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Naira Games: FG’s ‘Lower Debt’ Claim Tied to Exchange Rate Magic

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Upon taking office on May 29, 2023, President Bola Tinubu launched an ambitious wave of reforms that drew praise from global stakeholders.....KINDLY READ THE FULL STORY HERE▶

When President Bola Tinubu assumed office on May 29, 2023, his administration quickly rolled out sweeping reforms aimed at stabilising Nigeria’s fragile economy. Chief among them were the controversial removal of the petrol subsidy and the floating of the naira — two moves that attracted both local backlash and international praise.

By June 30, 2023, data from the Debt Management Office (DMO) pegged Nigeria’s total public debt at $113.42 billion. Fast forward to March 31, 2025, and that figure had declined to $97.24 billion — a $16.18 billion drop that, at first glance, suggests fiscal progress. But a closer look reveals a more complex story driven not by aggressive debt repayments or borrowing cuts, but by the dramatic depreciation of the naira.

Currency Collapse or Fiscal Success?

In June 2023, the DMO calculated dollar-equivalent debt using an official exchange rate of N770.38/$. By March 2025, that rate had more than doubled to N1,536.25/$ — a direct result of the Central Bank of Nigeria’s (CBN) transition to a market-driven foreign exchange regime. This means Nigeria’s naira-denominated domestic debt now appears significantly smaller in dollar terms, even as borrowing has increased.

The DMO’s quarterly debt reports include both external debt (in dollars) and domestic debt (in naira), with the latter converted to dollars using the prevailing exchange rate. This system means that when the naira weakens, the dollar value of naira debt falls — creating the illusion of reduced debt, even as the local currency burden grows heavier.

For example:

  • June 2023: Domestic debt stood at N54.13 trillion ($70.26 billion), while external debt was $43.16 billion (N33.25 trillion), totalling $113.42 billion (N87.38 trillion) at an FX rate of N770.38/$.

  • March 2025: Domestic debt had ballooned to N78.76 trillion ($51.26 billion), and external debt rose slightly to $45.98 billion (N70.63 trillion), bringing total public debt to $97.24 billion (N149.39 trillion) at N1,536.25/$.

Though the naira debt grew by over N60 trillion, its dollar equivalent fell, highlighting the FX rate’s outsized influence on Nigeria’s debt narrative.

Borrowing More, Owing Less — On Paper

Analysis by TheCable Index shows Nigeria is borrowing more in naira, but a weaker currency makes the overall debt stock appear smaller in dollar terms. Heavy borrowing and declining oil revenues pushed debt to record highs under previous administrations, while the petrol subsidy and rigid FX policies placed further strain on public finances.

Tinubu’s reforms sought to reverse these trends. By scrapping the subsidy and liberalising the FX market, the government aimed to attract investment and restore market confidence. The CBN also began clearing billions in FX backlog obligations.

While global institutions like the World Bank and IMF welcomed the reforms, they also flagged significant risks — notably the exchange rate’s distortionary effect on Nigeria’s debt metrics.

Government’s Defense and Political Blowback

Defending the administration’s record, Ademola Oshodi, Senior Special Assistant to the President on Foreign Affairs and Protocol, said Tinubu’s policies have laid the foundation for macroeconomic stability.

“The Tinubu administration’s bold reforms and high-level diplomacy have translated to FX stability and debt clearance,” Oshodi said, citing over $10 billion in FX debt repayment and an increase in foreign reserves from $3.99 billion to $23.11 billion.

However, critics argue the burden of reform has fallen disproportionately on the poor. Former Vice-President Atiku Abubakar accused the government of deepening poverty and enriching the elite.

“In a country where millions can barely feed, government officials live in excess,” Atiku said, referencing the 2024 Global Hunger Index, which ranked Nigeria 18th worst for hunger — ahead of even war-torn Sudan.

He slammed what he described as class-based governance, where healthcare, education, and basic services are increasingly skewed toward the privileged.

