AFOLABI
Nigeria’s Public Debt Rises By 118%, Hits N97.3trn In 2023
Nigeria’s total public debt stock more than doubled to N97.3 trillion as at 2023 over the level in the previous year.
Latest data from the Dent Management Office (DMO) showed that the country’s total debt stock increased by 118 per cent year-on-year from N46.25 trillion as at December 2022 to N97.3 per cent in December 2023.
The DMO said the N97.3 trillion debt stock comprises of the domestic and external debt stocks of the Federal Government of Nigeria (FGN), 36 state governments and the Federal Capital Territory (FCT).
However, the public debt stock increased by N9.43 trillion in the last quarter of 2023 over the comparative figure for September 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders,” DMO said on Friday.
Also, the massive depreciation of the Naira has resulted in a surge in the value of the country’s external debt which are dollar denominated.
Of the total debt, domestic debt constitutes a significant majority, standing at N59.12 trillion, accounting for 61 per cent of the total public debt stock.
Meanwhile, external debt amounted to 38.22 trillion Naira, representing the remaining 39 per cent.
Nigeria’s external debt structure reflects a strategic tilt towards loans from multilateral and bilateral lenders, which collectively
Despite the escalating debt figures, DMO says it maintains a commitment to implementing best practices in public debt management.
Moreover, concerted efforts by fiscal authorities to bolster revenue generation are anticipated to bolster debt sustainability moving forward. for 63.79 percent of the external debt stock. The dominance of these loans, primarily concessional and semi-concessional, underscores the nation’s prudent debt management strategy.
Despite the escalating debt figures, DMO says it maintains a commitment to implementing best practices in public debt management.
The sum of $3.5 billion was used to service external debt during the review period.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 per cent) and bilateral lenders (14.02 per cent) or a total of 63.79 per cent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practices in public debt management, the recent and ongoing efforts of the fiscal authorities to shore up revenue will support debt sustainability.”
Despite the escalating debt figures, DMO says it maintains a commitment to implementing best practices in public debt management.
Moreover, concerted efforts by fiscal authorities to bolster revenue generation are anticipated to bolster debt sustainability moving forward.
Edo Chief Judge constitutes panel to probe Deputy gov, Shaibu
In line with last Tuesday’s resolution of the Edo State House of Assembly, the Chief judge of the State, Justice Daniel Okungbowa has set up a seven-man panel to probe the petition against the Deputy Governor of the State, Philip Shaibu.
DAILY POST reports that the House of Assembly had on March 6, 2024, served a notice of impeachment on
the deputy governor, Philip Shaibu over alleged misconduct and perjury with seven days ultimatum to respond to the petition.
The House, due to alleged evasion by the deputy governor to be served the impeachment notice, ordered for a substituted means of service through the State-owned Observer Newspaper and the Vanguard Newspapers, respectively.
The notice was published on March 12, 2024.
The House in its plenary last Tuesday, March 19, 2024 passed a resolution directing the Chief Judge to set up a seven-man panel to probe the allegations levelled against the deputy governor.
DAILY POST reports that the Chief Judge complied on Friday.
A statement signed by the Chief Registrar of the State High Court, B.O. Osawaru, obtained by DAILY POST, named retired Justice
S.A. Omonua (Rtd), the chairman of the panel.
Three Professors from the University of Benin, UNIBEN, and Benson Idahosa University, BIU, are also members of the panel.
The professors are Violet Aigbokhaevbo, Faculty of Law, UNIBEN, Boniface Onomion Edegbai, Department of Plant Biology and Biotechnology, UNIBEN and Theresa Akpoghome, former Dean, Faculty of Law, BIU.
Other members are Surveyor Andrew Oliha, Oghogho Ayodele Oviasu and Idris Abdulkareen.
