The Debt Management Office (DMO) of Nigeria recently announced that the nation’s total public debt increased significantly to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.

This figure encompasses the combined domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT).

In comparison, the total public debt as of December 31, 2023, stood at N97.34 trillion (approximately $108.23 billion). This represents an increase of N24.33 trillion or 24.99% within a three-month period.

 

The increase is driven majorly by naira devaluation, as the total debt was reduced in dollar terms by $16.77 billion or 18.34%.

Amid concerns over rising debt service costs, states have been working to decrease their debt stock. In Q1 2024, states’ total domestic debt dropped by 31% from N5.86 trillion in Q4 2023 to N4.07 trillion and by 26% from N5.48 trillion in Q1 2023.

Despite the decrease, some states still have high debt stock. Below is the ranking of the top 10 Nigerian states with the highest domestic debt in Q1 2024:

#10 Bauchi

Bauchi’s domestic debt decreased significantly from N144.54 billion in Q1 2023 to N108.39 billion in Q1 2024, representing a 25.01% decrease. Additionally, there was a decrease from N160.81 billion in Q4 2023, a 32.62% decrease.

#9 Abia

Abia experienced an increase in domestic debt from N99.54 billion in Q1 2023 to N113.71 billion in Q1 2024, reflecting a 14.22% increase. However, from Q4 2023 to Q1 2024, there was a decrease of 17.99% from N138.64 billion.

#8 Benue

Benue’s debt reduced from N141.29 billion in Q1 2023 to N116.73 billion in Q1 2024, a 17.38% decrease. Compared to Q4 2023, which had N187.18 billion, there was a decrease of 37.62%.

#7 Akwa Ibom

Akwa Ibom’s domestic debt decreased from N206.64 billion in Q1 2023 to N142.93 billion in Q1 2024, which is a 30.83% decrease. From Q4 2023 to Q1 2024, the debt also decreased from N190.48 billion by 24.96%.

#6 Cross River

Cross River’s debt decreased from N196.27 billion in Q1 2023 to N156.17 billion in Q1 2024, showing a 20.42% decrease. From Q4 2023 to Q1 2024, there was a decrease from N220.20 billion by 29.08%.

#5 Imo

Imo saw a decrease in domestic debt from N202.55 billion in Q1 2023 to N163.06 billion in Q1 2024, which is a 19.53% decrease. The decrease from Q4 2023’s N217.11 was 24.89%.

#4 Ogun

Ogun’s debt decreased from N293.20 billion in Q1 2023 to N221.22 billion in Q1 2024, reflecting a 24.55% decrease. Compared to Q4 2023, which had N278.68 billion, there was a 20.62% decrease.

#3 Rivers

Rivers remained constant at N232.58 billion from Q4 2023 to Q1 2024. However, there was a slight increase from N225.51 billion in Q1 2023 by 3.14%. The DMO in its latest debt report noted that the domestic debt stock figure for Rivers State was as of March 31, 2023.

#2 Delta

Delta’s domestic debt decreased from N421.78 billion in Q1 2023 to N334.90 billion in Q1 2024, a 20.62% decrease. From Q4 2023 to Q1 2024, the debt also decreased from N373.41 billion by 10.31%.

#1 Lagos

Lagos, with the highest domestic debt, saw an increase from N812.38 billion in Q1 2023 to N929.41 billion in Q1 2024, which is a 14.41% increase. However, there was a decrease from Q4 2023’s N1.05 trillion by 11.38%.

[Nairametrics]

Hajiya Halima Adamu, mother of the famous Hausa Singer Dauda Adamu, popularly known as Rarara, has been abducted, Daily Trust can report.

She was abducted at her residence in Kahutu village, Danja local government area of Katsina State, according to a source in Kahutu village.

According to the source, the bandits stormed the village around 1am Friday and abducted the aged woman.

“The bandits came on foot and silently because they did not fire a single shot during the operation that lasted for just a few minutes. The woman did not resist when the bandits requested her to go along with them.”

“Although the bandits met other people at the house, they only picked Rarara’s mother, leaving behind others. No attempt to confront the bandits while leaving the house because they were armed with guns.

“They probably kept their motorcycles from far away and then trekked to the village. We are praying that the woman will return to us in condition because she is very helpful to us in this village. Her son, Rarara is very generous to us; he has brought so many developments to this village for our wellbeing.”

