023] EWHC 2638

This case has also, sadly, brought together a combination of examples of what some individuals will do for money. Driven by greed and prepared to use corruption; giving no thought to what their enrichment would mean in terms of harm for others. Others that in the present case include the people of Nigeria, already let down in so many ways over the history of this matter by a number of individuals in politics and administration whose duty it was to serve them and protect them.

Book Review: Intellectual Property Law in Nigeria: Emerging Trends, Theories and Practice, D.O. Oriahkogha and A.I. Olubiyi (Benin City: Paclerd Press, 2023)

This is the second collaboration by experts in the field of IP law, Dr. Desmond Oriakhogba and Dr Ifeoluwa Olubiyi, who have come together again to make substantial changes to the first edition of their text which assessed the theories, practices, and emerging trends of IP law in Nigeria. In their resourceful second edition, the authors have taken upon themselves the responsibility of analyzing the dynamic realm of IP law, and how it continues to shape and protect IP property rights in an increasingly multifaceted and interrelated world. They recognize that the Nigerian IP law landscape will need to keep up with technological advancements in the space even as technology continues to develop.

Eighty Sixth Sovereign Debt News Update: Nigeria’s President Bola Tinubu Inherits a Debt to GDP Ratio of 38% Against a 40% Limit

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.

Seventy Eight Sovereign Debt News Update: Updates on Ghana and Nigeria’s Sovereign Debt Status In April 2023

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

Nigeria’s Finance Act 2021 and the Digital Tax Framework: Another Attempt to Boil the Ocean?

Nigeria is being careful with its approach in its quest to tax the digital economy. Rather than enacting a stand-alone digital service tax law, Nigeria is amending key parts of its corporate income tax law to accommodate effects of the digital economy. These amendments, particularly the latest amendment on turnover assessment, are not substantially different from an average digital service tax. Both taxes are levied on turnover of digital platforms. The 6% tax rate on turnover is likely to be a major concern for non-resident companies as it is much higher than the digital service taxes in other jurisdictions. France and UK impose 3% and 2% digital service tax respectively; while Kenya, a comparable developing country in the same region, has 1.5% digital service tax. Canada is in advanced stage of launching its 3% digital service tax on all in-country revenues earned on digital activities.

Seventeenth Sovereign Debt Justice News: The International Monetary Fund and African Sovereigns

The African Sovereign Debt Justice Network brings to you an update of African sovereign debt news and updates on events and happenings on and about Africa that reveal how sovereign debt issues are engaged by the various stakeholders.

Is Climate Action Worsening Nigeria’s Debt?

Although we tried to determine if and how internationally-financed climate action may be worsening Nigeria’s debt crisis, we weren’t able to find data that would lead us to a definitive analysis. It is logical that any borrowing, especially on non-concessional terms, that will not pay for itself through productivity, will contribute to Nigeria’s debt, and in that way, further undermine Nigeria’s ability to take much-needed climate action (or any humanitarian or development objectives).