Part of the letter reads:
This is to bring to the notice of the general public that in line with Section 188(5) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), the Honourable Chief Judge of Edo State, Honourable Justice D.I. Okungbowa has constituted the PANEL OF SEVEN PERSONS to investigate the allegations contained in the impeachment notice against the Deputy Governor of Edo State, Rt. Honourable Philip Shaibu.
The said Panel of Seven Persons comprises the following
persons:
1. Hon. Justice S.A. Omonua (Rtd.) – chairman
2. Professor Violet Aigbokhaevbo
3. Professor Boniface Onomion Edegbai
4. Professor Theresa Akpoghome
5. Mr. Oghogho Ayodele Oviasu
6. Surv. Dr. Andrew Oliha
7. Mr. Idris Abdulkareen
Signed
B.0.Osawaru Esq.,
Chief Registrar.
Lai Mohammed: "I spent hours or so, sweating to convince my wife" - How fake news threatened my 40-year-old marriage
The former Minister of Information and National Orientation, Lai Mohammed, has disclosed how fake news on social media almost destroyed his 40-year-old marriage.
Mohammed lamented that one of the most challenging issues he faced while he was a minister was the spate of fake news, misinformation, and disinformation.
He stated this at an event to commemorate the 90th birthday anniversary of Prof. Wole Soyinka, Africa’s first Nobel laureate for literature.
He claimed that his wife woke him up in the middle of the night and begged to be a signatory to an overseas account in Ali Financial which allegedly contained $1.3 billion.
Mohammed stated that he was shocked at his wife’s request and had to convince her that no such account existed.
The former minister said he could not believe that his wife could take, hook, line, and sinker the fake story in circulation crediting humongous sums of money in overseas accounts to government functionaries/ministers under former President Muhammadu Buhari’s administration.
According to him, “Permit me to share publicly with you today, for the first time, how social media threatened the foundation of my forty-year-old marriage.
“It was sometimes in 2018 when I came to Lagos from Abuja for an official assignment.
“As usual, I retire to bed about midnight, but about 3 a.m., my wife gently roused me from my slumber.
“At first, I panicked, fearing that there had been a security breach, but my wife’s mind belied that possibility, for she was calm and composed.
“Solemnly, my wife asked me if I was fully awake as there were some serious issues to discuss.
“I could not fathom what was that urgent or serious to warrant being woken up at this time of the night.
My mind immediately did a kaleidoscope of my rascalities and escapades in the last few months.”
Mohammed said the accusation from his wife which according to him, was ‘a bombshell’ narrated to him in Yoruba language, but roughly translated thus:
“Daddy, death can come knocking at any moment, please let me also, as your wife, be a signatory to your oversea account in Ali Financial which contains 1.3 billion dollars.
“I spent the next two hours or so, sweating to convince my wife that there is no iota of truth in the allegation.
“I had to fetch a calculator and reproduce the Federal Appropriation Act for 2015, 2016, 2017, and 2018 in the middle of the night and explain to her why it is simply preposterous for me to have 1.3 billion dollars in a foreign account.
“I explained to her that there is no year my capital budget exceeded N5 billion, which, at about N400 to a dollar, was just 12.5 million dollars.
“I explained that, even if I managed to divert every kobo of it to my personal account, it would take at least 104 years to save the sum of 1.3 billion dollars being peddled that I stole,” he said.
Mohammed added: “My wife insisted that the whole world believed the story and that her friends had as a result, besieged her with all kinds of requests.
“She said every effort on her part to deny the existence of this foreign account only succeeded in depicting her in the minds of her friends as a selfish, greedy, and uncaring friend.
“Is my wife truly convinced of my innocence? The answer is in the wind.”
NDLEA Reveals New Method Criminals Are Using To Scam Nigerians
The National Drug Law Enforcement Agency, NDLEA, on Saturday alerted members of the public, especially those who have loved ones abroad, of a new scheme by scammers who impersonate its officers.
The agency said the new scheme involves the scammers calling unsuspecting citizens to inform them of the arrest of their relatives at the Murtala Muhammed International Airport, Ikeja, Lagos or any other international airport in Nigeria with illicit drugs upon arrival in the country.
