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Nigeria’s External Debt May Hit $45bn Before January
Published
9 months agoon
By
Editor
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.
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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.
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“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.
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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.
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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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News
Edo Sports Commission Boss Celebrates Okpehbolo On Birthday
Published
4 hours agoon
August 29, 2025By
Editor
The Executive Chairman of the Edo State Sports Commission, Hon. Amadin Desmond Enabulele, has felicated with Governor Monday Okpebholo, on the occasion of his birthday.
In a statement issued on Friday by his Media Officer, Edoko Wilson Edoko, Enabulele Okpebholo as a visionary leader whose dedication to the growth and development of the state has continued to inspire confidence and admiration across all sectors, especially sports.
Enabulele, who highlighted the governor’s unwavering commitment to youth empowerment through sports development, noted that under his leadership, Edo State has witnessed significant strides in grassroots sporting initiatives and infrastructure.
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“His Excellency, Senator Monday Okpebholo, is not just a political leader but a beacon of hope for the younger generation.
“His passion for excellence and inclusive governance is evident in the way he has continued to support policies that uplift our youths and promote sporting excellence,” the statement read.
The Executive Chairman prayed for long life, good health, and continued wisdom for the governor as he steers the affairs of the state towards greater prosperity.
“On behalf of the entire Edo State Sports Commission, I extend our warmest birthday wishes to His Excellency at 55. May this new chapter of his life be filled with more accomplishments and divine grace,” he added.

The Oba of Benin, Ewuare II, has suspended two of his chiefs for falling for dereliction of duties.
This was contained in a statement signed by the Secretary to the Benin Traditional Council (BTC), Frank Irabor and made available to journalists in Benin City.
He said their suspension was as a result of their long absence from the palace, resulting in their failure to carry out their palace responsibilities.
The suspended persons are: Chief John Igiehon, the Izuwako of Benin and chief Aimiukpomonyako Oghogho (Ebengho), the Oyenmwensoba of Benin.
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“The under-mentioned two (2) chiefs have been suspended from the Palace of the Oba of Benin.
“This is as a result of their long absence from the Palace, resulting in their failure to carry out their Palace responsibilities.
“The public is advised to be wary of unscrupulous chiefs that are no longer functioning in the Palace. His Royal Majesty has approved their _ Suspension and directed the public be duly informed.
“The names of the chiefs are: – ; 1. CHIEF JOHN IGIEHON, THE IZUWAKO OF BENIN and, _ 2 CHIEF AIMIUKPOMONYAKO OGHOGHO (EBENGHO), THE OYENMWENSOBA OF BENIN”, the statement said.
News
Lawyers Fault EFCC Statement, Say It’s Misleading
Published
15 hours agoon
August 28, 2025By
Editor
Some legal practitioners in Bauchi state have faulted the Economic and Financial Crimes Commission (EFCC) official statement about their client on Wednesday, adding that it was erroneous, false and misleading.
It could be recalled that EFCC posted on its official Facebook handle that a Bauchi State High Court has cleared the commission to proceed with its investigation of a former Chairman of the Peoples Democratic Party in Bauchi State, Hamza Koshe, and his company, Pentech Engineering Nigeria Ltd.
According to the EFCC statement, the commission said Justice Aliyu Baba, in a judgment delivered on July 30, 2025, dismissed an application by Koshe seeking to restrain the EFCC and the Independent Corrupt Practices and Other Related Offences Commission from probing him.
However, in a statement jointly signed and made available to newsmen in Bauchi on Thursday by Jibrin S. Jibrin Esq, M.M. Usman Esq, H.B. Pali Esq, Abbas Ibrahim Esq, I.G. Agwam Esq and Salome Audu Esq all counsel to Pentech Engineering Nigeria Ltd & Anor as well as Koshe insisted that the statement was misleading.
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According to them, the EFCC owed the public the duty of relating only the truth of what the courts decided as regards the contract financing agreement in the issues their clients were parties.
“Our attention as the legal representatives of Pentech Engineering Nigeria Ltd & Alhaji Hamza Koshe in respect of suit No. BA/271/2024 has been drawn to the statement posted on the official page of the EFCC on Wednesday, where the Commission supposedly rendered an analysis of the judgement delivered by the High Court of Justice No. 4 Bauchi Presided by Justice Aliyu Usman on the 30th July 2025.
“Now against the background of the erroneous, false and misleading publication by the EFCC on the matter, we deem it necessary to set the records straight by stating what actually is the truth of the matter in terms of the enrolled judgment Order of the Court to which this press release is attached.
“It is proper to state as a fact that in an earlier judgement relating to the subject of this release, the verdict of the High Court of Justice No. 10 Bauchi presided by Justice M. M. Abubakar delivered on the 19th December, 2024 is to the effect that the Contract Financing Agreement the subject matter of the suit having been found to be valid and not contravening any law remains enforceable hence, Pentech Engineering Nigeria Ltd is accorded the applicable injunctive reliefs as regards the activities of the Commission.
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“We state as a fact that the main question of law determined in Justice Aliyu Baba Usman’s judgment is to the effect that the Contract Financing Agreement the subject of the suit is valid.
“The EFCC failed to state in its statement in reference the fact that many parties and contractors concerned or involved in the Contract Financing Agreement in the issue have been invited by the Commission with virtually all of them responding, honoring its invitation on the matter and thereby discharging their legal obligation speak volumes of ‘the bidding of some’ which the publication seeks to achieve ab initio,” said the lawyers.
The counsel added that the mischief and deliberate misrepresentation in EFCC’s statement could be seen when not only did it make no mention of this fact but also created the impression that their clients went to Court to evade investigation on the matter.
They said that Koshe was a guest of the Commission having honored its invitation in September 2024 which he was released on administrative bail, the terms and conditions applicable to which he has been observing.
READ ALSO: EFCC Recovers Funds Lost To CBEX Fraud, Forfeiture Process Underway — Olukoyede
“It is also important to clarify as a fact that there is no truth at all in the Commission’s statement to the effect that our client sought a perpetual injunction of general nature against the Commission’s activities.
“The truth about the reliefs sought by our clients is as contained in the Court’s processes filed in the suit in reference.
“We challenge the Commission to provide evidence of where our client ever sought a perpetual injunction at large or of general nature against it or any other body duly established by law.
“We urge members of the public to disregard in its entirety EFCC’s statement on the subject and be guided in its stead by the facts as contained in the relevant court processes to which this release is attached,” he said.
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