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Full List: 13 New Governors Borrowed N226.8bn In Six Months – DMO

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In the first six months after taking office, 13 new state governors collectively borrowed N226.8bn from domestic and external financiers.

This emerged as findings by The PUNCH showed that 16 state governors also increased the debt profile of their states by N509.3bn with domestic and external debt of N243.95bn and $298.5m (N265.37bn), respectively.

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The external debt was calculated based on the exchange rate of N889/$ used by the Debt Management Office in its report.

This is according to an analysis of the latest sub-national debt reports released by the DMO.

READ ALSO: Nigeria’s Debt Hit N97.34tn In Q4 2023 – DMO

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The sub-national debts are classified into domestic borrowings from local creditors and external borrowings from international creditors like the World Bank and the International Monetary Fund.

The domestic and external debts published on the DMO’s website were as of December 30 and June 30, 2023, respectively.

The states, which include Benue, Cross Rivers, Katsina, Niger, Plateau, Rivers, Zamfara, and the Federal Capital Territory, got N115.57bn from domestic creditors, while governors of Ebonyi, Kaduna, Kano, Niger, Plateau, Sokoto, Taraba and Zamfara states borrowed $125.1m (N111.24bn) from external sources.

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For the sub-nationals, a further breakdown of the data showed that Cross Rivers Governor, Bassey Otu, took the highest loan, with N16.2bn from domestic and $57.95m from foreign creditors between June and December 2023.

READ ALSO: CSO Raises Alarm As Akwa Ibom Debt Profile Hits N347.75bn

Katsina State followed with the debt surging by N36.93bn from N62.37bn to N99.3bn by December 2023.

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Third on the list is Niger State, with a domestic debt of N17.85bn, surging from N121.95bn in June 2023 to N139.8bn by December of the same year.

Plateau got N16.32bn; Rivers borrowed N7.07bn; Zamfara, N14.26bn; and the FCT under the leadership of Nyesom Wike borrowed N6.75bn from domestic creditors.

For foreign debt, Governor Francis Nwifuru of Ebonyi State accumulated external debt of $37.54m, while Governor Uba Sani of Kaduna State borrowed $17.69m from external financiers.

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READ ALSO: Kano Deputy Gov, Ganduje Differ Over N300bn Debt

Similarly, the governors of Kano borrowed $6.6m; Niger, $1.27m; Plateau, $831,008; Sokoto, $499,472; Taraba, $1.51m; and Zamfara, $655,563, from external sources.

Despite declarations by the administration of President Bola Tinubu that it would not continue with the massive borrowings of the previous government to fund its expenditures, the latest developments show that the new government is sticking to the controversial policy amidst increased revenue.

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In 2023, state governors got the most Federal Account Allocation Committee allocations in at least seven years. The rise in FAAC allocations to the three tiers of government, especially the states, followed the removal of subsidy on petrol and currency reforms by the Tinubu administration. The reforms have reportedly led to a 40 per cent boost in income.

An analysis of the 2023 FAAC monthly allocations revealed that the sub-national and local government councils got the highest allocation of N627.73bn in September, followed by N610.5bn in December, N555.75bn in August, N533bn in November, N514bn in July and N497.97bn in October.

PUNCH

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Televangelist, Jimmy Swaggart, Is Dead

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Jimmy Swaggart, the popular Pentecostal preacher and televangelist who garnered national headlines for his extramarital affairs, has died at the age of 90 following a cardiac arrest.

Swaggart’s death was announced in a post on his official Instagram handle on Tuesday.

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The post reads, “I have fought a good fight, I have finished my course, I have kept the faith: Henceforth there is laid up for me a crown of righteousness, which the Lord, the righteous judge, shall give me at that day: and not to me only, but unto all them also that love his appearing.”

