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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.

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BREAKING: Court Invalidates Ighodalo’s Nomination

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The chances of the Peoples Democratic Party (PDP) retaining power at Edo State, post the 2024 gubernatorial election cycle have become dicey.

This is because the Federal High Court (FHC), Abuja has on Thursday invalidated the Edo State PDP’s primary election purportedly conducted on February 22, 2024, over breaches of the Electoral Act of 2022.

It was gathered that the FHC’s decision to cancel the PDP’s primary election that threw up Asue Ighodalo as the party’s candidate for the upcoming governorship election in Edo state.

In a ruling, Justice Inyang Ekwo determined that the PDP’s primary election on Feb. 22 did not adhere to the requirements set out in the Electoral Act of 2022, the guidelines for the poll, and the party’s constitution.

Justice Ekwo determined that the Exhibit PDP 1, presented by the party, lacked supporting evidence.

He further ruled that the plaintiffs successfully proved their case against the defendants by submitting relevant exhibits.

Recall that in a related development, the Independent National Electoral Commission (INEC) already scheduled the Edo Governorship Election to take place on 21 September 2024.

The electoral umpire disclosed this in a statement by it’s spokesperson, Sam Olumekun, where it pointed out that date was set to ensure adequate preparation and smooth conduct of the election process.

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Minister Orders Immediate Drain Desilting After Lagos Highways Flood

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In response to Wednesday’s heavy rainfall that inundated major highways in Lagos, Minister of Works, Senator David Umahi, has initiated an urgent desilting of drains along federal roads to alleviate the flooding.

Meanwhile ministry teams have been dispatched to evaluate the situation, with desilting efforts already in progress on the affected roads.

In a statement, Federal Controller of Work, Mrs. Olukorede Kaisha, clarified that Lagos is not experiencing widespread flooding, contrary to some reports.

She said: “The ministry acknowledged that localised flooding has affected certain sections of federal roads within our teams are currently deployed to assess the situation while desilting of drains along the affected roads is currently being carried out.

“The ministry understands the inconvenience caused by these flash floods and is committed to eliminating the disruptions caused thereafter.”

 

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FG Approves Construction Of 40 New Houses For Appeal Court, FHC Justices

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Federal Capital Territory Minister, Nyesom Wike has announced significant developments in infrastructure and judicial facilities in Abuja.

He disclosed that President Bola Tinubu has authorized the construction of 40 houses for justices of the Court of Appeal, Federal High Court, and FCT High Courts, along with retirement homes for heads of these courts.

He spoke at the groundbreaking ceremony for the new Court of Appeal complex in Dakibiyu, Jabi District.

Wike assured completion by September next year after starting construction in August.

He said, “I want to assure you, by the grace of God, the foundation of these homes will be laid this August and before September next year, you will all have your keys to your houses,”

Recall that the minister had on Tuesday, inaugurated a new Taxi and Bus terminal in Kugbo, Karu District, aimed at improving commuting conditions and bolstering security during inclement weather in the FCT.

Highlighting the challenges faced by commuters in the Federal Capital Territory (FCT), particularly during the rainy season leading to significant loss of man-hours, FCT Minister Nyesom Wike emphasized that the new Taxi and Bus terminal in Kugbo, Karu District, Abuja, will enhance commuting comfort and bolster security.

He emphasized that the terminal’s establishment aims to alleviate these challenges, making travel within the FCT more enjoyable while addressing security concerns.

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