Category Economy/Business

By Fortune Abang

Mr Ali Khwaja, Chairman of KTrade Securities, a Pakistani-based stock and commodity outfit, says the U.S. fiscal deficit can impact negatively on the global financial markets.

Khwaja disclosed this on Thursday during the global virtual analysis of the KTrade Securities research report.

He said that the deficit could create less trust by international market players and increase search for alternative currency.

According to him, the highlight had become important because the U.S. spending spree is creating massive risks for the global financial system, particularly the developing world.

Khwaja said that, as the U.S. government borrowed more, the resulting increase in interest rates would  continue  to ripple through global financial markets.

“Right now, the U.S. is still able to borrow and attract capital from the rest of the world, but countries are feeling the pinch of rising interest rates.

“In five years or so, most emerging and low-income countries that rely on external borrowing will need to use most of their budget for the payment of interest cost.

“Soon, other countries, especially large holders of the U.S. debt, will start asking questions about where the U.S. debt is heading, and they  will take some policy options,” he said.

He said that the situation could be dangerous, as the U.S. will have to defend its position by non-economic means.

“For the U.S.,the solution is to allow a global free-trade movement that attracts younger people to come into the economy and thus, increase tax collection,” he said.

He, however, said that such a move was unfortunate because the U.S. political choices were creating an equilibrium in which it will remain in fiscal deficit.

He observed that the U.S. fiscal deficit used to be around two to three  per cent until the 1980s.

He said that the  country soon ventured into uncharted territory, as it had been running a deficit in decades averaging around 10 trillion dollars per year.

“In the past, there was this understanding that if you run a deficit, you run for some special reason in a temporary situation, such as world war, after which you will revert to fiscal discipline.

“But since the 2008 financial crisis, the fiscal discipline upon which the global financial market and the global financial system rest, has been broken.

“The situation will only worsen with the ageing American population, which necessitates increased spending on pensions, healthcare, and other benefits straining the fiscal budget, which failed to be fully replenished by taxes.

“Political pressure to maintain popularity has led to increased spending. Cutting budgets can lead to political unpopularity and electoral losses, which creates a cycle of persistent high spending.

“When a government realises that it can spend more money for political benefits, then it is difficult to control when it comes out of the bottle.

“But popular political options are not always good economic options,” he said.

He quoted Jodey Arrington, Chairman of the U.S. House Budget Committee as confirming the fiscal deficit, when referring to the alarming accumulation of gross national debt that hit a new record of 35 trillion dollars.

Khwaja reiterated that the U.S. Congressional Budget Office had warned that the rate of increase, equivalent to 6.4 billion dollars of new debt per day, is pushing the U.S. fiscal sustainability to its limit.

He further said that by the early 2030s, government bills will exceed revenue and that the escalating debt trajectory raises concerns about the feasibility of financing and the associated costs.

“Risks to economic growth and lower investment in the private sector could lead to lower wages.

“This is due to losses in productivity. And upward pressure on interest rates would make it more expensive for individuals to borrow money,” he said.

He further quoted Gene Dodaro, Comptroller-General of the U.S. and Head of Government Accountability Office (GAO) aa suggesting that measures should be taken to ensure lasting solution to fiscal deficit. (NAN)

Edited by Kadiri Abdulrahman

The imperative for an indigenous credit rating agency in Africa

By Lucy Ogalue, News Agency of Nigeria (NAN)

In the ever-evolving landscape of global finance, Africa stands at a crucial juncture with its burgeoning economies, industries, and a young, dynamic workforce.

The continent holds immense potential, yet, in spite of these promising indicators, Africa still grapples with a significant challenge one of which is the absence of a robust credit agency tailored to its unique economic landscape.

Credit rating is an evaluation of the credit risk of a prospective debtor, predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.

Credit rating represents an evaluation from a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency’s analysts.

African economies, both emerging and established, face hurdles when it comes to accessing credit on favorable terms.

Traditional credit rating agencies, predominantly based in the West, often lack the level of understanding required to accurately assess African businesses and sovereign entities.

Consequently, this knowledge gap perpetuates a cycle of limited access to affordable credit, hindering the continent’s growth prospects.

