Nigeria’s total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97% (N8.02 trillion) compared to N134.3 trillion in June 2024.

This is according to the latest data released by the Debt Management Office (DMO) on Tuesday.

Nairametrics observed that this increase reflects the combined effects of rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms.

External debt surge driven by currency depreciation
Data from the DMO showed that Nigeria’s external debt in dollar terms grew marginally by 0.29%, from $42.90 billion in June to $43.03 billion in September.

However, the naira equivalent of external debt surged significantly by 9.22%, rising from N63.07 trillion to N68.89 trillion during the same period.

The increase was largely driven by the naira’s depreciation against the US dollar, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.

Rising domestic debt
Domestic debt recorded mixed performance, declining by 5.34% in dollar terms from $48.45 billion in June to $45.87 billion in September. In naira terms, however, domestic debt increased by 3.10%, from N71.22 trillion to N73.43 trillion.

The Federal Government accounted for the bulk of domestic debt, which rose from N66.96 trillion in June to N69.22 trillion by September. In contrast, domestic debt owed by states and the Federal Capital Territory (FCT) declined slightly, from N4.27 trillion to N4.21 trillion.

Nairametrics further observed that Federal Government bonds remained the largest component of domestic debt, increasing by 4.47% to N54.65 trillion in September, up from N52.32 trillion in June. This represents 78.95% of the total domestic debt stock, an increase from 78.13% in the previous quarter.

The issuance of bonds in naira terms accounted for the majority of this growth. Also, Nigeria introduced its first domestic dollar-denominated bond, adding N1.47 trillion to the debt stock.

Other domestic debt components
Nigerian Treasury Bills: The second-largest domestic debt component, Treasury Bills, declined marginally by 0.66% to N11.73 trillion, from N11.81 trillion in the previous quarter. This reduction aligns with efforts to moderate short-term debt and mitigate rollover risks.

Promissory notes: Promissory notes, used to settle government obligations, grew by 5.80%, increasing from N1.67 trillion in June to N1.77 trillion in September.

FGN Sukuk: Federal Government Sukuk, an infrastructure funding instrument, declined by 9.14% to N992.56 billion, down from N1.09 trillion.
FGN Savings Bonds: Savings bonds increased by 16.11% to N64.09 billion, reflecting growing retail investor participation.

Green Bonds: Green bonds remained unchanged at N15 billion, maintaining their minimal contribution of 0.02% to the domestic debt stock.

External debt components
Analysis of Nigeria’s external debt stock of $43.03 billion in September 2024 revealed a largely stable profile, with only minor adjustments in multilateral and bilateral obligations.

Multilateral debt: Multilateral obligations increased by 0.67% to $21.77 billion, maintaining their dominance at 50.60% of the total external debt. The increase was driven by additional disbursements from institutions like the World Bank, which added $513.06 million to its International Development Association portfolio, now at $16.84 billion.
Bilateral loans: Bilateral debt decreased slightly by 1.33%, falling from $5.89 billion to $5.81 billion. Loans from China, Nigeria’s largest bilateral lender, declined by $99.98 million, while obligations to France and Germany remained stable.
Commercial loans: Commercial loans, primarily Eurobonds, were unchanged at $15.12 billion, representing 35.14% of total external debt.

What you should know
Nigeria raised $2.2 billion in December 2024 through its Eurobond auction, marking its return to the international capital markets. The funds were raised through two bonds: a 6.5-year $700 million bond at 9.625% and a 10-year $1.5 billion bond at 10.375%.

While total subscriptions exceeded $9 billion, only $2.2 billion was allotted. These funds are expected to support the 2024 budget amid revenue shortfalls and mounting public spending pressures.
The addition of Eurobond proceeds in Q4 2024 is expected to further increase the country’s external debt.

The rising debt profile, coupled with naira depreciation and increasing reliance on domestic borrowing, raises questions about Nigeria’s debt sustainability.

https://www.youtube.com/watch?v=k_XVDAn4ly4

Striking resident doctors in the Federal Capital Territory (FCT) have challenged FCT Minister Nyesom Wike and Senate President Godswill Akpabio to use government hospitals in the nation’s capital to feel the plight of public health workers and patients.

“If we are ready to fix the healthcare system in this country, I would think that every government official must use the government hospitals. Let’s start with that,” George Ebong said on Channels Television’s Politics Today programme on Wednesday.

