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Nigeria’s Public Debt Soars to N144.67tn, Marking a 48.58% Rise

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Nigeria’s total public debt rose to N144.67 trillion ($94.23 billion) as of December 31, 2024, reflecting a 48.58% increase compared to the N97.34 trillion ($108.23 billion) recorded at the end of December 2023.....KINDLY READ THE FULL STORY HERE▶

This was disclosed by the Debt Management Office in its latest public debt profile report.

The report also revealed a quarterly rise of 1.65% from N142.32 trillion ($88.89 billion) at the end of September 2024, illustrating a continuous increase in the nation’s debt burden.

An analysis of the debt on a year-on-year basis showed an increase of N47.32 trillion, or 48.58%, from December 2023 to December 2024.

The primary driver of the surge in public debt was the significant increase in both external and domestic borrowings.

External debt rose by 83.89%, from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) in December 2024. The increase was driven by new external borrowings and the impact of naira depreciation, which raised the naira equivalent of dollar-denominated debt.

Domestic debt also rose by 25.77%, from N59.12 trillion ($65.73 billion) at the end of December 2023 to N74.38 trillion ($48.44 billion) in December 2024.

The Federal Government’s domestic debt grew significantly by 32.19%, from N53.26 trillion to N70.41 trillion, indicating a continued reliance on local borrowing to finance deficits and infrastructure projects.

However, the domestic debt owed by states and the Federal Capital Territory (FCT) decreased by 32.27%, from N5.86 trillion to N3.97 trillion, suggesting a more cautious approach to debt accumulation by some subnational governments.

On a quarter-on-quarter basis, Nigeria’s public debt increased by N2.35 trillion, or 1.65%, from N142.32 trillion as of September 30, 2024.

This rise was driven by both external and domestic debt components. External debt rose by N1.4 trillion, from N68.89 trillion ($43.03 billion) in September 2024 to N70.29 trillion ($45.78 billion) in December. This increase was influenced by new foreign loans and the depreciation of the naira.

Domestic debt also saw a slight rise of 1.29%, from N73.43 trillion ($45.87 billion) in September 2024 to N74.38 trillion ($48.44 billion) by December’s end.

As of December 2024, external debt accounted for 48.59% of Nigeria’s total public debt, while domestic debt made up 51.41%, indicating a relatively balanced debt structure. However, the growing reliance on external borrowings points to a shift toward foreign debt to cover budgetary gaps.

The rise in public debt has raised concerns among economic analysts about the country’s fiscal stability. The sharp increase in external debt, in particular, exposes Nigeria to vulnerabilities from exchange rate fluctuations and changes in global economic conditions. With the continued depreciation of the naira, the cost of servicing foreign debt is expected to rise, further straining the country’s financial resources.

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“Kano Will Fall!” – NDC Candidate Declares Total War On APC Ahead Of 2027.

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Aminu Abdulsalam Gwarzo, the Nigerian Democratic Congress (NDC) governorship candidate for Kano State, has declared his firm belief that his party will defeat the incumbent administration in the 2027 elections. During a recent event to affirm his candidacy, the former deputy governor emphasized the unity between the NDC and the Kwankwasiyya movement, asserting their shared determination to lead Kano State in a new direction.....KINDLY READ THE FULL STORY HERE▶

Gwarzo reaffirmed the movement’s unwavering commitment to the ideals of its leader, Rabiu Musa Kwankwaso, stating, “We are the followers of Kwankwaso. We are here, and we continue to pray day and night. By the will of Allah, this government will be defeated in a single stroke.” He pointed to the palpable enthusiasm within the movement as clear evidence that democratic change is well within reach.

Looking toward the upcoming election, Gwarzo outlined a strategy centered on robust grassroots mobilization and consistent engagement with the electorate. He also encouraged his supporters to maintain peace and adhere to the law as the political climate heats up. Finally, he called on the people of Kano to critically evaluate the performance of their political leaders to ensure they are prepared to make informed choices at the ballot box.

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“Relief At Last!” – Dangote Refinery Slashes Petrol Price To ₦1,250 Per Litre.

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The Dangote Petroleum Refinery has adjusted its gantry price for Premium Motor Spirit (petrol), lowering it from ₦1,275 to ₦1,250 per litre, marking a two per cent reduction. This price shift is attributed to a decline in international crude oil prices, which serve as the refinery’s primary feedstock.                                                                                                                                                                                                                                                                                                                                                    An official from the refinery noted that such adjustments are expected in a deregulated market and emphasized that the company will continue to calibrate prices based on evolving market conditions. Despite this move, current retail prices at many filling stations across Nigeria remain above ₦1,350 per litre, with costs varying by location and marketer.Beyond pricing, the refinery has been credited as a key driver of Nigeria’s improving economic outlook. S&P Global Ratings recently upgraded the country’s long-term foreign- and local-currency sovereign credit ratings from “B-” to “B,” citing factors such as stronger economic growth, increased oil production, and improved external balances. S&P specifically highlighted the operational ramp-up of the Dangote refinery’s 650,000-barrel-per-day facility as a significant contributor to the nation’s enhanced balance-of-payments position and overall economic resilience.....KINDLY READ THE FULL STORY HERE▶

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Political Grudge Match: Ganduje Mocks Kwankwaso, Declares Him His Former “Political Boy”!.

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A political war of words has erupted between former APC National Chairman Abdullahi Umar Ganduje and former presidential candidate Rabiu Musa Kwankwaso. The friction began when Kwankwaso, speaking at his Kano residence, insisted that prominent politicians—including Ganduje—owe their political rise to his mentorship and cannot deny their past loyalty to him. Ganduje, currently performing the Hajj pilgrimage in Saudi Arabia, responded through his chief of staff, Muhammad Garba, by asserting that Kwankwaso was actually his own protégé. Ganduje highlighted his role in Kwankwaso’s early career, including his support during Kwankwaso’s rise to the House of Representatives and his decision to step down as a gubernatorial candidate in 1998 to serve as Kwankwaso’s deputy. Ultimately, Ganduje advocated for moving away from “godfather” labels to focus on effective leadership and peace in Kano.....KINDLY READ THE FULL STORY HERE▶

Option 2: Concise Summary

Following Rabiu Musa Kwankwaso’s claims that top Kano politicians were once his “political boys,” Abdullahi Umar Ganduje has fired back, asserting he was actually the mentor in their relationship. While Kwankwaso insisted that his former allies owe their success to his political structure, Ganduje countered by citing his own past support for Kwankwaso’s career, including his sacrifice during the 1998 Kano governorship race. Furthermore, Ganduje requested respect for the office of current Governor Abba Kabir Yusuf and urged Kano’s political class to prioritize unity over divisive rhetoric regarding past hierarchies.

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