Connect with us
Advertisment

celebrity radar - gossips

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

Published

on

Advertisment

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.

Advertisment

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.

Advertisement

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.

 

Advertisment
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

celebrity radar - gossips

Theo Somolu And Folake Olowofoyeku To Star In Disney’s ‘Mufasa’

Published

on

Theo Somolu And Folake Olowofoyeku To Star In Disney’s 'Mufasa'

Theo Somolu And Folake Olowofoyeku To Star In Disney’s ‘Mufasa’

 

Advertisment

 

Nigerian actors Theo Somolu and Folake Olowofoyeku will star in Disney’s Mufasa, a prequel to The Lion King that explores Mufasa’s rise to kingship.

Advertisment

Nigerian actors, Theo Somolu and Folake Olowofoyeku have secured roles in Disney’s prequel to the classic, The Lion King, titled Mufasa, which delves into the origin story of Simba’s father, scheduled to hit cinemas on December 20, 2024.

The casting of Somolu and Olowofoyeku marks a significant milestone for Nigerian representation in Hollywood. Details regarding their character are yet to be revealed.

Olowofoyeku brings a wealth of experience to the project. She has captivated audiences in both movies and television series, including her role in the popular sitcom, Bob Hearts Abishola (2019), Death Race 2050 (2017), Female Fight Club (2016), and the epic adventure, 10,000 A.D.: The Legend of the Black Pearl (2008).

Advertisement

In addition, Somolu contributes his knowledge from previous projects, such as the children’s television program Mighty Express (2020), and Baggio: The Divine Ponytail (2021).

Moonlight and If Beale Street Could Talk director, Barry Jenkins is the director.

An era before Simba’s problems with his jealous uncle Scar will be revisited by viewers through Mufasa. Through a detailed account of his early years, the prequel will trace Mufasa’s development from a helpless cub to a courageous king.

The movie will explore the circumstances that lead Taka down a dark road and the complicated nature of their relationship.

According to Disney, “Mufasa: The Lion King enlists Rafiki to relay the legend of Mufasa to young lion cub Kiara, daughter of Simba and Nala, with Timon and Pumbaa lending their signature schtick. Told in flashbacks, the story introduces Mufasa as an orphaned cub, lost and alone until he meets a sympathetic lion named Taka — the heir to a royal bloodline. The chance meeting sets in motion an expansive journey of an extraordinary group of misfits searching for their destiny — their bonds will be tested as they work together to evade a threatening and deadly foe.”

Starring in the film are Beyoncé, Donald Glover, Blue Ivy Carter, Kelvin Harrison Jr., John Kani, Billy Eichner, Aaron Pierre, and Seth Rogen.

Advertisment
Continue Reading

celebrity radar - gossips

How Ajobiewe settled long-standing feud between movie stars Yinka Quadri, Ogogo

Published

on

How Ajobiewe settled long-standing feud between movie stars Yinka Quadri, Ogogo

How Ajobiewe settled long-standing feud between movie stars Yinka Quadri, Ogogo

 

Advertisment

The internet was stirred up when a video of two veteran Nollywood actors, Yinka Quadri and his colleague, Taiwo Hassan, popularly known as Ogogo, surfaced on social media platforms on Wednesday evening.

 

Advertisment

 

 

Although, PUNCH Online could not confirm when or how the disagreement started between the two actors, they were seen settling their differences in a now viral video.

Advertisement

 

 

 

In the video, one of Nigeria’s legendary Esa Oriki Orile exponents, Sulaiman Ajilara, popularly called Ajobiewe, was seen begging the veteran actors to put aside their differences and sheath their swords.

 

 

Ajobiewe made the peace call on Wednesday night during the birthday of actor Yomi Fabiyi.

 

When Quadri approached the dance floor, Ajobiewe insisted he call on his friend, Ogogo.

Afterwards, Ogogo joined Quadri while the chanter pleaded with them to settle their misunderstandings with his lyrics.

He sang in Yoruba, “Where is your Ogogo? Why did you come here alone? Call him for me. Tell him to come to me. I beg you, it is impossible not to have misunderstandings but I am begging you in the name of God, to settle whatever it is.

