Nigeria’s total public debt stock surged by N12.6tn in three months to N134.3tn ($91.3bn) by the end of the second quarter of 2024, The PUNCH reports.

This is a 10.35 per cent increase from the N121.7tn ($91.5bn) recorded in the first quarter of this year.

The rise has been attributed primarily to the devaluation of the naira, according to an official document seen by The PUNCH, which was presented at a session on the sidelines of the World Bank/IMF annual meetings in Washington DC as Nigeria hosted foreign investors.

The document stated, “In Q2 2024, the debt stock grew in naira terms to N134.3tn ($91.3bn) from N121.7tn ($91.5bn) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.”

Although it looked like Nigeria’s debt is reducing in dollar terms, The PUNCH observed that there was an increase of N5.55tn or 8.45 per cent in domestic debt, from N65.65tn in Q1 2024 to N71.2tn by Q2 2024.

Also, there was an increase of $780m in external debt from $42.12 bn in the first quarter of this year to $42.9bn by June 2024.

The document seen by The PUNCH showed that domestic debt continued to dominate Nigeria’s public debt portfolio in Q2 2024, accounting for 53 per cent of the total debt stock at N71.2tn ($48.4bn).

External debt made up 47 per cent, amounting to N63.1tn ($42.9bn).

The document also showed that Nigeria’s debt-to-GDP ratio has exceeded 50 per cent.

It also showed that FGN Bonds represented 78 per cent of the domestic debt, affirming the government’s reliance on local bond markets for financing.

Other domestic instruments include Nigerian Treasury Bills, Savings Bonds, Sukuk, Promissory Notes, and Green Bonds, indicating a diverse borrowing strategy.

On the external front, multilateral loans accounted for 50.4 per cent of the total external debt, reflecting Nigeria’s preference for financing from international bodies such as the World Bank and the African Development Bank.

Bilateral loans made up 13.7 per cent, while commercial loans represented 35.9 per cent of external debt.

Speaking earlier during the meeting with investors on Wednesday, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the country’s $500m domestic bond was oversubscribed, raising over $900m from investors.

This achievement comes despite prior advice from the International Monetary Fund against issuing the bond.

The Federal Government launched the dollar-denominated domestic bond on August 15, with subscriptions opening on August 20 at $1,000 per unit.

He said, “The IMF said to us that we shouldn’t do domestic issues of dollar bonds. We did it and we were 100 per cent oversubscribed, but we still value their viewpoint and took it into account.”

Edun acknowledged the important role played by the IMF in providing concessional loans, funding, and technical support to countries, noting that these institutions help shape domestic policies and strengthen economic frameworks.

However, he stressed that nations are not bound to follow every recommendation.

“These institutions can provide value, but we don’t always have to take their advice,” he reiterated.

The minister also highlighted the significance of the IMF’s broader contributions, such as stabilising the international financial system during critical periods.

The Central Bank of Nigeria (CBN) has officially refuted rumours suggesting that old Naira notes will cease to be legal tender by December 31, 2024.

In a decisive statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the CBN declared these claims baseless and misleading, designed to disrupt the nation’s payment systems.

Amidst circulating rumours about the discontinuation of old denominations of ₦200, ₦500, and ₦1,000 banknotes, the CBN has clarified that there is no deadline set for phasing out these notes.

The announcement comes as a relief to many who had been concerned about the potential invalidity of their cash holdings.

“The order of the Supreme Court on November 29, 2023, which extends the use of old banknotes indefinitely, remains in force,” the CBN’s statement emphasized.

This directive ensures that both old and redesigned versions of the Naira will continue to coexist as legal tender across Nigeria.

Mrs. Ali also instructed all CBN branches to keep issuing and accepting both the old and the newly designed Naira notes, reassuring the public of the banknotes’ validity.

She encouraged Nigerians to dismiss any rumours about deadlines for old notes and to remain informed through official CBN communications.

CBN’s stand comes after the House of Representatives asked the apex bank to withdrawold currency notes and increase the issuance of new naira notes.

Read the statement below:

The Minister of Power, Adebayo Adelabu, has expressed his support for President Bola Tinubu’s recent cabinet reshuffle, which was announced last Wednesday.

Through a statement released by his Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, Adelabu extended his congratulations to the newly appointed officials, including the former Minister of Youth and Sports Development, Sunday Dare, who has been named Special Adviser on Public Communication and Orientation to President Tinubu.

