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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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FG, MAN Host 3-Day Nat’l Manufacturing Policy Summit

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Strategic efforts to reignite the national economy, by stimulating the manufacturing sector have yielded collaboration between the federal government and the Manufacturers Association of Nigeria (MAN).

This was revealed in a statement put out on the verified X handle of the Senior Special Assistant to The President on Media & Communications, (Office of The Vice President), Stanley Nkwocha.

Biztellers reports that they would be hosting a three-day national manufacturing policy summit scheduled for July 2-4, 2024, at the Banquet Hall of the Presidential Villa, Abuja, under the theme “Rethinking Manufacturing,”

Nkwocha revealed that President Bola Ahmed Tinubu would grace the event as the Special Guest of Honour and would also declare the summit open.

Nkwocha stated, “The President will also reinstate the administration’s commitment to industrial growth and economic diversification.

“The Office of the Vice President, the Federal Ministry of Industry, Trade and Investment (FMITI), National Institute for Policy and Strategic Studies (NIPSS) and other partners will play key roles in the summit to bring together stakeholders from Ministries, Departments and Agencies (MDAs), multilateral partners, regional institutions, and industry leaders to forge a new path for Nigeria’s manufacturing sector.”

Nkwocha cited the Director-General of MAN, Segun Ajayi-Kadir, thus, “the Summit will focus on discussions on overcoming the binding constraints that limit the performance of the manufacturing sector, enhancing supply chain resilience, leveraging technology, and generally fostering a conducive business environment to drive the growth of the sector.”

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Explosion Strikes Zungeru Hydro Electricity Dam In Niger

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An explosion struck the Zungeru Hydro Electricity Dam early Monday morning, causing multiple injuries among the workforce.

The dam, which has not yet been officially commissioned by the Federal Government, is the fourth hydroelectric project in the state, following Jebba, Kainji, and Shiroro dams.

The cause of the explosion has not been disclosed. Local sources confirmed that several workers were injured, with those most seriously hurt being transported to Minna, the state capital, for intensive medical care.

Among the injured was a Chinese national, seen being taken to Minna for further treatment.

While the total number of injured workers is not yet clear, it is reported to be significant.

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Fatal Kano Crash Leaves 25 Dead, Dozens Injured

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Tragedy struck early Monday morning along the Kano-Zaria Expressway in Kano State, as a trailer accident at Dangwaro Flyover claimed the lives of at least 25 individuals.

The trailer, carrying around 90 passengers along with livestock, motorcycles, and bags of maize, was involved in the fatal crash.

This incident follows closely after another heartbreaking event last Friday, when a trailer collided with worshippers who had just finished their Juma’at prayers in Imawa town, Kura local government area, resulting in the deaths of 14 people.

The spokesperson of the Federal Road Safety Corps (FRSC), RS1.2, Kano State Sector Command, Abdullahi Labaran, disclosed in a statement to journalists on Monday that a tragic accident occurred at Dangwaro Flyover along the Kano-Zaria Road at approximately 0330hrs.

He said “At approximately 0330hrs, a fatal accident involving a trailer (IVECO) with registration number KMC 311 ZB occurred at Dangwaro Flyover along Kano-Zaria Road.

“The crash involved ninety (90), with devastating consequences: twenty-five (25) fatalities, fifty-three (53) injured individuals, and twelve (12) people rescued unhurt.

“Preliminary investigations suggest that the probable cause of the crash was due to over-speeding and loss of control by the driver of the trailer.”

Labaran added that during the rescue operation, which involved the collaboration of FRSC personnel, the Police, and other first responders, they recovered six motorcycles, 10 mobile phones, several animals such as rams and goats, bags of maize, and a total of N4,000 in cash.

All injured victims were swiftly transported to Murtala Specialist Hospital Kano for urgent medical care.

Following the tragic incident, Sector Commander CC Ibrahim Abdullahi issued a stern warning to drivers and motorists against the dangerous practice of transporting animals, goods, and passengers simultaneously.

He emphasized that such practices not only jeopardize lives but also violate traffic regulations aimed at ensuring road safety.

The FRSC sector commander urged all road users to strictly adhere to traffic laws and regulations to avert future tragedies on the roads.

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