NEWS
Nigeria’s Debt Increases By ₦24.33trn In 3 Months – DMO
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.
The Nigerian Senate, on Thursday, passed a vote of confidence in the leadership of Senate President Godswill Akpabio, reaffirming its support despite the controversy surrounding the upper legislative chamber.
The decision followed a motion moved by Senate Leader, Senator Opeyemi Bamidele, under Orders 40 and 51, emphasizing the need for clarity, adherence to legislative procedures, and a renewed focus on governance.
The controversy stems from the suspension of Senator Natasha Akpoti-Uduaghan (Kogi Central) after she accused Senate President Akpabio of sexual harassment.
READ ALSO: Natasha’s Suspension Not Linked To Harassment Claims – Senate
In response, she petitioned the United Nations’ Inter-Parliamentary Union (IPU), decrying her suspension as unjust.
However, the Senate, in a statement to the IPU on Wednesday, refuted claims that her suspension was linked to her allegations, maintaining that she was disciplined for “gross misconduct and disobedience to Senate rules.”
During plenary, Senator Bamidele dismissed suggestions that the Senate was informed of any sexual harassment claims against Akpabio between August 2023 and the present.
He insisted that the matter at hand strictly concerned disciplinary measures.
“I want to make it clear that the matter referred to the Committee on Ethics and Privileges had nothing to do with sexual harassment,” he stated.
“The Senate President did not preside over any case related to such allegations. What was addressed was a flagrant disregard for Senate rules, and we followed due process as guided by the Constitution.”
Bamidele further defended the Senate’s authority to regulate its proceedings, asserting that disciplinary actions, including suspension, were necessary to maintain order and legislative integrity.
“It was never an issue before us that any senator was sexually harassed. We need to move past the events of the last two weeks and focus on our legislative responsibilities. There is critical work before us, including electoral reforms, economic recovery, and tax reform bills,” he said.
Addressing concerns over international reactions, Bamidele clarified that Senator Akpoti-Uduaghan’s statements at the IPU meeting were made in a personal capacity and not as a representative of Nigeria.
“The IPU acted within its own rules, and whatever was said by the senator in question was not as a designated delegate from Nigeria,” he added.
He also called on Civil Society Organizations to remain objective, urging them to focus on genuine cases of sexual harassment rather than politicizing legislative disciplinary actions.
“We have heard you, but we need to concentrate on our work. If we choose to be silent on this matter going forward, know that it is intentional on our part,” Bamidele stated.
Following deliberations, the Senate overwhelmingly passed a vote of confidence in Akpabio’s leadership, commending his handling of the situation.
Deputy Senate President, Senator Barau Jibrin, who presided over the plenary session, emphasized that with the 2024 budget now passed, lawmakers must shift their focus to their oversight functions.
He further stated that the matter is now before the courts and urged the Senate to allow the judiciary to take its course.
Former Labour Party (LP) presidential candidate, Peter Obi, is currently in a closed-door meeting with Bauchi State Governor, Bala Mohammed.
The meeting, which is taking place at the Ramat House in Bauchi, remains undisclosed to the public, as no official reason has been given for the high-profile discussion.
READ MORE: El-Rufai’s Son Makes U-Turn On Peter Obi, Blames APC For ‘Poisoning’ His Mind
However, details are expected to emerge once Obi and Mohammed address journalists after the meeting.
More to follow…………
The Rivers State House of Assembly has commenced an investigation into the state’s Chief Judge, Justice Simeon Amadi, over allegations of age falsification.
During a plenary session presided over by Speaker Martins Amaewhule, lawmakers deliberated on the issue, signaling the beginning of a formal probe.
READ ALSO: Wike Frustrated As Fubara Impeachment Plot Fails – CUPP
The development comes amid the ongoing political crisis in Rivers State, further intensifying tensions in the oil-rich region.
Details shortly…………..
Senate Passes Vote of Confidence In Akpabio Amid Controversy
Peter Obi In High-Level Meeting With Gov Bala Mohammed
BREAKING: Rivers Chief Judge Under Probe For Alleged Age Falsification
Osun Govt Gifts Over 42,000 Pupils Corrective Glasses
Wike Frustrated As Fubara Impeachment Plot Fails – CUPP