“I would like to see the minister use Wuse General Hospital. I would like to see the Senate President use Maitama General Hospital. I would like to see the Speaker use Iyanya General Hospital. Then, we can start to fix the system. If they don’t use it, then we can’t fix it. I’m sorry but that’s the truth.”

The doctors began a three-day warning strike on Wednesday over unpaid salaries, and allowances, among others after the expiration of a three-week ultimatum issued earlier. The development grounded activities at government hospitals in Abuja from Wuse to Asokoro, Maitama, Kubwa, Zuba, Kwali, Abaji, Nyanya, and others.

Ebong, the President of resident doctors in the FCT, accused Wike and other government officials of neglecting health facilities and workers’ welfare in Abuja.

He said though Wike has been busy fixing roads, he has abandoned health institutions in the nation’s capital with many in deplorable condition.

“That’s just where we have our concerns. The minister has been very busy with projects, fixing roads, and all of that. We feel that he should also focus on the hospitals right now.

“We feel that we are the human abandoned project. No matter the things he does by fixing roads and bridges, the hospitals are the very first point of innovation and rehabilitation. They are hallowed ground; he cannot neglect them,” he said.

Ebong said, “For example, we don’t have electricity, sometimes you can’t run some tests over the weekend, we don’t have drugs, we don’t have scan machines working, and we don’t have enough manpower.” He said only one doctor man some hospitals in Abuja.

Ebong said many doctors have not been paid their six months’ salaries despite working assiduously and taking on the responsibilities of four or more persons.

“When he (Wike) first became the minister that was the only time we’ve met him but we’ve met everyone that works under him. We’ve sent him a series of letters and I am sure he is aware,” Ebong said.

He blamed the so-called bottlenecks in the system that have not allowed things to be done properly.

“I urge the minister to please try to ensure that all the wages are paid. I urge the minister to please visit all the ministers and see the state in which the hospitals are at the moment,” he said.

Ebong said the association would reassess the situation after the warning strike and if the congress felt nothing was done, “the congress will not have a choice than to go on a timeless shut down”.

The Nigeria Extractive Industries Transparency Initiative (NEITI) has thrown its weight behind the proposed 2024 Tax Reform Bill, which is currently under deliberation in the National Assembly.

The endorsement is a significant development in Nigeria’s ongoing efforts to revamp its tax system and strengthen fiscal policy. NEITI’s position on the Bill was articulated in a detailed memorandum signed by its Executive Secretary, Dr. Ogbonnaya Orji.

The memo was addressed to the leadership of the National Assembly and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele and posted on X (formerly Twitter) on Tuesday.

Dr. Orji emphasized the transformative potential of the Bill, noting that “ The Bill has the potential to modernize Nigeria’s tax system, streamline and broaden its administration and tax base to align with global best practices.”

Orji disclosed that NEITI’s observations followed a detailed review of the draft legislation, which showed extensive research and consultation to produce the innovative provisions currently being deliberated upon.

He highlighted that the proposed reforms would not only improve revenue collection but also enhance transparency and accountability in the nation’s fiscal framework.

APC Professionals Council has congratulated Dr. Kayode Opeifa on his well-deserved appointment as the Managing Director of the Nigeria Railway Corporation, saying he is a square peg in a square hole.

The Council says the appointment by President Bola Tinubu is a positive step that will position the nation’s railway system to benefit from Dr. Opeifa’s wealth of expertise as a seasoned professional.

In a congratulatory message on Wednesday, the National Director General of APC Professionals Council, Dr. Seyi Bamigbade said Dr. Opeifa, a former Commissioner for Transportation in Lagos State played a pivotal role in transforming the city’s transport sector, leading to a paradigm shift in the way Lagos operates as a mega city.

Dr. Bamigbade described him as a forward-thinking administrator whose initiative in public transportation were instrumental in improving Lagos mobility and traffic management.

He said, “I’m delighted with the appointment of a dexterous administrator, Dr. Opeifa to head the NRC. He has a distinguished career in public transportation.

“It is on the account of his track record that former President Muhammadu Buhari appointed him as the Transport Secretary for the Federal Capital Territory, where he continued to demonstrate his wealth of knowledge and competence in the transportation sector, ensuring a smooth and efficient system.

“Dr. Opeifa’s deep understanding of transportation systems, particularly railways, is unmatched. His new role at the helm of the Nigeria Railway Corporation promises a brighter future for the country’s railway system”, he said.

