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Market Digest Nigeria

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Nigerian Newspapers Headlines (17th May,2019)

June 12

The National Assembly has finally declared June 12 as Democracy Day. June 12 1993 was the day Nigeria held the freest and fairest election in the history of country. The National Assembly has passed the bill into law that May 29 will be significantly the day of handover from one government to another.

Read more about this story in major Nigeria Newspapers:

Guardian Newspaper: At last, National Assembly okays June 12 as Democracy Day

National Democracy Day in Nigeria is now June 12, the bill to have June 12 immortalized as the nation’s history of the day the freest and fairest election was held in 1993 was yesterday endorsed by the Senate.

This happened after 26 years of struggle for the date to be recognized after Late Chief MKO Abiola won the Presidential election and it was canceled by Rtd Gen Ibrahim Babangida.

Consequently, the National Holiday Act has been amended to move Nigeria’s Democracy Day from May 29 to June 12. However, May 29 remains important as the date when one administration will hand over to a succeeding one in compliance with the provisions of the 1999 Constitution regarding the tenure of administrations in the country.

Sun Newspaper: States to share N649.4bn Paris Club refund

The Federal Government is set to disburse N649.434 billion which is the outstanding balance of the Paris Club debts refund. This information was disclosed yesterday by the Minister of Finance Mrs. Zainab Ahmed.

The Minister said the country’s external reserve as at May 13, 2019 was $44.69 billion compared to $28.3 billion in 2015.

On the Paris Club refund, she said; “For the final phase of the Paris Club debts refunds, the total sum of N649.434 billion was verified by the Ministry as the outstanding balance to be refunded to state governments.

“The payments made by the CBN as at March 2019, is N691.560 billion. The increase in CBN payments partly arose from exchange rate differential at the point of payment. Although, some States still have outstanding balances, which will be refunded in due course.” She said

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