Five things to know to start your Thursday

Delta governor-elect receives Certificate of Return

The Governor-Elect, Sheriff Oborevwori on Wednesday received a Certificate of Return from the Independent National Electoral Commission (INEC) following his victory at the March 18 poll.
The state INEC Resident Electoral Commissioner Monday Udoh-Tom, presented the certificate at a ceremony in Asaba.
Udoh-Tom said that the state didn’t record any inconclusive election in 2023 general election.
”I am delighted to have you here today to issue the Certificate of Return to those who are successful at the last election conducted on March 18.
”I thank the Almighty God who gave us the strength and wisdom to pilot that election to its conclusion.
”In Delta, we have no inconclusive election,” he said. (NAN)

Read also: INEC issues certificates of return to governors, HOA members-elect Wednesday to Friday

Debt deficit: DMO, Centre task incoming administration on revenue generation

The Debt Management Office (DMO) and African Centre for Leadership, Strategy, and Development (Centre LSD) have urged the incoming government to focus on revenue generation to tackle Nigeria’s debt deficit.

Dele Afolabi, Director, Portfolio Management Department of the DMO, made this call on behalf of the stakeholders on Wednesday, in Abuja, at a one-day Leadership and Development Policy Dialogue Series (LDPDS) with the theme “Nigerian Debt Sustainability Threat: Issues, Implications, Lessons, and Solutions for the Next Administration.”

Afolabi said that Nigeria had to focus on revenue generation as the current revenue did not match the high debt servicing burden of the country.

He added that this call was important because of the need to grow the nation’s revenue, as only through increased revenue can the nation pay its debt.

He said although Nigeria had the highest Gross Domestic Product (GDP) in Africa, its government-generated revenue to GDP ratio was lower than that of most African countries, and this could be tackled, among other ways, through taxes.

Afreximbank boss proposes creation of “Domestic Financial System’’ for Africa’s development

Benedict Oramah, President/Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), has proposed the creation of a domestic financial system that would not only allow Africa to participate effectively in the system but also allow them to develop, prosper, and earn their respect.

He made the proposal at the Chartered Institute of Bankers of Nigeria (CIBN) Annual Lecture, with the theme “Unlocking the Constraints to Africa’s Economic Transformation: Insights into the Power of Capital’’, on Wednesday in Lagos.

According to him, Africa may be rich in natural resources; however, leveraging that wealth is determined by those who control the capital required to bring them to market.

He said: “It is therefore important that we build a Domestic Financial System that welcomes foreign banks but that, as a deliberate policy, must have the strong participation of Africa-owned banks.’’

King Charles visits Germany in first overseas trip as monarch

King Charles was greeted with military honours at the Brandenburg Gate in Berlin on Wednesday as he began his first state visit abroad since becoming the British monarch, part of efforts to re-set relations with Europe post-Brexit.

Charles, who succeeded his mother Queen Elizabeth as monarch in September, had been due to travel first to France, but cancelled that part of the tour due to violent social unrest over President Emmanuel Macron’s new pension law.

The fact that Charles had picked France and Germany for his first state visit, even before his coronation in May, was an important “European gesture”, said German President Frank-Walter Steinmeier, who greeted Charles and his wife Queen Consort Camilla in Berlin.

“Today, exactly six years after Britain started its exit from the European Union, we are opening a new chapter in our relations,” Steinmeier said. (Reuters)

Humza Yousaf sworn in as Scotland’s leader as bid for unity falters

Humza Yousaf was sworn in as Scotland’s new leader on Wednesday in a ceremony blending formal tradition with his Pakistani heritage, then announced his first cabinet in a move that risked deepening the divisions in his governing party.

Yousaf, the first Muslim to lead a democratic western European nation, was dressed in a black shalwar kameez at Scotland’s highest court, the Court of Session in Edinburgh.

His wife, watching with his children and parents, shed tears at the start of the ceremony.

Yousaf, who pledged an oath of allegiance to King Charles, has previously said he wants to replace the monarchy with an elected head of state if he achieves his dream of ending Scotland’s three-centuries-long political union with England.

The 37-year-old then announced his new cabinet of six women and three men, who were mainly close allies of Scotland’s former leader Nicola Sturgeon, who resigned last month after dominating Scottish politics for more than a decade.

But the new lineup could breed disunity as it excluded Yousaf’s leadership rivals or their allies who said they were offered only positions that amounted to demotions. (Reuters)

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