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Nigeria’s External Debt May Hit $45bn Before January

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Nigeria’s external debt may rise to $45.1bn by the end of 2024 as the Federal Government advances plans to secure additional external funding.

The Debt Management Office revealed in its latest report that the country’s external debt stock increased by $780m in the second quarter of 2024, growing from $42.12bn in March to $42.9bn as of June 2024.

In a fresh development, the Federal Executive Council, last Thursday, approved a $2.2bn external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing programme.

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The Minister of Finance, Wale Edun, announced the decision during a briefing with State House correspondents after the FEC meeting at the Aso Rock Villa in Abuja.

READ ALSO: Top 10 Things Nigerians Spend Their Money On Amid Hardship

According to Edun, the borrowing plan included a combination of Eurobond and Sukuk offerings, valued at $1.7bn and $500m, respectively.

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The funds were expected to bolster Nigeria’s fiscal stability amid ongoing economic reforms.

Edun said the final allocation between the financial instruments would be determined based on market conditions and advice from transaction advisors, pending National Assembly approval.

“The first (memo) was to complete the borrowing programme of the FG in terms of the external borrowing with the approval of the $2.2bn financing programme made up of access to the international capital market for some combination of the Euro bond offer and the Sukuk bond offer.

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“A Euro bond of about $1.7bn and Sukuk financing of another $500m the actual makeup of the financing which will be done as soon as the National Assembly has considered and seen fate to hopefully approve of the borrowing plan and the external borrowing approval is given, it will be done this year, as soon as possible after approval.

READ ALSO: Niger Targets N1m Minimum Wage For State Civil Servants

“The actual combination of instruments that will be raised will depend on what the advisors, the transaction advisors, the commercial advisers, and what they say about market conditions at the time we decide and we want to enter the market,” Edun explained.

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In its report, the DMO noted that Nigeria’s external debt experienced a notable increase in its naira valuation between March 31, 2024, and June 30, 2024, due to naira devaluation.

On March 31, 2024, the total external debt was valued at $42.12bn, equivalent to N56.02tn, using an exchange rate of N1,330.26/$1.

By June 30, 2024, the external debt rose marginally to $42.90bn but surged to N63.07tn in naira terms due to a higher exchange rate of N1,470.19/$1.

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This represents a 12.59 per cent increase in the naira valuation of external debt within the period, largely driven by the naira’s depreciation.

READ ALSO: JUST IN: Nigeria’s Chidimma Adetshina Emerges Second At Miss Universe 2024

While the dollar-denominated debt grew by just 1.87 per cent, the significant devaluation amplified the burden of external debt in local currency terms, further emphasising the exchange rate’s critical role in Nigeria’s debt sustainability.

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Justifying the borrowing, Edun said the external financing initiative aligned with the administration’s broader economic recovery plan, which focused on stabilising macroeconomic conditions, adjusting market pricing for foreign exchange and petroleum products, and supporting local production.

He added that, earlier in the year, Nigeria’s successful domestic issuance of dollar bonds highlighted the growing resilience and sophistication of the country’s financial market, attracting both local and international investors who showcased confidence in the Federal Government’s economic reform agenda.

READ ALSO: Reps To Investigate NNPC’s $2.26bn Debt

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The PUNCH earlier reported that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

This was according to data from the Central Bank of Nigeria on international payment statistics.

The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.

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Former Delta North senator Peter Nwaoboshi Dies

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Peter Nwaoboshi, the former senator representing Delta north, is dead.

Details of the circumstances surrounding his death were unclear at the time of this report, but according to reports, the former senator died in Abuja on Friday, aged 68.

In a statement, Sheriff Oborevwori, governor of Delta, expressed “profound grief” over the demise of the former lawmaker.

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The governor described his demise as a monumental loss to the state, the Anioma nation, and Nigeria.

READ ALSO:Woman Taken For Dead Wakes Up Inside Coffin Few Minutes To Her Cremation

In a condolence message signed by Festus Ahon, his chief press secretary (CPS), Oborevwori hailed the late Nwaoboshi as a dedicated son of Delta and a bold champion of Anioma interests, whose legacy in nation-building will endure.

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The governor said the late senator’s distinguished tenure in the national assembly, particularly as chairman of the senate committee on Niger Delta affairs.

Nwaoboshi lived a life of service to his people, his party, and the country, bequeathing a heritage of bravery, loyalty, and commitment to public duty,” Oborevwori said.

READ ALSO:Fourteen Nigerian Banks Yet To Meet CBN’s Recapitalisation Ahead Of Deadline

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“On behalf of the Delta State government and people, I mourn my dear friend, Senator Peter Onyelukachukwu Nwaoboshi.