 

“Please hug each other and let it end there. I do not want to hear anything about your misunderstandings anymore for God’s sake.”

The two then hugged and smiled at each other.

Reacting to this, some Nigerians commended Ajobiewe for reuniting the actors, noting that it was good to see them back together.

Lanre Adeola, tweeting with the handle @lanreadeola said, “That’s lovely. An elder that doesn’t allow the baby’s neck to twist in the market.”

A tweep, Olanrewaju, who identifies as @olanrewaju wrote, “Agba o ni tan lori le…May God keep Ajobiewe for us for many years in good health. This is so nice.

Others expressed shock that the two were not on good terms. Sope, who tweets as @Dcsopetie wrote, “Wow! I never knew they were not talking to each other and how they hid it from the public is beyond me.

Meanwhile, Quadri, in a video shared by a YouTuber, Kilarigbo, earlier on Wednesday, confirmed their friendship, saying they are five and six.

 

He said though they are not biologically related, they are more like twins, adding that they have been friends since they met in 1985.

He, however, hinted that they have their issues, noting that they settle their misunderstandings without a third party.

He also warned the public to desist from spreading rumours of their fight, noting that they can never be separated by any force whatsoever.

However, PUNCH Online observed that both friends were hardly seen together in public in recent times.

Efforts to speak to Ogogo proved abortive as he didn’t pick calls or respond to text messages sent to his phone as of the time of filing this report.

Reacting, PUNCH’s style Editor, Tofarati Ige, said though the cause of their rift was unknown to the public, they started appearing less in public together.

He said, “Originally, Ogogo and Yinka Quadri were known to be close friends, as they often appeared at events together. In many films, they acted as friends, and their relationship continued off-screen. In some instances, they even wore outfits similar to those for public events.

 

“However, for some time, they started appearing less at public events together. Even when Ogogo’s daughter, Shakirat, got married, Yinka Quadri did not attend.

“Though the cause of their rift was not made known to the public, there were different rumours that they had fallen out, but neither of them acknowledged it publicly.

“However, the rift was well managed, as it was only known to insiders and privileged sources in the industry.”

Speaking further, he noted that when Quadri was approached about the issue, he declined to comment on it.

“Personally, when I heard of the rift about two years ago, I asked Yinka Quadri a question about it at an event, but he refused to comment on the issue.

“Till date, there are just speculations as to what actually caused the rift, I am not privy to what actually happened. As regards reconciliation, I am not aware of any elder that had tried to mediate between them.

“But, they are both close to elders in the industry, such as Jide Kosoko and Oga Bello, who are likely to have attempted to broker peace between them,” he added.

 

@PUNCHNG

 

Advertisment
Continue Reading

celebrity radar - gossips

‘Pity men’, Williams Uchemba laments outfits women wear to the gym

Published

on

'Pity men', Williams Uchemba laments outfits women wear to the gym

‘Pity men’, Williams Uchemba laments outfits women wear to the gym

 

Advertisment

 

Nollywood actor Williams Uchemba has lamented over the choice of outfit ladies wear to the gym.

Advertisment

 

The movie star, in a video on his official Instagram account, lamented that women now wear revealing outfits to the gym, and the times he goes to the gym, he sees something he didn’t plan to see.

 

Advertisement

'Pity men', Williams Uchemba laments outfits women wear to the gym

 

He also revealed that, due to this trend, he stopped going to public gym because of his desire to “make heaven.”

 

 

He said, “Ladies how far? Should all the men not come to the gym again? Because it’s getting out of hand and becoming appalling, I don tire. Make una try to dey wear beta cloth come gym nau, what is this?

 

 

“There are men that have made up their minds to make the heavenly race and na una dey plenty for gym. Whoever that sells these clothes to you people, their shop go burn down because what is going on? Every single time one comes to the gym, wetin you no plan see you must see am.

 

 

Una don make up una mind say no man in this Nigeria will make heaven but It won’t work because I’ve left the gym for una, I’ve set up a gym in my house because I cannot cope, I want to make heaven. You will have 20 people in the gym, 300 are women, doing exercises.

“Have conscience, men are people’s children too, I’m speaking for all the men and we need to make heaven.”

Advertisment
Continue Reading

Cover Of The Week

Trending