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Nigeria’s Debt Nears N107tn As Senate Approves Fresh Borrowings Amid Naira Fall
Nigeria’s Debt Nears N107tn As Senate Approves Fresh Borrowings Amid Naira Fall
....KINDLY READ THE FULL STORY HERE▶
Nigeria is set to witness a surge in its total debt to approximately N107.38tn, a significant escalation from its previous N87.91tn, as the Senate grants approval for fresh borrowings. This financial development comes in the wake of the depreciation of the naira, leading to the securitization of the Central Bank of Nigeria’s N7.3tn Ways and Means advances…….CONTINUE READING
The Senate, in December 2023, granted approval for President Bola Tinubu’s request to borrow $7.8bn and €100m, forming part of the Federal Government’s 2022-2024 borrowing plan. The borrowed funds are earmarked for financing critical sectors such as infrastructure, health, education, agriculture, and security.
President Tinubu, emphasizing the necessity of foreign loans to bridge financial gaps and restore economic normalcy, detailed the contributions of the funds to socioeconomic development. However, concerns are growing as Nigeria’s total debt, including Federal Government and states’ loans, inches closer to the alarming figure of N107.38tn.
As of September 2023, the country’s total debt stood at N87.91tn, comprising N31.98tn ($41.59bn) in external debt and N55.93tn in domestic debt. The recent Senate approvals, in adherence to the 2022-2024 borrowing plan, are expected to inflate the total debt by at least 22.15%, reaching the projected N107.38tn in 2024.
This substantial increase in debt components includes foreign debt amounting to N44.15tn ($49.39bn and €100m) and domestic debt of N63.23tn, combining the existing domestic debt of N55.93tn with the newly securitized Ways and Means of N7.3tn.
The debt-to-GDP ratio, projected to be 53.06%, exceeds the targeted 40% ratio, raising concerns about the country’s fiscal sustainability. The Medium-Term Expenditure Framework and Fiscal Strategy Paper 2024-2026 revealed that the country’s Total Public Debt/GDP was 41.15% as of June 2023.
The Ways and Means provision, allowing the government to borrow from the CBN for short-term or emergency finance, is instrumental in this debt escalation. The securitization of N22.7tn from the N23.3tn previously advanced by the CBN, approved by the National Assembly in May 2023, significantly contributed to the surge in the total public debt profile.
It is crucial to note that the projected borrowing is yet to be secured, and analysts anticipate a gradual realization, citing delays in receiving previously approved loans. Despite the concerns raised by the Minister of Finance, Wale Edun, against excessive borrowing, the country continues its pursuit of financial support, seeking $1.5bn from the World Bank and contemplating a Eurobond issuance in late 2024. Edun remains vocal about the need for Nigeria to rely less on borrowing for economic stabilization.
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TERROR FINANCING ALLEGATIONS: EFCC Drags Miyetti Allah Leader To Court In Multi-Million Dollar Probe!.
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Bello Bodejo, the National President of Miyetti Allah Kauta Kore, was arraigned at the Federal High Court in Abuja on Thursday to face charges related to an alleged $2.63 million money laundering scheme.....KINDLY READ THE FULL STORY HERE▶
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In addition to money laundering, the Economic and Financial Crimes Commission (EFCC) has accused Bodejo of financing terrorism.
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Bodejo is the sole defendant named in the 12-count charge, which was filed in late June 2026.
Allegations and Plea
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The EFCC alleges that Bodejo accepted various large cash payments in U.S. dollars from Sa’idu Abubakar, including $100,000 in January 2022, $200,000 later that month, $980,000 in February 2024, and $500,000 in March 2024.
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The agency specifically charged Bodejo with willfully accepting these large cash payments without utilizing a financial institution, as mandated by law, and possessing funds suspected to be linked to unlawful activities.
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During the hearing before Justice Inyang Ekwo, Bodejo entered a plea of not guilty after the 12-count charge was read to him.
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Legal counsel for both the prosecution (Wahab Shittu, SAN) and the defense (Ahmed Raji, SAN) were present, with the defense offering no opposition to the plea proceedings.
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“THEY DON’T LIKE ME!”: FCT Minister Nyesom Wike Exposes Tense Relationship With Civil Servants!.
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FCT Minister Nyesom Wike stated during a monthly media chat in Abuja that he is unpopular among civil servants.....KINDLY READ THE FULL STORY HERE▶
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He attributed this lack of popularity to his efforts to shut down channels for the fraudulent diversion of public funds, explaining that money previously misappropriated by staff is now being redirected toward road infrastructure.
Reasons for Friction
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The Minister criticized the habit of approving funds for unnecessary activities, such as traveling to conferences in the United States for land administration, suggesting that staff should instead conduct research locally.
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Wike highlighted a significant shift in budget management, noting that he reduced recurrent expenditure in favor of capital expenditure, moving from a system where recurrent spending accounted for 65 percent of the budget to one where capital projects now receive 70 percent of funding.
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He maintained that he will not approve large sums for “frivolous” conferences, choosing instead to prioritize infrastructure projects that provide tangible benefits to the public.
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Conclusively, Wike asserted that because he puts money into roads rather than funding these conferences—which he described as vehicles for corruption—he does not expect to be liked by the civil service workforce.
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STUDENT LOAN BONANZA: ₦1.5 Billion Hits 6,129 Student Accounts In Massive NELFUND Payout!.
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The Nigerian Education Loan Fund (NELFUND) has released a total of ₦1,501,935,800 to 6,129 students for the 2025/2026 academic session.....KINDLY READ THE FULL STORY HERE▶
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This update was shared by NELFUND on Thursday through its verified handle.
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The initiative is part of the Federal Government’s effort to increase access to higher education by lessening the financial pressure on students and their families.
Breakdown by Institution
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Bamidele Olumilua University of Education, Science and Technology (BOUESTI): Received ₦1,360,920,800 for 5,396 students across five tranches.
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Sikiru Adetona College of Education, Science and Technology: Received ₦104,530,000 for 680 students.
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Edo State College of Nursing Sciences: Received ₦36,485,000 for 53 students.
Institutional Confirmation and Feedback
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All three institutions have officially acknowledged receipt of the funds.
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Dr. Bukola Makinde, Registrar of Sikiru Adetona College, confirmed that the funds have already been credited to the students’ bank accounts, noting that this support will facilitate “hitch-free academic progress”.
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Mabel Omobude, Provost of the Edo State College of Nursing Sciences, pledged transparency and stated that the funds will be applied strictly for their intended educational purposes.
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Prof. Andrew Babatunde Omojola, Vice-Chancellor of BOUESTI, commended the Federal Government and NELFUND for their efficiency in managing and releasing the funds.
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