This was made known in a statement by Femi Babafemi, the NDLEA’s Director of Media and Advocacy.
He disclosed that after throwing the family members into panic, they then demand millions of naira to facilitate the release of such persons from custody.
Babafemi said: “We have thwarted a number of such bids in the past when the family members called the Agency’s official contacts for help or clarification.
“At the moment, there is one of such scenarios the Agency has just investigated. In this case, the picture of a Nigerian man based in the US is being circulated with an audio of a purported NDLEA officer negotiating the payment of N5 million with a female relative for the release of the US-based Nigerian man purportedly arrested at the Lagos airport on Friday 22nd March upon his arrival with a ‘contraband’
“Just like in previous instances, our investigation has also shown that the current incident is the work of scammers. No NDLEA officer is involved in the audio conversation and the person whose photo is attached to the audio recording being circulated is not in our custody at MMIA or any of our Commands either as at yesterday or any other day.”
The NDLEA’s spokesman said the family members involved in this case are advised not to part with their hard-earned money to scammers.
He further urged Nigerians with loved ones abroad to keep discussions on travel plans of their relatives to themselves to avoid the hijacking of such by criminal elements for devious schemes.
NDLEA said those who may have a similar challenge, should feel free to seek help or clarification through any of these contact lines: +2347064670026 and +2348033326327.
Transfer: There will be movements – Barcelona president speaks on signing Haaland
Barcelona president, Joan Laporta, has insisted the club does not need “big signings” this summer.
Laporta was responding to questions during an interview with MD, where he was asked about Erling Haaland rumours.
He said: “We don’t need any big signing. There will be movements but I don’t anticipate big ones, just team players.
“Our priority is to trust the team we have right now, we don’t want to sign players who could distort our harmony.”
On Frenkie De Jong’s future, Laporta added: “Frenkie de Jong is super happy here. The last thing he wants is leaving Barcelona.
“He always told me that he loves to be at Barça and we’re delighted with Frenkie too.
“I’m not worried with his future, at all.”
I don’t think I’ll fall in love again – Shakira admits after split from Pique
Colombian pop star Shakira has expressed doubts over finding love again after her split from former Barcelona defender, Gerard Pique.
The couple, who had been together for 11 years, announced their separation in June 2022.
This came amid allegations of infidelity on Pique’s part.
Shakira, who is now 47, said on Zane Lowe’s Apple Music 1 show: “I thought love would be there forever for me, and that’s one of my broken dreams.
“I don’t know if I’d like to find that again. Probably not.”
Despite the heartbreak, Shakira has focused on her music career.
Her long-awaited 12th album, “Las Mujeres Ya No Lloran,” was released recently, marking her return to the music scene.
Naira appreciates by N340 against USD in four weeks
A review of foreign exchange trading in the past four weeks shows that Naira gained N234.01 and N340 against the US Dollar at the official and parallel foreign exchange market.
FMDQ data indicated that Naira traded for 1,431.49 per USD on Friday, March 22, compared to N1,665.50 on February 23, 2024.
This represents a N234.01 gain in the past four weeks.
Similarly, the Naira gained N340 against the USD in the parallel market. This is as Naira exchanged at N1,460 per USD on Friday, March 22, compared to N1,800 a month ago.
DAILY POST recalls that in the period under review, the Central Bank of Nigeria had introduced several sweeping policies to rescue the Naira, including halting cash payment of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and drafted guidelines for Bureau De Change operators.
On Friday, President Bola Ahmed Tinubu begged Nigerians to patronise Made-in-Nigeria goods to grow the Naira against USD.
How Dancing Made Me Lose Friends — Kaffy Opens Up
Kafayat Shafau, the famous Nigerian dancer and choreographer, who is also known as Kaffy, has said that she lost friends by virtue of being a dancer.