2 Timothy 4:7-8. Today, our hearts are heavy as we share that Brother Swaggart has finished his earthly race and entered into the presence of His Saviour, Jesus Christ. Today was the day he has sung about for decades. He met his beloved Saviour and entered the portals of glory. At the same time, we rejoice knowing that we will see him again one day.

READ ALSO:Hot Air Balloon Crashes, Leaves Eight Dead In Brazil

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“For over seven decades, Brother Swaggart poured out his life preaching the gospel, singing songs of the faith, and pointing millions to the saving power of Jesus Christ and the Baptism of the Holy Spirit. His voice echoed through nations, his music softened hearts, and his message never changed: Jesus Christ and Him crucified.

“He was not just a preacher—he was a worshiper, a warrior, and a witness to the grace and mercy of God. He was a man whose faith was steadfast and always entered whatever door the Lord opened. And the Lord honoured that faith. Please continue to lift up Sister Frances, Donnie, Debbie, Gabriel, Jill, Jennifer, Clif, Matt, Joanna, Sam, Ryder, Abby, Lola, Harper, Navy, Harrison, Caroline and Mackenzie in your prayers.”

Swaggart was born on March 15, 1935, in Ferriday, Louisiana.

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At the age of 8, he had a powerful religious experience that made him feel called to become a preacher.

READ ALSO:US Lawmaker Shot Dead, Another Wounded In Targeted Attack

At 17, he married 15-year-old Frances Anderson in 1952, and they had a son named Donnie.

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In 1961, Swaggart was ordained as a minister in the Assemblies of God, the largest Pentecostal denomination in the U.S.

Swaggart is also known for his musical talent.

A cousin of rock ‘n’ roll legend Jerry Lee Lewis, Swaggart had a successful gospel music career, selling more than 17 million albums over the years.

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His ministry expanded into media.

READ ALSO:Influencer Shot Dead During Live Stream

In 1969, he started a radio show called “The Campmeeting Hour.”

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A year later, he launched The Evangelist, a religious magazine. In 1973, he entered television with a 30-minute program titled “The Jimmy Swaggart Evangelistic Association Presents Jimmy Swaggart.”

He also began airing live recordings of his church services in multiple languages.

In the 1980s, Swaggart led large evangelism crusades in the U.S. and internationally.

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One of the biggest was held in October 1987 in Rio de Janeiro, Brazil, drawing an estimated 125,000 attendees.

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Trump Says Will ‘Take A Look’ At Deporting Musk

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US President Donald Trump said Tuesday he could consider deporting Elon Musk, after the South African-born billionaire slammed his flagship spending bill.

Trump also said the Department of Government Efficiency (DOGE) — which Musk headed before stepping down late May — may train its sights on the Tesla and SpaceX founder’s government subsidies.

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“I don’t know. We’ll have to take a look,” Trump told reporters at the White House when asked if he would consider deporting Musk.

“We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon.”

READ ALSO:Trump Orders Mass Layoffs At Voice Of America, Other US-funded Media

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Trump doubled down on the threat when he said he believed Musk was attacking his so-called “One Big Beautiful Bill” because he was annoyed that it had dropped measures to support electric vehicles (EV).

“He’s losing his EV mandate. He’s very upset about things, but you know, he could lose a lot more than that, I can tell you right now. Elon can lose a lot more than that.”

Trump made similar comments on his Truth Social network late Monday, saying that “without subsidies, Elon would probably have to close up shop and head back home to South Africa.”

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READ ALSO:Musk Renews Attack On Trump, Says ‘Big, Beautiful Bill Utterly Insane’

Musk, the world’s richest person, was Trump’s biggest donor in the 2024 election and initially maintained a near constant presence at the newly elected president’s side.

They had an acrimonious public falling out this month over the bill and the tycoon has reprised his criticisms in recent days, accusing Republicans of abandoning efforts to place the United States at the front of the EV and clean energy revolution.

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Musk has also renewed his calls for the formation of a new political party called the “America Party” if the bill passed.

