Connect with us

celebrity radar - gossips

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

Published

on

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.

 

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

celebrity radar - gossips

Power, Protocol, and Papal Grace: The Inside Story of How It All Went Down in Rome By Bianca Ojukwu

Published

on

Power, Protocol, and Papal Grace: The Inside Story of How It All Went Down in Rome By Bianca Ojukwu

There’s something about the Vatican that strips away titles and trappings. In the shadows of St. Peter’s Basilica, under the searing Roman sun, global leaders, power players, and everyday pilgrims become equals—bound by reverence and ritual.

Power, Protocol, and Papal Grace: The Inside Story of How It All Went Down in Rome By Bianca Ojukwu

I should know. I was there.

On my last trip to the Vatican—during the funeral of Pope Francis just weeks earlier—I had witnessed something unforgettable. As President Donald Trump arrived and a crowd of dignitaries swarmed to greet him, a sharply-dressed, no-nonsense priest cut through the noise with a firm:

Scusi. This is St. Peter’s Basilica, not the White House. Kindly take your seats.

Boom. Order restored. And a reminder: here, no one upstages the moment.

So when I returned for the Installation Mass of Pope Leo XIV, I knew I’d be witnessing not just history, but human theater—with the Nigerian delegation right in the mix.

President Bola Ahmed Tinubu, leading the delegation, arrived in good time—early enough to soak in the atmosphere, greet dignitaries, and observe the ancient rites. As we settled into the square, I spotted Peter Obi and Kayode Fayemi, former governors and political heavyweights, already seated. After the President had taken his place, I went over to greet them—and in a rare gesture of statesmanship, they chose to accompany me to pay their respects to the President.

What followed was a surprisingly warm and humorous exchange. Far from the icy tensions back home, Tinubu welcomed them with ease, smiling, laughing, and trading quips like old friends reunited at a family function. They soon returned to their seats—but that moment, however brief, spoke volumes about what’s possible in Nigerian politics when the ego is set aside.

But Rome doesn’t care who you are. The sun showed no favoritism. Under the blazing Vatican heat, everyone—presidents, pilgrims, priests—sat exposed. The square is merciless. People faint. They’re carried off in stretchers. It’s part of the experience.

One man, seated directly in front of me, collapsed mid-Mass. Paramedics were far off, and panic briefly rippled through the crowd—until Seyi Tinubu, the President’s son, leapt into action. He darted to the vestibule and returned with a cold bottle of water that was used to revive the man before medics arrived.

Meanwhile, the President—stoic and composed—sat through the entire three-hour liturgy, standing and kneeling as required, skipping only Communion. Afterward, he lingered. He chatted with Nigerian priests, seminarians, posed for selfies, and shared laughs, showing none of the fatigue one might expect.

And oh—that suit.

Tailored to perfection, the President’s power suit turned heads across the square. The cut, the stride, the confidence—it was presidential flair meeting ecclesiastical ceremony. He walked up to greet the new pontiff with grace and gravitas.

So yes, Vatican ’25 wasn’t just a religious event—it was a convergence of power, humility, diplomacy, and humanity.

From protocol to personal moments, this was history not just witnessed, but lived.

And for those of us lucky enough to be there, one thing is clear:
In Rome, you don’t just attend a Mass. You become part of a moment that echoes through eternity.

Continue Reading

celebrity radar - gossips

Ngozi Okafor Unleashes a Wave of Youth Energy Through Transformative TV Content

Published

on

Ngozi Okafor Unleashes a Wave of Youth Energy Through Transformative TV Content

Ngozi Okafor Unleashes a Wave of Youth Energy Through Transformative TV Content

Renowned organizational psychologist, author, and international youth mentor, Ngozi Okafor, has unveiled a new line of inspirational television programs aimed at educating, empowering, and guiding the Nigerian youth. With over two decades of experience in youth development across the UK, USA, and Nigeria, Ngozi is bringing her message of hope and transformation directly to the screens of millions of young Nigerians.