Adelabu also congratulated the new Minister of Industry, Trade, and Investment, Jumoke Oduwole, who previously served as a senior lecturer in the Department of Jurisprudence and International Law at the University of Lagos.

His commendations extended to all the newly appointed federal ministers, reflecting his approval of the President’s choices.

Describing the appointments as a testament to President Tinubu’s knack for identifying competent individuals to guide the nation, Adelabu highlighted, “Being selected by Mr. President is a reflection of their ability, exceptional leadership, and expertise.”

He particularly noted Sunday Dare’s extensive experience as a professional media consultant, which he anticipates will greatly benefit his new role.

Adelabu praised Jumoke Oduwole for her past contributions as the Special Adviser to the President on Ease of Doing Business, among other roles, which he believes will provide a strong foundation for her new responsibilities as Minister.

He emphasized that her diverse experience would serve her well in navigating the complexities of her new office.

The Minister expressed confidence that the dedication and vision of the newly appointed ministers would significantly contribute to propelling Nigeria forward.

He urged them to view their appointments as opportunities to serve the country and to advance Nigeria to greater heights.

Adelabu conveyed his best wishes to the new appointees, hoping they find wisdom, strength, and success in their endeavours to fulfill their roles effectively.

Naija News recalls that President Tinubu sacked five of his ministers on Wednesday.

The affected ministers are the Minister of Women Affairs, Uju-Kennedy Ohanenye; the Minister of Tourism, Lola Ade-John; the Minister of Education, Prof. Tahir Mamman; the Minister of State for Housing and Urban Development, Abdullahi Muhammad Gwarzo; and the Minister of Youth Development, Dr. Jamila Ibrahim.

A tragic incident occurred in Port Harcourt, the capital of Rivers State, where three individuals lost their lives in a helicopter crash.

Odutayo Oluseyi, the spokesperson for the Ministry of Aviation and Aerospace Development, confirmed the unfortunate event in a statement released on Thursday.

According to the Ministry, eight persons were on board when the helicopter “ditched into the waters near Bonny Finima in the Atlantic Ocean.”

The statement reads, “received the distressing report of a helicopter accident that occurred today, 24th October 2024, at about 11:22 a.m., along the waterways in Port Harcourt.

“The helicopter, a Sikorsky SK76 with registration 5NBQG and operated by East Wind Aviation, was en-route from Port Harcourt Military Base (DNPM) to the NUIMANTAN oil rig.

“The Nigerian Safety Investigation Bureau has been notified and emergency response teams were immediately activated, and search and rescue operations are ongoing with the support of the Nigerian Search and Rescue Unit, the Nigerian Civil Aviation Authority (NCAA), the National Safety Investigation Bureau (NSIB), and other relevant agencies.

“Neighbouring aerodromes have also been notified for support.

“While no Emergency Locator Transmitter (ELT) signal was received, manual efforts to plot the location of the accident are underway, and all available resources, including the military and low-flying aircraft, have been deployed to assist in locating and rescuing any survivor(s).

“So far, three bodies have been recovered.

“The Minister of Aviation, Festus Keyamo, is actively working with all relevant agencies to ensure a coordinated response and to minimize casualties from this unfortunate incident.

“Further information will be provided as details emerge.

“Our thoughts and prayers are with the families of those on board, and we are committed to providing the necessary support during this difficult time.”

Meanwhile, sources that spoke with TheNation said that all the victims onboard were feared killed.

“There were six personnel and two crew members onboard the helicopter. Three bodies have been recovered so far. Search and rescue is ongoing.

“The helicopter belongs to Eastwind Aviation,” the source stated.

The Federal Government has filed a six-count charge against nine individuals for allegedly publishing false information on October 16, 2024, that the Department of State Services (DSS) laid siege to the National Assembly with a view to effecting the impeachment of the Senate President,Godswill Akpabio.

The defendants are the Incorporated Trustee of Order Paper (on whose online platform the false information was allegedly published), Oke Epia (founder/publisher and Executive Director of Order Paper), Tony Okeke Ofodile (Head of Operations), Edna Bill Ulaeto (Admin/Finance Executive) and Elizabeth Atime (National Assembly lead reporter, author of report).