In the intricate space of global finance, Africa’s economic potential shines brightly, yet, in spite the continent’s vast opportunities; its journey to prosperity faces a formidable obstacle, which is the absence of a credible, indigenous credit rating agency.

Stakeholders, experts, partners and shareholders on the continent have strongly advocated the creation of an Afrocentric credit rating agency, designed to better understand and fairly assess the continent’s conditions.

Dr Akinwumi Adesina, President, African Development Bank (AfDB), has been an ardent advocate for rectifying the disparity in rating, emphasising the critical need for Africa to have its own credit-rating institution.

Adesina contends that major international credit rating agencies often paint an inaccurate picture of African risk, unfairly penalising the continent.

Speaking at the 2024 AfDB Annual Meeting in Nairobi, he said although the continent needed its own rating institution, it was not intended to replace the global rating agencies.

“What the Heads of States are saying is that saying is that they want a counterpart institution that understands the conditions in the continent better.

“There is need for reform in the global rating system. The global system has to change. We need to create a fair response that rates African countries properly and with equity.

“Africa is not asking for a pass, but there needs to be a fair process that rates African countries properly. It is about fairness, it is about equity, it is about making sure that both sovereign and non-sovereign are rated properly,” he said.

Similarly, while speaking at the Chatham House in London, Adesina highlighted how Africa was unjustly perceived, as being riskier than other regions, in spite evidence to the contrary.

He said over the past five years, the AfDB had facilitated investments exceeding 180 billion dollars in Africa underscoring the continent’s immense potential for growth and development.

The AfDB boss said: “Africa is not any riskier than any other part of the world. Perception is not reality.

“Over the past five years, we have brought investors to Africa and mobilised well over 180 billion dollars in investment interest. This tells you the opportunities are limitless.

“For Africa to rise and shine brightly among the global community of nations we must accelerate structural transformation and finance its implementation. This is the key to unlocking Africa’s development opportunities.“

Addressing participants at the 2024 AfDB meeting in Kenya, President William Ruto also called on the AfDB to establish an African Credit Agency and conduct a comprehensive review of African states’ Gross Domestic Product (GDP) to reflect their true economic status.

Ruto disclosed how perceptions had impacted Kenya’s credit rating on Eurobond issuance.

According to him, countries on the continent borrow from international markets at rates far above those paid by the rest of the world, often up to eight to 10 times more.

He said these rates were said to factor in an arbitrary risk profile that is notably not applied when considering mineral extraction, even in areas of active conflict.

President Nana Akufo-Addo of Ghana expressed similar sentiments while addressing the 35th Africa Union summit in Addis Ababa, Ethiopia.

He said: “We need to guard against the continuing consequential stranglehold of rating agencies, which has affected the cost and access to capital markets for African countries”.

Experts argue that the problem with African debt is not just the interest that is paid on them, but also the tenure of the loans as repayment periods tend to be shorter than for elsewhere around the world.

Mr Jeffrey Sachs, an American economist, academic and public policy analyst, said long-term development cannot be based on short-term loans.

“Thus, the loans granted to Africa should have at least a 25-year term, or longer. Short-term borrowing is dangerous for long-term development,” Sachs said.

For Dr Mohammed Adam, Ghana’s finance minister, establishing an African sovereign credit rating agency would ensure a balanced, accurate, and comprehensive assessment of credit risk.

He said it would therefore facilitate access to competitive capital and foster domestic financial market development across the continent.

The minister decried what he described as unfair assessments of developing countries by international rating agencies.

“If we have our own rating agency, we will have an alternative professional second opinion.

“When challenged, the facts can be brought to bear, and I think the AfDB should lead by organising stakeholders to determine the modalities.

“Such a stakeholder meeting is crucial to build credibility that will reflect the ratings given to African nations,’’ the media quoted Adam as saying.

According to a United Nations Economic Commission for Africa (ECA) report, in the first half of 2023, the top rating agencies issued 13 negative decisions to 11 African countries, including downgrades and negative outlook assessments.

The report stated: “These developments have reversed the optimism among investors on the international financial markets that African countries are recovering from the devastating Covid-19 economic shocks.”

To address these credit rating issues, the ECA and the African Peer Review Mechanism (APRM) hosted a workshop in Accra from July 9 to July 12.