Speaking in an interview with Saturday Beats, she said, “Taking on a career without any gender focus is already tough. As a dancer, the only place we were appreciated was when we were displaying for the National Troupe, or when were called by a governor for a national assignment.
"Dancing was not a mainstream career, neither was it commercially viable. Breaking into that door that did not exist was the main sacrifice for me, as well as the pain of losing family friends and people around me. I was practically isolated.
"There even some people who initially supported me, but withdraw their support because they did not see what I was seeing.”
She also stated that women in the entertainment were often viewed as sexual objects.
She said, “As a woman, one is often asked what value one brings to the table to be considered with one’s male peers. I struggled a lot with that, because while expressing myself, I had to deal with music directors, editors and different stakeholders who felt one’s opinion was not necessary.
"But, one of the things that helped me was the fact that I am highly educated and intellectual enough to express my ideas and implement them in ways that earned me respect. I was also hands on with whatever I said.”
The award-wining dancer also noted that in the course of her career, she got more support from men than women.
She said, “I have got more admiration and support from men, than women. It came after a bit of resistance, which is normal, because there will always be some of resistance when one newly gets into a field.”
13 Fibroids Were Removed From My Body – Toke Makinwa Reveals
Toke Makinwa, the Nigerian media personality, has disclosed that she underwent surgery to remove 13 fibroids from her body.
Toke Makinwa made this known following the release of Stephanie Coker’s documentary titled “Where the Heck is My Period.”
She narrated that fibroids affected the majority of women in her family and some had to remove their wombs.
According to her, growing up she knew something was wrong because she had a very big tummy, irregular periods, and a bulge when she lay down.
“PCOS I haven’t had but I’ve had fibroids. Just watching the documentary, there are a lot of similarities between symptoms and the bloating. I remember when I started off in this industry and you had to host shows. I remember I had to wear like two waist cinchers or three waist cinchers because I was so tiny but I had a belly and people would always ask if you’re pregnant. I was tired of people asking “are you pregnant?” and you know how there would be photos on red carpets and it’ll be everywhere and everyone would be talking about the fact that “oh my god, is she pregnant, or what has she eaten?”
“I’ve had cousins who’ve had to take out their wombs. It’s very daunting. It’s one of the most stressful things. I think one of the worst parts of it is bleeding excessively. I mean, I didn’t bleed for a hundred and something days, but I know about you just seeing your period when you’re not expecting it. I know about you sitting somewhere and you get up and someone has to move close to you and say “oh your period”.
“I’m happy Stephanie Coker did this documentary because women can come together and talk about it. It does a lot to your self-esteem. You’re just nervous all the time. The anxiety levels are high. Eventually, when I got surgery, I had 13 fibroids taken out of me. Tiny me, thirteen.”
VIDEO: Passengers Spotted Sitting On Top A Moving Bus In Lagos
A video showing passengers seated on top of a moving bus in Lagos has sparked mixed reactions from the public.
Two passengers were spotted at an unknown location in the metropolitan city of Lagos.
Apparently, chairs had been arranged on the bus to accommodate extra passengers on the bus.
Two sat and held steady to avoid falling off the bus which was moving with speed.
Below are some reactions that followed …
rosythrone said: “As a Nigerian I can assure you there’s nothing in this life dat we’ve not seen, nothing remain!”
ms_naomii commented: “Based on experience, Lagos is traumatizing????♀️”
generallado remarked: “If someone explains Lagos to you and you understand, they did not explain well”
veradollar1 stated: “This is how much I want to Trust in God.”
queenari_ella said: “The view must be beautiful though”
@afrisagacity wrote: “That’s the thing with poverty – it makes you value your life far less than it’s worth. You take blind risks not minding the fact that it may just end your life.
But when you’re rich, you find yourself placing more premium to your life. Life becomes far attractive to live. Your risks are calculated and value-driven.
Those men took such risks because they’re poverty-stricken. Same life with those people who perch on top moving trains.
Hope this helps”