Tanzania holds the top spot with a debt-to-GDP ratio of 41.8%, reflecting its prudent financial decisions.

Contrary to common belief, the International Monetary Fund (IMF) has ranked Nigeria’s debt-to-GDP ratio, a key indicator of a country’s financial strength, as the second lowest in Africa, underscoring its economic stability.

This ranking underscores the importance of evaluating a country’s financial strength through metrics like the debt-to-GDP ratio.

A lower ratio suggests economic stability, while a higher ratio raises alarms about debt sustainability.

Tanzania, a model of careful debt management, holds the top spot with a debt-to-GDP ratio of 41.8%, reflecting its prudent financial decisions.

Nigeria follows closely with a ratio of 41.3%, signifying its crucial role in Africa’s economy, even though its external debt stood at $41.59 billion or N31.98 trillion as of December 2023.

Nigeria’s relatively modest debt levels are due to several reasons, including its diverse economic sectors and efficient debt management practices.

According to the Nigerian Tribune, the Debt Management Office (DMO) reports that Nigeria’s total debt is approximately N97.34 trillion.

Through careful debt management, Nigeria has maintained economic stability and boosted investor confidence, resulting in a favourable debt position despite its significant role in Africa’s economy.

African nations with low debt levels, like Nigeria, are not only more attractive to investors but also stand a higher chance of receiving additional financial support from global and local creditors, thanks to their reduced economic risk.

Nigeria’s higher ranking than Cameroon, Chad, Comoros, Equatorial Guinea, Guinea, Ethiopia, Botswana, and the Democratic Republic of Congo highlights its strong debt standing.

The federal government has apologised to Nigerians over the economic pains they go through as a result of the reforms embarked upon by the Bola Ahmed Tinubu administration.

The apology came yesterday from the minister of budget and economic planning, Atiku Bagudu, at a Ministerial Sectoral Update in Abuja

He, however, staunchly defended the policies of the Tinubu-led administration.

Bagudu acknowledged that both foreign exchange rate and inflation figures were still above target levels, putting strain on the economy and the citizens’ pockets.

The minister said, “I apologise for the pains that they (policies) may occasion, but they are necessary.”

The naira has plummeted from around N460 to a dollar to a staggering N1,480 while inflation skyrocketed to 33.69 percent as of April 2024, up from 22.22 percent a year prior.
Despite the economic crisis, the minister insisted the Tinubu administration’s “Renewed Hope Agenda” centered around eight priority areas was on the right track to spur growth in the economy.

“Is our strategy right? Absolutely. We believe our strategy is right, but it requires occasional calibration,” Bagudu asserted.

He argued that restoring macroeconomic stability was crucial to attract investment and generate revenues to address underinvestment in sectors such as security, education and social welfare.

The minister portrayed the current economic challenges as pains accompanying an overdue economic restructuring.

“Nothing we do can solve the problem of underinvestment without restoring a macro-economy that can stimulate investment,” he said.

Meanwhile, the secretary to the government of the federation (SGF), Senator George Akume, has said the current administration has made significant strides in reviving the economy and implementing social programmes to lift the citizens during its first year in office.

Delivering the administration’s one-year progress report at a ministerial sectoral updates session yesterday, Akume highlighted Tinubu’s efforts to unleash Nigeria’s economic potential through major reforms.

“This administration has implemented significant economic reforms aimed at stabilising our economy and fostering sustainable growth,” Akume said.

He pointed to policies that have attracted foreign investment and spurred job creation across various sectors.

According to him, a major economic move was the dismantling of monopolistic control over electricity through the 2023 Electricity Law, allowing states, corporations and individuals to generate, distribute and transmit power.

On the fiscal front, he said the removal of the contentious fuel subsidy was hailed as a “challenging but necessary” step to curb corruption, inefficiency and reduce the annual fiscal burden on the government.

The SGF said infrastructure development has been another key focus area, with the completion of extensive road networks, improved rail systems and modernisation of ports to facilitate trade and connectivity.