The event brought together stakeholders and major credit rating agencies, including S&P Global and Moody’s, to discuss the credit rating methodologies.

The workshop aimed to provide a comprehensive understanding of the factors that influence these ratings and to identify actionable steps that African countries could take to enhance their creditworthiness.

“By bringing together diverse stakeholders we can foster a deeper understanding of credit rating methodologies.

“We work collaboratively to improve the financial stability and economic prospects of African nations,” Sonia Essobmadje, Chief of Section on Innovative Finance at ECA said.

McBride Nkhalamba, Acting Director, Governance and Specialised Reporting at APRM, highlighted the significance of the initiative.

Nkhalamba said that consistency in policy communication and transparent reporting were imperative in fostering investor confidence and mitigating potential rating downgrades.

Amb. Albert Muchanga, African Union (AU) Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, says the continent was on track to establishing a credit rating agency by 2025.

According to Muchanga, the project was at the operationalisation stage, adding that APRM, AfDB, African Export-Import Bank and AU Commission are involved in the task. (NANFeatures)

**If used, please credit the writer and News Agency of Nigeria.

By Abigael Joshua

Nigerians in London and other parts of the world have been advised to acquire homes and properties in Abuja, their country’s capital, to safeguard their future financial investments.

This is part of efforts by the President Bola Tinubu administration to strengthen the housing sector of the economy under the Renewed Hope Agenda.

Many Nigerians abroad are challenged in acquiring homes and properties in the country due to exploitations and outright fraud encountered in the process.

The event will emphasise the importance of contributing to national development, according to TEXEM and Bilaad Real Estate, organisers of the show, in a statement.

‘’Investing in Nigerian real estate is not just about personal gain but also about playing a part in the country’s economic growth and infrastructure development.

By driving sustainable development and creating job opportunities, diasporans can positively impact the local economy and communities.’’

The road show would sensitise Nigerians in the diaspora on the legal and physical processes of acquiring homes and properties in Abuja.

The free road show would present a strategic opportunity for participants to gain valuable insights, connect with experts, and explore the vast potential of the Nigerian real estate market.

The theme of the event is, “Unlocking the Future: The Bilaad Real Estate Road Show for Nigerians in the Diaspora”.

The statement announced that renowned personalities would provide information on the dynamics of real estate, while participants would gain a comprehensive understanding of the Nigerian real estate market, with a particular focus on Abuja.

According to the statement, presentations will cover current trends, the benefits of investing in the market, and success stories that highlight the sector’s potential.

The statement said that the event offers practical training sessions on effective communication, handling objections, and closing deals.

These sessions, including role-playing exercises, are designed to equip attendees with the skills needed to excel in the real estate market.

The show would also allow for networking by providing opportunities to connect with other Nigerian professionals, investors, and industry experts.

Mr Aliyu Aliyu, CEO of Bilaad Realty, said the show would inspire participants to have a commitment to a brighter future of their country.

“Abuja’s growing economy guarantees property value appreciation, while our communities offer a serene and secure environment, paired with unmatched lifestyle amenities and sustainable designs.”

Aliyu said that investing in Nigeria’s economic growth agenda would offer substantial returns that outpace currency fluctuations and inflation.

He said that the event would provide insights into building and managing a profitable real estate portfolio, crucial for those planning to return to Nigeria or maintain strong ties with the country.

Dr Alim Abubakre, Founder of TEXEM UK, also said that the group believes in the transformative power of strategic investments.

He added that the free road show would be a significant platform to encourage this among participants.

“This programme is a unique opportunity for Nigerian professionals in the UK to gain invaluable insights into the Nigerian real estate market, foster key partnerships, and contribute to national development.

“By participating, Nigerian professionals can leverage cutting-edge knowledge, connect with industry leaders, and position themselves at the forefront of a dynamic market.

”This event is about sustainable investment and reconnecting with your roots,” Abubakre said. (NAN) (www.nannews.ng)

Edited by Razak Owolabi

By Rukayat Moisemhe

Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., says Nigerian businesses must adapt to 23 megatrends to succeed in the changing world, particularly for positive results and futurist growth.

Adedipe made this known at the Chartered Institute of Directors (CIoD) Academy’s Network Breakfast on Tuesday in Lagos, with theme: “Megatrends and Insights for Tomorrow’s Business Landscape”.

