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Weak Naira, Rising Debt: Nigeria’s Public Borrowing Surges To N142 Trillion

Published

1 year ago

January 23, 2025

Weak Naira, Rising Debt: Nigeria’s Public Borrowing Surges To N142 TrillionNigeria’s public debt has risen by N8.02 trillion to reach N142 trillion as of September 30, 2024, primarily due to the continued depreciation of the Naira, which has significantly increased the cost of the country’s external obligations.....KINDLY READ THE FULL STORY HERE▶

According to the Debt Management Office (DMO), this marks a 5.97% increase from the N134.3 trillion recorded in the second quarter of 2024. The weakening exchange rate—from N1,470.19/$ in June to N1,601.03/$ in September—has pushed external debt to N68.88 trillion ($43 billion), making up 48.4% of the total debt.

Domestic borrowing now accounts for 51.6% of the debt profile, with the federal government holding N69.2 trillion and states owing N4.2 trillion. Analysts warn that rising public debt, exchange rate volatility, and weak revenue generation could lead to a debt crisis for Nigeria’s fragile economy.

Despite the debt-to-GDP ratio remaining below the IMF’s 60% benchmark, the public debt-to-GDP ratio has risen from 78.13% in June to 78.95% in September, far exceeding the DMO’s self-imposed 40% ceiling.

While recent central bank policies aim to stabilize the exchange rate, experts suggest that implementing proposed tax reforms may help boost revenue and reduce borrowing.

gist

Lightning Strikes Herdsman, Cows to Death in Kaduna

Published

1 year ago

March 31, 2025

NivoNews

A Fulani herdsman and his 12 cows were tragically killed by a lightning strike in Kaura, Southern Kaduna. The incident occurred around 4:30 pm on Sunday in Matuak Giwa, Bondon District, Moro’a Chiefdom, in Kaura Local Government Area.....KINDLY READ THE FULL STORY HERE▶

According to the Village Head of Matuak Giwa, Simon Ayuba, the herdsman was seeking shelter from the rain with his cattle when the fatal lightning strike occurred, killing both the herder and his cows instantly.

Mallam Tanko Isiyaka, the Ardo of Bondon District, confirmed that the deceased herdsman hailed from Bauchi State, and described the incident as a shocking and tragic event for the local community.

This unfortunate event has left the community in a state of mourning as the loss of both the herder and the valuable cattle has deeply affected the residents.

In a separate matter, human rights lawyer Malcolm Omirhobo raised concerns regarding the rights of hunters from the North to operate in other states, particularly after the reported killing of Northern hunters in Edo State. Omirhobo questioned whether the hunters had the necessary licenses and if they adhered to the legal requirements for hunting in different states. He also pointed out the types of weapons they carried and their legal implications.

gist

Nollywood Star Mercy Aigbe Addresses Criticism Over Marriage to Kazim Adeoti

Published

1 year ago

March 29, 2025

NivoNews

Nollywood actress and filmmaker, Mercy Aigbe Adeoti, has candidly expressed her love for marriage and having a partner, despite public criticism. In a recent interview with fellow actress Bimpe Akintunde, Aigbe shared her thoughts on her marriage to Kazim Adeoti, revealing that she never envisioned herself as a second wife.....KINDLY READ THE FULL STORY HERE▶

Speaking about the negative comments surrounding her marital choice, Aigbe questioned why critics focus on her personal life while ignoring their own challenges. She firmly stated that people tend to discuss others when they are notable or famous.

Aigbe also disclosed that her family initially opposed her decision to remarry due to her age, but she remained resolute, knowing what she wanted for her life. She emphasized that while others might question her choices, she remains content with her decision to be with Kazim Adeoti.

“I love love, actually. People ask me why I wanted to get married at nearly 50 years old, but everyone knows what they want. I love having a crown (husband) on my head and being married,” she said.

Reflecting on her journey, Aigbe acknowledged that her life took unexpected turns. She pointed out that if she had stayed with her baby’s father, she might not have gained the recognition she has today. “When I was young, I never thought my life would turn out this way,” she admitted.

Mercy Aigbe’s remarks come amid ongoing public discourse about her relationship, highlighting her determination to live life on her terms while embracing love and partnership.

gist

West African Tax Institutes Under Nigerian Leadership for the Next Two Years

Published

1 year ago

March 29, 2025

NivoNews

Nigeria has officially assumed leadership of the West African Union of Tax Institutes (WAUTI) for the next two years, following the election of Mr. Samuel Agbeluyi, President of the Chartered Institute of Taxation of Nigeria (CITN), as the President of the Union. This significant development took place during the 11th Annual General Meeting of WAUTI held on February 27, 2025, in Accra, Ghana.....KINDLY READ THE FULL STORY HERE▶

WAUTI, which comprises National Tax Institutes/Associations from ECOWAS member states, is committed to enhancing tax professionalism, improving tax compliance, and streamlining tax administration within the region. With Nigeria at the helm, WAUTI aims to further its vision of harmonizing tax practices across West Africa, fostering a transparent and equitable taxation system that boosts economic growth and compliance.

In his acceptance speech, Agbeluyi expressed his gratitude for the opportunity to lead the organization, vowing to collaborate closely with fellow executives and stakeholders to advance the Union’s objectives. He highlighted his commitment to working on regional partnerships that will support professionalism in the tax systems of WAUTI’s member states.

Agbeluyi’s vast experience, which includes serving as the Honorary Treasurer and 2nd Vice President of CITN, has positioned him well for this new role. He is also a distinguished member of various prestigious bodies, such as the National Institute for Policy and Strategic Studies (NIPSS), and has earned numerous accolades in the field of taxation.

In addition to Agbeluyi’s election, other members of WAUTI’s Executive for the 2025-2027 tenure were also selected, including the re-election of Mr. Innocent Ohagwa, CITN’s current Vice President, as the Honorary Treasurer. This marks the beginning of a new era of regional cooperation in tax administration under Nigerian leadership.