I extend deepest condolences to his family, the Anioma people, members of the All Progressives Congress, and everyone touched by his life.

“May God grant his soul peaceful rest and comfort to all who grieve this irreplaceable loss.”

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Grassroots To Global Podium: Edo Sports Commission Marks Enabulele’s First Year In Office

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The Indoor Sports Hall in Benin City came alive on Wednesday as the Edo State Sports Commission rolled out the drums to celebrate the first anniversary in office of its Executive Chairman, Hon. Amadin Desmond Enabulele. Management, staff, coaches and athletes gathered in an atmosphere charged with pride, reflection and optimism.

The colourful ceremony drew executives and members of various sports associations, officials of the Sports Writers Association of Nigeria (SWAN), coaches, athletes and other key stakeholders in Edo sports.

In her welcome address, the Acting Permanent Secretary of the Commission, Mrs. A. P. Amenze, praised Hon. Enabulele for what she described as focused and purposeful leadership. She said the past year had seen renewed confidence, discipline and energy return to the state’s sports ecosystem.

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Adding excitement to the event were exhibition bouts and demonstrations by the Kung Fu, Karate, Taekwondo and Judo associations, staged in honour of the Executive Chairman.

READ ALSO:2025 NYG: Enabulele Charges Edo Coaches On Performance

Speaking for SWAN Edo State, Chairman Comrade Kehinde Osagiede commended Hon. Enabulele’s open-door leadership style and consistent support for sports development. He noted that the Commission had effectively driven Governor Monday Okpebholo’s “Catch Them Young” policy through practical grassroots programmes that identify and groom young talents across the state.

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In recognition of his contributions to sports development and media relations, Comrade Osagiede conferred the Patronship of SWAN Edo State on Hon. Enabulele and presented him with a special anniversary card.

Goodwill messages followed from Executive Directors of the Commission, including Hon. Frank Ilaboya (Edo North), Coach Baldwin Bazuaye, MON (Edo South), Barr. Anthony Ikuenobe (Edo Central), and Mrs. Sabrina Chikere, Executive Director, Sports Development and Operations. Representatives of coaches, athletes and sports associations also took turns to acknowledge the progress recorded under the current leadership.

In his stewardship address, Hon. Enabulele expressed gratitude to Governor Monday Okpebholo and Deputy Governor Rt. Hon. Dennis Idahosa for the trust placed in him, noting that their backing and shared vision had driven the Commission’s achievements.

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READ ALSO:Enabulele Lauds Okpehbolo For Creating Enabling Environment For Football To Thrive

He highlighted Team Edo’s third-place finish at the 9th National Youth Games in Asaba, where the state recorded its best-ever outing with 79 medals—33 gold, 18 silver and 28 bronze—reinforcing Edo’s reputation as a national sports powerhouse.

The Chairman also pointed to the impact of inclusive and grassroots sports programmes, citing Favour Ojeabu, a visually impaired para-cyclist who won three gold medals to emerge Africa’s champion at the African Track Para-Cycling Championship in Egypt.

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Other milestones listed included outstanding performances by Edo para powerlifters on the international stage, historic achievements in cricket, weightlifting, cycling, judo and deaf athletics, as well as structural reforms such as the repositioning of Bendel Insurance FC and deeper investment in grassroots sports development.

Cultural performances added colour and tradition to the celebration, as stakeholders closed the event united in their assessment of the past year as a truly transformative period for sports development in Edo State.

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Otuaro Tasks Media On Objective Reportage

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The Administrator, Presidential Amnesty Programme (PAP) Dr. Dennis Otuaro has charged media practitioners particularly members of the Ijaw Publishers’ Forum to promote ethical journalism through their reportage.

He gave the charge in Warri on Wednesday during the 2nd Annual Ijaw Media Conference organised by the Ijaw Publishers’ Forum (IPF).

Represented by Princewill Binebai, spokesman, Ijaw Youth Council (IYC) Worldwide, Otuaro while stating that the Niger Delta stories have been told in such a way that is quite different from what is obtainable in the real sense, said this, IPF must do everything possible to correct.

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The administrator added: “I am happy that Ijaw journalists have boldly come out together to champion the Ijaw struggle in a very dynamic perspective”.

READ ALSO:IPF Hosts Media Conference, Seeks Protection For N’Delta Environment

“The Ijaw story was misrepresented over the years, but IPF’s emergence had corrected this error and the story is gradually changing for better.”

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Otuaro, however, challenged Ijaw media practitioners to be objective, truthful, accurate and fearless in their reportage to correct many years anomalies of the Ijaw struggle.

He admonished members of IPF to see themselves as brothers and love one another in the discharge of their activities to achieve a common goal.

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