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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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Abacha Wanted Me Dead’ – Obasanjo Reveals Details Of His Secret Arrest

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Former Nigerian President Olusegun Obasanjo has disclosed how he rejected an offer of political asylum from the United States despite warnings that he could be arrested if he returned to Nigeria.....KINDLY READ THE FULL STORY HERE▶

The former leader also recounted how he left the Nigerian Army to pursue farming before his return to the country led to his arrest and imprisonment under the administration of late military Head of State, General Sani Abacha.

Obasanjo shared the experience while discussing his encounter with Abacha in an interview featured in a video published by BBC News Pidgin on Tuesday.

The 89-year-old explained that he ventured into agriculture after leaving office as Nigeria’s military Head of State in 1979.

According to him, his farming business was progressing successfully until Abacha allegedly made plans to eliminate him.

Obasanjo said he had not intended to retire from the Army at the age of 42, but had reached the highest position possible in the military, having become a four-star general and Head of State.

He said, “When I was leaving government as military head of state, there was, I was leaving too early. I didn’t join the army to retire at the age of 42.

“Now I had to retire at the age of 42. At the age of 42, I had become a four-star general. There’s nothing else I can do in the army. I’ve become the military head of state. That’s the highest political office I could rise.

“So what can I do? I decided I would go into farming. It really was going well, and it went well until I was arrested. Abacha had decided that I must be liquidated; otherwise he would not be able to have his way.”

The former President further disclosed that he was unaware of the alleged plan against him until the American ambassador to Nigeria contacted him while he was travelling.

According to Obasanjo, the ambassador informed him that the US government had offered him political asylum because it anticipated that he would be arrested if he returned to Nigeria.

However, he said he rejected the offer because he believed he had committed no offence that warranted an arrest.

He explained that upon arriving in Nigeria, his passport was seized, and he headed to his farm, only to discover that security operatives had surrounded the premises.

Obasanjo said a plain-clothes police officer later approached him, claiming that an Assistant Inspector-General of Police (AIG) wanted him to assist with an issue.

He recalled rejecting the invitation, insisting that the AIG should personally come to his farm if he needed his assistance.

The former leader said he eventually drove himself to the police station, where the AIG informed him that he had been instructed to arrest him.

Obasanjo added that he was subsequently detained, and former US President Jimmy Carter later intervened on his behalf, leading to his placement under house arrest.

However, he said security operatives returned one night while he was playing squash at about 1 a.m. and took him away to prison.

He said, “I didn’t know that it was a decision of Abacha that some of us must not be kept free; otherwise, he would feel unsafe. I was put in a place. Then President Jimmy Carter came. He pleaded, and then they put me under house arrest.

“Then they came one day; I was playing squash at about 1 am. They came and said they were taking me away. And they took me away, and from there, I went to prison.”

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‘Abacha Wanted Me Dead’ – Obasanjo Reveals Details Of His Secret Arrest.

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Former Nigerian President Olusegun Obasanjo has disclosed how he rejected an offer of political asylum from the United States despite warnings that he could be arrested if he returned to Nigeria.....KINDLY READ THE FULL STORY HERE▶

The former leader also recounted how he left the Nigerian Army to pursue farming before his return to the country led to his arrest and imprisonment under the administration of late military Head of State, General Sani Abacha.

Obasanjo shared the experience while discussing his encounter with Abacha in an interview featured in a video published by BBC News Pidgin on Tuesday.

The 89-year-old explained that he ventured into agriculture after leaving office as Nigeria’s military Head of State in 1979.

According to him, his farming business was progressing successfully until Abacha allegedly made plans to eliminate him.

Obasanjo said he had not intended to retire from the Army at the age of 42, but had reached the highest position possible in the military, having become a four-star general and Head of State.

He said, “When I was leaving government as military head of state, there was, I was leaving too early. I didn’t join the army to retire at the age of 42.

“Now I had to retire at the age of 42. At the age of 42, I had become a four-star general. There’s nothing else I can do in the army. I’ve become the military head of state. That’s the highest political office I could rise.

“So what can I do? I decided I would go into farming. It really was going well, and it went well until I was arrested. Abacha had decided that I must be liquidated; otherwise he would not be able to have his way.”

The former President further disclosed that he was unaware of the alleged plan against him until the American ambassador to Nigeria contacted him while he was travelling.

According to Obasanjo, the ambassador informed him that the US government had offered him political asylum because it anticipated that he would be arrested if he returned to Nigeria.

However, he said he rejected the offer because he believed he had committed no offence that warranted an arrest.

He explained that upon arriving in Nigeria, his passport was seized, and he headed to his farm, only to discover that security operatives had surrounded the premises.

Obasanjo said a plain-clothes police officer later approached him, claiming that an Assistant Inspector-General of Police (AIG) wanted him to assist with an issue.

He recalled rejecting the invitation, insisting that the AIG should personally come to his farm if he needed his assistance.

The former leader said he eventually drove himself to the police station, where the AIG informed him that he had been instructed to arrest him.

Obasanjo added that he was subsequently detained, and former US President Jimmy Carter later intervened on his behalf, leading to his placement under house arrest.

However, he said security operatives returned one night while he was playing squash at about 1 a.m. and took him away to prison.

He said, “I didn’t know that it was a decision of Abacha that some of us must not be kept free; otherwise, he would feel unsafe. I was put in a place. Then President Jimmy Carter came. He pleaded, and then they put me under house arrest.

“Then they came one day; I was playing squash at about 1 am. They came and said they were taking me away. And they took me away, and from there, I went to prison.”

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Wike Drops ₦10m Condition For Councillors Seeking Rainbow Coalition Support.

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has announced a ₦10 million financial incentive for every councillor who successfully delivers his political ward for President Bola Tinubu in the January presidential election.....KINDLY READ THE FULL STORY HERE▶

Wike made the announcement on Monday while addressing political stakeholders, traditional rulers and other political actors in Kwali.

He explained that the initiative was part of a wider grassroots mobilisation strategy by the Rainbow Coalition to secure support for Tinubu ahead of the election.

The minister urged councillors to work with political leaders and mobilise voters in their respective wards, stressing that those who successfully deliver their wards would receive ₦10 million.

Wike said, “For the councillors, you have a task. I will hold a meeting with you again and I will now say the way I am going to mobilize you but I will give you a bet, like what is happening in the stars, it’s a competition.

“Anybody who delivers his ward, if you deliver your ward, that is what the Rainbow Coalition has decided to do as mobilization and support for Mr President.

“We have to start in the FCT. The Rainbow Coalition all over the federation, as a form of mobilization for Mr President to win this election, we are saying that any councillor that delivers his ward will come and take ₦10 million.

“We want to mobilize for Mr President. So, go to your wards, go and see your leaders. I know only you cannot do it but we are using you as instrumentality to your leaders. Go and meet your leaders and say, ‘Look, there is something that has come. We must not allow this thing to go. Let’s deliver our ward for Mr President’,” he urged.

Meanwhile, the FCT minister also addressed concerns about the welfare and remuneration of councillors in the territory.

The Chairman of the National Councillors Forum of Nigeria (FCT Chapter), Gambo Hamza, had raised concerns over their earnings, disclosing that councillors receive a monthly salary of ₦260,000.

Reacting, Wike described the amount as unacceptable and promised to engage the Permanent Secretary and relevant administrative offices to review their remuneration.

He also pledged to explore ways of addressing bureaucratic challenges affecting efforts to improve the welfare of councillors and strengthen local governance.

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