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13 States To Borrow Fresh N380bn In 2025 [SEE LIST]

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No fewer than 13 state governments have projected an Internally Generated Revenue of N613bn for 2025.

The states also planned to secure fresh loans totaling N380bn in the upcoming year, The PUNCH’s investigation has revealed.

This comes despite a 40 per cent increase in the states’ statutory allocations from the Federation Account.

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In the first half of 2024, about 22 states collectively borrowed N446bn, with debt servicing consuming a significant portion of their IGR.

These loans have pushed the total debt stock of Nigerian states to N11.47tn as of June 30, 2024.

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An analysis of public debt reports from the Debt Management Office (DMO) shows a 14.57 per cent increase from the N10.01tn recorded in December 2023.

The increase was primarily driven by a sharp rise in external debt, and exacerbated by the naira’s devaluation.

External debt for the states and the Federal Capital Territory climbed from $4.61bn to $4.89bn, reflecting a 6.14 per cent increase, while domestic debt saw a significant decline of 27.12 per cent, dropping from N5.86tn to N4.27tn.

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In naira terms, however, foreign debt surged by a staggering 73.46 per cent, rising from N4.15tn to N7.2tn, following the devaluation of the naira from N899.39/$1 in December 2023 to N1,470.19/$1 by June 2024.

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States and the FCT accounted for 8.54 per cent of Nigeria’s total public debt of N134.3tn as of June 2024, down from 10.29 per cent in December 2023, despite an increase in their nominal debt levels.

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According to their 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Papers, 13 states plan to borrow a combined total of N380bn to finance budget deficits in 2025.

These states include Adamawa, Kano, Anambra, Bauchi, Borno, Ebonyi, Gombe, Jigawa, Kebbi, Kaduna, Akwa Ibom, Niger, and Oyo.

Adamawa, which did not take any loans this year, plans to borrow N31.5bn next year while projecting an IGR of N22.7bn.

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This was as Kano, which borrowed N6.4bn in the first half of 2024, projects fresh borrowings of N11bn and an IGR of N47.5bn for 2025.

Anambra targets a financing estimate of N18.5bn, including loans sourced through fundraising activities.

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Despite taking loans of N19.2bn this year, Bauchi States also plans to take fresh loans of N71bn, with an IGR target of N47.2bn.

Borno borrowed N20bn this year but plans to raise N53bn through loans next year, targeting N30bn in IGR.

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Similarly, Niger State borrowed N34bn in 2024 and projects N31bn in loans next year, with an IGR target of N74bn.

Other loan projections include N35bn for Kebbi, N11.6bn for Kaduna, N8.5bn for Akwa Ibom, N13bn for Ebonyi, N8bn for Jigawa, N76.8bn for Oyo, and N11.7bn for Gombe. Their respective IGR targets for 2025 are N25.5bn, N68bn, N62bn, N26.5bn, N65.9bn, N67bn, and N6.8bn.

An economic expert, Paul Alaje, recently warned that debt servicing and accumulating loans could stifle economic development at the sub-national level.

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He emphasised that the significant debts inherited from previous administrations have hindered growth and stressed the need for thorough scrutiny of state borrowing practices and the projects financed with these loans.

 

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Six-year-old Nigerian Girl Dies After Fall From Apartment In Canada

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A six-year-old Nigerian girl has died after falling from a high-rise residential building in Toronto, Canada, in a tragic incident that has left the community in shock.

Reports indicate that her mother was in Nigeria at the time of the incident.

The incident occurred at an apartment complex on Chalkfarm Drive in North York, close to Jane Street, at about 8:15 p.m.

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Toronto Police Service said officers responded to a report described as “unknown trouble” and later found the child unresponsive on the ground outside the building.

Residents of the building described the girl as cheerful and familiar within the community, saying her death had deeply unsettled neighbours.

READ ALSO:Man With Lengthy Criminal Record Shoots Nigerian To Death Inside Bus In Canada

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One resident told CP24 that the child was regularly seen playing around the premises.

She used to come here all the time and play… she was a lively kid. It’s very, very sad,” the neighbour said.

Another resident said the news had been devastating for people living in the building, adding that the girl was a familiar face during daily routines such as school runs.

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It’s crazy that I will never see this child again. I see her every morning. It’s heartbreaking,” the resident said.

According to neighbours, the girl had been staying with a family friend who lives on the top floor of the building while her mother was away in Nigeria.

READ ALSO:Man With Lengthy Criminal Record Shoots Nigerian To Death Inside Bus In Canada

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Some residents also questioned how the incident occurred, noting that the building is fitted with window safety features designed to prevent full opening.

To be fair, they do have precautions on these windows to make sure these things don’t happen,” one resident said.

Another added that the windows are secured and cannot be fully opened, further adding to uncertainty surrounding the circumstances.

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The property management company, Greenwin, which manages the building at 200 Chalkfarm Drive, described the incident as “deeply saddening,” adding that its thoughts are with the child’s family.

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The company confirmed that emergency responders attended the scene promptly and said it is fully cooperating with investigators.

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It declined to comment on the condition or inspection history of the windows, citing an ongoing investigation.

Police in Toronto said the case is not being treated as suspicious at this stage, though investigations are continuing pending autopsy results.

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US Govt Finally Releases Files On UFOs, Alien Life

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President Donald Trump’s administration has released a batch of previously unseen files, videos and photographs on Unidentified Anomalous Phenomena, UAP.

The government described the development as part of a push for greater transparency on government-held information about extraterrestrial-related sightings.

According to Fox News, the White House said the materials, drawn from across multiple government agencies, have been made publicly accessible without security clearance requirements.

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Officials said the release is intended to allow the public to review the information and draw their own conclusions.

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“The latest UAP videos, photos, and original source documents from across the entire United States government are all in one place,” the White House said, adding that past administrations had sought to limit public disclosure.

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The release is part of a programme identified as the Presidential Unsealing and Reporting System for UAP Encounters, PURSUE, which officials say will continue with further disclosures.

Among the initial materials are images reportedly linked to Apollo 12 and Apollo 17 space missions, including a photograph from the lunar surface showing three small dots in the sky.

The release also includes transcripts of communications from Apollo 17, in which crew members described observing bright, fast-moving particles or fragments outside their spacecraft.

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In one exchange, astronauts described seeing “very bright particles” and “jagged, angular fragments” while in orbit, comparing the appearance to fireworks.

Trump previously said he would support declassifying government files related to UFOs and UAPs, following renewed public interest in the subject.

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He had earlier directed federal agencies to begin identifying and releasing relevant documents.

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Strait Of Hormuz: Pakistan Thanks Trump For Pausing ‘Project Freedom’

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Pakistani Prime Minister Shehbaz Sharif on Wednesday expressed gratitude to United States President Donald Trump for temporarily pausing ‘Project Freedom’, an initiative to secure shipping through the Strait of Hormuz.

In a statement posted on X, Sharif thanked Trump for pausing the “Project Freedom” mission, praising him for his courageous leadership and timely announcement.

According to him, Trump’s decision was made in response to requests from Pakistan, Saudi Arabia and other brotherly countries.

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He added that the pause would go a long way towards advancing regional peace, stability and reconciliation during the sensitive period.

“Pakistan remains firmly committed to supporting all efforts that promote restraint and a peaceful resolution of conflicts through dialogue and diplomacy.

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“We are very hopeful that the current momentum will lead to a lasting agreement that secures durable peace and stability for the region and beyond,” Sharif said.

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