Politics
Breaking: Domestic Borrowing Records A Remarkable 134% Jump-Reaching N52tn (Full Details)
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.
The Osun State chapter of the All Progressives Congress (APC) has accused members of the Accord Party of unleashing post-election violence against its supporters across the state.....KINDLY READ THE FULL STORY HERE▶
In a statement released by party spokesperson Kola Olabisi, the APC claimed that armed political thugs and unauthorized individuals forcefully seized control of local government council areas and motor parks. The party detailed multiple violent incidents, including clashes in Osogbo and Modakeke, an assault on a local ward chairman in Ifelodun Local Government Area, and the destruction of property.
Citing specific instances of arson, vandalism, and physical assault, the APC condemned the hostility as a direct threat to public safety. The party urged Governor Adeleke to intervene immediately, demanding that he call his supporters to order and manage his electoral victory responsibly to prevent further escalation.
African Action Congress (AAC) 2027 presidential candidate Omoyele Sowore has dismissed the National Peace Accord as a largely ineffective “ritual.”....KINDLY READ THE FULL STORY HERE▶
Speaking on Tuesday in Abuja on the sidelines of the signing ceremony, Sowore expressed skepticism regarding the pact’s ability to prevent electoral violence. He pointed to recent governorship elections in Osun State, noting that fatalities occurred despite political parties and candidates signing similar peace agreements beforehand.
Rather than continuing with peace accords, Sowore advocated for a “Justice Accord” that would enforce strict sanctions against any candidates or parties who breach their commitments.
The Speaker of the Osun State House of Assembly, Hon. Adewale Olumide Egbedun, has publicly accused the state Commissioner of Police, CP Ibrahim Gotan, of issuing a shoot-on-sight directive targeting individuals found within local government council premises across the state.....KINDLY READ THE FULL STORY HERE▶
In a statement issued on Tuesday by his Chief Press Secretary, Olamide Tiamiyu, the Speaker strongly condemned the alleged order as an unacceptable threat to democracy. He stressed that political disputes should never justify bloodshed and reminded law enforcement that their primary constitutional duty is to protect citizens, not endanger them.
Demands for Transparency and Investigation
Recalling past public concerns regarding alleged police “killer squads,” Egbedun noted that previous denials by the force do not dismiss the gravity of current patterns. He has formally called on the Inspector-General of Police to launch an immediate, transparent investigation into CP Gotan’s directives and to clarify operational orders across all Osun formations.
Furthermore, the Speaker urged civil society organizations, the media, and human rights advocates to remain vigilant. He warned that he will personally pursue all available domestic and international legal avenues to ensure accountability if any citizen loses their life due to unlawful police actions.
-
latest12 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics3 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics3 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp