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Nigeria’s debt N39.6 trillion and growing- DMO

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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

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Shehu Dikko Endorses President Tinubu for Second Term

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Shehu Dikko Endorses President Tinubu for Second Term

By Comrade Philip Ikodor

Abuja, Nigeria – The Chairman of the National Sports Commission (NSC), Shehu Dikko, has called on Nigerians to support President Bola Ahmed Tinubu’s bid for a second term in office come 2027. Dikko made this assertion at the Grand Endorsement event of President Tinubu’s re-election, organized by the National Progressive Hub (NPH), a prominent support group of the All Progressives Congress (APC), held at the Shehu Yaradua Center in Abuja.

Dikko, who hosted the event, highlighted the achievements of the Tinubu administration, including the establishment of the National Sports Commission, which has driven reforms and innovations in sports administration in Nigeria. He also commended the President’s industrial revolution drive, which has led to economic stability and development.

“President Bola Ahmed Tinubu is a great leader committed to positioning Nigeria as a leading nation. His bold economic policies and interventions have yielded positive results,” Dikko said. He also praised the President’s recent executive bill, which mandates key institutions to remit generated revenue directly to government coffers, calling it a significant step towards economic development.

The event also featured the formal inauguration of the 36 state coordinators and the FCT of the National Progressive Hub (NPH) and the unveiling of the Roadmap Framework for strategic grassroots engagement towards the APC’s victory in 2027.

The NPH, a leading APC support group, has thrown its weight behind President Tinubu’s re-election bid, citing his remarkable achievements and commitment to Nigeria’s development. The group is set to mobilize support for the President across the country, leveraging its extensive network and grassroots presence to ensure a landslide victory for the APC in 2027.

The NPH’s endorsement is seen as a significant boost to the President’s re-election campaign, and a testament to his growing popularity and influence among Nigerians.

Shehu Dikko Endorses President Tinubu for Second Term

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FG Moves To Democratise Credit Access, Inaugurates CREDICORP Board

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FG Moves To Democratise Credit Access, Inaugurates CREDICORP Board

We’re targeting 50% of working population by 2030, says VP Shettima

By: Our Reporter

The Vice President, Senator Kashim Shettima, has inaugurated the Board of the Nigerian Consumer Credit Corporation (CREDICORP), saying access to consumer credit is critical to Nigeria’s ambition of becoming a one-trillion-dollar economy.

According to him, President Bola Ahmed Tinubu established the CREDICORP to build a trusted credit infrastructure, provide catalytic capital to lower borrowing costs, and help Nigerians overcome long-standing cultural resistance to credit.

Speaking on Thursday in Abuja when he inaugurated the Board on behalf of the President, the Vice President said that the quality of life of Nigerians cannot improve without closing the gap between access to capital and human dignity.

“A civil servant who earns honestly does not have to chase sudden wealth just to buy a vehicle, or save for ten years to buy one. A young professional should not remain in darkness simply because solar power must be paid for all at once,” the Vice President said.

VP Shettima disclosed that in just one year of operations, CREDICORP has disbursed over ₦37 billion in consumer credit to more than 200,000 Nigerians, with over half of them accessing formal credit for the first time.

The Vice President said the organisation is specifically tasked with building credit infrastructure to bridge the trust gap between lenders and borrowers, providing wholesale capital and credit guarantees through its portfolio company.

“Ultimately, these critical jobs of CREDICORP will enable access to consumer credit to at least 50 per cent of working Nigerians by 2030,” he said.

The Vice President explained that the new board’s role is not ceremonial as they are custodians of the organisation’s mission, adding that the long-term strength of the institution would depend on their “vigilance, integrity, sacrifice, and commitment.”

He directed Board members to uphold Public Service Rules, the Board Charter, and all applicable governance frameworks, warning that accountability and stewardship of public resources were non-negotiable.

Earlier, Chairman of CREDICORP, Otunba Aderemi Abdul, expressed appreciation to President Tinubu for his vision behind the formation of CREDICORP and for the confidence reposed in them, noting that the establishment of Corporation marked an important step towards strengthening the nation’s financial architecture.

He assured President Tinubu that the board understands its responsibility and will guide the institution to deliver meaningful benefits to Nigerians.

For his part, Engr. Uzoma Nwagba, Managing Director/CEO of CREDICORP, recalled watching President Tinubu saying 20 years ago that consumer credit is one of the major tools that will improve the lives of Nigerians.

He noted that over the past 18 months, the institution has benefited more than 200,000 Nigerians, including students.