Debt-to-GDP Ratio Hits 55.48%

One widely used measure of debt sustainability is the debt-to-GDP ratio, which compares public debt to a country’s total economic output. According to the CBN, Nigeria’s ratio jumped from 24.3% in Q1 2023 to 41.15% in Q2 2023, after the inclusion of the N22.7 trillion Ways and Means loan.

With Q1 2025 GDP data yet to be released due to an ongoing rebasing exercise, analysts estimate the ratio using the most recent full-year nominal GDP figure of N269.29 trillion (2024). Based on the N149.39 trillion public debt as of March 2025, Nigeria’s debt-to-GDP ratio now stands at approximately 55.48% — signaling growing pressure on the fiscal space.

Global Debt Outlook: A Grim Forecast

On a broader scale, the IMF has warned that global public debt will surpass $100 trillion by the end of 2025, reaching 93% of global GDP. In its 2024 Fiscal Monitor Report, the Fund projected debt could approach 100% of GDP by 2030, a full 10 percentage points above pre-pandemic levels.

While some countries are stabilising, others — like Nigeria — face rising debt pressures amplified by weak currencies, persistent inflation, and slow revenue growth.

The IMF urged governments to address debt risks early, using fiscally responsible strategies that prioritise economic growth, protect the vulnerable, and leverage the current global shift toward monetary easing.

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Breaking: IGP Reassigns Top Police Officers In Major Nationwide Shake-Up.

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The Inspector-General of Police (IGP), Olatunji Disu, has approved a major reshuffle involving more than 100 Assistant Commissioners of Police (ACPs) across various commands, formations and specialised units of the Nigeria Police Force.....KINDLY READ THE FULL STORY HERE▶

The redeployment affects officers serving in operational, administrative, investigative and intelligence departments nationwide.

According to a report by SaharaReporters, which obtained an internal police wireless message dated November 13, 2026, the directive was issued from the Force Headquarters in Abuja and marked “MOST/IMMEDIATE.”

The communication, referenced DTO: 131635/11/2026, instructed affected commands, departments and formations to update their records to reflect the new postings.

The reshuffle covers several police formations, including the Force Criminal Investigation Department (FCID), zonal and state commands, Police Mobile Force (PMF), Intelligence Response Team, Special Tactical Squad and INTERPOL section.

Under the new arrangement, ACP Rex Abiodun Enwelike has been posted as Area Commander in Ozoro, Delta State, while ACP Raji Ganiyu has been assigned to Area Command J in Ajah, Lagos State.

ACP Samuel Ijachi is now the Commandant of the 70 Police Mobile Force in Kabba, Kogi State, while ACP Ogunrin Mohammed Temitope has been posted to head the 16 PMF in Abeokuta, Ogun State. ACP Idris Bunu will serve as Commandant of the 75 PMF in Obudu, Cross River State.

Similarly, ACP Olajike Samuel Olusola has been deployed to the Department of Operations in Rivers State, while ACP Eluha Clever has been appointed Area Commander in Ahoada, Rivers State.

Other appointments include ACP Oluwale Fabelurin Joseph as Commandant of the 29 PMF in Awka, Anambra State, and ACP Yusuf J. Abdullahi, who has been assigned to the Department of Administration in Kebbi State.

The new postings also saw ACP Victor Olanrewaju Kalajaiye deployed as Area Commander in Iwo, Osun State, while ACP Sanusi Adamu takes charge of the Yauri Area Command in Kebbi State.

ACP Esther Nnaiwu and ACP Aremu Sikiru Adeniran have both been posted to the Department of Operations in Anambra State, while ACP Patrick Chukwuma Agbazue will head the 55 PMF in Aba, Abia State. ACP Aremu Olusola has also been assigned to the State Intelligence Department in Kebbi State.

In Kaduna State, ACP Yahaya Mainasara Maru has been appointed Area Commander of Metro, while ACP Bashir Sani will serve in the Intelligence and Investigation Unit of the Police Special Fraud Unit (PSFU) in Lagos.

