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Nigeria’s Debt Hits Over 144 Trillion Naira-DMO

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Nigeria’s total public debt rose to N144.67 trillion ($94.23 billion) as of December 31, 2024, reflecting a significant increase of 48.58% compared to N97.34 trillion ($108.23 billion) recorded at the end of December 2023.

This latest figure was disclosed by the Debt Management Office (DMO) in its report on the country’s public debt profile.

The report also indicated a quarter-on-quarter rise of 1.65% from the N142.32 trillion ($88.89 billion) recorded at the end of September 2024, highlighting the continued increase in the nation’s debt burden within the final quarter of the year.

Year-on-year analysis 

An analysis of Nigeria’s public debt on a year-on-year basis reveals a notable increase of N47.32 trillion, representing a 48.58% rise from December 2023 to December 2024.

The surge in public debt was driven primarily by significant increases in both external and domestic borrowings.

Nigeria’s external debt rose substantially by 83.89% from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024.

The Federal Government’s domestic debt component rose significantly from N53.26 trillion to N70.41 trillion, a growth of 32.19%. This increase reflects the government’s continued reliance on local borrowing to finance budget deficits and infrastructure projects.

Conversely, the domestic debt owed by states and the Federal Capital Territory (FCT) saw a reduction from N5.86 trillion to N3.97 trillion, representing a decline of 32.27%.

The reduction in state-level borrowing indicates a cautious approach by some subnational governments towards debt accumulation within the year.

Quarter-on-quarter analysis 

The marginal rise within the quarter was driven by increases in both external and domestic debt components.

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External debt grew by N1.4 trillion, moving from N68.89 trillion ($43.03 billion) as of the end of September 2024 to N70.29 trillion ($45.78 billion) in December 2024.

The increase within the quarter was influenced by additional foreign loans obtained in the last three months of the year, alongside the further weakening of the naira against major international currencies.

On the domestic front, debt rose slightly by 1.29%, from N73.43 trillion ($45.87 billion) in September 2024 to N74.38 trillion ($48.44 billion) by the end of December. The Federal Government’s domestic debt increased from N69.22 trillion to N70.41 trillion within the quarter.

However, domestic debt attributed to states and the FCT reduced from N4.21 trillion to N3.97 trillion, reflecting a 5.69% decrease.

Debt composition 

As of December 2024, external debt constituted 48.59% of Nigeria’s total public debt, while domestic debt made up 51.41%, indicating a relatively balanced debt structure.

However, the continued increase in external borrowings suggests a growing reliance on foreign debt to bridge budgetary shortfalls

The breakdown of external debt shows that the Federal Government accounted for N62.92 trillion ($40.98 billion), while states and the FCT held N7.37 trillion ($4.80 billion).

In the domestic debt segment, the Federal Government held N70.41 trillion ($45.86 billion), with states and the FCT accounting for N3.97 trillion ($2.58 billion).

What you should know 

The rise in public debt has sparked concerns among economic analysts, given the potential implications for Nigeria’s fiscal stability.

The sharp increase, particularly in external debt, highlights the vulnerability of the nation’s finances to exchange rate fluctuations and changes in global economic conditions. With the naira’s continued depreciation, the cost of servicing foreign debt could escalate, placing additional strain on the country’s financial resources.

The government’s dependence on both external and domestic borrowing to fund critical projects points to underlying fiscal challenges, including revenue shortfalls and the need for substantial infrastructure investments.

While domestic debt remains the larger component of the debt portfolio, the significant growth in external liabilities underlines the importance of a balanced approach to debt management, particularly in light of Nigeria’s limited foreign exchange earnings

Financial experts have called for more prudent debt management practices, emphasizing the need to boost revenue generation through economic diversification and enhanced tax collection.

They warn that while borrowing can be necessary for development, it must be matched with strategic plans to ensure sustainability and avoid overburdening future budgets.

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Breaking:Former Chief Justice Of Nigeria Ibrahim Tanko Is Dead

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Former Chief Justice of Nigeria (CJN), Justice Ibrahim Tanko Muhammad (retd.), is dead.

A close source confirmed to SaharaReporters on Tuesday morning that the former head of Nigerian judiciary passed away at a hospital in Saudi Arabia.