AFP

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Over 14 Million People Could Fie From US Foreign Aid Cuts – Study

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More than 14 million of the world’s most vulnerable people, a third of them small children, could die by 2030 because of the Trump administration’s dismantling of US foreign aid, research projected on Tuesday.

The study in the prestigious Lancet journal was published as world and business leaders gather for a United Nations conference in Spain this week hoping to bolster the reeling aid sector.

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The US Agency for International Development (USAID) had provided over 40 percent of global humanitarian funding until Donald Trump returned to the White House in January.

Two weeks later, Trump’s then-close advisor — and world’s richest man — Elon Musk boasted of having put the agency “through the woodchipper”.

The funding cuts “risk abruptly halting — and even reversing — two decades of progress in health among vulnerable populations”, warned study co-author Davide Rasella, a researcher at the Barcelona Institute for Global Health (ISGlobal).

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READ ALSO:Trump To Revoke Legal Status For 240,000 Ukrainians Who Fled War With Russia

“For many low- and middle-income countries, the resulting shock would be comparable in scale to a global pandemic or a major armed conflict,” he said in a statement.

Looking back over data from 133 nations, the international team of researchers estimated that USAID funding had prevented 91.8 million deaths in developing countries between 2001 and 2021.

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That is more than the estimated number of deaths during World War II, history’s deadliest conflict.

•⁠ ⁠HIV, malaria to rise –

The researchers also used modelling to project how funding being slashed by 83 percent — the figure announced by the US government earlier this year — could affect death rates.

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The cuts could lead to more than 14 million avoidable deaths by 2030, the projections found.

That number included over 4.5 million children under the age of five — or around 700,000 child deaths a year.

READ ALSO:Nigeria’s Economic Growth Too Slow To Reduce Poverty – World Bank

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For comparison, around 10 million soldiers are estimated to have been killed during World War I.

Programmes supported by USAID were linked to a 15-percent decrease in deaths from all causes, the researchers determined.

For children under five, the drop in deaths was twice as steep, at 32 percent.

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USAID funding was found to be particularly effective at staving off preventable deaths from disease.

There were 65 percent fewer deaths from HIV/AIDS in countries receiving a high level of support compared to those with little or no USAID funding, the study found.

Deaths from malaria and neglected tropical diseases were similarly cut in half.

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READ ALSO:Nigerians Suffering From Various Multi-dimensional Poverty, Kukah Laments

Study co-author Francisco Saute of Mozambique’s Manhica Health Research Centre said he had seen on the ground how USAID helped fight diseases such as HIV, malaria and tuberculosis.

Cutting this funding now not only puts lives at risk — it also undermines critical infrastructure that has taken decades to build,” he stressed.

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A recently updated tracker run by disease modeller Brooke Nichols at Boston University estimates that nearly 108,000 adults and more than 224,000 children have already died as a result of the US aid cuts.

That works out to 88 deaths every hour, according to the tracker.

’Time to scale up’ –

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After USAID was gutted, several other major donors, including France, Germany and the UK, followed suit in announcing plans to slash their foreign aid budgets.

These aid reductions, particularly in the European Union, could lead to “even more additional deaths in the coming years,” study co-author Caterina Monti of ISGlobal said.

READ ALSO:Why Nigeria’s Poverty Alleviation Programmes Fail – Ex-Rep Member

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But the grim projections are based on the current amount of pledged aid, so could rapidly come down if the situation changes, the researchers emphasised.

Dozens of world leaders are meeting in the Spanish city of Seville this week for the biggest aid conference in a decade.

The United States, however, will not attend.

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Now is the time to scale up, not scale back,” Rasella said.

Before its funding was slashed, USAID represented 0.3 percent of all US federal spending.

US citizens contribute about 17 cents per day to USAID, around $64 per year,” said study co-author James Macinko of the University of California, Los Angeles.

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“I think most people would support continued USAID funding if they knew just how effective such a small contribution can be to saving millions of lives.”

AFP

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