Efforts to reach the famous Hausa singer on phone proved abortive, as his phones rang severally without any response.

Katsina is one of the states with a high level of insecurity in the North West region.

[DailyTrust]

 

The Nigeria Customs Service, Joint Border Patrol Team Sector 2, said it intercepted 1,410 litres of premium motor spirit worth N30.4m within one week.

The Coordinator of the team, Mohammad Shuaibu, disclosed this while addressing journalists at the Customs Training College in Ikeja on Friday.

He said that the team intercepted these contraband within their area of jurisdiction adding that some were intercepted at the creeks.

Shuaibu added that the team also seized other contraband worth N1.12bn and arrested five suspects in connection with the various seizures.

 

“In our effort to actualise the mandate of combating smuggling and trans-border crimes, we intercepted some goods for violating various sections of the Nigeria Customs Service Act 2023 and the Federal Government’s Import and Export Guidelines, the goods worth, N1.12bn

“They were intercepted across the borders of the six states of the South-West geo-political zone,” he said.

According to him, the arrested suspects are undergoing investigation and prosecution.

 

“Other items seized include, 4, 051 bags of foreign parboiled rice, 3, 751, Jerry Cans of PMS, 425 cartons of frozen poultry products, 912 pieces of used tyres, 30 sacks of cannabis sativa

“30 units of cars as means of conveyance, seven units of imported (tokunbo) cars, four units of motorcycles among others,” he said.

The coordinator stated that the team also recovered a total of N11.5m as revenue through the issuance of debit notes on vehicles and other goods improperly imported into the country.

However, Shuaibu disclosed that the team intercepted 30 illegal immigrants.

“With the Nigeria Immigration Service as a critical component of the joint border patrol team, we intercepted 30 illegal immigrants suspected to have violated immigration laws and were immediately handed over to the NIS for further investigation and prosecution” Shuaibu disclosed.

He warned smugglers to desist from the crimes adding that they have multiple effects such as, “undermining national security through the movements of illicit goods, such as drugs, weapons, and human trafficking, across the international borders, which impacts negatively on the economy by depleting the nation’s revenue base through evasion of duties and taxes,”

[Punch]

Shehu Sani, a former senator who represented Kaduna central, says he saved former President Olusegun Obasanjo from being assaulted by inmates of the Kirikiri Maximum Security prison in 1995.

The former senator spoke during a lecture in Abuja on Thursday.

Obasanjo was Nigeria’s head of state from 1976 to 1979. He returned as civilian president in 1999 and handed over the reins of power in 2007.

Sani was among pro-democracy activists and dissidents who were rounded up and jailed by the military junta led by Sani Abacha, who was president from 1993 to 1998.

 

Obasanjo was arrested in 1995 for allegedly plotting a coup and was jailed.

‘THEY INSULTED OBASANJO’

Recounting events from the era, Sani said himself, Shehu Musa Yar’Adua and Obasanjo were moved to Kirikiri prison after their arrests.

 

He said “armed robbers” in prison began “shouting and insulting” the former president when they saw him.

Sani added that he “talked to the inmates to calm down, that no matter their grievances with Obasanjo, he was now an inmate”.

“In 1995, a team of soldiers, policemen and DSS visited my house in Kaduna. It was a journey that began and lasted for four years,” he said.

“I was picked up from Kaduna and brought to Lagos with the late General Shehu Musa Yar’Adua. From the airport, we were led to the DSS headquarters, where we met President Olusegun Obasanjo.

 

“Unfairly from the soldiers, they handcuffed me but did not do so for Obasanjo or Yar’Adua. Obasanjo looked at me and asked me who I was and if I had stolen something for them to have handcuffed me. I told him I was an activist.

“I was then the deputy chairman of the Campaign for Democracy. We were taken to Kirikiri Maximum Prison. We stayed there without anybody saying anything to us. When we arrived at Kirikiri, we were given a blanket and a plate of food.

“We were then allocated our cells. When the armed robbers there saw Obasanjo, they started shouting and insulting him.

“Naturally, for those of us who were human rights activists, we were popular with inmates. I told him, ‘You are a commander outside, but this is where I command’. I then I talked to the inmates to calm down, that no matter their grievances with Obasanjo, he was now an inmate.