“Ex-CJN Tanko Muhammad is dead. He passed away this morning at a Saudi Arabian Hospital,” the source said.

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Nigeria Tracker reports that Late President Muhammadu Buhari appointed late Justice Ibrahim Tanko into the exalted seat after the sacking of his predecessor Justice Samuel Walter Onnoghen over the issue of code of conduct in January 2019.

In Late 2022 Justice Ibrahim Tanko suddenly exited the seat due to what many said intense pressure from cabals in Late President Muhammad Buhari’s presidency and was succeeded by retired Justice olukayode .

Late Justice Ibrahim Tanko Muhammad hails from Bauchi state .

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The Aso Rock Gossip That Made Late President Buhari Lock His Wife Out

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By Yusuf Danjuma Yunusa

In a new biography, former First Lady Aisha Buhari has revealed that late President Muhammadu Buhari began locking his bedroom door, preventing her from gaining access, after hearing rumors within Aso Rock that she intended to kill him.

This personal account is featured in the 600-page book, ‘From Soldier to Statesman: The Legacy of Muhammadu Buhari’, where Aisha Buhari details her experience managing her husband’s health challenges during his presidency.

She stated that the former president, trusting the gossip circulating within the presidential villa, altered some of his personal habits as a result.

The biography, which was authored by Charles Omole, director-general of the Institute for Police and Security Policy Research, was launched at the presidential villa in Abuja.

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Many high-profile persons and political chieftains, including President Bola Tinubu, attended the launch.

In the book, Aisha said Buhari’s 2017 health crisis was not a mysterious ailment or the effect of poisoning, but began after a broken feeding routine and mismanaged nutritional habits.

The former first lady said she had long managed her husband’s meals and supplements at specific hours, adding that the regimen helped Buhari to maintain stability.

“According to Aisha Buhari, her husband’s 2017 health crisis did not originate as a mysterious ailment or a covert plot. It started, she says, with the loss of a routine; ‘my nutrition,’ she describes it, a pattern of meals and supplements she had long overseen in Kaduna before they moved into Aso Villa,” the book reads.

When they moved to the villa, she said she convened a meeting with close staff including Suhayb Rafindadi, the physician; Bashir Abubakar, the chief security officer; the housekeeper, and the DSS DG to explain the plan.

After some time, the plan was discontinued.

“When the Presidency’s machinery took over our private lives, I explained the plan: daily, at specific hours, cups and bowls with tailored vitamin powders and oil, a touch of protein here, a change to cereals there. Elderly bodies require gentle, consistent support,” Aisha was quoted as saying in the book.

“Then came the gossip and the fearmongering. They said I wanted to kill him.

“My husband believed them for a week or so,” she said, adding that the president began locking his room, changed small habits, and crucially, “meals were delayed or missed; the supplements were stopped”.

“For a year, he did not have lunch. They mismanaged his meals,” she added.

Aisha denied stories of plots to poison her husband, adding that Buhari’s health began deteriorating because of “loss of a routine, ‘my nutrition,’ was the genesis of the crisis”.

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Former Kano LG Chairmen Endorse Tinubu, Reaffirm Loyalty to Ganduje as Kano APC Leader

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‎Former local government chairmen in Kano State who served between 2014 and 2024 under the administration of Dr. Abdullahi Umar Ganduje has endorsed President Bola Ahmed Tinubu for a second term and reaffirmed their loyalty to the immediate past National Chairman of the All Progressives Congress (APC), Dr. Ganduje, as the party’s leader in Kano State.

‎The former Chairman of the Association of Local Governments of Nigeria (ALGON) in the state, Baffa Takai, made this position known during a closed-door meeting with Kano APC stakeholders in Abuja.

‎‎The former local government chairmen also expressed their solidarity with APC stakeholders under the leadership of Hon. Abubakar Kabir Bichi, commending their efforts toward promoting unity and progress within the party.

‎They called on other party members to join hands with them in fostering peace, unity, and progress within the APC.

‎The group further reaffirmed its commitment to the party’s ideals and principles and pledged to continue working collectively to strengthen the party and ensure its victory in future elections.

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