The Minister of Aviation and Aerospace Development, Festus Keyamo, has unveiled a state-of-the-art maintenance, repair, and overhaul facility spearheaded by XEJet.[/b]

Keyamo also announced plans to launch an aircraft manufacturing company soon.

He said this at the groundbreaking ceremony of XEJet’s flight support and engineering hub launch in Abuja on Monday.

“Very soon, we are going to return here for the groundbreaking ceremony of an aircraft manufacturing company.”

The announcement aligns with the Federal Government’s aviation development agenda, as emphasized by Keyamo.

He said, “This aligns with our administration’s vision to support local operators. We have been seeking to attract MROs to Nigeria’s aviation ecosystem, and XEJet’s initiative is a significant step forward.”

Keyamo highlighted the government’s efforts to create an enabling environment for projects like this, including partnerships with indigenous banks and the involvement of top-tier construction companies.

“We will be here with you(XEJet) throughout, from beginning to end. Our technical teams and regulatory bodies will ensure that what we have here is world-class,” he assured.

The minister expressed confidence that the facility would attract users from across the West African sub-region, leveraging Nigeria’s large population, economy, and aviation traffic.

“This is just the beginning. Nigeria is big enough to support and sustain such ambitious projects. We are proud to be associated with this,” he concluded.

Also speaking at the event is the Chief Executive Officer of XEJet, Emmanuel Iza, who described it as much more than a maintenance and repair operation that will position Nigeria on the global map of aviation innovation.

“The vision is to put Nigeria on the map of aircraft manufacturers. Even if we cannot produce an entire aircraft, we aim to contribute components like wings, landing gears, or tyres,”

Iza said. He emphasized that Nigeria has the talent and ability to achieve such goals, provided the enabling environment and facilities are in place.

Iza revealed that XEJet employs nearly 300 people, and the new facility could increase this number by three to four times. He outlined the project’s phased approach, starting with a $5m investment for ground preparation, taxiways, and aprons, followed by an equally significant investment in structural development.

The facility will include a private terminal for business aviation with world-class amenities, including a conference centre, pilot accommodations, and safety-compliant crew quarters. It will also feature a separate access route from Bill Clinton Way, allowing exclusive entry for business aviation passengers.

“This isn’t just an MRO. It’s an engineering centre designed to make Nigeria a player in the list of Original Equipment Manufacturers.[b]

“If we can’t produce an Airbus A380, we should at least produce components that contribute to it,” Iza added.

US President Donald Trump has been sued by immigration advocates following his move to end automatic citizenship for children born in the United States to parents who are unlawfully or temporarily in the country.

On Monday, Trump signed an executive order at the White House aimed at ending the longstanding policy of birthright citizenship.

The order, which is set to take effect in 30 days, challenges more than a century of US policy and court interpretations of the Constitution.

According to a Bloomberg report, immigration advocates swiftly filed a lawsuit in New Hampshire on Monday evening, shortly after the order was signed.

During a briefing on Monday, Trump reiterated his commitment to the controversial policy change.

“The federal government will not recognize automatic birthright citizenship for children of illegal aliens born in the United States. We are also going to enhance vetting and screening of illegal aliens,” he said.

Ending birthright citizenship has been a cornerstone of Trump’s Agenda47 policy platform, with the campaign promising to clarify the Constitution’s 14th Amendment.

The campaign emphasised that citizenship should apply “only to those both born in AND ‘subject to the jurisdiction’ of the United States.”

To defend the policy, the Justice Department will need to convince courts to adopt a narrower interpretation of the Constitution, which some conservative legal scholars advocate.

The legal challenge could potentially reshape the understanding of the 14th Amendment, which was ratified in 1868 to grant citizenship to formerly enslaved people. Its Section 1 states: “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.”

While the clause “subject to the jurisdiction thereof” typically excludes children of foreign diplomats, the Supreme Court has consistently affirmed birthright citizenship for children born on US soil, despite numerous challenges over the years, according to the American Immigration Council.

In a groundbreaking move aimed at decongesting the Western Port System and stimulating economic growth, President Bola Ahmed Tinubu has approved the establishment of Inland Dry Ports (IDPs) in Ijebu-Ode, Ogun State, and Moniya, Oyo State.

The decision is part of broader efforts to enhance Nigeria’s maritime infrastructure, address congestion at Lagos ports, and create much-needed jobs for the nation’s youth.

The approval, confirmed by Minister of Marine and Blue Economy Adegboyega Oyetola during the 2025 Budget Defence to the Joint Committee of the Senate on Marine Transport and House of Representatives Committees on Ports and Harbour, marks a significant step forward in the federal government’s plan to transform the maritime sector.

