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N611bn Gone in 31 Days: FG’s Dollar Bond Costs Spark Fresh Debt Fears

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The Debt Management Office (DMO) has disclosed that it expended N611.71 billion in March to service the federal government’s maiden dollar-denominated bond issued within the domestic market.....KINDLY READ THE FULL STORY HERE▶

The Debt Management Office (DMO) has revealed that it spent N611.71 billion in March to service the federal government’s first-ever dollar-denominated bond issued within the domestic market.

According to the DMO’s report titled “Actual Domestic Debt Service for January to March”, the March payment accounted for 47.05 percent of the total N1.3 trillion spent on domestic debt servicing that month. Over the entire first quarter of 2025, the dollar bond represented 23.4 percent of the N2.61 trillion spent on servicing domestic debts.

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The agency noted that an interest payment of $44.97 million was due on March 6, which was converted at the official exchange rate of N1,511.80 per dollar, amounting to N67.98 billion. However, the total debt service cost for the bond in March stood at N611.71 billion, indicating additional obligations beyond the interest component.

The federal government had on August 20 floated its inaugural $500 million domestic dollar-denominated bond, offering units at $1,000 each to investors.

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Reflecting on the outcome of the issuance, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the bond was 180 percent oversubscribed, raising $900 million in total.

“The successful issuance of this inaugural Domestic FGN US Dollar Bond shows that investors and Nigerians alike maintain confidence in the country’s economic direction,” Edun said. He added that the proceeds would be channelled into key sectors of the economy, as approved by President Bola Tinubu.

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Tension In UK As Nigerians Push For INEC Chairman’s Removal Ahead Of 2027.

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A group of Nigerians has staged a protest at the United Kingdom Parliament, calling for the removal of the Chairman of the Independent National Electoral Commission (INEC) ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

The demonstrators reportedly gathered outside the parliamentary complex, expressing dissatisfaction with the leadership of the electoral body in Nigeria and demanding immediate action.

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They insisted that the INEC chairman should be removed, alleging concerns over credibility and trust in the electoral process as the country prepares for the next election cycle.

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The protest drew attention from passersby and security personnel, as the group maintained their position that electoral reforms and leadership changes were necessary to restore public confidence.

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“My Nightclubs Are The Least Of What I Do” — Sir Uyi Fires Back At Critics.

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Sir Uyi has responded strongly to critics of his involvement in nightclub businesses, insisting that such ventures represent only a small part of his wider activities.....KINDLY READ THE FULL STORY HERE▶

In a firm reaction to recent criticism linked to Vaniti, he stated that people are focusing too much on his nightlife businesses while ignoring other aspects of his work and achievements.

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He stressed that his nightclub operations do not define his entire identity or professional portfolio, adding that he is involved in several other ventures beyond entertainment and hospitality.

According to him, the criticism reflects a narrow perception of what he does, and he believes his broader contributions are being overlooked.

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Sir Uyi maintained that he remains focused on his various commitments despite public scrutiny surrounding his nightlife business interests.

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Shock In Benue As Police Nab Seven Over Abduction Of JAMB Candidates.

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The Benue State Police Command has confirmed the arrest of seven suspected militia herdsmen in connection with the abduction of passengers travelling in an 18-seater Benue Links bus along the Makurdi–Otukpo road last Wednesday.....KINDLY READ THE FULL STORY HERE▶

The victims, which included candidates of the Joint Admissions and Matriculation Board (JAMB) heading to Otukpo for their examinations, have all been successfully rescued.

Speaking while briefing Governor Hyacinth Alia in Makurdi during the presentation of the freed victims, the Commissioner of Police, Ifeanyi Emenari, said the rescue operation was achieved through coordinated efforts of multiple security agencies.

He explained that five of the abducted passengers were first released, while the remaining 13 were rescued on Sunday morning without injuries.

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According to him, the combined pressure from security forces, supported by the state government and the Inspector-General of Police, led to the successful outcome of the operation.

Emenari further disclosed that eight suspects are currently in custody, adding that seven of them are strongly linked to the kidnapping incident, with some victims already identifying them.

He also noted that clearance operations have begun across forest areas in the state to flush out criminal groups, in line with directives from security authorities.

Governor Hyacinth Alia, while receiving the rescued passengers, expressed concern over rising cases of kidnapping in the state but welcomed the safe return of all 18 victims.

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He confirmed that among those rescued were eight candidates on their way to write examinations, and called on the Joint Admissions and Matriculation Board (JAMB) to reschedule the affected exams for them.

The governor assured that the state government remains committed to supporting the victims and strengthening security across Benue State, while also urging residents to provide credible information to security agencies.

He further directed the state health authorities to conduct medical evaluations for all rescued persons and promised government support for those affected.

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