celebrity radar - gossips

Nigeria’s debt rises by N7.1tn in two years

Published

8 years ago

June 6, 2017

The nation’s total indebtedness to foreign and local creditors now stands at N19.16tn, the Debt Management Office has said. This is N1.8tn increase from the N17.36tn recorded at the end of December 2016.

According to punch reports,as of March 31, 2015, the country’s total debt stood at N12.06tn. This means the debt level increased by N7.1tn in two years.

Segmenting the national debt, the DMO put the Federal Government’s domestic debt at N11.97tn. Two years ago, as of March 31, 2015, this component of the debt burden stood at N8.51tn.

This means that within a period of two years, the Federal Government has borrowed a total of N3.46tn from domestic creditors. This shows that the domestic debt of the Federal Government has increased by 40.71 per cent.

In the same period, the country’s external debt (for the federal and state governments) rose from $9.46bn to $13.81bn. This means that within the two-year period, the country’s external debt rose by $4.35bn or 45.98 per cent.

The external debt component, however, has been affected by exchange rate variations as the last two years have witnessed noticeable changes in foreign exchange rates.

According to the DMO, the official exchange rate of N306.35 to $1 was used in calculating the country’s external debt for March 31, 2017, while the official rate of N197 to $1 was used in determining the foreign debt for March 31, 2015.

The domestic debt component of the states stood at N2.96tn as of March 31, 2017, up from the figure of N1.69bn at the same time in 2015.

This means that within the period of two years, the domestic debt of the states rose by N1.27tn or 75.15 per cent.

Amidst drying revenues from oil and gas, the government has in the last two years increasingly depended on borrowing even to carry out routine responsibilities.

Although foreign debts are accounted as cheaper than domestic debts, the government has increasingly depended on domestic sources of borrowing as foreign donors place more stringent conditions before granting credit facilities to the government.

To raise the required funds from the domestic debt market, the Federal Government has been active in the market with a number of instruments, including FGN Bonds and the Nigeria Treasury Bill. It recently floated a new instrument known as the FGN Savings Bond.

The International Monetary Fund had recently projected that Nigeria’s indebtedness would climb to 24.1 per cent of the nation’s Gross Domestic Product by 2018. It said that the country’s current indebtedness would have reached 23.3 per cent of the GDP by the end of 2017.

The country closed 2016 with a debt to GDP ratio of 18.6 per cent. By the end of 2015, Nigeria’s debt to GDP ratio stood at 12.1 per cent, according to the Bretton Wood institution.

Nigeria’s GDP for the year ended December 31, 2016 stood at N67.98tn, according to the National Bureau of Statistics.

Going by the projection of 24.1 per cent for 2018, within three years, the nation’s debt to GDP ratio would have gone up by 100 per cent, from 12.1 per cent in 2015.

Although Nigeria’s debt to GDP ratio is considered among the lowest in Africa, some experts have expressed worries about the increase in debt accumulation in recent years, while others are worried about the quality and utilisation of the debts.

The World Bank recently expressed concern over the debt servicing to revenue ratio, saying that reduced earnings might render the country’s debt unsustainable. A total of N1.84tn was provided in the 2017 budget for debt servicing.

Nigeria’s debt profile is dominated by local debts, which are characterised by high interest rates. Efforts are being made to secure more foreign debts and reduce the exposure of the Federal Government to the domestic debt market.

Sports

Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

Published

18 hours ago

December 22, 2024

Sahara Weekly

Oleksandr Usyk Defeats Tyson Fury Again, Solidifies Legacy Among Boxing Greats

Ukrainian boxing sensation Oleksandr Usyk retained his heavyweight championship titles and cemented his place in boxing history with a unanimous decision victory over Britain’s Tyson Fury in their rematch on Saturday night.

The judges scored the bout 116-112 in Usyk’s favor across the board, marking his second consecutive win over Fury. This victory extended Usyk’s flawless professional record to 23-0, with 14 knockouts, adding another chapter to a career already highlighted by Olympic gold and an undisputed cruiserweight championship.

A Masterclass Performance

Usyk, 37, showcased his signature precision and relentless pace, repeatedly catching Fury with clean left hooks and dominating the latter stages of the fight. Fury, at 6ft 9in (206cm) and weighing a career-high 281 pounds, attempted to impose his physicality but was unable to break Usyk’s composure.

The fight, held in Saudi Arabia, saw Usyk wearing traditional Cossack attire during his entrance, while Fury entered the arena dressed in a festive Santa-inspired robe to Mariah Carey’s “All I Want For Christmas Is You.”

The early rounds were competitive, with Fury landing powerful jabs and body shots. However, Usyk’s endurance and tactical brilliance began to shine in the middle rounds. The Ukrainian landed sharp combinations and dictated the tempo, including a stunning uppercut in the final round that left little doubt about the outcome.