Oyetola emphasized that the development of Inland Dry Ports will not only ease pressure on the country’s seaports but also create jobs for youths in Ogun, Oyo, and other states within Nigeria’s western region.

These ports are expected to serve as key hubs for transportation, storage, and distribution, significantly impacting the region’s economy.

“These IDPs are crucial for fast-tracking the decongestion of our Western Port System,” Oyetola explained.

While discussing the approval, Oyetola highlighted ongoing challenges in Nigeria’s maritime sector, such as inadequate infrastructure, silted river courses, and limited fish production.

He noted that the Ministry of Marine and Blue Economy is focused on addressing these challenges with several key projects and programs aimed at improving operations and enhancing revenue generation.

“The Ministry is committed to improving maritime safety and security, increasing fish production, and deploying information technology to boost operations,” Oyetola said.

Oyetola further revealed that the Ministry had finalized several essential documents that lay the foundation for a sustainable and robust maritime policy.

“These documents are critical to building a strong framework for the future of Nigeria’s maritime sector.

“They will guide infrastructure development and the blue economy’s growth in the coming years,” he stated.

Looking ahead, Oyetola reaffirmed the Ministry’s commitment to sustaining the successes recorded in previous years.

The focus will be on improving port infrastructure, increasing fish production, and enhancing safety and security in the maritime industry.

“As we prepare for the 2025 Budget, we aim to build on last year’s achievements, with a specific focus on developing the ports infrastructure and creating opportunities for Nigerians in the maritime sector,” he said.

● Togo is considering joining the Alliance of the Sahel Region (AES).

● Togolese Minister of Foreign Affairs, Robert Dussey, expressed openness to the idea.

● Togo’s potential integration into the AES may lead to its withdrawal from ECOWAS.

While this is not officially in the works yet, a member of the West African country’s administration, recently threw out the idea.

He, the Togolese Minister of Foreign Affairs, Robert Dussey, noted that the suggestion of Togo being intergrated into the young regional group is not far fetched.

“It is the decision of the president of the republic, but it is not impossible,” he said to Voxafrica during an interview on Thursday.

Speaking further on the subject, the Togolese minister also deplored the absence of true sovereignty on the continent, noting that “Africa is only used to serve the great powers, and this is not normal.”

Assimi Goïta’s ascension to power in Mali “is an opportunity” for the Sahelian country, the minister also emphasized, as seen on Sputnik.

“Ask the Togolese people if they want to join the AES, I think they’d say yes,” Dussey added.

Should Togo opt to join the AES, its is very likely that the city and port of Lome, Togo, would be open to maritime cooperation with the three landlocked countries of Burkina Faso, Mali, and Niger, that currently make up the AES.

Also, should the idea come to fruition, it almost certainly means that Togo, which is currently a member state of the Economic Community of West African States (ECOWAS), would be pulling out of the group, given its socio-political differences with the AES.

ECOWAS vs the AES
The three West African countries that make up the AES sharply exited ECOWAS in January of this year, citing the organization’s alleged lack of support for their efforts to combat terrorism, and its subservience to former colonial power France.

The three nations that they have overthrown previous governments through coups and concluded that they no longer wish to be part of the West African Bloc.

ECOWAS immediately responded to their secession by declaring that it will take the necessary steps to bring the nations back to their original bloc, including enforcing economic sanctions against them.

However, in December, the Alliance of Sahel States officially received approval from ECOWAS confirming their withdrawal from ECOWAS.

The announcement was made by the President of the ECOWAS Commission, Alieu Touray, on the 15 of December during the 66th Ordinary Session of Heads of State and Government in Abuja.

Today, we were delighted to receive Rear Admiral Mike Oamen, the Flag Officer Commanding Western Naval Command, in our office.

During our discussion, we informed our esteemed guest about the progress made towards establishing a naval base and dockyard in Ogun State. This initiative began when the former Chief of Naval Staff, Vice Admiral Awwal Gambo, graciously acknowledged the importance of such a facility in our riverine areas. Following this, a committee comprising representatives of the Nigerian Navy and our state government was formed to identify suitable locations for the project.

After careful evaluation, a location in Ogun Waterside was selected, and we allocated a 100-hectare parcel of land for this purpose. We have since completed all formalities for the land allocation, waived fees and charges running into several billions of naira, and forwarded the Certificate of Occupancy to the Naval Headquarters