News

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

Published

2 years 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

Migration Agency Warns Migrants Against Irregular Travel Routes

Published

2 hours ago

May 28, 2026

Editor

The International Organisation for Migration (IOM), in collaboration with Giving is Healing Foundation, has sensitised residents of Ayobo in Alimosho Local Government Area of Lagos State on the dangers of irregular migration and the need to embrace legal travel procedures.

Speaking during a sensitisation programme held at Megida Ifelodu Community Development Association in Ayobo, the founder of Giving is Healing Foundation, Mr. Gbolahan Ayediran, warned intending migrants against using illegal travel routes.

Ayediran said many Nigerians desire to migrate abroad in search of better opportunities but often ignore proper procedures, thereby exposing themselves to several dangers.

“Lots of people want to migrate and most of them do it in the wrong direction. The reason for the programme is for us to advise people on how they can migrate in the right way. As much as migration is their right, they should do it correctly,” he said.

He advised intending travellers to obtain the necessary travel documents before embarking on any journey, noting that such documents include international passports, visas, flight tickets and yellow cards, depending on the destination country.

According to him, migrants should also gather adequate information about their destination countries to enable them make informed decisions before travelling.

Ayediran further highlighted some of the dangers associated with irregular migration, including abuse, exploitation, discrimination and forced labour.

Also speaking, the Chairman of Megida Ifelodu Community Development Association, Elder Mathews Amusan, commended the organisers for enlightening members of the community on safe migration practices.

He urged residents planning to travel abroad to always follow legal migration procedures to avoid falling victim to human trafficking and other migration-related challenges.

One of the participants, Mr. Kolawole Adenoko, said the programme enlightened him on the dangers of irregular migration and the importance of travelling through the proper channels.

He added that he would also educate his relatives and friends on the risks associated with illegal migration.

News

Shatta Wale Bailed Burna Boy From Ghana Prison After Arrest For Smoking Weed – Captan

Published

4 hours ago

May 28, 2026

Editor

Ghanian singer, Captan, has claimed that his former record label boss, Shatta Wale, once bailed Nigerian singer Burna Boy out of prison in Ghana after he was allegedly arrested for smoking weed.

Speaking in a recent podcast interview, Captan claimed that Shatta Wale sent him and others to free Burna Boy from police custody.

He also claimed that Shatta Wale and his group once accommodated Burna Boy when he was being hunted by some dangerous men.

Captan said, “I once bailed Burna Boy out of prison in Ghana when he was arrested for smoking weed. Shatta Wale sent me and some guys to go and free him from police custody.

“There was a time we also accommodated him when some people were after his life. We helped him settle the case.”

He added that he and Burna Boy are no longer in good terms after the Nigerian artist’s fallout with his mentor, Shatta Wale.

He, however, said he and Shatta Wale are open to reconciling with Burna Boy if he asks for it.

Watch the video here

News

Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

Published

20 hours ago

May 27, 2026

Editor

Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.
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‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”
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‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection
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It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.
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‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.
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‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.
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‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

“The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”
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