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Breaking: Domestic Borrowing Records A Remarkable 134% Jump-Reaching N52tn (Full Details)

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The Director-General of the Debt Management Office, Patience Oniha, has revealed that the total domestic debt stock may have surged by 133.95%, reaching N51.96tn by the end of 2023. This disclosure follows the Federal Government’s successful raising of N7.04tn through new domestic borrowing in the same year…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

 

 

 

 

Speaking at the discussions for the African Debt Managers Initiative Network in Abuja, Oniha highlighted the substantial growth in domestic borrowing compared to the previous year, emphasizing the robust market demand for government debt. Nigeria’s total domestic debt stood at N22.21tn by December 2022, soaring to N48.32tn by June 2023.

The significant increase was explained by the Debt Management Office, citing the inclusion of the N22.71tn securitized FGN’s Ways and Means Advances in domestic borrowings. Excluding this, the total domestic borrowings would have been N25.60tn. Combining the end-of-2022 domestic debt, new borrowings in 2023, and securitized Ways and Means Advances, the total domestic debt is estimated at N51.96tn.

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Oniha commented on the diverse investor base, including asset managers, fund managers, pension funds, insurance companies, and banks participating in government securities auctions. Despite global uncertainties, she expressed optimism about stability returning to the market based on available data.

Regarding the foreign market, Oniha noted higher rates due to inflation and cautious foreign investors, emphasizing their preference for highly rated securities offering attractive yields. She anticipated the government’s continued participation in the domestic market in 2024.

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On revenue challenges, Oniha acknowledged the country’s historical dependence on oil revenue and the efforts to improve revenue generation through fiscal reforms and taxes. She highlighted the potential reduction in borrowing needs with increased revenues, leading to improved service delivery and a lower debt-service to revenue ratio.

As of Q2 2023, Nigeria’s total public debt reached N87.38tn, encompassing both domestic and external debts of the Federal Government, states, and the Federal Capital Territory. Minister of Finance Wale Edun emphasized the need for revenue generation to reduce the reliance on borrowing, aligning with international efforts to stabilize economies and foster investment growth by curbing inflation.

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UNIABUJA Honours Odili, Ali, Issa As 17,300 Students Graduate.

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Yakubu Gowon University (formerly University of Abuja) has graduated 17,300 students at its combined 29th and 30th convocation ceremonies held on Saturday at the main campus.....KINDLY READ THE FULL STORY HERE▶

The university also conferred honorary Doctorate Degrees on Paul Odili, Founder and CEO of Paulo Group of Companies; Prof. Yusuf Ali, SAN; and Emmanuel Issa, in recognition of their contributions to society.

Vice Chancellor, Prof. Hakeem Fawehinmi, said the honourees were selected based on their character, achievements, and commitment to excellence.

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He urged graduating students to focus on what they can contribute to national development, stressing that character, discipline, and integrity would determine their success beyond the classroom.

According to him, certificates may open doors, but personal values and conduct will shape long-term achievements.

The Vice Chancellor also reminded the graduates to uphold the reputation of the institution wherever they go.

Fawehinmi disclosed that the 29th convocation covered the 2022/2023 academic session, while the 30th covered 2023/2024, with thousands graduating across undergraduate and postgraduate programmes.

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Speaking after receiving his honorary award, Dr. Odili dedicated the recognition to Nigerians with dreams and encouraged young people to remain persistent in pursuing their goals.

He also pledged support for the university, promising collaboration aimed at addressing key challenges facing the institution.

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FG Bans Importation Of Paracetamol, Metronidazole And Other Medicines.

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The Federal Government has released an updated list of items banned from importation into Nigeria, in a move aimed at protecting local industries and reducing pressure on foreign exchange.....KINDLY READ THE FULL STORY HERE▶

The revised prohibition schedule, dated April 1, 2026, outlines 17 broad categories of goods that are no longer allowed into the country through any entry point.

According to the Federal Ministry of Finance, the policy affects a wide range of products, including food items, pharmaceuticals, household goods, and industrial materials.

One of the most notable aspects of the list is the ban on several widely used medicines under specified HS codes, including paracetamol, metronidazole, cotrimoxazole, chloroquine, aspirin, folic acid, and some vitamin supplements. The government says these are now to be produced locally.

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The restriction also covers pharmaceutical waste, which remains completely prohibited.

In the agriculture and food sector, the importation of poultry, pork, beef, and eggs remains banned, although an exception was made for hatching eggs used for breeding and research purposes.

Retail-packaged vegetable oils, sugar products, cocoa derivatives, tomato paste, and certain bottled water products are also included in the import restrictions, with emphasis on encouraging local production.

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The policy further bars detergents, soaps, ballpoint pens and refills, cement, certain fertilizers, packaging materials, and specific steel and glass products.

The Nigeria Customs Service has been directed to enforce the new rules strictly, with importers and businesses advised to comply fully to avoid seizure of goods and penalties.

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Momodu Defends Atiku Amid Age Criticism Ahead Of 2027 Presidential Contest.

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ADC chieftain and publisher, Dele Momodu, has dismissed calls for former Vice President Atiku Abubakar to withdraw from the 2027 presidential race, describing the push as unfair and politically motivated.....KINDLY READ THE FULL STORY HERE▶

Momodu was reacting to comments by activist Zekeri Idris Jnr, a supporter of Peter Obi, who urged Atiku to step aside over concerns about his age, which would be about 80 by 2027.

In a post on his X handle on Saturday, Momodu said attention should be focused on holding the government accountable rather than targeting Atiku’s political ambition.

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The exchange followed a viral video where Idris insisted that Atiku should support younger aspirants instead of contesting, arguing that voters would not back an elderly candidate.

Idris also suggested that Atiku should act as a statesman and support younger politicians such as Rabiu Musa Kwankwaso and others.

Responding, Momodu cited several world leaders who held office at advanced ages, arguing that experience should not be dismissed in leadership discussions.

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He questioned what should disqualify Atiku from contesting, insisting that age alone is not a valid reason.

Atiku, who lost the 2023 presidential election to President Bola Tinubu, is reportedly considering another run in 2027 under the African Democratic Congress (ADC).

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