He listed the megatrends to include increasing technological disruptions, globalisation and cultural disruptions of values, climate change, changing business models, Environment, Social and Governance (ESG) issues.

Others are investor’s expectations, global health infrastructure, changing nature of work, increasing global crisis, changing economic powers, society expectations, and increasing sophistication of stakeholder’s awareness and rights.

He added that megatrends such as Equality, Diversity and Inclusion (EDI), Artificial Intelligence (AI) and robotics, strategic innovation, agility/ resilience, cyber security, and Enterprise Risk Management (ERM) were important dynamics for businesses.

Adedipe furthered that business continuity, increasing emigration, the great resignation, changing bar of corporate governance regulations and integrity of security networks were trends to also look out for.

“More important is how to adopt and deploy generative artificial intelligence into business operations.

“We must understand how such megatrends are impacting industries and how they may impact them in the near future and what companies can do to manage the trends for positive results.

“Businesses must understand how to effectively engage local and global population dynamics, financial development, diffuse nature of competition and de-globalisation.

“Nigeria must target producing what would take care of the numbers before exports and for businesses, looking forward, to be resilient and strong, it is about collaboration and not competition,” Adedipe said.

Alhaji Tijjani Borodo, President, CIoD, said the event would enable directors to forge stronger bonds, share insights, and collectively shape the future of the Nigerian business landscape.

Borodo stated that in an era marked by rapid technological advancements, shifting economic paradigms, and unprecedented global challenges, directors and C-suite executives must remain at the forefront of these changes.

He said the CIoD Academy’s Network Breakfast was not just a one-time event but the beginning of a series of networking sessions that would become a regular feature of the institute’s calendar.

“Through this event, we aim to create a vibrant and supportive community of directors and executives who are committed to excellence and continuous improvement.

“Hence this gathering is designed to equip us with the knowledge, insights, and connections necessary to navigate and thrive in this evolving landscape,” he said.

Mr Femi Ojumu, Principal Partner, Balliol Myers LP, stressed the need for Nigerian businesses to be very aware of global disruptors, the after-effects of the pandemic, generative AI and other dynamics for comparative advantage.

Ojumu said businesses must also be aware of the wider dynamics of geopolitics and how it directly correlates to the Nigerian business environment.

“What government can do is fairly limited to creating policies, simplifying business, creating proper laws and access to loans for the business environment to thrive.

“We need to be alive to the strategic and operational risks and ensure we have proper and effective mitigation plans in place,” he said. (NAN)

Edited by Olawunmi Ashafa

By Segun Giwa

The Federal Government says the Nigeria Youth Investment Fund (NYIF) has been restructured with a capital base of N110 billion to support youth-led businesses.

The Minister of Youth, Dr Jamila Bio Ibrahim, stated this in Akure on Tuesday during a town hall meeting for South-West youths.

Ibrahim said since the relaunch of the NYIF, it had received over 200,000 applications in less than two weeks.

According to the minister, the programme is designed to empower youths by making it easier to obtain loans for personal and entrepreneurial use.

“It is also to enhance their financial stability and ability to contribute to the economy.

“Additionally, we are establishing a National Youth Development Bank, to provide financial support for youth-led enterprises.

“This institution will play a crucial role in empowering young entrepreneurs, enabling them to drive economic growth and innovation.

“President Tinubu has approved a 30 per cent youth quota in all government appointments, underscoring his belief in the potential of Nigerian youths.

“We are working on legislation to institutionalise this great legacy initiative, ensuring that youth representation in government becomes a permanent feature of our democracy,” she said.

According to Ibrahim, the federal  government is also implementing robust reforms to enhance the National Youth Service Corps (NYSC) experience.

Earlier, Gov. Lucky Aiyedatiwa of Ondo, stated that youths were the backbone of society and emphasised the importance of their growth and empowerment for a prosperous future.

Aiyedatiwa said his government was committed to creating an environment to foster innovation, creativity, and entrepreneurship, allowing young people to thrive and reach their full potential.

“We must invest in our young people, providing them with access to quality education, skills, training, and mentorship opportunities,” said the governor.

The governor expressed gratitude to the president for implementing policies under the Renewed Hope Agenda to address challenges such as unemployment, poverty, and inequality.