Alongside economic measures, Akume emphasised the administration’s people-focused policies through an array of social intervention programmes targeting poverty alleviation and empowerment of vulnerable groups.

“These initiatives have provided financial assistance, skills acquisition opportunities and improved access to essential services,” he explained.

The SGF said investments have also been channelled into healthcare through new facilities and educational reforms to boost human capital development.

However, Akume admitted the first year had its challenges from various angles. But he commended President Tinubu for his “calm, unwavering commitment and resilience” in serving Nigerians with diligence.

Moving forward, the administration remains focused on implementing its “Renewed Hope Agenda” centered on economic revitalization, social inclusion and infrastructural progress for the betterment of all Nigerians, Akume stated.

He called for collective efforts towards unity, peace and realizing Nigeria’s full potential through the government’s vision and policies.

Former Commander of the Force Intelligence Response Team, DCP Abba Kyari, has been granted two weeks’ bail by an Abuja Federal High Court.

Naija News understands that Kyari was granted bail to enable him to return home and complete the burial rites of his late mother.

The court subsequently set Friday, May 31 for determination of his bail application in trial over drug-related charges filed by the National Drug Law Enforcement Agency, NDLEA following his arrest over two years ago on February 14, 2022

Kyari is currently facing drug-related charges filed against him by the National Drug Law Enforcement Agency (NDLEA).

The Kano State House of Assembly has insisted that there is no going back on plans to amend the law Abdullahi Ganduje used to dethrone Sanusi Lamido as Emir when he was the Governor of Kano State.

This was made public on Wednesday by a high-ranking official of the Assembly, who expressed confidence that nothing can prevent the lawmakers from amending the law.

Recalls the Kano State House of Assembly has decided to revise the state emir’s deposition and appointment law.

The motion was put forward by Hussien Dala, the majority leader and representative of the Dala constituency, during the plenary session on Tuesday.

In 2020, former Governor Abdullahi Ganduje removed Alhaji Muhammadu Sanusi, the 14th Emir of Kano.

Giving an update on plans by the current crop of lawmakers in the state to revise the law, the high ranking official of the Assembly informed BBC Hausa that they have been ready a long time ago.

He added that the assembly would consider and pass the amendment on Thursday.

He said, “We were ready for this longtime ago and Only God can stop this amendment. We wanted all these emirs to go 20 days after this administration was inaugurated but here we are. So tomorrow(Thursday) there would be special session of the assembly to consider and pass the amendment.”

A few members of the assembly, including Abdul Labaran Madari, informed BBC Hausa that 12 All Progressives Congress (APC) members are currently against the proposed amendment.

Their opposition is based on the condition that none of the 5 Emirates will be disbanded, and that the Emir of Kano, Aminu Ado Bayero, should remain in office without being replaced by Muhammad Sanusi.

Although the New Nigeria Peoples Party (NNPP) lawmakers in the assembly have sufficient numbers to make the amendment, the opposition members will voice their dissent.

Madari mentioned that the governing party has successfully finalized its strategy for dismantling the Bichi emirate and reinstating the ousted Emir Sanusi.

He mentioned that the remaining Emirates would have jurisdiction over three local government areas each.

Mosun Filani, the Nigerian actress, has disclosed that she took a break from her acting career to prioritize raising her children, underscoring the swiftness of time.

She said that business was never a priority for her.

After many years off-screen, the movie star recently announced her return to the industry. 

In an interview with Oyinmomo TV, Mosun explained that she prioritized her children’s upbringing over her career.

She noted that once a child gains admission to the university, they are no longer under their parent’s care.

Mosun added that she wanted to ensure she raised her kids well, especially considering the influence of social media.

She wrote: “Business was not my priority. I decided to take that break. I took a long break for the kids to grow up. For how long do they stay with us? When a child is in University, he or she is no longer under the parents’ care, take it or leave it.

So, how many years do you have to spend with your children? To train them?

