National News
Nigeria’s debt N39.6 trillion and growing- DMO
Nigeria’s debt N39.6 trillion and growing- DMO
By: Michael Mike
The Debt Management Office (DMO) said on Thursday that the nation’s public debt has grown to US$95.779 billion or N39.556 trillion at the end of last year.
Director-General of DMO, Ms. Patience Oniha during a media briefing in Abuja said the amount represents the total external and domestic debts of the federal government, 36 state governments and the Federal Capital Territory (FCT).
She noted that the comparable figure for December 31, 2020 was US$86.392 billion or N32.815 trillion.
She also disclosed that the public debt stock for December 31, 2021 includes new borrowings by the federal government and the sub-nationals, noting that for the federal government the 2021 appropriation and supplementary acts included total new borrowings (from domestic and external sources) of N5.489 trillion to part finance the deficit.
Oniha said borrowings for this purpose and disbursements by multi-lateral and bi-lateral creditors account for a significant portion of the increase in the debt stock, adding that increases were also recorded in the debt stock of the states and the FCT.
She revealed that borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, Sovereign Sukuk and FGN Bonds, which were utilized to finance capital projects and support economic recovery.
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She said: “With the total debt stock to gross domestic product (GDP) as at December 31, 2021 of 22.47%, the debt to GDP ratio still remains within Nigeria’s self-imposed limit of 40%.
“This ratio is prudent when compared to the 55% limit advised by the World Babb and the International Monetary Fund (IMF) for countries in Nigeria’s peer group, as well as, ECOWAS Convergence Ratio of 70%.”
She however noted that the federal government is mindful of the relatively high Debt-to-Revenue Ratio and has initiated various measures to increase revenues through the Strategic Revenue Growth Initiative and the Introduction of Finance Acts since 2019.
She corrected the erroneous belief that the present administration was responsible for the rising debt profile, insisting that this was the accumulation of years of budget deficits and the need to borrow to finance the deficit budgets.
She lamented that we have not had budget surplus since way back 2010 even when the price of oil revenue was on the high.
She explained that many countries due largely to COVID-19 pandemic fell into recession and had to borrow to pull out of this, insisting that Nigeria was no exception to recession and need to get loan to finance her way to succession.
Nigeria’s debt N39.6 trillion and growing- DMO
NAF Airstrikes Kill 32 ISWAP Fighters in Christmas Offensive at Dogon Chikun
By: Zagazola Makama
The Air Component of Operation Hadin Kai launched a precision airstrike on December 25, targeting an Islamic State West Africa Province (ISWAP) staging area in Dogon Chikun, Borno State.
The operation, carried out in the aftermath of infighting among ISWAP factions, resulted in the elimination of at least 32 fighters, according to impeccable sources who carried out damages assessments in the aftermath of the strikes.
Intelligence sources told Zagazola Makama that the airstrikes reportedly struck the location where ISWAP fighters had regrouped following clashes with a rival faction. In addition to the heavy casualties, several weapons and other critical equipment belonging to the insurgents were destroyed in the attack.
“This operation was strategically timed and executed to dismantle the group’s staging area and degrade their capacity for further attacks,” the source added.
Operation Hadin Kai, the Nigerian military’s counterinsurgency operation in the Northeast, has continued to intensify its offensives against ISWAP and Boko Haram, targeting key hideouts and logistics hubs.
Dogon Chikun, a known hotspot for insurgent activities, has been under close surveillance due to its strategic importance to ISWAP operations.
NAF Airstrikes Kill 32 ISWAP Fighters in Christmas Offensive at Dogon Chikun
ECOWAS Insists Niger’s Allegation of Terrorism Against Nigeria, Others Unfounded
By: Michael Mike
The Economic Community of West African States has rubbished the claim by the Nigerien military junta that Nigeria and some other countries are sponsoring destabilization of Niger, insisting that it was unfounded.
The statement by the regional bloc read: “The Commission of the Economic Community of West African States (ECOWAS) expresses deep concern over the allegations being made against Nigeria and other ECOWAS member states.
“The Commission stands firmly with Nigeria and other ECOWAS member states against allegations that they are sponsoring terrorism.
“For years, Nigeria has supported peace and security of several countries not only in the West African subregion but also on the African continent. The recent successes recorded by the Multinational Joint Task Force (MNJTF), which Nigeria leads, demonstrates the country’s commitment to peace and security across the region.
“ECOWAS therefore refutes any suggestion that such a generous and magnanimous country would become a state-sponsor of terrorism.
“ECOWAS calls on all states in the region to promote dialogue and stability and refrain from making accusations that are not supported by any evidence.”
ECOWAS Insists Niger’s Allegation of Terrorism Against Nigeria, Others Unfounded
Christmas: VP Shettima Assures Citizens Of FG’s Commitment To Their Welfare
*** Says national security, economic transformation remain President Tinubu’s priorities
By: Our Reporter
Vice President Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.
In a Christmas message on Wednesday, the Vice President said the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.
He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”
Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.
“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.
Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”
He said enhanced security measures have been put in place to protect the citizens during the holiday period.
“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.
VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.
“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.
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