“I thought I’ve won both fights,” Fury said post-match, sporting a bruised right eye. “But I’ll always believe until the day I die that I won that fight.”

A Legacy Sealed

Usyk’s victory solidified his standing as one of the greatest heavyweights in history. Already the first undisputed heavyweight of the four-belt era, Usyk joins the ranks of legends like Muhammad Ali, Joe Louis, and Mike Tyson.

The bout, reported to have a prize purse of $190 million, also underscored Saudi Arabia’s growing influence in global sports. Usyk, who served briefly as a soldier during Russia’s invasion of Ukraine, celebrated his victory by hoisting a symbolic sabre belonging to Ukrainian nationalist hero Ivan Mazepa.

Fury’s Uncertain Future

The defeat leaves Fury’s future in doubt. Once unbeaten across 35 fights, Fury now stands at 34-2-1. His attempt to reclaim glory after a brief retirement in 2022 has been marred by back-to-back losses to Usyk.

Usyk, on the other hand, continues to add to his already remarkable resume, leaving fans and critics alike in awe of his technical skill, resilience, and determination. As the heavyweight division looks ahead, Usyk’s reign appears unshakable, and his place among boxing’s all-time greats is firmly secured.

celebrity radar - gossips

Testimony Jaga Redefines Gospel Music with Fuji Rhapsody

Published

1 day ago

December 21, 2024

Sahara Weekly

Testimony Jaga Redefines Gospel Music with Fuji Rhapsody

Renowned gospel artist Testimony Jaga has set a new standard in the genre with the release of his highly anticipated album, Fuji Rhapsody. This innovative project masterfully blends the electrifying rhythms of Fuji music with uplifting gospel messages, offering a unique and transformative musical experience.

With a runtime of approximately one hour, Fuji Rhapsody takes listeners on a continuous, spiritually enriching journey, brimming with energy and inspiration. The album is available for streaming on popular platforms, including Spotify, iTunes, Audiomack, Boomplay, and more.

Whether you’re a fan of vibrant Fuji beats or seeking soul-stirring gospel tunes, Fuji Rhapsody is an album that promises to inspire and uplift. Press play and let its powerful melodies rejuvenate your spirit today!

Stream Fuji Rhapsody Here:

https://hypeddit.com/testimony-jaga/fuji-rapsody

celebrity radar - gossips

Governor Monday Okpebholo C.O.N Celebrates His Grace, Bishop Desmond Osazuwa, on His Birthday – December 21

Published

2 days ago

December 20, 2024

Sahara Weekly

His Excellency Governor Monday Okpebholo C.O.N Celebrates His Grace, Bishop Desmond Osazuwa, on His Birthday – December 21

The Governor of Edo State, Senator Monday Okpebholo C.O.N., has extended warm birthday wishes to His Grace, Bishop Desmond Osazuwa Amasihohu, in recognition of his remarkable contributions to the state and his unwavering support during the Governor’s electoral victory.

In a heartfelt message, Governor Okpebholo expressed his profound admiration for Bishop Amasihohu, acknowledging his steadfast leadership, spiritual guidance, and commitment to the well-being of the people of Edo State.

“I am delighted to celebrate Bishop Desmond Osazuwa on his special day,” the Governor stated. “His tireless prayers and invaluable support during my election campaign played a significant role in our collective success. His dedication to the spiritual and physical growth of Edo State is a testament to his purposeful leadership and unwavering faith.”

Reflecting on the Bishop’s years of service, the Governor added, “On behalf of my family and the entire Edo State, I extend my heartfelt congratulations and best wishes to Bishop Desmond Amasihohu on his birthday. He is a true son of Edo, whose contributions continue to enrich our lives. Today, we celebrate not just his birthday but also his enduring impact on our state and beyond.”

Governor Okpebholo emphasized the importance of honoring individuals who dedicate their lives to service. “Recognizing Bishop Desmond Osazuwa aligns with our shared values of inclusivity, unity, and gratitude. His contributions to the spiritual and social fabric of Edo State are invaluable, and we are truly blessed to have him among us.”

Bishop Desmond Osazuwa Amasihohu has spent decades spreading the gospel and transforming lives both within Edo State and across the globe. His birthday celebration drew dignitaries, community leaders, and well-wishers who gathered to honor his life and legacy.

The occasion stands as a powerful reminder of the values of faith, service, and unity that guide the Governor’s vision for a stronger Edo State.

“Happy birthday, my Bishop,” Governor Okpebholo concluded. “Your wisdom and contributions to the development of our state are deeply appreciated. May the Lord Almighty bless you with good health, strength, and continued prosperity.”