He assured that the presidential vision behind CREDICORP would not be taken lightly, as the team considers their appointments a unique, once-in-a-lifetime opportunity.

Other members of the board inaugurated include Olanike Kolawole, Executive Director, Operations; Aisha Abdullahi, Executive Director, Credit and Portfolio Management; Dr. Armstrong Ume-Takang (MD, MoFI), Representative of MoFI; Engr. Bisoye Coke-Odusote (DG, NIMC), Representative of NIMC; and Mohammed Naziru Abbas, Representative of FMITI.

Others are Marvin Nadah, Representative of FCCPC; Chinonyelum Ndidi, Representative of the Federal Ministry of Finance; Mohammed Abbas Jega, Independent Director; and Toyin Adeniji, Independent Director.

FG Moves To Democratise Credit Access, Inaugurates CREDICORP Board

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NAPTIP, UK Government Rally Against Rising Trafficking into Southeast Asia Scam Centres

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NAPTIP, UK Government Rally Against Rising Trafficking into Southeast Asia Scam Centres

By: Michael Mike

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP), in collaboration with the British High Commission Abuja, has amplified the voices of trafficking survivors in a bold move to confront the fast-growing crisis of cyber-enabled scam operations across Southeast Asia.

At a landmark survivor-centred forum held in Abuja on Monday, stakeholders gathered under the theme, “Confronting the Global Scam Centre Crisis: Perspectives of Nigerian Survivors,” to spotlight the emerging pattern of Nigerians being lured abroad with fake job offers and forced into criminal cyber-fraud networks.

The event featured testimonies from recently repatriated Nigerians who were trafficked to Myanmar, Laos, Cambodia and Thailand, where they were compelled to operate sophisticated online scam schemes under harsh, exploitative and often abusive conditions.

The programme followed a coordinated rescue effort involving NAPTIP, the Nigerian Ministry of Foreign Affairs, the Nigerian Embassy in Bangkok, the British NGO EDEN, and the International Organization for Migration (IOM). Their joint intervention — including cross-border triangulation at the Thai–Myanmar frontier and welfare visits to detained Nigerians at Bangkok’s Immigration Detention Centre — led to the safe return of 23 survivors earlier this month.

Global data underscore the severity of the crisis. According to the Office of the United Nations High Commissioner for Human Rights (OHCHR) 2026 report titled “A Wicked Problem,” credible estimates indicate that at least 120,000 individuals are currently trapped in forced scam operations inside Myanmar alone, with figures exceeding 300,000 across Southeast Asia. The report notes that victims identified originate from at least 66 countries, and that between 2020 and 2025, 74 percent of known victims trafficked into scam centres were taken to Southeast Asia after being promised lucrative employment.

Speaking at the event, the UK Deputy High Commissioner to Abuja, Gill Lever, said the forum was designed to centre survivors’ voices and ensure their experiences inform prevention and response strategies.

“We are here to listen to survivors who have shown remarkable bravery in sharing their experiences,” she said. “The UK is working closely with Nigerian authorities and partners to ensure trauma-informed care, safe repatriation and stronger safeguards against this rapidly evolving threat.”

Representing the Director-General of NAPTIP, Mrs. Kehinde Akomolafe, the agency’s Director of Public Enlightenment, described the accounts as a stark reminder of the cruelty underpinning modern trafficking networks.

“The courage these survivors have shown is extraordinary,” she said. “Their experiences expose the brutal reality of trafficking into scam centres — a crime that strips individuals of their dignity, autonomy and freedom. NAPTIP remains resolute in protecting Nigerians from this growing menace and strengthening collaboration with international partners.”

One survivor recounted being promised a legitimate job opportunity abroad, only to be trapped in a high-security compound and coerced into online fraud under constant surveillance and threats.

“I was promised opportunity and a better life,” the survivor said. “Instead, I lived in fear and was forced to do things against my will. I am speaking out so other Nigerians can recognise the warning signs. No one should go through what we endured.”

Stakeholders at the forum called for intensified public awareness campaigns, tighter scrutiny of overseas recruitment channels, enhanced intelligence-sharing among Commonwealth partners and stronger victim-protection frameworks.

As cyber-enabled trafficking networks expand across borders, Nigerian and UK authorities signalled that survivor-led advocacy will remain central to dismantling scam syndicates and preventing further exploitation.

NAPTIP, UK Government Rally Against Rising Trafficking into Southeast Asia Scam Centres

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