Others are Regina Udo (Coordinator of Programmes), Leah Twaki (Social Media Executive), Idongesit Joseph Ekoh (Admin Support) and Edoesomi Sharon Omonegho (National Assembly correspondent).

The charge, marked: FHC/ABJ/CR/555/2024 was filed before the Federal High Court in Abuja on October 21, by the Deputy Director, Public Prosecution of the Federation, A. A. Yusuf.

Some of the charges against the publication are, “False information under Section 24(1)(a) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 (as amended 2024).

“That you, Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through your agents, Oke Epia, Tony Okeke Ofordile, Edna Bill Ulacto, and Elizabeth Atime, and others at large on or about the 16th of October 2024 knowingly published false information via your online platform, alleging that the Department of State Services (DSS) laid siege to the National Assembly over plans to impeach the Senate President, which you knew to be false, thereby committing an offence contrary to Section 24(1)(a) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and punishable under the same section.

“Cyber Defamation under Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015)

“That you, Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through your agents, Oke Epia, Edna Bill Ulacto, and Elizabeth Atime, on or about the 16th of October 2024, within the jurisdiction of this Honourable Court intentionally published defamatory statements regarding the Department of State Services and the Senate President, Senator Godswill Akpabio, on your online platform, which ‘was accessible to the public, with the intent to harm their reputations, thereby committing an offence contrary to Section 24(1)b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and punishable under the same section.

“Defamation under Section 375 of the Criminal Code Act),

“That you, Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through your agents, Oke Epia, Edna Bill Ulacto, and Elizabeth Atime, on or about the 16th of October 2024 knowingly published defamatory material on your online platform, accusing the Department of State Services of unlawful actions, thereby injuring the reputation of the Department of State Services, bringing them into public ridicule, an offence contrary to Section 375 of the Criminal Code Act.”

No date has been set for the arraignment of the defendants.

Troops of Operation Udoka have made significant arrests in the South-East, including a suspected founding member of the proscribed Indigenous Peoples of Biafra (IPOB), as announced by the Director of Defence Media Operations, Major Gen Edward Buba.

The arrests occurred in strategic operations across Orsu in Imo State and Amaruku and Arochukwu in Abia State.

During a bi-weekly briefing in Abuja, Major Gen Buba provided details of the military’s recent successes.

He highlighted a sting operation in Orsu, where troops apprehended Mr. Pius Iguh, described as a terrorist leader and a founding father of IPOB responsible for activities in the Orsu area.

In a separate raid in Amaruku, Abia State, security forces successfully detained another key figure, Emmanuel Onwugu, an IPOB commander operating in the Mbano Local Government Area.

This operation further demonstrates the military’s ongoing efforts to dismantle the operational capabilities of IPOB and its affiliated Eastern Security Network (ESN).

Additionally, the troops collaborated with other security agencies to arrest Ifeanyi Rock, a notorious cult leader, along with ten of his associates in Arochukwu Local Government Area.

This arrest underscores the security forces’ commitment to restoring peace and order by targeting not only separatist elements but also other groups contributing to regional instability.

These operations are part of a broader security initiative under Operation Udoka aimed at curtailing the activities of insurgent and criminal groups in the southeast to ensure the safety and security of the local populace.

The Senate has received a request from President Bola Tinubu for the confirmation of the appointments of seven ministerial nominees announced on Wednesday.

President Tinubu’s request seeking expeditious consideration of the requests was contained in a letter addressed to Senate President Godswill Akpabio who read it at the commencement of the plenary on Thursday.

Tinubu urged the Senate to consider and confirm the seven nominees for appointment as ministers.

The ministerial nominees for confirmation include Nentawe Yilwatda (Humanitarian Affairs and Poverty Reduction), Muhammadu Dingyadi (Labour & Employment), Bianca Odumegwu-Ojukwu (State Foreign Affairs), and Jumoke Oduwole (Industry, Trade and Investment).

Others are Idi Mukhtar Maiha (Livestock Development), Yusuf Ata (State, Housing and Urban Development), and Suwaiba Ahmad (State Education).

Akpabio referred the nominees to the Committee of the Whole for further legislative action as soon as possible.

A tanker loaded with fuel has fallen in Akamkpa, Akamkpa Local Government Area of Cross River State with residents of the community trooping out to scoop the content which was flowing uncontrollably on the floor.