 

“I got 15 years, Obasanjo got 15 years, Yar’Adua got life imprisonment. Those of us from the north were sent to southern prisons and those from the south were sent to northern prisons. That was how I found myself in Port Harcourt prison.

“I was in Port Harcourt prison when Ken Saro-Wiwa was brought in and hanged. I could see them from the window.”

 

‘ACTIVISTS MADE A MISTAKE IN 1998’

Sani added that pro-democracy activists of the era made a mistake by not putting themselves forward for political leadership as the military prepared to hand over power to civilians after Abacha’s death.

 

“Abdulsalami Abubakar, military head of state, invited all of us who fought for democracy, that he was going to hand over power to a democratically elected government and that he wanted all of us — the freedom fighters — to come together and take over power,” he said.

“At that very time, Gani Fawehinmi opposed it. Three times, Abubakar invited us. We even refused to answer his calls. Meanwhile, the politicians who were not invited were knocking on his door.

 

“After we decided to listen to him, we came and sat down. What do we do? After the struggle, the ANC in South Africa took over political power. But after our struggle, in 1998/1999 we made a fundamental mistake and said we were not going to cooperate with the military.

“Mike Ozekhome was one of those who said we should not join politics. Gani opposed as well, Falana opposed, Olisa Agbakoba… all opposed.

“It was Bola Tinubu who said ‘if we don’t get in, who is going to be there?’ By the time we all agreed to join politics, politicians had taken over all positions.

“Ozekhome tried to be governor of Edo state, he couldn’t; Olisa tried to be president, he couldn’t; Gani tried to be president, he couldn’t; Falana tried to be governor of Ekiti, he couldn’t; I tried to be governor of Kaduna — but the spaces had all been taken over.”

 [TheCable]

On June 26, 2024, Nigeria’s external reserve reached a record high of $34.07 billion.

This is according to the Central Bank of Nigeria’s latest FX data on its official website.



The figure represents the highest level since March 2024.

Recall that last week the external reserve reached a three-month high when it rose to $33.5 billion.

Reserves have continued to surge since then, topping $34 billion for the first time since March 21, when it was $34.2 billion.

The external reserves have increased by a substantial $1.3 billion since June 2024.

The development comes as the Central Bank of Nigeria Governor, Olayemi Cardoso said its reforms attracted $24 billion inflow in the first quarter of 2024.

 



Meanwhile, despite the rising FX reserves, the Naira depreciated to N1510.10 per Dollar at the forex market according to FMDQ data on Thursday.

Gen. Abdulsalami Abubakar (retd), a former Head of State, has spoken about the requirements to sustain democracy in the country.

Represented by Gen. Adamu Jidda on Thursday in Abuja at the second edition of ThisNigeria Newspaper Gold Prize and Annual Lecture Awards on the theme of the lecture; “25 Years of Nigeria’s Unbroken Democracy – Prospects and Possibilities”, Abubakar noted that electoral integrity, human rights, economic development and social justice remained critical areas that demand the country’s collective attention and action.

According to the News Agency of Nigeria (NAN), he believed that the nation’s democratic journey had not been without its trials.



He stated that democracy was an evolving process, saying that the past 25 years have taught the country that it required constant nurturing and vigilance.

According to him, “We have faced political turbulence, economic fluctuation and social upheaval, yet through it all, the Nigerian spirit has remained indomitable.”

Abubakar explained that Nigerians had shown that despite their differences, they were united in their commitment to conducting elections that were inclusive, prosperous and democratic.

He expressed optimism that the next 25 years and more would certainly bring challenges and opportunities, believing that it was the collective responsibility of Nigerians to ensure that the foundations were built and strengthened and that the democratic institutions were fortified.

He employed Nigerians to take a moment to reflect on the remarkable journey Nigeria had undertaken over the past quarter of a century.

In 1999, he observed that the nation embarked on the path of democratic governance, a path marked by aspirations, challenges and unwavering commitment to the principle of freedom, justice and equality.

He advised that the country must recognise the role of the media in the democratic journey, saying that the press had been the watchdog of democracy, by holding leaders accountable, shedding light on issues that matter and providing a platform for diverse voices to be heard.

Abubakar stated that Nigeria in particular, had been at the forefront of that endeavour, championing the cause of free and fair journalism.