ACP Temibra Taikumo Temikumo has been posted to the PSFU’s Administration Unit, while ACP Onanah Ari Umar will serve in the Special Fraud Unit. ACP Gilbert Ode Ogah has been deployed to the Force Monitoring and Intelligence Unit in Lagos, and ACP Mohammed Tanko Yakub to the PSFU Legal Unit.

Other officers affected include ACP Murtala Saidu, who has been posted to the Administration Unit of the Police Mobile Force at Force Headquarters, Abuja, and ACP Ibrahim Tijjani Umara, who will serve at the State Criminal Investigation Department in Benue State.

ACP Mustapha Mohammed Lawal has been assigned to the Administration Unit of the FCID Annex in Kaduna, while ACP Hadiza Ado has been posted to the Department of Operations, Zone 3, Yola.

ACP Yusuf Mapindi will serve in the Operations Unit of the PSFU in Lagos, while ACP Danjuma Ribah Garba has been deployed to the Department of Operations, Zone 5, Benin.

The reshuffle further affected ACP Babandi Ajiya, who has been posted to the Administration Unit of the Police College of Management and Strategic Studies, and ACP Garga Ibrahim Audu, who will serve in the Department of Finance and Administration, Zone 6, Calabar.

ACP Effiom Okon has been assigned to the Administration Unit of the Force Intelligence Department at Force Headquarters, Abuja, while ACP Mohammed Abubakar has been appointed Area Commander in Irua, Edo State. ACP Shehu Usman has also been posted to the State Intelligence Department in Ebonyi State.

Additionally, ACP Peter Ajah Oluohu has been deployed to the Anti-Fraud Section of the FCID in Abuja, while ACP Abdulaziz Madawaki has been appointed Deputy Commandant in Oyin-Akoko, Ondo State.

ACP Kayode Kehinde Oyetunji will serve in the Department of Operations in Oyo State, while ACP Emmanuel Kayode has been posted to the Seme border formation. ACP Kolawole O. Aremu will serve in the Department of Finance and Administration in Ebonyi State, and ACP Olakunle Fabul uje has been assigned to the Zonal Intelligence Department, Zone 10, Sokoto State.

Other senior officers affected include ACP Abdulkadir Wada, posted as Area Commander in Umuoma, Imo State, and ACP George Friday Clement, deployed to the South-West office of the Nigeria Centre for the Control of Small Arms and Light Weapons (NCCSALW), under the Office of the National Security Adviser.

ACP Michael Kayode Fadipe has been assigned to the Department of Operations, Zone 6, Calabar, while ACP Gboya Abraham Gana will head the Egbeda Area Command in Oyo State. ACP Yakubu Olufemi Kazeem has been posted to Afikpo, Ebonyi State, while ACP Frank Azubuike Amobi will serve as Area Commander in Owo, Ondo State.

The postings also assigned ACP Kenneth Iyayi as Area Commander in Lokoja, Kogi State, and ACP Emmanuel Abuh to the X-Squad in Kebbi State.

ACP Yahaya Ibrahim has been deployed to the Administration Unit of the Force Provost Marshal at Force Headquarters, Abuja, while ACP Titus Kehinde Adewale will head the Lantang Area Command in Plateau State.

ACP Wesleys Obed has been posted to the State Intelligence Department in Ekiti State, while ACP Ekundayo Olutekunbi will serve as Area Commander in Shagamu, Ogun State.

Further deployments include ACP Francis Obigwa as Area Commander in Agbara, Ogun State, and ACP Ishaq A. Ibrahim as Commandant of the 57 PMF in Ukana.

ACP Nasiru Adamu Kaila has been posted to the State Intelligence Department in Bayelsa State, while ACP Doris U. England will serve in the Department of Operations in Kogi State.