A viral video of the incident surfaced on social media on Thursday morning showing residents of the area scooping the content from the fallen tanker along the roadside.

Some of them carried buckets, others were with kegs taking fuel fuel from the tanker.

Though there is no official report from either the driver or community members on the cause of the accident, no lives were lost.

Authorities in the state have not also commented on the matter as of now.

The development has raised concerns, especially after the death of about 180 persons  –  who were scooping fuel from a fallen petrol tanker – in Jigawa.

That incident took place on October 15 at Majia in Taura Local Government of Jigawa State. It involved a petrol-laden truck going from Kano to Nguru in Yobe State.

The Super Eagles have moved up three places in the latest FIFA rankings, soaring to 36th in the global pecking order.

Nigeria who defeated Libya by a lone goal in a 2025 Africa Cup of Nations (AFCON) qualifier earlier in the month are now fourth on the continental rankings. The return fixture in the North African country was moved following unsportsmanly behaviour by the Libyan authorities.

On the overall continental rankings, the Atlas Lions of Morocco led Africa. They are 13th in the world and followed by Senegal who are 20th.

Egypt (30th), Nigeria (36th), and Algeria (37th) complete the top five teams on the continent.

“There is further cause for celebration for Africa as two other CAF teams have climbed the most places (10) in this edition of the ranking, namely Comoros (108th) and Sudan (110th), who came out on top against Tunisia and Ghana, respectively, in their recent home-and-away duels as part of the Africa Cup of Nations 2025 qualifiers,” FIFA wrote on its website while announcing the latest rankings on Thursday.

On the global scene, Argentina still occupy the top spot and are followed by France. Spain took the third position while England, Brazil, and Belgium make up the top six in that order.

Portugal are number seven, the Netherlands are eighth, Italy taking ninth and Colombia are 10th on the global rankings.

Some of the biggest movers in the latest rankings include Algeria (37th, up 4), Peru (38th, up 5) and Greece (42nd, up 6).

Cameroon also returned to the top 50, moving up four places to take the 49th position globally.

The October 2024 rankings came days after a busy month across the world with teams vying for places for the 2026 World Cup, and Africa Cup of Nations.

“Thirty-two qualifiers for the FIFA World Cup 26, 47 for the CAF Africa Cup of Nations 2025, 79 Nations League matches and 17 friendlies were played during the recent international window, making October 2024 a particularly busy month of football and one that has led to a number of changes in the FIFA/Coca-Cola Men’s World Ranking,” FIFA said.

The Minister of Defence, Mohammad Badaru, has ordered troops of Operation Fansar Yamma to arrest the notorious bandits’ leader, Bello Turji.

The Minister gave the order while addressing the troops at the One Brigade Headquarters in Gusau, Zamfara State.

He added that President Bola Tinubu has the following the activities of the troops in the past few months and has seen some levels of improvement in the operation against terrorists in the region, but the challenges are still there.

“He, therefore, urged me to thank you and to urge you to do more to end insecurity in these areas of operation and the country. He is ready to provide all you need to end insecurity in the Northwest and Nigeria.”

“I had some reassurances from the commander officer and was pleased, sure that we would reach the goal. Are you ready to finish with them? Are ready to end it? Please get me Turji.”

The Minister of Defence, Mohammad Badaru, has ordered troops of Operation Fansar Yamma to arrest the notorious bandits’ leader, Bello Turji.

The Minister gave the order while addressing the troops at the One Brigade Headquarters in Gusau, Zamfara State on Thursday.

He added that President Bola Tinubu has the following the activities of the troops in the past few months and has seen some levels of improvement in the operation against terrorists in the region, but the challenges are still there.

“He, therefore, urged me to thank you and to urge you to do more to end insecurity in these areas of operation and the country. He is ready to provide all you need to end insecurity in the Northwest and Nigeria.”

“I had some reassurances from the commander officer and was pleased, sure that we would reach the goal. Are you ready to finish with them? Are ready to end it? Please get me Turji.”

Defence Minister visited the Operation Fansar Yamma in Gusau to take briefings on military operations.

The Minister was received by the Commander, Joint Taskforce Northwest Operation Fansar Yamma, Major General Oluyinka Soyele, the Deputy Governor of Zamfara State, Mani Mumun,i among other dignitaries.