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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.

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.

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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OBIDIENT WAVE OR LEGAL WRECK? NDC Uploads Obi To INEC Portal As Party Fights To Stay Afloat!.

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The Nigeria Democratic Congress (NDC) has officially announced the successful submission of Peter Obi’s name as its presidential candidate on the Independent National Electoral Commission (INEC) nomination portal.....KINDLY READ THE FULL STORY HERE▶

In a statement released on Monday, the party’s National Leader, Senator Seriake Dickson, confirmed that the NDC has also initiated legal action by filing an appeal against a recent court ruling, alongside an application for a stay of execution. Documentation regarding these legal steps has been formally served to the INEC Chairman and the commission.

Senator Dickson emphasized that the party has been granted access to the INEC portal to submit its candidates in compliance with the established electoral schedule. He provided several key updates:

  • Candidate Submission: Peter Obi and Senator Dickson’s own names have already been uploaded to the portal, with the vice-presidential candidate’s submission expected to follow shortly. The process remains ongoing for other party candidates.

  • Adherence to Timetable: The party is strictly following the INEC calendar, noting that there is sufficient time—until the 11th of next month for National Assembly candidates and July 17th for gubernatorial and State Assembly candidates—to complete all filings.

  • Internal Reconciliation: Senator Dickson thanked all aspirants who participated in the party’s primaries, acknowledging that while the process was not perfect, reconciliation efforts are underway to ensure all stakeholders remain involved in the party’s future campaigns and structures.

  • Commitment to Democracy: The party leadership expressed a firm commitment to defending Nigeria’s multi-party democracy against political interference.

  • Recognition of Institutions: The NDC commended INEC, led by Professor Joash Amupitan, for their professional handling of the registration process and recent court-mandated actions, while calling for continued unity among political leaders to uphold the integrity of national institutions.

Senator Dickson concluded by stating that with the legal appeals now filed, the party awaits a judicial resolution, expressing confidence that the law will prevail.

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THEY’RE SAFE! Joy As Police Successfully Hunt Down Abductors And Rescue Captive Children!.

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The Oyo State Police Command has successfully rescued two abducted children and apprehended four suspects following intelligence-led operations across the state.....KINDLY READ THE FULL STORY HERE▶

  • The operation was initiated after armed men attacked Ebinpejo Village in the Ibarapa East Local Government Area and kidnapped two children.

  • Commissioner of Police Abimbola Ayodeji Olugbenga organized a joint rescue team comprised of police, the Amotekun Corps, local vigilantes, and hunters.

  • Security forces used intelligence and technical support to locate the kidnappers’ forest hideout, leading to a gun battle where the security team faced fire from the suspects.

  • Four suspects were taken into custody: Umaru Usman (25) and Abdullahi Ahmed (28) were arrested with gunshot wounds, while Sunday Idowu (30) and Muhammed Ibrahim Shina (29) were identified as collaborators.

  • The rescued children were reunited with their families after receiving medical treatment for injuries sustained during their captivity, and the four suspects are currently assisting with further investigations.

  • Police recovered three mobile phones from the suspects and have pledged to continue operations to clear the state of criminal elements.

Government Security Initiatives

  • Governor Seyi Makinde reaffirmed his administration’s commitment to the safety of all citizens, particularly focusing on the safe return of abducted pupils and teachers in the Oriire Local Government Area.

  • To support security operations, the state government approved a 16-hour temporary curfew in 10 local government areas near the Old Oyo National Park.

  • Governor Makinde emphasized that school safety remains a top priority and that the state is preparing for safe school resumptions.

  • The delivery of the state’s surveillance aircraft is in its final phase, with slight delays caused by necessary operational and regulatory procedures.

  • Governor Makinde assured the public that once the technical processes are complete, the aircraft will be fully operational.

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NOMINATION COUNTDOWN: APC, PDP, NDC, And Others Scramble To Meet Critical INEC Deadline!.

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The Independent National Electoral Commission (INEC) has officially issued access codes to nine registered political parties, including the All Progressives Congress (APC), Peoples Democratic Party (PDP), African Democratic Congress (ADC), and Nigeria Democratic Congress (NDC), to facilitate the submission of candidate names for the 2027 general elections. These candidates are slated to compete in presidential, gubernatorial, and legislative races, excluding off-cycle governorship contests in Kogi and Osun states.....KINDLY READ THE FULL STORY HERE▶

Clarification on Portal Access

  • A senior INEC official refuted allegations that the NDC was blocked from the nomination portal, affirming that the party was among those that successfully received access credentials.

  • The official emphasized that the commission has no grounds to deny any registered party access and remains committed to maintaining a transparent and level playing field.

  • This statement directly addressed claims made by NDC National Publicity Secretary Osa Director, who previously alleged that the party was told the commission would “get back to them” regarding the codes.

  • The NDC official had suggested that any potential delays in candidate submission should not be attributed to the party.

  • INEC indicated that more parties are expected to receive their credentials shortly, likely increasing the total number of parties with portal access to approximately 13.

  • The commission has urged the public to dismiss rumors regarding the exclusion of any political party from the nomination process.

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