Nigeria’s total public debt has risen by a whopping N24 trillion in the first three months of the year to hit N121.67 trillion.
The Debt Management Office (DMO) revealed this in fresh data released on Thursday.
The figure rose by 24.99 percent from the N97.34 trillion in December 2023.
Nigeria’s public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT).
According to the DMO, the debt was pushed up by new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.
“Total domestic debt was N65.65 trillion (USD46.29 billion) while total external debt was N56.02 trillion (USD42.12 billion).
“Excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.
“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.
READ ALSO: Reps summon AGIP over $80m debt to contractor
“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability,” DMO stated.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on June 13 that the World Bank had approved two major “financial support packages” valued at $2.25 billion.
In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500 million World Bank loan to boost electricity distribution in the country.
Before this, the federal government received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.
By: Babajide Okeowo
The post Nigeria’s debt hit N121tr in Q1 2024 – DMO appeared first on Latest Nigeria News | Top Stories from TVN.
Nigeria’s debt hit N121tr in Q1 2024 – DMO
Gombe gov asks RMAFC to raise state allocation
Gombe State Governor, Muhammadu Yahaya on Thursday called on the Revenue Mobilisation Allocation and Fiscal Commission to look into the possibility of rewarding the state by increasing allocation to compensate for its incredible performance on social and economic indicators at national and sub-regional levels.
Yahaya stated this when he granted an audience to members of the commission led by the Federal Commissioner representing Adamawa State, Salamatu Mohammed, on Thursday at the Government House, Gombe.
Represented by the Secretary to Government of the State, Prof Ibrahim Njodi, the governor observed that the state has been coming top in so many indices, adding that “the commission should look at the suitability of using such indicators as a yardstick for allocation to sub-national level.”
He said his administration enjoys the cordial working relationship existing between Gombe State and the Revenue Mobilisation Allocation and Fiscal Commission, emphasising the state stands ready to keep the partnership going.
Speaking earlier, the leader of the delegation and Federal Commissioner representing Adamawa State in the commission Mohammed, said as part of its constitutional responsibility, “the team is in the state to monitor the disbursement of funds to the state and local government areas to ensure that sub nationals are not short-changed in what is due to them.”
She recalled that states and local government areas have approached the Revenue Mobilisation Allocation and Fiscal with complaints of being underpaid explaining that such statutory visits to states enable the commission to better appreciate the challenges and how to tackle them.
She disclosed the exercise will look at disbursement to Gombe State from 1999 to 2021 which will enable the commission to know if the state has been receiving what is due to her.
While expressing gratitude to Yahaya for his good policies, the Commissioner representing Adamawa State said “The commission will continue to ensure justice and fairness in the allocation of resources to sub-nationals.”
Recall that in September 2021, Yahaya, also called for the upward review of revenue allocated to states.
The governor made this plea in his address during a nationwide sensitisation on the review of the existing revenue allocation formula by RMAFC, held at the banquet hall, Gombe Government House.
He lamented why states despite the responsibilities of shouldering the needs of the people would be left with 26.72 per cent, adding that the Federal Government has lesser task.
Naira loses N2, trades N1,485/$1 at official window
The naira slumped marginally against the United States dollar on Thursday.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the domestic currency traded at N1, 485.36/$1 on Thursday.
This was N2 higher than the N1, 483.02/$1 it traded on Wednesday.
The intra-day high and low recorded during the day were N1, 495/$1 and N1, 434/$1 respectively, representing a very lean spread of N61$1.
Similarly, the naira slumped against the dollar at the parallel section of the market to trade at N1,490/$1 as against the N1,483/$1 it traded the previous trading day.
In the same vein, the naira closed flat against the British Pound to trade at N1,900£1 same as the previous trading day’s rate of N1,900£1.
For several weeks consecutively, the Canadian dollar closed flat against the naira to trade at N1,200| CA$1.
The naira also lost N5 against the Euro to trade at ₦1,580/€1 as against the previous trading day’s rate of ₦1,575/€1.
By: Babajide Okeowo
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Euro ’24: Spain reach knockouts, England held by Denmark
Spain have advanced to the knockout stages of the Euro 2024 after beating Italy in their second group game on Thursday night.
An own goal by Riccardo Calafiori in the 55th minute was enough for Spain to seal a 1-0 victory and reach the knockout stage.
More to follow….
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Gombe worker remanded for tearing EFCC’s investigation letters
A desk officer in charge of responding to official correspondences in the office of the Secretary to the State Government, Gombe State, Usman Mallam, has been arraigned for allegedly tearing the Economic and Financial Crimes Commission’s Official Investigation Activities’ letters.
