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ActionAid Nigeria, AAN, Wednesday, said it is set to submit its third biennial review on agricultural accountability at the African Union, AU, Assembly to mitigate the foreseen challenges of food security.

This is came as AAN said it would submit the review at the 35th ordinary Session of the AU Assembly (Heads of State and Government Session) in February 2022.

Speaking during the pre-biennial review launch with the theme: “Strengthening Accountability and Utilization of Biennial Review Results – the Role of the Media and Non-State Actors,” Constance Okeke, International Project Manager, Public Finance for Agriculture, AAN, explained that the biennial review is an accountability process instituted to help measure progress of the comprehensive African Agriculture Development program implementation in all the African countries.

She explained further that, “Every two years a review is done to see how this program is been implemented. And countries generate data and submit to the regional economic communities who in turn submit to the African Union and it is analysed and prepared as a form of report to heads of states. So during their summit at the beginning of the year this report is released to them.

“This is the third Biennial review, it started in 2017 with the first report released in 2018 summit and the second BR for 2019 and submitted at the African Heads of State summit 2020.”

She however noted that the third biennial review for 2021 will be submitted and released in the upcoming African Heads of State summit this February by next week.

Okeke charged the media to be accountable in reportage at all times, especially in matters relating to agriculture.

According to her, “The idea of having this event partnering with our partners is to ensure that one of the primary key holders in the Agriculture Development which is the media is at the forefront of these issues, which will help push information accurately, push accountability processes across board so that we all have the shared prosperity and improved livelihood.

“The idea of bringing everybody is to have uniformed information and then be prepared to engage the report once it is released next week.”

Study commissioned by ActionAid Nigeria has revealed that the country’s external debt stock increased by 410.9 per cent between 2012 and 2020, with the highest year-on-year growth recorded in 2017 at 65.82 per cent, followed by 35.16 per cent growth in 2013 and 33.63 per cent in 2018.

“The states and FCT external debt stock calculated in USD grew by 29.5 per cent, while the calculation in naira produced 136.7 per cent growth. The external debt component had risen to 31.82 per cent of overall debt as at end of 2018, while the domestic debt was 68.18 per cent of overall debt. Furthermore, Nigeria’s debt to GDP has been growing over the years and stood at 19 per cent by end 2018.”

Onyekpere said the Central Bank of Nigeria (CBN) and banks are heavily exposed to these domestic instruments up to 45.2 per cent of overall and the non-bank public is mainly about Pension Fund Administrators, Asset and Fund Managers, as well as Insurance companies hold the remaining part.

“The current debt to retained revenue profile of about 83 per cent is not sustainable. The drive to raise new domestic revenue is a struggle of the generation and it should attract the energy, vision and vigour of both government and citizens. The major driver should be a commitment to expand available resources, rather than the current clamour for sections of the country to have more of the stagnant pool of available resources. Debt can be reduced if we generate more revenue.”

Actionaid

Food Security: ActionAid to submit third Biennial Review to African Heads of States next week

Nigeria’s external debt grows by 411% in 8 years — ActionAid

Study commissioned by ActionAid Nigeria has revealed that the country’s external debt stock increased by 410.9 per cent between 2012 and 2020, with the highest year-on-year growth recorded in 2017 at 65.82 per cent, followed by 35.16 per cent growth in 2013 and 33.63 per cent in 2018.