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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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One killed, another abducted as bandits attack Katsina farming communities

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One killed, another abducted as bandits attack Katsina farming communities

By: Zagazola Makama

Armed bandits have attacked farming communities in Tashar Mangwaro and Dogon Ruwa villages in Dutsinma Local Government Area of Katsina State, killing one farmer and abducting another.

The incident occurred on Thursday at about 6:32 p.m. while residents were working on their farmlands.

One of the victims, identified as Hamza Usman, 45, of Tashar Mangwaro, was shot by the assailants and later confirmed dead at the General Hospital, Dutsinma.

Another farmer, Tukur Nalanga, 53, from Dogon Ruwa Village, was abducted during the attack.

Security operatives responded promptly following a distress call and engaged the attackers, forcing them to flee the area. However, the gunmen escaped with the abducted victim before reinforcements arrived.

Efforts are currently ongoing to track the bandits

One killed, another abducted as bandits attack Katsina farming communities

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Speak Out Africa Initiative Calls on FG to Involve LGAs in FAAC meetings.

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Speak Out Africa Initiative Calls on FG to Involve LGAs in FAAC meetings.

By: Michael Mike

The Lead Director, Speak Out Africa Initiative (SOAI ), Engr.. Kenneth Eze. has made four demand that will allow local government authority work effectively in Nigerià most especial complete Financial Autonomy through the expansion of the Federal Account Allocation Committee meetings to include LGA officials.

Eze also ask for political Autonomy by calling the on the Independent National Electoral Commision (INEC) to conduct all local government elections that will guranteed fairness,, other demans for the local authority include, asking the CBN to make it mandatory for LGA to have account with Bank and asking development partners to support the Open Government Partnership (OGP) at the local government level

The lead Director, stated this during The Local Open Governànce Initiative in Nigerià (LOGINAIJA) close out session and the presentation of Report for the pilot LGA.

Speak Out Africa Initiative is a non-governmental organization focused on empowering marginalized communities, particularly women and youth, through evidence-based advocacy, capacity building, and service delivery. Whose mission is to prioritizes gender equity, health advocacy, and social inclusion .

According to Eze, LOGINAIJA which aim to access the workings and the functionality of the Local Government Areas to make work was launch in April 2024 with the objective promoting Accountability at the local level, building capacity for the personnels and political office holders at the local level and the domestication of the freedom of Information Act at the grassroot “.

The LOGINaija project is a 12-month pilot initiative implemented by Speak Out Africa Initiative (SOAI) to strengthen Open Government Partnership (OGP) adoption at Nigeria’s local government level. The project focuses on three pilot LGAs:

” This pilot phase was carried out in the selected three Local Government Areas in Nigerià, Gwagwalada Area Council in FCT, Umuahia North LGA in Abia State and the Ibadan NorthWest LGA of Oyo State which represent the Zones in the country and cut across political party lines and we are happy to announce that today’ this three LGA has perform creditably with functional Website, freedom of information desk officers in place and we have strenthening the capacity of both the executive and the legislative arms of the three Local Government. we expect to scale it up to 50 LGA in second phase of the project “.

“We in speak out Africa are thanking the Mac- Arthur Foundation that supported this project, and other partner for making this a reality.

The Executive Chairman, Umuahia North Local Government Area. Hon. Smart Iheoma, while appreciate all what has done by the speak out Africa Initiative to the LGA, said the problem we have as a nation is leadership, what we met on ground was not good but we have turn around every aspect of the LGA and the people are the beneficiary of this positive reforms, we are following the footsteps of His Excellency the Governor of Abia State which come c am e in with capacity to build the State and he is the best so far”. Iheoma said

Speak Out Africa Initiative Calls on FG to Involve LGAs in FAAC meetings.

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FG Plans Nationwide Audit Of Skills Centres To Transform Workforce

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FG Plans Nationwide Audit Of Skills Centres To Transform Workforce

** As VP Shettima demands urgent action to bridge nation’s skills gap

By: Our Reporter

Vice President Kashim Shettima has called for immediate and united action to close Nigeria’s widening skills gap, describing it as a national priority critical to economic transformation.

This is just as the federal government has hinted at a proposal for the review of existing skills training centres across several Ministries, Departments and Agencies (MDAs) of government to align their work and functions with national development goals.

The Vice President, who spoke on Thursday during the 6th meeting of the National Council on Skills (NCS) at the Presidential Villa, noted that the council’s mandate is to develop a strategic workforce capable of meeting Nigeria’s evolving economic demands.

“What binds us together supersedes whatever divides us. We have to make this country work. We need to fill in the skills gap,” he said.

VP Shettima pointed out that the council has a mission to strategically position Nigeria’s workforce to meet the demands of a rapidly evolving economy.

“This council was established with a clear mandate to drive the strategic development of the skilled workforce that can contribute meaningfully to national growth and prosperity,” he added.

The Vice President described the session as an open forum where positions were aired and important decisions were taken, emphasising that stakeholder engagement, consensus-building, and decisive leadership are essential to fixing Nigeria’s skills and employment crisis.

A major highlight of the meeting was the proposal for a National Skills Infrastructure Audit to create a centralised database of all training facilities, verify their functionality, and identify gaps or overlaps in infrastructure.

“The government’s policy trajectory is to strengthen human capital development for national growth and industry through skills development. However, unless the skills infrastructure across MDAs is optimised, this vision will remain unattainable,” the council noted.

The audit will also involve physical verification of centres and a detailed cataloguing of operational training facilities, ensuring alignment with national occupational standards and labour market needs.

Earlier, Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa made a presentation on the National Artisan Skills Acquisition Programme (NASAP), an initiative aimed at training 10,000 artisans annually in high-demand construction trades.

The programme is designed to formalise Nigeria’s informal artisan sector by providing certification and onboarding qualified artisans onto a Digital Artisan Marketplace.

“The overall goal of NASAP is to establish a reliable and competent artisan workforce to drive the Ministry’s housing and infrastructure agenda while empowering Nigeria’s youth with employable skills,” the Minister said.

He noted that NASAP seeks to tackle youth unemployment while simultaneously addressing the skilled labour shortage in the construction sector, just as he said it is projected to have a significant impact on both job creation and long-term infrastructure development.

FG Plans Nationwide Audit Of Skills Centres To Transform Workforce

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