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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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How Nigeria's Fiscal Position Deteriorated in 2022- World Bank Explains

The World Bank has given insights into how  Nigeria's fiscal position worsened in 2022, due to debt servicin.

According to the global financial institution, the Federal Government had spend a sizeable chunk of its revenue on debt servicing, thereby leaving smaller proportion for other projects, including payment of subsidies.

It said that Nigeria was able to push the debt service ratio from 83.2 per cent in 2021 to 96.3per cent in 2022.

According to World Bank's Report on economic growth in both  developed and developing economies,  Nigeria’s fiscal position deteriorated in 2022, leaving the cost of the petrol subsidy to increase from 0.7 percent to 2.3 percent of gross domestic product (GDP).

“This has kept the public debt stock at over 38 percent of GDP and pushed the debt service to revenue ratio from 83.2 percent in 2021 to 96.3 percent in 2022,” the report said.

“The fiscal deficit was estimated at 5.0 percent of GDP in 2022, breaching the stipulated limit for a federal fiscal deficit of 3 percent.”

Oil price booms have previously supported the country’s economy, but this has changed since 2021.

The cause for this, according to the World Bank, was macroeconomic stability weakening amidst declining oil production, costly fuel subsidies, exchange rate distortions, and monetisation of the fiscal deficit.

“In 2022, oil revenues, the fiscal deficit outturn, FX reserves, and economic
growth decoupled from the cycle of higher global oil prices. GDP growth decelerated from 3.6 percent in 2021 to 3.3 percent in 2022,” the report said.

“Growth was driven by manufacturing, construction, and most services. In contrast, the oil sector shrank by 19.2 percent. From the demand side, growth was driven by private consumption and investment.”

It also revealed that the deteriorating economic environment was leaving millions of Nigerians in poverty, resulting in risks tilting to the downside, given the lack of macro-fiscal reforms, the naira demonetisation, and an uncertain external outlook.


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