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Incredible! How Each Nigerian Owes ₦155,000

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World Bank debtors’ list

Interestingly, the Debt Management Office, DMO, has announced that the total debt stock of Nigeria rose to N31 trillion as of June 2020.

It also said the debts are expected to rise this year following more debts to be sourced from international financiers.

As of March 2020, the debt was at N28.6trn comprising all debts of the Federal Government, the 36 state governments and the Federal Capital Territory (FCT).

The latest debt total of N31.009trn debt is about $85.897 billion while that of March which was N28.628trn was about N79.303bn.

Cause of increase

The debt stock grew by N2.38trn or $6.59bn within the three months interval.

The additional increase was due to the $3.36bn Budget Support Loan from the International Monetary Fund IMF), new Domestic Borrowing to finance the Revised 2020 Appropriation Act, the issuance of the N162.557bn Sukuk, and Promissory Notes issued to settle Claims of Exporters.

The components of the debts are:

The multilateral debts are the highest of the stock of N16.360trn accounting for 51.97% of the total stock. The 10 agencies include IMF, World Bank Group, the African Development Bank (AfDB) Group, Eurobonds and Diaspora bonds.

The bilateral debts account for N3.948trn representing 12.54% of the debt stock taken from the international development agencies of China, France, Japan, India and Germany.

The third debt category is the commercial debt which is N11.168trn and represents 35.48% of the debt. This is the second largest debt after those of the multilateral agencies with Eurobonds and Diaspora bonds accounting for them.

Further rise

The debt stock will rise with the expected borrowing from the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget Appropriation.

The Nigeria Customs Service was recently given part of these funds to automate its services at the ports, to the tune of $3.1 billion.

Most of the loans are long term facilities with the repayment beginning already while the fresh loans’ repayment begin from 2022.

On the Sukuk bonds and other domestic bonds, their maturity periods are often between five and seven years for the repayment.

What you owe

The ministry of finance recently said there are plans made for the loans to be repaid. So far in the 2020 budget, over N3 trillion or a quarter of the budget is dedicated to debt servicing, for repaying the debts.

At N31 trillion, every Nigerian from the over 200 million population owes the debtors N155,000 in debt.

This debt per Nigerian will rise further when the loans from World Bank, AfDB and IsDB comes in later this year.

DAILY TRUST

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Ewekoro Local Government Strengthens Ties with Community and Celebrates Unity at Recent Events

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Ewekoro Local Government Strengthens Ties with Community and Celebrates Unity at Recent Events

Ewekoro, Ogun State – December 7, 2024

 

In a series of significant events underscoring the commitment to community welfare and development, the Nigeria Security and Civil Defence Corps (NSCDC) Ewekoro Division, led by Division Officer Mrs. Oyebade Folukemi, paid a congratulatory visit to the newly elected Chairman of Ewekoro Local Government Council, Hon. Adesina Sikiru Adisa. This visit, which took place on December 2, 2024, marked a crucial step towards strengthening collaboration between the NSCDC and local government officials, aimed at enhancing the safety and security of the Ewekoro community.

Mrs. Oyebade expressed her congratulations to Hon. Adesina, emphasizing the NSCDC’s commitment to supporting local governance and ensuring a secure environment for residents. The visit served as a platform to discuss strategies for improving safety measures in the area, illustrating the proactive approach of the NSCDC in fostering a safe community for all.

In another notable event, market women from Ewekoro Local Government paid a visit to Hon. Adesina to express their gratitude for his administration’s efforts in empowering local traders. Under his leadership, significant projects have been implemented, including the construction of modern market facilities, such as the 183 lock-up shops at Arigbajo Market. These developments have greatly enhanced the socio-economic activities of market women, contributing positively to their livelihoods and the overall well-being of the community.

Led by Alhaja Ejire, the head of market women, the delegation thanked Hon. Adesina for his unwavering support and commitment to their cause. The discussions during the visit focused on exploring further collaboration to address the challenges faced by market women, reinforcing the administration’s dedication to people-oriented projects that uplift the community.

The strong presence of local leaders during this visit, including Vice-chairman Alhaja Abisola Nuratu Aliyu and other key administration officials, highlighted the unified effort to promote the welfare of Ewekoro’s residents. The Chairman’s administration has earned recognition for its initiatives that significantly impact the lives of market women and the broader community.

