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

Inside the Success of Yoruba Cinema’s Biggest Stars

Published

11 hours ago

May 27, 2026

Sahara Weekly

Inside the Success of Yoruba Cinema’s Biggest Stars

King of the Screen: Why Odunlade, Muyiwa, Femi Adebayo Remain Yoruba Movie Giants

The Yoruba movie industry has continued to produce legendary talents whose influence stretches beyond Nigeria to global audiences. Over the years, some actors have distinguished themselves through consistency, versatility, box office success, and cultural impact.

Among the numerous stars in Nollywood’s Yoruba sector, three actors have remained dominant figures whose names constantly resonate with fans and filmmakers alike — Odunlade Adekola, Muyiwa Ademola, and Femi Adebayo.

Odunlade Adekola: The Street King of Yoruba Cinema

Popularly regarded as one of the most entertaining actors in Nollywood, Odunlade Adekola has built a unique reputation through his energetic delivery, comic timing, emotional depth, and strong connection with grassroots audiences.

From comedy to action and emotional family dramas, the actor has consistently proven his versatility in blockbuster productions. His ability to interpret diverse roles effortlessly has made him a household name across Nigeria.

Industry observers believe his dominance on social media platforms, where his movie clips frequently go viral, has further strengthened his popularity among younger audiences.

Beyond acting, Odunlade has also contributed immensely to mentoring upcoming talents and expanding the commercial value of Yoruba films.

Muyiwa Ademola: The Master Storyteller

For many lovers of indigenous movies, Muyiwa Ademola remains one of the finest storytellers the Yoruba film industry has produced.

Widely respected for producing emotional and morally driven movies, the actor earned massive recognition through classic productions that focused on family values, culture, betrayal, perseverance, and societal lessons.

His calm delivery, deep scripts, and originality have kept him relevant despite changing trends in the entertainment industry.

Film critics often describe Muyiwa Ademola as one of the few actors whose productions combine entertainment with strong cultural education, making his movies timeless among older and younger viewers alike.

Femi Adebayo: The Modern-Day Box Office Force

Femi Adebayo has successfully combined traditional Yoruba storytelling with modern cinematic excellence, helping to project indigenous films to international audiences.

The actor, filmmaker, and producer has recorded major successes with high-budget productions that gained attention on streaming platforms and cinemas.

Known for his professionalism and attention to detail, Femi Adebayo has continued to push Yoruba movies beyond local boundaries while preserving cultural identity.

Entertainment analysts say his ability to blend culture, technology, and quality production has positioned him among the leading faces shaping the future of Yoruba cinema.

Growing Global Influence

The success of these actors reflects the increasing acceptance of indigenous Nigerian content globally. With streaming platforms creating wider access to local movies, Yoruba actors are now gaining international recognition and attracting new audiences.

Fans and stakeholders in the entertainment industry believe the contributions of Odunlade Adekola, Muyiwa Ademola, and Femi Adebayo have not only sustained Yoruba culture through film but have also elevated Nollywood’s global reputation.

celebrity radar - gossips

Eid-el-Kabir: Olowu of Kuta Urges Peace, Unity, Selflessness Among Nigerians

Published

21 hours ago

May 27, 2026

Sahara Weekly

Olowu Kuta To Yoruba Obas: Uplift Culture And Tradition Of Our Forebears

Eid-el-Kabir: Olowu of Kuta Urges Peace, Unity, Selflessness Among Nigerians

The Olowu of Kuta, HRM Oba Dr. Hammed Makama Oyelude, CON, Tegbosun III, has called on the Muslim Ummah and all Nigerians to make peace, unity, and selflessness their guiding principles as the world marks this year’s Eid-el-Kabir celebration.

In his Sallah message, the revered monarch described Eid-el-Kabir as a “highly spiritual occasion that demands dedication, commitment, and selflessness.”

Oba Makama said the period should be used to reflect on societal happenings and promote messages of hope and unity without inciting provocation.

He urged Nigerians to live together harmoniously, irrespective of religious, political, or tribal affiliations, stressing that politicians should exercise restraint and avoid inflammatory rhetoric ahead of the 2027 general elections.

“What should be uppermost in the mind of every patriotic Nigerian is **‘Country first,’” he said.

The monarch also appealed to citizens to remain vigilant in the face of insecurity, reassuring that the armed forces and paramilitary agencies are working round the clock to ensure a smooth and peaceful celebration.

“The price wise men pay for eternal liberty is vigilance. I urge everyone to celebrate moderately and extend a helping hand to the less privileged, widows, and orphans, embracing them as our brothers and sisters,” Olowu Makama added.

He concluded by wishing all Nigerians a peaceful and fulfilling Eid-el-Kabir celebration.

celebrity radar - gossips

Oba Babatunde Saliu Elebo II Felicitates Muslims on Eid-el-Kabir Celebration

Published

24 hours ago

May 27, 2026

Sahara Weekly

Oba Babatunde Saliu Elebo II Felicitates Muslims on Eid-el-Kabir Celebration

By Adeyemi Obadimu Veron

The Oloworo of Oworosoki Kingdom, Oba Babatunde Saliu Elebo II, has extended warm greetings and heartfelt felicitations to Muslims across Nigeria and the world at large on the joyous occasion of the 2026 Eid-el-Kabir celebration.

In a statement made available to Newsmen, the revered monarch urged Muslims to embrace the true teachings of Islam by promoting peace, love, unity, sacrifice, and compassion during and after the festive period.

Oba Babatunde Saliu Elebo II noted that Eid-el-Kabir, also known as Salah, remains one of the most significant celebrations in Islam as it symbolizes total obedience, faith, and devotion to Almighty Allah, drawing inspiration from the unwavering sacrifice of Prophet Ibrahim (Abraham), who demonstrated complete submission to the will of God.

According to the monarch, the Holy Qur’an teaches believers the importance of righteousness, kindness to humanity, tolerance, and support for the less privileged in society. He emphasized that the season should serve as a reminder for all Nigerians to live in harmony irrespective of religion, ethnicity, or political differences.

The royal father further called on Muslims to use the sacred period to pray fervently for peace, stability, economic growth, and sustainable development in Nigeria, stressing that national progress can only thrive in an atmosphere of unity and mutual understanding.

Oba Saliu also encouraged the faithful to extend hands of generosity to widows, orphans, and vulnerable members of society, noting that the essence of Eid-el-Kabir goes beyond celebration and feasting, but also reflects the spirit of sharing and caring for humanity as instructed in the Qur’an.

While wishing Muslims a peaceful and memorable Eid celebration, the Oloworo of Oworosoki prayed for divine blessings, prosperity, good health, and continued harmony in homes and communities.

“May this year’s Eid-el-Kabir strengthen our faith, deepen our love for one another, and bring renewed hope and abundant blessings to our nation,” the monarch stated.