celebrity radar - gossips

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

Published

9 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.

celebrity radar - gossips

Daniel Eromosele Eulogize Adams Oshiomole as he turns 74 years

Published

1 day ago

April 4, 2026

Sahara Weekly

Daniel Eromosele Eulogize Adams Oshiomole as he turns 74 years

Today, I celebrate an exceptional leader, a fearless voice for the people, and a man whose life has remained a symbol of courage, sacrifice, and unwavering commitment to justice—Distinguished Comrade Senator Adams Aliu Oshiomhole.

Your journey has been nothing short of inspiring. From your days as a vibrant labour leader to your impactful tenure as the Executive Governor of Edo State, and now as a respected Senator of the Federal Republic, you have consistently demonstrated what it means to serve with integrity, strength, and purpose. Your contributions to the growth of our nation and the development of Edo State remain indelible and deeply appreciated.

You have not only built structures and institutions but have also built people. I am personally a beneficiary of your leadership, your guidance, and your belief in empowering others. Your influence in my life has been profound, and I remain grateful for the opportunities and inspiration you have given me.

On this special day, I celebrate not just your achievements, but the man you are—resilient, principled, and ever committed to the progress of Nigeria and her people.

May this new year bring you renewed strength, greater wisdom, good health, and more remarkable accomplishments. May your legacy continue to shine brighter with each passing year.

Happy Birthday, sir. Wishing you many more fruitful and impactful years ahead.

celebrity radar - gossips

Accolades to Empress Genevieve Wining as she Celebrate birthday in Grand style

Published

1 day ago

April 4, 2026

Sahara Weekly

Accolades to Empress Genevieve Wining as she Celebrate birthday in Grand style

Emmanuel Clement

Vilnius, Lithuania – The Grand Hotel Vilnius will host a grand birthday celebration in honor of Her Majesty The Empress Genevieve Wining of the United Kingdom of Atlantis (UKA) on April 4th, 2026.

The four-day event promises to be an extravagant affair, marking the special birthday of Empress Genevieve Wining. The celebration will take place at the prestigious Grand Hotel Vilnius, Lithuania, renowned for its luxurious ambiance and exceptional service.

According to the event flyer, the birthday celebration will be a spectacular occasion, fitting for an empress. Guests can expect an elegant setting adorned with golden accents, sparkling champagne, and festive decorations, creating a regal atmosphere befitting the occasion.

The Empress Genevieve Wining of UKA is expected to grace the event, which will include various festivities and celebrations in her honor. The occasion aims to bring together dignitaries, followers, and guests to commemorate the empress’s birthday with grandeur and joy.

For media inquiries, accreditation, or further information about the birthday celebration of The Empress Genevieve Wining of UKA, please contact the event organizers.

Courtesy of His Excellency Emperor Prof. Solomon Wining. UKA

celebrity radar - gossips

Today, Dr. Chris Okafor turns a year older

Published

1 day ago

April 4, 2026

Sahara Weekly

Today, Dr. Chris Okafor turns a year older

~By Sunday Adeyemi

It is widely acknowledged that the exceptional Dr. Chris Okafor, a man of great character, always celebrates his birthday on April 4th, and in recognition of this occasion, I am inspired to write this special tribute to honor him.

Today marks a momentous occasion as we commemorate the birthday anniversary of Dr. Chris Okafor, a rare gem, a perfect gentleman, and the revered founder of Grace Nation Church, aka Liberation City.

Without reservation, this versatile and dependable Oracle foundry has consistently proven itself worthy of the accolades bestowed upon it on this notable anniversary.

Let it be reiterated that Dr. Chris Okafor is a leader known for his generosity and commitment to humanity’s welfare and advancement. The special gifts donated recently to widows and widowers within and outside the church are a testament to his exceptional leadership.

Your reputation as an outstanding and authentic man of God is evident in your exceptional goodwill and philanthropic endeavors.

Your dedication and perseverance have yielded impressive results, and numerous people, including myself, are justifiably proud of the remarkable work you are doing.

You have consistently exemplified outstanding leadership in the Christian community, demonstrating the profound impact of your role as a gift from God to humanity. I firmly believe this to be true.

Here’s to a year of productivity, success, and happiness. Congratulations and warm wishes on your birthday, sir.

Sunday Adeyemi

Your Son