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

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The Debt Management Office of Nigeria has revealed that Nigeria’s public debt surged to N97.34trn ($108bn) as of the fourth quarter of 2023.

DMO disclosed this in a statement made available to journalists on Friday.

Public debt is one of the ways for a country to get extra funds for economic development. This way, a country can plan and undergo bigger projects that can aid its development.

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The statement partly read, “Nigeria’s Public Debt Stock as of December 31, 2023, was N97.34tn or $108.229bn.

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

“This amount comprises the Domestic and External Debt Stocks of the Federal Government of Nigeria, the 36 States Governments and the Federal Capital Territory.”

The document revealed that this amount indicates an increase of N89.43tn over the comparative figure for September 2023 which was largely due to new domestic borrowing to partly finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.

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It noted that, at N59.12trn, Total Domestic Debt accounted for 61 per cent of the Total Public Debt Stock, while External Debt at N1438.22trn accounted for the balance of 39 per cent.

READ ALSO: JUST IN: FG Plans Audit f N23trn Ways And Means Debt– Edun

“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,” the document added.

The DMO says it has continued to employ the best practices in public debt management and is committed to shore up the country’s revenue.

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“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,” it stated.

Meanwhile, in December 2023, Nigeria’s total public debt rose marginally by 0.61 per cent quarter-on-quarter to N87.91trn in the third quarter of 2023.

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Poly Students Kick Over Scrapping Of HND Pharmacy Tech

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Members of the National Association of Polytechnic Students have kicked against the scrapping of Pharmaceutical Technology from the list of Higher National Diploma programmes in Nigeria.

They faulted the agreement between the Pharmacy Council of Nigeria and the National Board of Technical Education, approved by the Federal Government through a memorandum of understanding to accredit and train only National Diploma Pharmacy Technicians.

NBTE and PCN signed this MOU on April 17, at the headquarters of the Federal Ministry of Education in Kaduna, which was chaired by the Minister of State for Education, Tanko Sununu, and other directors in the ministry, after they resolved the 22-year-old issue on pharmaceutical technologists training.

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In a statement released by the Coordinator of the National Association of Polytechnic Students, South West Zone, Monday Obasanya, on Wednesday, the association criticised this action.

READ ALSO: Benue To Build Brewery As Residents Spend N850m On Beer Monthly

Obasanya expressed concern over the future employment prospects of graduates of this course in the labour market, following its dis-accreditation by relevant bodies. He called for a reversal of this decision.

“The dis-accreditation of the course has not only left thousands of students and graduates in a state of uncertainty but also raised questions about their employability and prospects. We are worried that the graduates of this course, who have invested significant time and resources in their education, may be denied opportunities in the labour market due to the perceived invalidation of their qualifications.

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“We fear that this decision will lead to a waste of human resources, as many of these graduates may be forced to abandon their chosen career paths and seek alternative fields, leading to brain drain and loss of expertise in the healthcare sector. This is unacceptable and has far-reaching implications for the country’s development.

“We demand that the Federal Ministry of Education, NBTE, and PCN take immediate action to address the concerns of the affected students and graduates. We call for a reversal of the dis-accreditation decision and validation of the Pharmaceutical Technology course in polytechnics,” Obasanya said.

READ ALSO: NLC, TUC Give NERC Deadline To Reverse Hike In Electricity Tariff

He added that prospective employers of labour in the health sector should not undermine the qualifications of graduates from this field, and provide available opportunities to them.

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Speaking with our correspondent, a student, Omolola Omon said she was disheartened when she heard the news.

She said, “Segregation has been in existence for a long time, students who want to apply for direct entry are being turned down just because they studied pharmaceutical technology in polytechnic.

“My colleagues are bothered and confused about their fate after graduation. If the medical sector cannot accept them, what is now the essence of going for the program.”

READ ALSO: Find The Man Who Stole $30000 From Me, Get $2000 Reward – Nigerian Man Cries Out

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Sunday Oguntola, a recent graduate of Pharmaceutical Technology said he is displeased with the unjust dis-accreditation by both parties, as he described it as an inconsiderate decision with no weighty reason.