ACP Umar Ibrahim Wurno has been assigned to the State Criminal Investigation Department in Bayelsa State, ACP Reuben Onah to the X-Squad in the state, and ACP Emilia Mami as Area Commander in Ezinithitte, Imo State.

The reshuffle also saw ACP Kenneth C. Anuebunwa appointed Area Commander in Igbeti, Oyo State, while ACP Adejokun Ademola will head the Ringim Area Command in Jigawa State.

ACP Hadi Musa has been deployed to the X-Squad in Niger State, while ACP Ibrahim Usman will serve in the Department of Operations, Zone 7, Abuja.

ACP Aborode O. Tope has been posted to the State Intelligence Department in Kwara State, while ACP Abdullahi Usman will oversee the Eastern Port Area Command in Port Harcourt.

ACP Efanga Offiong has been assigned to the Department of Operations, Zone 9, Umuahia, while ACP Godwin Oko Onah will serve in the Department of Finance and Administration of the Railway Police in Lagos.

Other postings include ACP Kalu Uche Nnanna as Assistant Director at the NCCSALW under the Office of the National Security Adviser in Kaduna, and ACP Bello Oro to the Department of Operations in Ebonyi State.

ACP Lewi Suleiman has been appointed Area Commander in Orifite, Anambra State, while ACP Kumzi Naniwat will serve in the Zonal Criminal Investigation Department, Zone 6, Calabar.

ACP Chukwu Chimeze has been posted to the Criminal Investigation Department of the Railway Police, while ACP Anthony Omogbemi Alabi will head the Geidam Area Command in Yobe State.

The list further includes ACP Mohammed Hadi Nguru, posted to the X-Squad, Zone 15, Maiduguri, and ACP Ismaila Adamu Damagun, appointed Area Commander in Ifo, Ogun State.

ACP Odunayo Moruf Liasu will head the Munguno Area Command in Borno State, while ACP Bukar Ali Abba has been deployed to the X-Squad in Anambra State.

ACP Musa Mohammed Saleh has been assigned to the Department of Operations of the Airport Police in Lagos, while ACP Adeniyi Olurunwa Ogundele and ACP Ibrahim Akinniyi have been appointed Area Commanders in Ilesha and Ile-Ife, respectively, in Osun State.

ACP Seyi Williams Olubuyi will serve as Area Commander in Akwanga, Nasarawa State.

The redeployment also affected ACP Gaiya Ahmed, who has been posted to the X-Squad in Kaduna State, and ACP Suleiman A. Yandaki, who will serve in the Intelligence Unit of the Force Intelligence Department at the FCID Annex in Lagos.

ACP Sani Ahmed has been deployed to the State Criminal Investigation Department in Ekiti State, while ACP Yusuf Ali will serve in the Zonal Intelligence Department, Zone 16, Yenagoa.

ACP Ezenware N. Kenneth has been assigned to the Administration and Operations Department at Force Headquarters, Abuja, while ACP Babayo Adamu Sambo will head the Agodi Area Command in Oyo State.

ACP Ibrahim Oyetundscr has also been posted to the Operations Unit of the NCCSALW, South-South office, under the Office of the National Security Adviser.

In the final batch of postings, ACP Tobi Debakeme has been appointed Area Commander in Ilofa, Kwara State, while ACP Segun Adedayo Oluwaseyi will head the Pankshin Area Command in Plateau State.

ACP George Edore has been posted to the Department of Finance and Administration in Kwara State, while ACP Williams Oladiran Oladipo will serve in the Police Library and Studies Unit in Jos.

ACP Salawu Olayinka has been assigned to the Department of Finance and Administration in Sokoto State, while ACP Abraham Yisa will serve in the Department of Operations, Western Port, Lagos.

Other officers named in the communication include ACP Isaac Olumbambo Fabiyi, deployed to the Department of Operations, Zone 12, Bauchi; ACP Gowon Boka, appointed Area Commander in Southern Ijaw, Bayelsa State; and ACP James Nwosu, posted to Isuikwuato, Abia State.