Mallam who was arraigned before a Federal High Court in Gombe was also accused of obstructing the commission’s investigation.
He was said to have committed an offence contrary to Section 38 (1) and punishable under Section 38 (2) (a) and (b) of the Economic and Financial Crimes Commission Establishment Act.
The lone charge against Mallam reads, “that you, Usman Mallam on or about the 26th day of February 2024 at Gombe, Gombe State within the jurisdiction of this honourable court while the officers of the Economic and Financial Crimes Commission, were carrying out an investigation activity involving an alleged economic and financial crime, did willfully obstruct the said investigation by tearing the EFCC formal letters of investigation activities dated January 1, 2024, and February 21, 2024, respectively”.
A statement on Thursday by the EFCC’s Head of Media and Publicity, Dele Oyewale, noted that Mallam pleaded not guilty to the charge preferred against him.
Subsequently, counsel for the defendant, SS Usman, applied for the bail of his client.
Justice T. G Ringim thereafter granted the defendant bail in the sum of N10m and one surety in like sum.
He noted that the surety shall be a director in a government establishment or a private company with a capital worth of not less than N10m.
“In addition to the conditions, the Registrar of the court should verify the identity of the surety and both the surety and the defendant shall submit two passport photographs to the court,” the statement quoted the judge as saying.
Justice Ringim remanded the defendant in Gombe State Correctional Service pending the fulfilment of the bail conditions and adjourned the case to July 9, 2024, for trial.
NGX: Investors make N1bn as Champion, Veritaskap, Royalex stocks soar
Investors in the Nigerian equities market made N1 billion at the end of trading on Thursday.
This followed an increase in the share price of stocks like CHAMPION, VERITASKAP, and ROYALEX amongst others on the trading floor today.
After five hours of trading at the capital market, the equity capitalization rose to N56.479 trillion from N56.478 trillion posted by the bourse on Wednesday.
The All-Share Index (ASI) remained unchanged at 99,842.94 on Thursday.
The market breadth was positive as 35 stocks advanced, 16 stocks declined, while 72 stocks remained unchanged in 8,364 deals.
CHAMPION, VERITASKAP, and ROYALEX led other gainers with 9.88%, 9.88% and 9.84% growth in share price to close at N3.56, N0.89, and N0.67 from the previous N3.24, N0.81, and N0.61 per share.
On the flip side, TRANSCOHOT, REGALINS, and LASACO led other price decliners as they shed 10%, 8.51%, and 6.07% each to close at N90.00, N0.43, and N2.02 from the initial prices of N100.00, N0.47, and N2.15 per share.
On the volume index, FBNH led trading with 871.083 million shares valued at N19.1 billion in 332 deals followed by FIDELITY BANK which traded 162.079 million shares valued at N1.73 billion in 538 deals.
TRANSCORP traded 33.698 million shares valued at N399 million in 478 deals.
On the value index FBNH recorded the highest value for the day trading stocks worth N19.1 billion in 332 deals followed by FIDELITY BANK which traded equities worth N1.731 billion in 539 deals.
STANBIC traded stocks worth N839 million in 56 deals.
By: Babajide Okeowo
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BREAKING: Kano govt orders demolition of Ado-Bayero’s palace
The Kano State Government has ordered the demolition of the palace of the 15th Emir of Kano, Aminu Ado-Bayero.
The state Attorney General and Commissioner for Justice, Haruna Dederi, said the demolition will allow for the renovation of the palace.
Dederi also disclosed that the Commissioner of Police has been asked to remove Bayero from the Nasarawa GRA mini palace where he resides.
Addressing a press conference, Dederi said the government has “concluded arrangements for the general reconstruction and renovation of the property including the demolishing and reconstruction of the dilapidated wall fence with immediate effect.”
The development comes a few hours after the Federal High Court ruled on its substantive suit validating the Kano Emirate Council Repeal Law 2024 but nullifying all actions of Governor Abba Yusuf following the passage of the law.
BREAKING: Kano govt orders demolition of Ado-Bayero’s palace
Fubara architect of Rivers crisis, APC replies PDP
The All Progressives Congress has labelled Rivers State Governor, Siminalayi Fubara, as the architect of the political unrest plaguing the oil-rich state.
The ruling party also faulted Wednesday’s allegation by the Peoples Democratic Party that the APC was planning to hijack the control of Rivers, describing the allegation as a figment of its imagination.
The National Publicity Secretary of the APC, Felix Morka, revealed this in a statement issued in Abuja on Thursday titled ‘Plot to forcefully take over Rivers State exists only in PDP’s warped imagination.’
