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Nigeria’s Debt Increases By ₦24.33trn In 3 Months – DMO

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Nigeria’s total public debt has surged to ₦121.67 trillion ($91.46 billion) as of March 31, 2024, according to the latest report from the Debt Management Office (DMO) on Thursday.

This represents a significant increase from ₦97.34 trillion ($108.23 billion) recorded just three months earlier in December 2023.

The DMO disclosed that the country’s debt includes both domestic and external borrowings by the Federal Government, state governments, and the Federal Capital Territory.

Domestic debt now stands at ₦65.65 trillion ($46.29 billion), while external debt amounts to ₦56.02 trillion ($42.12 billion).

The rise in debt is attributed to new borrowings aimed at bridging the deficit in the 2024 Budget and the securitization of a portion of the ₦7.3 trillion Central Bank of Nigeria’s Ways and Means Advances.

It said “the increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the ₦7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the Government’s Revenue to enhance debt sustainability.”

Despite ongoing borrowing plans outlined in the 2024 Appropriation Act, the DMO expressed optimism about improving government revenue to ensure sustainable debt management.

Recall that president Bola Tinubu announced on May 29, 2024, his plans to imminently present the 2024 Supplementary Budget to the National Assembly (NASS).

This follows his earlier approval of the ₦28.7 trillion 2024 Appropriation Bill on January 1, 2024, which was passed by the Senate.

The 2024 budget, dubbed the ‘Budget of Renewed Hope’, exceeded the initial proposal by ₦1.2 trillion when presented to a joint NASS session on November 29, 2023.

It envisioned an oil price benchmark of $77.96 per barrel and a daily production estimate of 1.78 million barrels.

However, the budget faced immediate challenges as the naira’s exchange rate plummeted from an initial peg of ₦750/$1 to nearly ₦2,000/$1 by February.

Currently, amidst continued volatility since the unification of foreign exchange windows, the naira hovers around ₦1500/$1 against the US dollar.

NEWS

53 Convicts Benefit From Adeleke’s Prerogative Of Mercy

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Four gang-killed two in Osun, destroy N8M properties

 

In line with the recommendations of the Osun State Advisory Council on Prerogative of Mercy, Governor Ademola Adeleke has extended mercy to 53 convicts serving various terms within the Nigerian Correctional Service (NCoS).

According to Spokesperson to the State Governor, Olawale Rasheed, this was contained in a letter of commutation dated December 24th, 2024 and which has since been received and acknowledged by the relevant prison authorities read as follows:

ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide

“WHEREAS: the inmates whose names are set out in the schedule to this order have been convicted to various terms of imprisonment to wit.

(i) Simple offences and have served substantial portions of the sentences,

(ii) Convicts sentenced to death” (having spent a minimum of 10 years in custody.)

“AND WHEREAS: following the recommendation made to me by the state advisory council on the prerogative of mercy that I should exercise my power in relation to the said inmates in order to mark the 2024 Christmas celebration.

“AND WHEREAS: in the case of the 30 (thirty) inmates convicted of simple offences, I have decided in accordance with the said recommendation to remit and forgive the remainder of the said sentences in whole.

“AND WHEREAS: I have decided in accordance with the said recommendation to grant outright pardon to 12 (Twelve) inmates convicted of simple offences.

“4 (Four) Convicts have their sentences commuted from death to outright pardon. AND WHEREAS: I have decided in accordance with the said recommendation to commute the sentences as follows;

“1 (One) convict has his sentence commuted from death to 15 (Fifteen) years imprisonment.

“6 (Six) Convicts have their sentences commuted from death to outright release.

“Now know ye therefore that, I Senator Ademola Jackson Adeleke, the Governor of Osun State of Nigeria, in exercise of the power conferred on me by paragraph (a), (c) and (d) of subsection (i) of section 212 of the constitution of the federal republic of Nigeria, 1999 (as Amended), I am pleased to extend my grace and mercy unto the said inmates.

“My will and pleasure thereof, is that you commute the death, life and years of imprisonment as indicated herewith in the schedule”

Those in the schedule are as follows:

CONVICTS RECOMMENDED FOR OUTRIGHT PARDON (SIMPLE OFFENCES)

  1. OLABOMIJI NURUDEEN
  2. MUSTAPHA ISAH
  3. OLALEKAN ABDULLAHI
  4. AYOMIDE OLOJEDE
  5. AKEEM RAPHAEL
  6. ADEYEMI ABIODUN
  7. OLADIPUPO SEGUN
  8. OMISAKIN SUNDAY
  9. ADEMOLA ADIO
  10. TUNDE OLAPADE
  11. LATE CHIEF WOLE OLA RUFUS OJO
  12. OMOLOYE OLAJIDE OLAYEMI