ACP Sati Abari has been appointed Area Commander in Daudu, Benue State, while ACP Daniel Wetben has been deployed to the Litigation Unit of the Legal Department at Force Headquarters, Abuja.

ACP Stephen Onwochei will serve in the General Investigation Unit of the FCID Annex in Kaduna, while ACP Lateef Tunde Akanbi has been posted as Area Commander in Ang Damasak, Borno State.

The remaining deployments include ACP Musa Azi to the Administration Unit, Zone 12, Bauchi; ACP Ikechukwu Ogoegbunam to the X-Squad in Bauchi State; and ACP Usman Musa as Area Commander in Wukari, Taraba State.

ACP Awus Ofor Anje has been posted to the Birnin Gwari Area Command in Kaduna State, while ACP Isah Kabiru will serve in the Administration Unit of the Department of Training and Development at Force Headquarters, Abuja.

ACP Azogor Edu has also been deployed to the Department of Operations, Zone 2, Lagos, while ACP Casimir Ihiezu was listed among the officers affected by the reshuffle.

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‘Kwankwaso Is More Experienced Than Peter Obi’ – Buhari’s Ex-Aide Declares.

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Ahmad made the assertion in a post on his X handle, maintaining that Kwankwaso’s decision to accept the position of running mate should be seen as an act of political modesty rather than an indication that he is less qualified than Obi.....KINDLY READ THE FULL STORY HERE▶

According to the former presidential aide, the relationship between the two politicians should be viewed as one of equals rather than that of a superior and a subordinate.

“To be entirely candid, the political dynamic between Rabiu Kwankwaso and Peter Obi ought to be characterised as one of collegiality between peers, rather than a hierarchy of principal and subordinate,” he wrote.

He added, “The choice to assume a deputy role beneath Obi ought to be interpreted as a testament to political modesty.”

Making a case for Kwankwaso’s political experience, Ahmad recalled that the former Kano State governor served as Deputy Speaker of the House of Representatives before Obi became a prominent figure in national politics.

He also noted that Kwankwaso governed Kano State, which he described as Nigeria’s most populous and politically influential state, for two terms and served as a federal minister.

“If we are assessing political experience, Sen. Kwankwaso probably has a longer and more impressive political background than Peter Obi,” Ahmad stated.

In contrast, the former presidential aide argued that Obi’s major public office experience was limited to his tenure as governor of Anambra State.

“Unlike other candidates, Peter Obi was just a former governor of Anambra State,” he wrote.

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‘I Have Stopped Impregnating Women’ – 2Baba Makes Shocking Revelation.

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Nigerian music star Innocent Idibia, popularly known as 2Baba, has declared that he no longer impregnates women.....KINDLY READ THE FULL STORY HERE▶

The singer made the statement on Saturday during a live performance at Rehab Lounge in Calgary, Canada.

While performing his hit song True Love, 2Baba paused to interact with the audience and playfully asked the women present to identify where his true love was.

He jokingly wondered whether she was standing at the back of the venue or somewhere in front of him before making a remark about his experiences with women.

The award-winning musician told the audience that he had stopped getting women pregnant, adding that he had been making the same confession wherever he performed recently.

He said, “For the purpose of this show, I will pretend like I’ve never seen anything before. Where’s my true love? Is she back there? Is she right here? Is she somewhere here? Where’s my true love? You people shouldn’t put out me for trouble.

“As I said, some ladies they fear to shout. See, everywhere I go these days, I make this confession. As I say, some ladies they fear to shout. I say, I don’t fear to shout. Because I don’t stop to dey give woman belle. Ask anyone, they’ll tell you, I don’t do such thing things again.”

The singer’s comment comes amid public interest in his personal life and relationships.

2Baba was previously married to Nollywood actress Annie Macaulay-Idibia. The couple announced their separation in January 2025 after having two children together.

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