The political fireworks between the two parties was ignited following the call by Rivers APC Caretaker Committee Chairman, Tony Okocha, for the Federal Government to declare a state of emergency in the state, citing the presence of a full-blown war.
In reaction, the PDP National Publicity Secretary, Debo Ologunagba, said that Okocha’s statement exposes APC’s intention to provoke a crisis in Rivers State.
While stating that the alleged plot has failed, Ologunagba emphasised that the state will remain a stronghold of the PDP.
But Morka blamed the political crisis on Fubara.
The ruling party claimed that since he assumed office over a year ago, the governor has displayed reckless disdain for the rule of law and democratic institutions, adding that he conducted his government in flagrant violation of the Constitution.
The APC publicist recalled how Fubara constituted a three-man Assembly after declaring Rivers state House of Assembly to be non-existent in what it called an unprecedented display of autocratic arrogance,
He said, “This ridiculous and baseless claim was the subject of the party’s garbled press statement of Wednesday. The PDP offered no justification for its bogus claim except to mischievously misrepresent and amplify the comments reportedly made by Chief Tony Okocha while sweeping under the carpet the salient issues underpinning the festering crisis in Rivers State.
“Quite contrary to the PDP’s misplaced quibbles against Okocha comments, Governor Siminalayi Fubara is the supreme architect of the horrific crisis rocking Rivers state. The governor has continued to expend public funds without lawful appropriations by a duly constituted legislature thereby undermining the will of the good people of Rivers State and their right to effective and accountable democratic governance.
“Governor Fubara is an executive governor of crisis. A serious and focused governor would have set a clear programme to conduct local government elections given the established timeline for the expiration of the tenure of the incumbent elected local government officials. Rather, he sat idly for their tenure to elapse to unleash a fresh round of thuggery on the people, seeking to arbitrarily impose illegal, unconstitutional and anti-democratic caretaker committees to run the affairs of local governments in place of democratically elected local government officials.
He added, “The current crisis in Rivers state is contrived and executed by Fubara who has continued to usurp the legislative power of the Rivers state legislature while contemptuously disregarding valid decisions and orders of courts of competent jurisdiction in critical matters at the root of the crisis in the state.
“The PDP would rather peddle falsehood about a non-existent plot to interfere with the government of Rivers state instead of giving a crash course to Governor Fubara on the basic tenets of democratic and constitutional governance for the benefit of the good people of Rivers State.”
Ogun doctors threaten strike over poor working conditions
The Nigerian Medical Association, Ogun State branch, on Thursday threatened to embark on industrial action within the next one week over poor working conditions.
Speaking at a press conference held at Doctors’ House, Lukosi, Abeokuta, on Thursday, the NMA Chairman, Dr. Azim Ashimi, revealed that the 21-day ultimatum given on June 7, 2024, will expire next week, Thursday, June 27, 2024.
He said members would embark on industrial action unless the state government takes immediate action to address their concerns.
Ashimi highlighted that despite ongoing discussions with relevant government officials, there have been only verbal assurances without official commitment.
He urged the citizens of Ogun State to pressure the government to take necessary steps to prevent the looming strike, which could disrupt healthcare services across the state.
Ashimi said, “The State Executive Council of NMA, Ogun, issued a 21-day ultimatum to the state government on June 7, 2024, which will elapse on June 27, 2024, indicating that industrial harmony may not be guaranteed after this date as the pressure of work on the few doctors holding forth is yielding dire consequences.
“Conversations have been ongoing in this respect with relevant government officers, with verbal assurances but no official commitment from the government yet.
“We use this opportunity to call on well-meaning citizens of Ogun State to impress upon the Ogun State government to do what is needed in order to avert any industrial action.”
Ashimi noted that hospitals like Babcock University Teaching Hospital have seen their monthly electricity bills surge from ₦80-100 million to ₦300 million.
He called for concessions to be given to health institutions to prevent these increased costs from being passed onto patients, potentially making healthcare inaccessible for many.
“Over the last few weeks, we have been inundated with SOS messages from health institutions across the state concerning the enormous increase in operating costs of hospitals occasioned by the recent increase in electricity tariffs.
“For example, Babcock University Teaching Hospital, a mission tertiary health institution, informed us that their electricity bills jumped from between ₦80-100 million monthly to ₦300 million in the last month.
“ While we appreciate the zeal of the government to develop the energy sector, we appeal strongly that concessions be given to health institutions, as these humongous tariffs will eventually be passed on to our poor patients, thereby driving them further away from access to appropriate healthcare services,” the NMA chairman said.
Ashimi also addressed the ongoing cholera sensitization programmes in collaboration with the Ogun State Ministry of Health and various media houses.
