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77 Trillion Debt: Alarm Over National Debt Unnecessary – DMO

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The Debt Management Office (DMO) has said that the alarm created around the country’s projected public debt was unnecessary.

The Director-General, Mrs Patience Oniha, said this in a statement to react to reports that the next government would inherit N77 trillion debts.

She stated that Nigeria’s debt would only attain that level when the Ways and Means Advances from the CBN were securitised.

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According to her, the securitisation of the Ways and Means Advances will enable the DMO to include the debt in the public debt stock thereby improving debt transparency.

Oniha had explained the projected debt stock using the actual public debt stock of N44 trillion as a basis.

She stated that the total debt stock included external and domestic debts of the Federal Government, the 36 state governments and the FCT.

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READ ALSO: DMO Reveals How Petrol Subsidy Raised 2022 Borrowing By N1trn

“Taking into account a number of on-going activities, the total public debt stock; that is the external and domestic debts of the Federal Government, the 36 state governments and the FCT would be about N77 trillion.

“The debts that will be added to the public debt data in 2023 include the N1 trillion Ways and Means Advances to finance the supplementary budget.

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“This has already been approved by the National Assembly (NASS).

“It also includes N22.72 trillion Ways and Means Advances currently under the consideration by the NASS.

“The projected debt stock for May 2023 also includes N5.567 trillion, representing about 50 per cent of the new borrowing of N11.134 trillion in the 2023 Appropriation Act.

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“It also includes new Promissory Notes estimated at N1.5 trillion to be issued to settle arrears of the FGN and judgement debts,’’ NAN quoted her as saying.

According to her, also included are estimates for new borrowings by state governments and the FCT.

From these figures, it is clear that the Ways and Means Advances of N22.72 trillion which represents funds already spent, is the largest source of the increase,’’ Oniha stated.

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Welcome Home, Israel Confirms Return Of 20 Hostages From Gaza

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Israel said that the last 20 living hostages released by Hamas on Monday had arrived in the country.

“Welcome home,” the foreign ministry wrote in a series of posts on X, hailing the return of Matan Angrest, Gali Berman, Ziv Berman, Elkana Bohbot, Rom Braslavski, Nimrod Cohen, David Cunio, Ariel Cunio, Evyatar David, Guy Gilboa Dalal, Maxim Herkin, Eitan Horn, Segev Kalfon, Bar Kuperstein, Omri Miran, Eitan Mor, Yosef Haim Ohana, Alon Ohel, Avinatan Or and Matan Zangauker.

READ ALSO:Trump Gives Update On Israel, Hamas Peace Deal

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20 Members Of Gang Blacklisted By US Escape Guatemala Prison

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Twenty members of a gang designated a “foreign terrorist organisation” by the United States have escaped from detention in Guatemala, a prison chief said Sunday.

The members of the Barrio 18 gang “evaded security controls” at the Fraijanes II facility, prison director Ludin Godinez said at a news conference.

He received “an intelligence report” on Friday warning about the “possible escape” from the prison, which is southeast of the capital, Guatemala City.

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Godinez said they were investigating possible acts of corruption.

READ ALSO:China’s Trade Surges Despite US Tariff Threats

Washington last month blacklisted Barrio 18, an El Salvador-based gang which has a reputation for violence and extortion, as part of its crackdown on drug trafficking.

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The US embassy in Guatemala condemned the prison escape as “utterly unacceptable.”

“The United States designated members of this heinous group as the terrorists they are and will hold accountable anyone who has provided, provides, or decides to provide material support to these fugitives or other gang members,” the embassy said on X.

It called on the Guatemalan government to “act immediately and vigorously to recapture these terrorists.”

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READ ALSO:US Threatens To Sanction Countries That Vote For Shipping Carbon Tax

According to Interior Minister Francisco Jimenez, there are about 12,000 gang members and collaborators in Guatemala, while another 3,000 are in prison.

The country’s homicide rate has increased from 16.1 per 100,000 inhabitants in 2024 to 17.65 this year, more than double the world average, according to the Centre for National Economic Research.

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According to the Salvadoran government, the gangs Barrio 18 and Mara Salvatrucha, better known as MS-13, are responsible for the deaths of about 200,000 people over three decades.

The two gangs once controlled an estimated 80 percent of El Salvador, which had one of the highest homicide rates in the world.

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South Africa Bus Crash Kills 40 Including Malawi, Zimbabwe Nationals

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At least 40 people, including nationals of Malawi and Zimbabwe, were killed when a passenger bus rolled down an embankment in South Africa, a provincial transport minister said Monday.

The bus travelling to Zimbabwe crashed around 90 kilometres (55 miles) from the border on Sunday after the driver apparently lost control, Limpopo province transport minister Violet Mathye said.

“They are still working on the scene, but 40 bodies have already been confirmed to date,” Mathye told the Newzroom Afrika channel. The dead included a 10-month-old girl, she said.

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READ ALSO:South African Court Finds Radical Politician Malema Guilty On Gun Charges

Thirty-eight people were in hospital and rescuers were searching for other victims, she told eNCA media.

The bus was travelling from the southern city of Gqeberha, around 1,500 kilometres away, and its passengers included Malawians and Zimbabweans who were working in South Africa. The crash may have been caused by driver fatigue or a mechanical fault, the minister said.

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South Africa has a sophisticated and busy road network with a high rate of road deaths, blamed mostly on speeding, reckless driving and unroadworthy vehicles.

AFP

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