“Some people are even alleging that they are the ones releasing their s3x tapes, just to have followers. Let there be a scandalous post about anyone and see the massive growth that will happen to his/her Instagram page. That aspect bothers me a lot.”

Federal High Court in Abuja has remanded social media influencer, Martins Vincent Otse, popularly known as Verydarkman in police custody.

Trial Justice Mobolaji Olajuwo issued the remand order after the defendant pleaded not guilty to a five-count cybercrime charge the Nigeria Police Force, NPF, preferred against him.

For instance, police, in one of the counts in the charge, alleged that the defendant posted videos on his Instagram handles ‘verydarkblackman’, containing information that was “grossly offensive, pornographic or of an indecent, obscene or menacing character.”

It told the court that the defendant alleged that one Iyabo Ojo was having indecent sexual relationship with her daughter, even though he knew that the information in the video he posted on Instagram was false.

Police further alleged that the defendant, in another video he shared on social media, falsely published that an actress, Tonto Dike, was accused of criminal conversion of the proceeds of crowd funding for #JusticeforMohbadMovement, and equally alleged that she was the person behind a controversial gossip blog, Gistlover.

It maintained that the defendant made the publication “for the purpose of causing annoyance, inconvenience, danger, obstruction, insult, injury, criminal intimidation, enmity, hatred, ill will or needless anxiety to the person of the said King Tonto Dike.”

More so, the prosecution alleged that the defendant, in another video he posted on social media, falsely alleged that top police officers and Senators were having sexual relationship with a now convicted male cross-dresser, Idris Okuneye, popularly known as Bobrisky.

Police told the court that the defendant added that Bobrisky was pimping young boys for Senators and Senior Police Officers to sleep with, which statement he “made for the purpose of causing annoyance, inconvenience, danger, insult, injury.”

The defendant was said to had by his actions, committed the offence of Cyberstalking, contrary to and punishable under section 24 (1)(b) of the Cybercrime (Prohibition, Prevention, etc) ACT, 2015.

Meanwhile, following the defendant’s plea of innocence to the charge, his lawyer, Mr. Deji Adeyanju, urged the court to release him on bail, pending the determination of the case against him. 

Adeyanju noted that the charge contained bailable offences, stressing that the defendant ought to enjoy his right of presumption of innocence as guaranteed under by the 1999 Constitution, as amended.

However, police said it would need time to respond to the defendant’s bail application.

Even though the prosecution counsel applied for the defendant to be remanded in prison custody pending the determination of his bail request, trial Justice Olajuwon ordered that he should remain in police custody.

The court subsequently adjourned the matter till next week Wednesday, May 29.

It will be recalled that Verydarkman was in March, arrested and detained by the police over the same allegations.

Verydarkman was later released on administrative bail after various human right activists mounted pressure on the police.

Margaret Oyibo Atayi, a Nigerian woman, has reportedly committed suicide in Nasarawa State.

The woman killed herself over her failed marriage.

The mother of two from Ugbokolo Local Government Area of Benue State was found dead three days after she was declared missing by her family members.

She was last seen around City College Of Education, Abacha road, Mararaba, Nasarawa State at about 3am on Friday, May 17, 2024.

Since then, all efforts to locate her whereabouts proved abortive until her sister, Ochanya Chelle, confirmed that she was found dead on Monday, May 20.

According to her father, Mr. Patrick Atayi, she committed suicide after falling into depression due to her marital crisis.

“Margaret was a mother of two children. She has been in depression for some time now due to mistreatment by her husband," he explained.

“She went out on that fateful Friday morning by 3am without the knowledge of anybody. Her body was discovered in the late hours of Monday, and every available evidence confirmed that she committed suicide.”

A close source who confirmed the incident to Idoma Voice Newspaper said; “This is very unfortunate. In an effort to search for her, I reached out to her father and discovered that she was a mother of two children and that she went into depression for some time, which led to her going out that Friday night at 3 am without anyone’s knowledge, resulting in this unfortunate incident.

