NEWS
Nigeria’s Public Debt Rises To N142.3 Trillion Amid Naira Depreciation
Nigeria’s total public debt soared to N142.3 trillion as of September 30, 2024, marking a 5.97 per cent increase from N134.3 trillion in June 2024, according to data released by the Debt Management Office (DMO). The rise in public debt underscores the growing impact of naira depreciation on external obligations.
While external debt in dollar terms saw a marginal rise of 0.29 per cent—from $42.90 billion in June to $43.03 billion in September—its naira equivalent spiked by 9.22 per cent due to the naira weakening from N1,470.19/$ to N1,601.03/$ within the period.
Domestic debt also showed mixed trends. In dollar terms, it dropped by 5.34 per cent, from $48.45 billion in June to $45.87 billion in September. However, its naira value increased by 3.10 per cent, climbing from N71.22 trillion to N73.43 trillion.
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Federal Government bonds remained the largest component of domestic debt, growing by 4.47 per cent to N54.65 trillion in September. Meanwhile, promissory notes, often used for settling government obligations, rose by 5.80 per cent to N1.77 trillion.
Economic analysts have raised concerns about the sustainability of Nigeria’s rising debt, particularly as interest payments consume a substantial portion of government revenue. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Public Enterprises, warned of the risk of a debt trap. He emphasised the importance of managing public debt growth and reducing reliance on foreign loans due to exchange rate pressures.
Despite these challenges, the Federal Government is pressing forward with reforms aimed at economic growth. Minister of Budget and Economic Planning, Abubakar Bagudu, noted during a presentation to lawmakers that initiatives such as the Renewed Hope Infrastructure Fund and tax reforms aim.
Students of the University of Ibadan (UI) have staged a peaceful protest to demand the immediate restoration of power at the University College Hospital (UCH), which has been without electricity for over 82 days.
The prolonged blackout has disrupted academic activities, particularly for medical students who rely on UCH for training.
The power outage, which has lasted for more than two months, is attributed to outstanding debts owed by UCH to the Ibadan Electricity Distribution Company (IBEDC).
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As a result, students have been unable to study effectively, and the blackout has severely impacted their academic progress.
Comrade Bolaji Aweda, President of the UI Student Union Government (SUG), addressed the media during the protest, calling the blackout “persistent” and emphasizing the negative impact it has had on both the hospital and the university.
“The blackout has lingered for over 82 days now, and for over two months, there has been no light at the University College Hospital which has affected the livelihood of our students,” Aweda said.
He further explained that the situation was the result of a “power play” between UCH and the University of Ibadan management.
“We have reached out to the school management severally. It is a kind of powerplay between the University College management and the University of Ibadan management,” Aweda stated.
The protesting students are demanding the immediate restoration of electricity to UCH and other hospitals across Nigeria that are currently experiencing similar blackouts.
Additionally, they are calling for the implementation of the 50% tariff discount announced by the Federal Ministry of Power in 2024, as well as a comprehensive overhaul of the nation’s healthcare sector.
Student leader Sunday Tobilola emphasized that the peaceful protest would be followed by continued dialogue with key stakeholders to find a resolution.
“The failure to fix the power challenges will result in full action to drive home our demand,” he warned.
The protest march, which began at UCH, ended at the Oyo State Secretariat in Ibadan.
There, the protesters were received by Sunday Odukoya, the Executive Assistant on Security to Governor Seyi Makinde. Odukoya assured the students that the state government would work with the Federal Government to address the ongoing power crisis.
The wife of a former Deputy Senate President, Senator Ike Ekweremadu, Beatrice is back to Nigeria, after being released from prison in the United Kingdom (UK).
Biztellers reliably gathered that Beatrice landed in Abuja, Nigeria on Tuesday.
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Her return is being greeted with jubilation across Enugu State, particularly the Mpu community of Aninri Local Government Area, with the Ekweremadus country home bubbling.
Recall that Beatrice, her husband, Ike and one Dr Obinna Obeta were sentenced to various terms by a UK court over their involvement in organ harvesting.
While the former Deputy Senate President bagged a 10-year-jailterm, his wife was given a six-year sentence
The Association of Resident Doctors, Federal Capital Territory Administration (ARD FCTA), has commenced a three-day warning strike, citing unpaid salaries, allowances, and other unresolved demands.
The strike, which began on Wednesday, has disrupted operations across government hospitals in Abuja, including Wuse, Asokoro, Maitama, Kubwa, Zuba, Kwali, Abaji, and Nyanya.
Dr. George Ebong, President of ARD FCTA, announced the development during a press briefing in Abuja on Wednesday.
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He revealed that the industrial action followed the expiration of a three-week ultimatum issued last year.
“We gave the government a three-week ultimatum to meet our demands and dialogued with them on several occasions,” Dr. Ebong said.
“They pleaded for two weeks to address our issues, but after that elapsed, nothing has been done—not even the minimum. We expected them to pay the six months of unpaid arrears to doctors.”
Dr. Ebong criticized the neglect of healthcare workers in the nation’s capital, describing doctors as “abandoned projects.”
He appealed to the Minister of the Federal Capital Territory, Nyesom Wike, to intervene and avert a prolonged shutdown of hospital services.
“Honestly, doctors have been abandoned projects. Just as the roads are being constructed, the welfare of doctors should be considered by the minister. After this three-day strike, we will do an appraisal. If nothing is done, we will go on an indefinite strike,” he warned.
The strike is the culmination of mounting frustrations among doctors over what they describe as poor welfare and neglect by the government.
ARD FCTA had previously warned in December 2024 of an impending shutdown if their demands were not met.
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