He commended the federal government’s efforts to enlighten the youths and work toward a more inclusive and equitable society, stressing the moral, economic, and social imperatives of youth development.

“We believe in your energy, your creativity, and your passion. We believe that you have the power to transform our communities, our state, and our country,” he said.

Aiyedatiwa also appreciated youths in the South-West region for rejecting calls for protests and maintaining peace and security. (NAN)(www.nannews.ng)

Edited by Benson Iziama and Moses Solanke

By Salif Atojoko

Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on Wednesday led representatives of the banking sector to seek clarification from President Bola Tinubu on the Windfall Levy.

Speaking to State House correspondents after the meeting with the President, Edun said the bankers sought insight into the tax regime, particularly the Windfall Levy, recently passed by the National Assembly.

He said Mr Zacch Adedeji, the Special Adviser to the President on Revenues, said the intention of the Federal Government was to simplify the tax regime, focussing on taxing profits, and leaving companies’ capital to grow.

He said the meeting was conducted in a friendly atmosphere and was knowledge-based, data-driven, and that the President Tinubu, being an accountant and financial expert, actively engaged in the discussion.

According to him, the representatives of the banking sector are expected to share their perspective on the outcome, including assurance of support for the President’s macroeconomic reforms.

Representatives of the banking sector at the meeting included Mr Tony Elumelu, Chairman of the United Bank for Africa (UBA) and Ladi Balogun, Group Chief Executive Officer (GCEO) of the First City Monument Bank (FCMB).

“The Chairman of FIRS gave some insight, particularly into the fact that under President Bola Tinubu, the idea is to simplify the tax regime, as much as possible.

“The government intends to make the tax regime more efficient and less costly for people to even file their taxes and critically to focus on the wealth that’s created.

“We will not to focus on the companies that are not doing so well, or focus on their capital. We will leave their capital to grow and make sure that the emphasis is on taxing and levying only the returns, only the profits,” said Edun.

Elumelu said it was important to democratise prosperity for Nigerians, and ensure access to a good life for all.

He said that the banking sector would support the Windfall Levy, which he said was aimed at alleviating poverty.

He stressed the importance of prosperity for majority of Nigerians, where businesses thrived, jobs created, and investors benefit leading to a happier society.

Elumelu was confident that the newly introduced levy would achieve the objective of creating a prosperity for all Nigerians.

“We believe in prosperity. We believe in creating jobs and employment for our people.

“We believe in making sure that we democratise prosperity and that Nigerians have access to good life. So, today we spoke about the Windfall Tax. We support the government.

“We believe that where there is extraordinary income, it should go towards helping to alleviate poverty in the country, which is what the government intends to do,” he said.

Similarly, Balogun expressed confidence that the current administration would continue to support all stakeholders in the economy, promoting growth and investment.

He emphasised the importance of the banking sector and investing public aligning with the government’s reform agenda.

The News Agency of Nigeria (NAN) reports that the Windfall Tax, was introduced in July under Nigeria’s Finance Act.

The Act promises many benefits, which include redistributing unexpected gains into important public services, infrastructure development, healthcare and education. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

By Kadiri Abdulrahman

The Microfinance Banks (MFB) has recorded impressive performance in all key assessment parameters with the total deposits surging by 168 per cent to N1.25 trillion at the end of second quarter 2024.

Mr Joshua Ukute, the National President, National Association of Microfinance Banks’ (NAMB’s), said this Monday in Abuja.

According to him, the subsector’s total assets has also increased to N2.795 trillion, representing 91 per cent increase year-on-year as of the end of June.

Ukute gave the performance highlights of the subsector at the NAMB’s 2024 Annual General Meeting in Abuja.

He said that as of June 30, the efficiency in the sub-sector improved by 13.09 per cent to 12.25 per cent, and that the Liquidity Ratio was 65.46 per cent due to increased lending.

He attributed the sub-sector’s sound financial and operational results of the operating MFBs during the period to the Visibility and Impact Capacity Building and Self-Regulation (VICS) project.

He said that the VICS project was initiated by the executive council of the association on assumption of office two years ago.

“The last 12 months have been exciting as the MFB subsector witnessed significant growth.