Peter Obi, the 2023 Labour Party presidential candidate,  has criticised the federal government’s handling of the health sector and called for immediate reforms to improve access to quality medical care for all Nigerians.

Expressing his views as a guest speaker at the 6th Public Lecture of the Board of Fellows, Pharmaceutical Society of Nigeria, held in Awka, Anambra State on Wednesday, Obi pointed out that Nigeria’s Human Development Index (HDI) ranking remains low, even after 25 years of democratic governance.

He emphasised that health, particularly life expectancy, is a critical measure of development.

“When you want to measure this Human Development Index, the most critical measure number one is Health – life expectancy.

“Life expectancy as we know today in Nigeria is among the lowest in the world. We are about 65 years, compared to India at about 70, Bangladesh at about 72, Egypt at about 71, and the Philippines at about 70,” Obi stated.

Obi outlined several issues plaguing Nigeria’s healthcare system, such as the country’s minimal functioning primary healthcare facilities, alarmingly high infant mortality rates, that the majority of drugs are imported, making them costly and frequently out of reach for many Nigerians, and the impediments to local drug manufacturing caused by government support gaps and regulatory obstacles.

The former Anambra State governor criticised the government’s approach to healthcare, stating, that the government does not understand what they are supposed to do to help our citizens.

Obi also highlighted the economic impact of poor healthcare.

 

“Many people with many illnesses can no longer be able to afford treatment. Nigerians now spend more than their income on food because everything has tripled.”

Obi further called for a complete overhaul of the system, emphasising the need for committed and compassionate governance.

He suggested several solutions including, investing in critical areas of healthcare, supporting local drug manufacturing, designing affordable insurance schemes and lifting people out of poverty to enable their participation in healthcare programs, among others.

“We must dismantle this criminality called Nigeria today and make it a country where people will know that they are elected to serve the people and they focus on doing the right thing,” Obi added.

Taking to his X page on Wednesday, Obi added, “Access to quality medicines remains vital for all human beings whether sick or well, who seek medical consultation, and it is proven that 90 per cent of all medical consultations end in one form of prescription or another. Therefore, the availability of quality medicines remains the key armoury for the fight for well-being, while pharmacists remain the armourer.

“The reason we lack quality medicines is due to the same socio-economic problem affecting production in the country, where regulatory agencies now function as revenue collectors rather than as enablers and access to financing is not available or at an excessive rate.

“There is hardly any health insurance regime in place to guarantee access to those who cannot afford immediate cash payments.

“Excruciating poverty and severe economic hardship have also kept functional healthcare and quality medicines out of the reach of the poor. The only medicine our people take now is prayer,” he wrote.

[Businessday]

The results of candidates of the supplementary Unified Tertiary Matriculation Examination, UTME have been released by the Joint Admissions and Matriculation Board, JAMB.

The supplementary UTME was conducted between Friday, June 21st and Saturday, June 22nd, 2024.

JAMB’s spokesman, Fabian Benjamin, directed candidates on how to check their results.

“To check their supplementary UTME results, candidates are to send UTMERESULT to either 55019 or 66019 through the same phone number they had used to generate their profile codes at the start of registration,” he stated.

Benjamin said the supplementary examination was conducted for 28,835 candidates, who were unable to be biometrically verified during the main 2024 UTME and were unable to take their examination.

A statement by Benjamin said: “Similarly, the other category of candidates were those suspected to have been involved in examination malpractices during the main UTME but who were given a second chance to sit the examination.

“The exercise, which recorded a huge success nationwide, was marked by heightened security measures put in place by the Board to preclude any instance of examination infractions. As such, some nefarious characters, who had attempted to impersonate bona fide candidates were apprehended and handed over to law enforcement agencies for further investigation and prosecution.

“The Board would continue to ensure that no candidate benefits from any acts of infractions through the deployment of state-of-the-art technology before, during and after its examinations.

“Candidates are, therefore, urged, in their own interest, to refrain from engaging in any form of irregularity during their examinations. They are also enjoined to desist from soliciting score upgrades from fraudsters or engage in the mutilation of their result sheets while trying to generate fake result sheets with higher scores.”

The Federal Government has through the Nigerian Correctional Service (NCoS), relieved a senior officer at the level of Controller of Corrections and two other personnel of their service over alleged misconduct.

In a statement released on Thursday, the spokesperson for NCoS, ACC Abubakar Umar, said the service had conducted a thorough review of multiple instances of unprofessional conduct and improper behaviour exhibited by its personnel.