"Please, no one should die in silence, no matter the situation you find yourself in. Please speak out; you could be helped and overcome it. Nothing is worth taking your life for or dying for. Above all, embrace God and enjoy the peace of God."

The Trade Union Congress, TUC, said the proposed N54, 000 by the Federal Government falls short of what Nigeria should be paying.

The President of TUC, Festus Osifo stated this in an interview with Arise Television.

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Recall that the Federal Government had previously proposed the sum of N48,000 for minimum wage.

This was rejected by the trade union because it was “ridiculous,” leading to a meeting on Tuesday for a new proposal where the sum of N54,000 was suggested.

Speaking on the development, Osifo said the Tuesday meeting was held with the expectation that the proposal will be “something reasonable.”

He said the N615,000 was a negotiation strategy by the union, saying that “you don’t go into negotiation with your barest minimum, after looking at all factors then you add markup to it so you have room for adjustment. The N615,000 submitted was a strategy.”

Osifo highlighted the remarkable difference between the minimum wage of 18,000 naira in 2011, and the suggested 54,000 naira in 2024, using the value of dollar and consumer purchasing power.

He said, “2011 when N18,000 was passed as the minimum wage, what was the value of USD? In 2011, N18,000 using an exchange rate of about 140-145 will give you about $125, which when converted today will get you close to N200,000.

“What that means is what N18,000 could buy in 2011 you will need almost N200,000 to buy it today.”

Osifo said one of the reasons the meeting held today made no progress and was rescheduled, was due to the absence of the 6 state governors, and lack of mandate by 2 who were represented.

“We asked them if they had any mandate and they said no, so we adjourned the meeting to 4pm on Wednesday,” he said.

He urged the governors to be present for the meeting on Wednesday and recognise that they “are not here to play and the Nigerians workers are waiting for the outcome of this conversation.”

Osifo said regardless of the presence of the governors at the meeting tomorrow, “as long as the federal government is seated we are going to move forward but not with the N54,000 they have presented to us.”

An Ikeja Special Offences Court on Wednesday reserved judgment until Sept. 10 in the case of an American, Marco Antonio-Ramirez, charged with $1.2 million fraud.

The News Agency of Nigeria reports that Justice Mojisola Dada will also, on Sept. 10, deliver judgment in another charge bordering on $368,698 fraud against the same Antonio-Ramirez.

The Economic and Financial Crimes Commission (EFCC) had arraigned Antonio-Ramirez on an amended 16-count charge bordering on $1.2 million fraud.

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EFCC, in one of the counts, alleged that the defendant dishonourably converted to his personal use, an aggregate sum of $545,000 belonging to one Mr Godson Echegile.

The anti-graft agency also alleged that the defendant, between July 12, 2012, and Nov. 7, 2012, in Lagos, dishonourably converted to his personal use, an aggregate sum of $314,800 belonging to one Alhaji Abubakar Umar.

The commission also submitted that the defendant, between Feb. 19, 2013, and April 18, 2013, in Lagos, dishonourably converted to his personal use, an aggregate sum of $230,000, also property of Umar.

In the separate charge, EFCC alleged that the defendant obtained $368,698 fraudulently.

The defendant is charged on nine counts in the amended separate charge.

In one of the counts, EFCC stated that the defendant, with intent to defraud, obtained $250,000 from one Mr Gabriel Edeoghon under false representation that the sum was his investment in his company.

EFCC also allegsd that the defendant, with intent to defraud, obtained $50,281 from one Mr Oludare Talabi under the false representation that the sum was to procure U.S. L1 Visa, a representation he knew to be untrue.

Antonio-Ramirez, however, pleaded not guilty to the charges, on arraignment.

Akpabio is Publisher, Adaramodu Editor- in - Chief as 10th Senate launches magazine
The trial suffered several adjournments occasioned by absence of defence counsel, Mr Lawal Pedro (SAN).

However, adoption of final written addresses by counsel to both parties has taken place.

Following the adoption, the judge adjourned the two cases until Sept. 10 for judgment.