He emphasized the importance of preventive measures and provided contact numbers released by the Honorable Commissioner of Health, Dr. Tomi Coker, for reporting suspected cholera cases.
He said the cases would be treated free of charge at designated facilities.
Ashimi explained that “In Ogun State, the Nigerian Medical Association in collaboration with the relevant stakeholders including the Ogun State Ministry of Health and various media houses have been carrying out sensitization programmes whilst also strengthening the health system to cater for cases in the state.
“To this end, the Commissioner of Health, Dr. Tomi Coker, has released phone numbers to NMA Ogun to be disseminated to all our members and healthcare facilities, both public and private, that can be called when any patient presents with symptoms of Cholera.
“Such patients will be transported to and treated free at the facilities designated for the management of Cholera cases across the state.
“We use this opportunity to appeal to our people to imbibe preventive measures for the prevention of the spread of Cholera, including avoiding open defecation, avoiding indiscriminate refuse dumping, washing hands regularly, washing fruits and vegetables well before consuming and treating water before consuming it either by boiling or treating with chemical purifying agents.
“We also implore schools to monitor food, fruit, and snacks vendors around the schools to ensure that they practice proper hygiene. As well, schools should reintroduce hand washing stations like was done during the COVID-19 period.
“By working together we can prevent Cholera from spreading to Ogun State.”
He also spoke on the “Japa Syndrome,” referring to the mass exodus of healthcare workers from Nigeria, describing it as a significant challenge.
The NMA chairman said the trend has severely impacted the healthcare system in Ogun State, leading to a shortage of doctors and increasing the workload on those remaining.
Ashimi warned that unless the government addresses the disparity in salaries between state and federal health institutions, this trend could lead to the collapse of the healthcare system in the state.
He also drew attention to the growing issue of gambling addiction, comparing its potential impact to that of drug addiction. He called on the government to investigate and address this issue promptly.
He further announced an upcoming dialogue between the NMA and the media community, led by the NUJ, to discuss better reporting on healthcare issues and foster a stronger partnership while using the medium to inform the public about the forthcoming Elective Annual General Meeting, scheduled for August 4 to 9, 2024, and expressed gratitude for the support received over the past two years.
Ashimi urged the Ogun State Government to take immediate action to address the issues raised and avert the potential strike, which could severely disrupt healthcare services across the state.
No crisis in Rivers, says Fubara
Rivers State Governor, Siminalayi Fubara, has emphasised that the state and its people are enjoying an enduring atmosphere of peace to promote sustainable development, fast-paced investments, and accelerated economic growth.
He said the recent negative narrative that portrays the state as immersed in crisis with disrupted peace is untrue, misguided, and the handiwork of mischief makers.
Fubara spoke to newsmen in the Egbelu Community shortly after inspecting the progress of work on the 14.6km Omodu-Eberi Road project in the Omuma Local Government Area of the state on Thursday.
This was contained in a statement issued by the Chief Press Secretary to the Governor, Nelson Chukwudi.
The governor said it was important that Nigerians know of the uninterrupted peaceful atmosphere in the state because the people are going about their normal activities while governance is thriving.
He stated, “And to also tell Nigerians that Rivers State is peaceful. You can see that we are moving about inspecting projects, as opposed to what you see on the screens of your television sets: police are everywhere, we don’t move about anymore, and Rivers State is under siege.
“We are not under siege. Our state is free and peaceful. If at all there is any problem in any part of the state, I know quite well that Nigerians know where the problem is coming from, not from us.”
Fubara emphasised, “We are peace-loving people. It is already written all over us. Our actions and our deeds have confirmed that.
“We will continue to maintain the peace that we promised everyone for the betterment of the good people of Rivers State,” he added, encouraging the business community, especially potential investors, to take advantage of the vast investment opportunities that abound in the State.
Commenting on the 14.6km Omodu-Eberi Road project, Fubara stated that his administration started it with the goal of inaugurating it during his one-year office anniversary.
The governor explained that what delayed the work was the decision to extend the length of the road to make it serve as a comfortable link for motorists to drive onto Abia State.
He said, “We are in Omuma to inspect the project that we started. It was supposed to be part of the projects commissioned during our one-year anniversary celebrations.
“But we found out that some part of the job, if completed, will link Rivers State to Abia State, and we felt there is no need to commission it halfway without joining that part that connects us to Abia State.
“So, we directed the Ministry of Works to extend the project from 8 to 14.6km.
“So, we are here to see what is happening, and to prepare ourselves that maybe in the next two months, we might likely be coming here to commission this project for the good people of Omuma.”