Additionally, the recent Obada Day 2024 celebration, held on December 1 at Owiwi Primary School in Obada Ward 10, showcased the unity and love within the communities of Obada Town. Hon. Sikiru Adesina joined dignitaries such as HRM Oba Olufemi Solaja, the Olu of Obada Town, and HRH Oba Kasimawo Ogundare, the Olu of Opelifa, to celebrate this significant event. The celebration emphasized the importance of love, unity, and progress in Ewekoro Local Government, Ogun State, and Nigeria as a whole.

In a related announcement, the Ewekoro Local Government has informed all revenue consultants that the 2025 Internally Generated Revenue (IGR) Sales of Form will commence on December 2 and close on December 13, 2024. Those interested in securing a position are encouraged to purchase the form during this period.

These recent engagements and celebrations reflect Hon. Adesina Sikiru Adisa’s commitment to fostering community spirit, enhancing local governance, and promoting economic growth in Ewekoro Local Government. As the administration continues to work hand-in-hand with various stakeholders, there is a renewed sense of optimism for the future development of the community.

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FG Issues Alert on New COVID-19 Variant XEC Found in 29 Countries

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FG Issues Alert on New COVID-19 Variant XEC Found in 29 Countries

FG Issues Alert on New COVID-19 Variant XEC Found in 29 Countries

 

The Federal Ministry of Health and Social Welfare has raised an alert on the new XEC COVID-19 variant, urging heightened surveillance across Nigeria’s healthcare facilities.

The XEC variant, first identified in Australia, has now been detected in 29 countries and is showing a growth advantage over existing strains. Health experts are concerned about its potential impact on public health.

The warning was conveyed in a letter dated December 5, addressed to the Committee of Chief Medical Directors and Medical Directors by the ministry’s Permanent Secretary, Dr. O.N. Anuma.

“I am directed to inform you of the newly detected XEC COVID-19 variant which has already spread to 29 countries globally. This variant has shown a growth advantage over other circulating strains, raising concerns about its potential impact on public health,” the letter read.

Call to Action

Dr. Anuma emphasized the need for immediate vigilance in hospitals nationwide.

“Alert systems should be activated immediately for a high index of suspicion in patients presenting with COVID-like symptoms,” he said.

The ministry also stressed the importance of collaboration among health institutions to monitor the variant and share critical data.

“We urge you to work with relevant stakeholders to implement enhanced monitoring protocols and ensure timely information sharing with the Federal Ministry of Health for effective response strategies.”

Global Spread and Implications

First identified in Germany in June, the XEC variant has since been reported in France, the United States, the UK, Denmark, and other countries. Over 600 cases have been recorded globally, with scientists noting that while the variant has mutations that may aid its spread, vaccines are expected to remain effective in preventing severe cases.

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Bunmi Olu: A trailblazing woman and epitome of excellence reaches another incredible milestone ~By Oluwaseun Fabiyi

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Bunmi Olu: A trailblazing woman and epitome of excellence reaches another incredible milestone

~By Oluwaseun Fabiyi

 

A London-based Nigerian entrepreneur celebrates a landmark birthday with outstanding entrepreneurial acumen at fifty plus on Saturday, 7th December 2024

Bunmi Olu’s leadership style, marked by exceptional courage, integrity, and dedication to duty as founder of Dreamfo Widows and Widowers International NGO, has earned her a special place in the hearts of good Nigerians at home and abroad, and indeed the world at large

Your tireless pursuit of excellence in public service is a beacon of inspiration, and your remarkable legacy amongst women of virtue in the public sphere continues to inspire others to achieve greatness

As a trailblazing woman of substance, you continue to demonstrate remarkable courage in all your endeavors, while also committing to develop a responsible management system that ensures the efficient utilization of international resources at Dreamfo, a hub for thousands of widows and widowers

Your project vision has showcased considerable positive impact on womanhood and society as a whole, and it remains impressive. Your ability to make substantial contributions to the growth of future generations and create employment opportunities to some Dreamfo widows and widowers is indeed exceptional and second to none

Ma, your accomplishments as a distinguished woman in the battalion serve as a testament to your lasting influence on the community and its residents

Your exemplary work ethic and steadfast commitment to the well-being of the people have won their trust and appreciation, a reflection of your exceptional leadership

I’m delighted to extend my sincerest congratulations to you on this momentous birthday occasion

May this birthday celebration continue to motivate you to reach greater heights of achievement and service to humanity

Congratulations once more ma! May God continue to bless and guide you. Amen!

Oluwaseun Fabiyi a seasoned journalist writes from Lagos

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