“This is not just unfair but inhumane and we perceive the serious attempt of the government to truly take education out of the reach of the common masses. This issue has also brought concern to the current students on campus that have been offered that course and also students who are graduates of this discipline.

“We want to issue a 48-hour ultimatum to President Bola Tinubu to call to order his Minister of Education, not by any means to render our certificate useless else, we will take to the streets to speak to them in the only language they understand. We would not allow five years of our journey to be wasted,” Oguntola said.

When contacted, the spokesperson for the NBTE, Fatima Abubakar, in a text, promised to get back to our correspondent but no response was gotten at the time of filing this report.

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Please bear with me, I want to get the information from the source. I will get back to you,” Abubakar said.

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BREAKING: ALGON Accuses Fubara Of Withholding LG Funds, Backs Impeachment Call

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The Rivers State chapter of the Association of Local Government Areas of Nigeria has accused Governor Siminalayi Fubara of witholding its funds meant for the 23 LGAs in the state.

The state ALGON said the action had denied them of their functions in the administration of the third tier of government.

The LG chairmen said the action of the Governor is tantamount to proscribing local government councils in the state, even as they backed the call by the Caretaker Committee Chairman of the All Progressives Congress, Tony Okocha, for the State House of Assembly to commence impeachment procedings against the Governor.

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READ ALSO: Rivers Crisis: Again, Amaewhule-led Assembly Overrides Fubara, Passes LG Bill Into Law

The State ALGON Chairman and Chairman of Port Harcourt City Local Government Area, Allwell Ihunda, stated this at a news briefing in Port Harcourt on Wednesday.

READ ALSO: SERAP Gives FG 48-hr Ultimatum To Reverse CBN’s 0.5% Cybersecurity Levy

Ihunda stated, “It has come to the notice of the Association of Local Governments of Nigeria, Rivers State chapter, that the Rivers State Government, under the leadership of His Excellency, Sir Siminalayi Fubara, has neglected, failed, and deliberately refused to hold the statutory Joint Account Allocation Committee Meeting which is the prerequisite for the release and disbursement of funds due to the local government in the State Joint Local Government Accounts.

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“And has continued to withhold the statutory allocations due to the 23 local government councils of Rivers State since April 2024.

“And in the case of Emuoha LGA since March 2024 till date for no just course, thereby starving the third tier of the government of the funds required to discharge its statutory functions in the administration of the local government areas.”

Details later…

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The New Masquerade’ Actress, Ovularia Is Dead

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Veteran actress, Madam Elizabeth Evoeme, who starred as Ovularia in the 80s TV sitcom ‘The New Masquerade’, is dead.

Born on December 1, 1942, Ovularia’s demise was confirmed by a family member who stated that she died surrounded by loved ones.

According to the statement, the actress died in Port Harcourt, Rivers State capital.

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The statement read, “Friends, fans, colleagues, the family of the legendary actress, Elizabeth Lizzy ‘Ovularia’ Evoeme, would like to notify the public, all those who loved her and her work in ‘The new Masquerade,’ of her passing.

READ ALSO: Porn Star Testifies Against Trump At Hush Money Trial

“Elizabeth ‘Ovularia’ Evoeme will be dearly missed and was extremely loved by her family and also by you, her fans.

“We thank you all for your support and for respecting our privacy at this time. God bless you all and may our dear Elizabeth ‘Ovularia’ Evoeme rest in perfect peace, now and always.”

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However, details of her death were not revealed.

READ ALSO: ‘I’m Considering Having 4th Child’ – Mother Of Three Who Breastfeeds Husband , 3 Kids [PHOTOS]

Ovularia’s daughter, Justina Ngozi Evoeme, based in London, described her mother’s death as painful and shocking, stating, “I need to get my head around what has happened.”

Her death comes four and a half years after she was rumoured to have died on November 5, 2019.

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The rumour was disputed by Chika Okpala, known for his portrayal of Chief Zebrudaya Okoroigwe Nwaogbe, also known as 4.30 in the sitcom.

 

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