“Reports from the Central Bank of Nigeria (CBN) as of June 30 state that the Total Assets of the Sub-sector increased by 91 per cent to N2.795 trillion.

“Total Deposits increased by 168 per cent to N1.25 trillion, and Total Loans increased by 34 per cent to N1.382 trillion.

“Efficiency in the sub-sector improved as PAR improved by 13.09 per cent to 12.25 per cent and the Liquidity Ratio was 65.46 per cent due to increased lending,” Ukute said.

He recalled that the association during his tenure engaged several partners to ensure that the activities of MfBs had the desired impact on all stakeholders

“Our engagements with various agencies NFIU, FIRS, BOI and DBN, deepened the collaborations and relationships with our members,” he said.

He said that the secretariat facilitated major programmes that have positively impacted member-banks on issues relating to compliance, skills improvement, and regulators’ relations.

According to him, though the achievements recorded were impressive, the subsector continued to face some challenges, including increasing operating expenses occasioned by high energy costs, dearth of skilled staff, and inflation.

He said that these continued to put pressure on members’ businesses.

He noted that the compliance regime of CBN, and the revocation of Heritage Bank’s licence had ripple effects on MfBs with trapped funds in the liquidated bank.(NAN) (www.nannews.ng)

Edited by Isaac Aregbesola

By Philip Yatai

The Federal Capital Internal Revenue Service (FCT-IRS), has collected and remitted N126.54 billion from January to June 2024.

The acting Executive Chairman, Mr Haruna Abdullahi, made this known during the FCT-IRS mid-year news conference in Abuja on Monday.

The executive chairman was represented at the event by the Director, Tax Operations, Mrs Chinwe Anohu-Ndu.

He said that the figure was 53.5 per cent higher that the N82.46 billion collected in the first half of 2023.

He added that the N126.54 billion was also 119.7 per cent higher than the N57.59 billion collected in the half year of 2022.

This, according to him, is an indication of a year-on-year growth.

“This stellar growth highlights our commitment and determination to overcome obstacles while striving to boost revenue generation.”

Abdullahi pointed out that the FCT-IRS achieved these impressive results within six months in spite of economic challenges.

He attributed the successes to the service’s resolve to leverage technology and build one of the most functional e-service portals in the revenue sector.

“We also owe this accomplishment to the high compliance rate of taxpayers in the FCT.

“We, therefore, urged everyone to continue choosing voluntary compliance over compulsion,” he said.

On enforcement, the executive chairman said that the revenue service has commenced an enforcement drive to tackle tax evasion and ensure the collection and accounting of all revenue accruable to the FCT.

He added that non-compliant businesses have been sealed, and appropriate legal actions taken to recover all tax liabilities and ensure timely payment of subsequent taxes.

Abdullahi said that FCT-IRS was investing in technological advancements for seamless revenue collection in the FCT.

“We are currently optimising and upgrading our technology to improve tax compliance, reduce costs, and enhance efficiency.

“This will enable us to build a more resilient tax system that will enhance revenue generation while making the tax paying process seamless for our taxpayers,” he said.

He said that FCT-IRS plays a critical role in stabilising the economy during economic challenges by generating revenue for the government to fund essential public services.

“Key expectations include maximising tax collection to increase government revenue and ensuring efficient tax administration by streamlining tax processes, reducing bureaucracy, and combating tax evasion and fraud while educating and enlightening taxpayers.

“The service is also committed to aligning with Federal Government tax policy reforms aimed at stimulating economic growth.

“The service is also dedicated to engaging with taxpayers, businesses, and other stakeholders to understand their challenges to continuously develop solutions that will enhance tax compliance and eliminate tax evasion,” he added.

He commended the Minister of the FCT, Mr Nyesom Wike for his exemplary leadership, support, and commitment to boosting revenue generation in the FCT.

The FCT-IRS boss said that the service was working tirelessly to surpass the N500 billion 2024 revenue target, by remaining focused and sustaining the momentum.

“We encourage all taxpayers in the FCT to prioritise tax compliance, describing it as a crucial aspect of development and nation-building.

“By fulfilling your tax obligations, you contribute directly to the growth and prosperity of the FCT and the nation at large,” he said. (NAN)

Edited by Sadiya Hamza