CONVICTS RECOMMENDED FOR OUTRIGHT RELEASE (SIMPLE OFFENCES)

  1. OLUBO SUNDAY
  2. ISAH UMAR BIODUN
  3. FAWAS KAREEM
  4. OMIRIN TEMITAYO
  5. OLARENWAJU AYOMIDE
  6. DARE SUNDAY
  7. OLADAPO TUNDE
  8. GANIYU SAHEED
  9. ADEWUMI SODIQ
  10. ADEBAYO ADEOYE KEHINDE
  11. LASIS KAZEEM
  12. DAUDA OJO (59 YEARS)
  13. ISMAILA RAJI
  14. OSENI MICHEAL
  15. AJAYI KOREDE
  16. ABIONA NURUDEEN
  17. OSHI SAMUEL
  18. SHEU YUSUF OLATUNJI
  19. OJO AANU
  20. MUSTAPHA KEHINDE
  21. LASIS ABEEB
  22. ALEXANDRA IORLAHA
  23. OJO TAIWO
  24. AZEEZ MUJEEB
  25. AKINYEMI DAVID
  26. ADEOSUN ADEKUNLE
  27. OLAOBAJU SAMUEL
  28. ADURA ADEFEMI
  29. PAUL BASIL
  30. KUNLE DAVID

CONVICT RECOMMENDED FOR OUTRIGHT PARDON FOR GOOD CONDUCT (CAPITAL OFFENCES) – 4 (FOUR)

  1. SUNDAY MORAKINYO
  2. SEGUN OLOWOOKERE
  3. TUNDE OLAPADE
  4. DEMOLA ODEYEMI

CONVICT RECOMMENDED FOR OUTRIGHT RELEASE ON HEALTH GROUND, (CAPITAL OFFENCES) –

1 OLUWAFEMI FAGBEMI

2 BEWAJI SUNDAY

  1. AMEHIN GEORGE
  2. AYOMIDE ARULOGUN
  3. TAIWO OLUWATOBI STEPHEN
  4. ABUBAKAR ABDULAZEEZ

CONVICT RECOMMENDED TO BE COMMUTED FROM DEATH TO 15 YEARS IMPRISONMENT HAVING SPENT AT LEAST 10 YEARS IN CUSTODY

  1. OJEKUNLE TIMOTHY
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International News

Ghana To Grant Visa-Free Entry To All African Nationals

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President Nana Addo Dankwa Akufo-Addo has approved a new policy allowing visa-free entry to Ghana for all African nationals, fulfilling a promise he made earlier this year.

The initiative is expected to be implemented before the end of his term on January 6, 2025.

With this move, Ghana will join Rwanda, Seychelles, The Gambia, and Benin as one of the few African nations offering unrestricted visa-free access to all African passport holders.

READ MORE: Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare

The policy is seen as a significant step toward promoting free movement across the continent, enhancing trade, and deepening economic integration under the African Continental Free Trade Area (AfCFTA).

President Akufo-Addo announced the policy during his keynote address at the 2024 Africa Prosperity Dialogues (APD) held in Accra.

Speaking under the theme “Developing Prosperity in Africa: Produce, Add Value, and Trade,” he highlighted the challenges Africans face when traveling within the continent.

“Many of you had to acquire a visa to attend this event,” he said, emphasizing the barriers to intra-African mobility.

He described the visa-free policy as a solution to these challenges and a critical step toward achieving the goals of the AfCFTA.

“The free movement of people is essential for stimulating intra-African trade and fostering collaboration across borders,” Akufo-Addo added, noting that the policy aligns with Ghana’s broader vision of promoting economic growth through integration.

The visa-free initiative is expected to enhance Ghana’s standing in the region, making it easier for African nationals to travel, trade, and collaborate.

By eliminating visa requirements, Ghana aims to position itself as a leader in continental integration, creating opportunities for deeper economic ties with other African nations.

The policy also underscores Ghana’s commitment to the AfCFTA, which seeks to establish a unified market for goods and services across Africa.

Officials believe this move will attract businesses and encourage cross-border trade, ultimately boosting the continent’s economy.

The Ghanaian government has begun taking steps to implement the policy, with full rollout expected before the end of Akufo-Addo’s presidency.

Officials are updating immigration procedures to accommodate the new framework and ensure a smooth transition.

President Akufo-Addo reaffirmed his administration’s commitment to the initiative during his address.

“We are taking concrete steps to ensure that this policy becomes a reality this year,” he stated, signaling that the groundwork for implementation is already underway.

 

 

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NEWS

Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare

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Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.

This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.

According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.

ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide

He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”

Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.

“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.

Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”

He said enhanced security measures have been put in place to protect the citizens during the holiday period.

“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.

VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.

“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.

 

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