These misconducts encompass a range of offences such as unauthorized absence, severe negligence in performing duties, involvement in illicit item trafficking, and manipulation of results, among other transgressions.

The NCoS statement reads: “In a letter by the Civil Defence, Correctional, Fire, and Immigration Services Board CDCFIB, a total of 20 personnel have been discharged and acquitted of the various offences for which they were accused, while an officer who was previously suspended was reinstated after the review exercise.

“Three personnel were compulsorily retired, 13 personnel attracted plain warning, while six had their ranks reduced.

“These are in line with the zero tolerance on staff misconduct, a cardinal mantra of the Controller General of Corrections, Haliru Nababa, and targeted toward ridding the Service of unscrupulous elements and misfits, so as to improve professionalism as well as to entrench discipline, ethics and excellence in its officers and men.”

 

President Joe Biden was supposed to put the nation’s mind at ease over his physical and mental capacity with his debate showing Thursday night. But from the onset of the debate, the 81-year-old struggled seemingly even to talk, mostly summoning a weak, raspy voice.

 

In the opening minutes, the president repeatedly tripped over his words, misspoke and lost his train of thought.

 

In one of the most notable moments, Biden ended a rambling statement that lacked focus by saying, “We finally beat Medicare,” before moderators cut him off and transitioned back to Trump.

 

While Biden warmed up and gained more of a rhythm as the debate progressed, he struggled to land a punch against Trump.

According to NBC news, Trump, unleashing a torrent of bad information — didn’t hesitate to pounce on Biden, saying at one point that he didn’t understand what Biden had just said with regard to the border.

“I don’t know if he knows what he said either,” Trump said.

Nearly an hour into the debate, a Biden aide and others familiar with his situation offered up an explanation for the president’s hoarseness: He has a cold.

Even the Biden campaign acknowledged that the debate would be a critical moment in the election, with officials hoping it could shake up the race to the president’s benefit. Most polls have found the race to be neck and neck, a razor-thin margin that has remained unchanged for months, even after a jury found Trump guilty on 34 felony counts.

Questions about Biden’s age and frailty have dragged down his polling numbers for months. The public concerns are exacerbated by deceptively edited videos, some of which have gone viral, that cut off relevant portions of an event, making it appear as if Biden is wandering or confused. This was Biden’s first opportunity — since the State of the Union speech — to dispel that narrative.

Instead of a new beginning, many Democrats saw it as a moment for panic.

“Democrats just committed collective suicide,” said one party strategist who has worked on presidential campaigns. “Biden sounds hoarse, looks tired and is babbling. He is reaffirming everything voters already perceived. President Biden can’t win. This debate is a nail in the political coffin.“

“It’s hard to argue that we shouldn’t nominate someone else,” a Democratic consultant who works on down-ballot races added.

Biden did ramp up as the debate progressed.

“Only one of us is a convicted felon, and I’m looking at him,” Biden said to Trump. That was one moment that tested really well with internal simultaneous Biden campaign polling at the time of the debate, according to a person familiar.

A Biden aide said that it was “not an ideal start” for the president at the beginning of the debate, but that there was “no mass panic” at the campaign headquarters in Delaware.

 

Trump, meanwhile, has fended off his own questions over whether he’s diminished by age, including that he struggles to stay on topic and meanders when speaking. Biden has posited that the former president “snapped” after his 2020 election loss and is unstable. Biden, though, had prepped for the possibility of “two Trumps” appearing on the debate stage Thursday, and had planned to try to bait him into revealing “the true Trump.”

The muting of the microphones, a stipulation agreed to before the debate by both campaigns, added a new dimension to the face-off. The two men’s first match-up in 2020 was marked by repeated interruptions by Trump, leading to moments of frustration for Biden.

“Will you shut up, man?” Biden complained in that first Cleveland debate.

“I’m thinking the Democrats are thinking about who the Barry Goldwater is who can walk in tomorrow and tell the president he needs to step aside,” Ben Proto, chairman of the Connecticut Republican Party, said.

In 1974, after key Watergate tapes were made public, then-Sen. Barry Goldwater, R-Ariz., went to see President Richard Nixon along with other prominent lawmakers and told him that he would be convicted by the Senate and should step aside— which Nixon did