News

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

Published

11 months ago

November 17, 2024

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.

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.

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

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.

“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.

“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.

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.

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.

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.

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.

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.

News

ALGON Orders Edo Council Officials To Wear Tinubu’s signature Caps

Published

3 hours ago

October 18, 2025

Editor

The Edo State chairman of the Association of Local Governments of Nigeria (ALGON), Hon. Sunny Ekpetika Ekpeson, has ordered all 18 local government chairmen in the state to ensure their officials wear caps branded with President Bola Tinubu’s insignia during official meetings.

A statement released by his media aide, Agbukor Apeakhuye, said the instruction applies to supervisory councillors, senior special assistants (SSAs), and special assistants (SAs).

According to the statement, the move was meant to “visibly demonstrate grassroots solidarity with President Tinubu’s administration and political vision in Edo State.”

Apeakhuye said the decision followed Governor Monday Okpehbolo’s recent call for political alignment across the state.

He noted that displaying political symbols at the local level is a way to strengthen support for President Tinubu ahead of the 2027 general election.

“The pledged 3.5 million votes for President Tinubu from Edo State must not remain a mere aspiration,” Ekpeson said.

“We must begin to build that momentum from the grassroots now, and this includes symbolic acts that reflect our political commitment.”

He urged all local government leaders to take the directive seriously, saying a unified show of support would send a strong political message.

News

Ebonyi Auto Crash Kills Six, Injures 14

Published

4 hours ago

October 18, 2025

Editor

Six persons have been confirmed dead, while 14 others sustained varying degrees of injuries in a ghastly motor accident that occurred along the Nkalagu axis of the Abakaliki–Enugu Expressway on Saturday morning.

The tragic incident happened near the Nkalagu Flyover Bridge at about 9:30 am, throwing the busy highway into confusion as emergency responders raced to the scene.

Confirming the accident, the State Sector Commander of the Federal Road Safety Corps, FRSC, Mr. Henry Igwe, revealed that 22 people were involved in the crash. He attributed the accident to dangerous overtaking involving a commercial Toyota bus and a truck.

Igwe explained that some of the injured victims were immediately evacuated to a hospital in Enugu by FRSC personnel and Red Cross officials, while others were taken to the General Hospital, Ezzamgbo, Ebonyi State, for urgent medical treatment.

The FRSC official also urged motorists to exercise caution and avoid dangerous driving, especially during peak travel periods, to prevent further loss of lives on the highways.

News

Brigadier-General, Other Officers Detained Over Alleged Coup Plot To Overthrow President Tinubu

Published

10 hours ago

October 18, 2025

Editor

At least sixteen senior military officers have been detained by the Armed Forces of Nigeria for allegedly planning a coup d’etat to overthrow President Bola Tinubu, top sources have told SaharaReporters.

A coup d’état is an overt attempt by a military organisation or other government elites to unseat an incumbent person or leadership.

While the Nigerian military in a statement few days ago claimed the detention of the officers was linked to “repeated failure in promotion examinations and perceived career stagnation”, top sources revealed that they were actually arrested over a coup plot.

“The Armed Forces of Nigeria wishes to inform the public that a routine military exercise has resulted in the arrest of sixteen officers over issues of indiscipline and breach of service regulations,” the Director of Defence Information, Brigadier General Tukur Gusau had said in an ambiguous statement.

“Investigations have revealed that their grievances stemmed largely from perceived career stagnation caused by repeated failure in promotion examinations, among other issues.

“Some of the apprehended officers had been under jurisdiction for various offences, either awaiting or undergoing trial. Their conduct was deemed incompatible with the standards of military service.”

However, a senior official of the Defence Intelligence Agency involved in the arrest told SaharaReporters that the officers led by an Army Brigadier General were planning to stage a coup and take over government from “selfish politicians”.

He said the coup attempt was thwarted after an intelligence gathering by the DIA and sister agencies.

“The 16 officers were planning a coup. The military authorities were just being diplomatic in the statement released by the spokesperson. They have started doing secret meetings on how to overthrow the President and other top government officials,” the source told SaharaReporters.

“They’re all officers within the rank of Captain to Brigadier-General and are still in detention at DIA as we talk. They were picked recently at their various houses around the country. Their main objective was to overthrow President Tinubu and announce a military government.”

Another source added that the October 1 Independence Day parade was cancelled because of the coup attempt.

He said, “Yes, they were arrested for planning to stage a coup and take over government. That was the main reason why the Independence Day parade scheduled to hold on Wednesday, October 1 as part of activities marking the country’s 65th Independence Anniversary was cancelled.

“This was because intelligence reports showed they planned the coup on October 1st during a military parade. So the National Security Adviser and other service chiefs asked the Tinubu-led government to cancel the parade earlier scheduled to mark the day.

“Their plan was to shoot at the President and other top politicians during the event. The move by the military authorities announcing their arrests was to douse tension.”

Since Nigeria became independent in 1960, there have been five successful military coups.

Recently, there have been allegations of corruption in the military which some of the officers and soldiers have blamed for their loss of interest in the country’s military.