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

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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.

 

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#FreeVDM Trends as EFCC Secures Court Order to Remand VeryDarkMan Over Alleged Cybercrime

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#FreeVDM Trends as EFCC Secures Court Order to Remand VeryDarkMan Over Alleged Cybercrime

#FreeVDM Trends as EFCC Secures Court Order to Remand VeryDarkMan Over Alleged Cybercrime

The Economic and Financial Crimes Commission (EFCC) has obtained a court order to remand controversial social media activist Martins Otse, popularly known as VeryDarkMan (VDM), pending the conclusion of an investigation into alleged cybercrime offences.

VDM was dramatically arrested last Friday outside a bank in the Wuse area of Abuja by a combined team of EFCC operatives, Department of State Services (DSS) officers, and the Nigeria Police Force. Eyewitnesses say the activist was apprehended moments after leaving the bank, sparking immediate online outrage.

The arrest has ignited a social media firestorm, with the hashtag #FreeVDM dominating trends across platforms throughout the weekend. Many critics argue that the arrest is yet another attempt by authorities to intimidate dissenting voices online.

“The remand order was granted to allow us to complete our investigation and finalize the charges,” a senior EFCC official told reporters, noting that charges would be filed under the Cybercrimes Act once investigations are complete.

Sources familiar with the case say the EFCC is building a case focused on alleged violations involving online financial misconduct, which fall under the commission’s purview.

As of Monday morning, VDM remains in EFCC custody, with his legal team led by rights activist Deji Adeyanju confirming efforts to gain access to him and prepare a legal response.

“We are seeking to visit our client and are reviewing the legal implications of his arrest,” Adeyanju said in a statement.

Despite the mounting public interest and widespread speculation, the EFCC has yet to release an official statement detailing the arrest or outlining the specific charges VDM may face.

The arrest of VeryDarkMan adds to growing concerns over press freedom and digital expression in Nigeria, where several social media commentators have recently faced legal action for controversial posts.

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David Abioye Begins New Chapter with Launch of Living Word Conquerors Global Assembly

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David Abioye Begins New Chapter with Launch of Living Word Conquerors Global Assembly

David Abioye Launches New Church, Living Word Conquerors Global Assembly, Amid Jubilant Crowd

Former Vice President and retired pastor of the Living Faith Church Worldwide, Bishop David Abioye, has officially inaugurated his new ministry, Living Word Conquerors Global Assembly, marking a new chapter in his over four-decade-long spiritual journey.

The launch took place today, Sunday, May 4, 2025, during the ministry’s first Sunday service, which saw a massive turnout of enthusiastic worshippers. The atmosphere was charged with excitement as congregants gathered to witness what Abioye described as the “manifestation of God’s eternal purpose.”

In a passionate address during the inaugural service, Abioye emphasized that the establishment of the new church was not the result of public opinion or personal ambition, but a divine assignment birthed from deep spiritual conviction.

“May I make it very clear that the inauguration of this assembly is not in response to demands of people to start a church,” Abioye declared. “But by the emergence of God’s eternal purpose, ordained from the foundation of the word, which is just coming to light at His own time.”

The renowned cleric explained that the Living Word Conquerors Global Assembly is founded on divine direction and is dedicated to the spiritual development, edification, and victory of believers worldwide.

Clarifying his role in the new ministry, Abioye stated that he does not view himself as someone attempting to fulfill the entire Great Commission alone, but rather as a messenger raised for a specific divine assignment within God’s broader agenda.

“In the name of God the Father, God the Son, and God the Holy Spirit, for the spiritual development, edification, and triumph of the saints globally… this assembly is hereby inaugurated,” he declared, drawing a resounding “Amen” from the congregation.

The launch follows Abioye’s retirement from Living Faith Church in October 2024, alongside Pastor Thomas Aremu, after the church implemented a policy setting a mandatory retirement age for senior leaders. Abioye bowed out of active service at the age of 63, concluding a distinguished ministry career under the leadership of Bishop David Oyedepo.

As the curtain lifts on this new ministry, many see it not as a departure from Abioye’s legacy, but as a continuation of his divine calling—this time under a new banner with a global vision.

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Power in Service: Texas Outpouring 2025 Led by Prophet Samuel Akinbodunse Calls for Volunteers

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Power in Service: Texas Outpouring 2025 Led by Prophet Samuel Akinbodunse Calls for Volunteers

A spiritual wave is set to sweep across Dallas this October as the Outpouring Healing & Miracle Conference 2025 returns with greater power, purpose, and partnership. Hosted by Freedom for All Nations Outreach (FANO) of South Africa in collaboration with Power Haven Church (PHC) of Dallas, Texas, the two-day event is scheduled for October 3rd and 4th at 7 PM (CST) — with the venue to be announced soon.
Power in Service: Texas Outpouring 2025 Led by Prophet Samuel Akinbodunse Calls for Volunteers
Led by international minister Dr. Samuel Akinbodunse from South Africa , the conference promises an electrifying atmosphere of worship, healing, prophecy, and divine encounters. With an expected turnout of thousands, the organizers are making a call for volunteers to help support this mega-faith gathering.
The volunteer drive is open for various departments including:
Ushering
Protocol
Car Guard
Security
Music Ministry
Sound Engineering
Publicity
Logistics
Registration & Administration
Service Managers
Coordinators
Health Team
Welfare/Children Care
Transportation
Hospitality
Those willing to serve are encouraged to scan the QR code on the official event flyer to register and join the workforce powering this divine mission.
“This is more than just a conference — it’s a divine appointment,” said Dr. Akinbodunse. “We’re preparing a space where heaven meets earth, and every helping hand makes a difference.”
With a theme centered on healing and miracles, Outpouring 2025 is not only a spiritual highlight on the calendar, but also a unifying force drawing believers from across nations.
Stay tuned for the venue announcement and get ready to witness a powerful move of God in Dallas this October.
Power in Service: Texas Outpouring 2025 Led by Prophet Samuel Akinbodunse Calls for Volunteers

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