The new programs, set to debut in the coming weeks, will focus on themes such as self-discovery, entrepreneurship, leadership, financial literacy, and mental wellness. Designed to bridge the gap between information and real-life application, each episode will feature stories of resilience, expert insights, and practical advice to help young people navigate life with clarity and confidence.

“Our young people are gifted, but many are simply not guided,” said Ngozi Okafor. “These programs are my way of reaching out—to say, ‘I see you, I believe in you, and here are tools to help you build your future.’ It’s not just about being on TV. It’s about starting conversations that lead to transformation.”

Ngozi’s journey in youth empowerment has spanned four continents, beginning in the UK with Hope Worldwide International, supporting vulnerable and homeless youth. In Atlanta, USA, she worked with Junior Achievers, leading business and leadership simulation programs, while also engaging youth in community service through initiatives like Meals on Wheels.

Back in Nigeria, Ngozi’s voice became familiar to thousands through Youth Arena on Armed Forces Radio 107.7 FM, a program that partnered with the Central Bank of Nigeria to teach financial literacy to young Nigerians through engaging broadcasts and workbooks.

Beyond media, Ngozi has directly supported more than 50 young entrepreneurs by providing startup resources such as sewing machines, baking ovens, and seed funding. Her work reflects a lifelong mission: turning inspiration into action.

“This TV project is more than content—it’s a movement,” she added. “We are building a generation that is self-aware, skilled, and ready to lead. And we’re doing it one story, one screen, and one young person at a time.”

Ngozi Okafor’s upcoming television programs promise to fill a critical void in youth development programming and are expected to air on both national and regional networks. Additional details about scheduling and partnerships will be announced soon.

Continue Reading

celebrity radar - gossips

Peter Obi Breaks Silence on Rome Visit Amid Smears and Propaganda Storm

Published

on

Peter Obi Breaks Silence on Rome Visit Amid Smears and Propaganda Storm

Presidential hopeful and former Anambra State Governor, Mr. Peter Obi, has calmly addressed a wave of politically charged misinformation following his recent visit to the Vatican, where he attended an inauguration ceremony. The backlash, largely fanned by known government allies Femi Fani-Kayode, Reno Omokri, and Omoyele Sowore, misrepresented the nature of his visit and falsely accused him of refusing to “pay homage” to the Pope until a supposed presidential intervention.

Peter Obi Breaks Silence on Rome Visit Amid Smears and Propaganda Storm

Contrary to the sensational headlines, Mr. Obi clarified that he did not meet the Pope, nor was such a meeting on his agenda. “I bought my own ticket and traveled for what I believe is a personal, non-political trip,” he told a close confidant in Abuja before departing. Emphasizing his commitment to modesty, Obi disclosed that he flew economy class, adding, “It’s the difference between business class and economy that I use for donations to build classrooms.”

Obi’s visit to Rome mirrored his past trips to the Vatican, including the 2013 inauguration of Pope Francis. A Papal Knight and longstanding Catholic faithful, Mr. Obi is no stranger to such events. This time, he traveled alongside former Ekiti State Governor Dr. Kayode Fayemi, both of whom held official passes granting them VIP access. They also paid a visit to Cardinal Francis Arinze, a 90-year-old Nigerian cleric and longtime Vatican figure — an act Obi has made a tradition of during such visits.

The criticisms have drawn widespread rebuke, with many questioning why a man known for self-funding his travels and donating millions to health and education continues to face political smears, while those squandering public funds remain unchallenged. Obi’s quiet return to Nigeria was followed, as usual, by school and hospital visits — the kind of grassroots outreach that has cemented his reputation as a man of service, not spectacle.

As misinformation continues to plague Nigeria’s political discourse, observers are calling for a return to truth and substance. “Enough of the lies. Enough of the propaganda. The truth has no tribe,” said a supporter who met with Obi before his Rome trip.

In an era of performative politics, Obi’s response has once again underscored his consistent message: humility, service, and transparency over noise.

Continue Reading

Cover Of The Week

Trending