The Debt Management Office (DMO) has stated that the Federal Government has made sufficient budgetary provisions to meet the country’s foreign and local debt obligations.

This was disclosed in a statement issued on Wednesday in Abuja. According to the DMO, Nigeria’s debt management is in line with relevant laws and international standards.

The office emphasised that the country has consistently met its external and domestic debt obligations, making federal government securities appealing to both local and foreign investors.

The DMO pointed to the successful pricing of 2.2 billion dollars in Eurobonds in the international capital markets, which garnered over nine billion dollars in subscriptions. “Nigeria attracted a wide range of investors from multiple jurisdictions including the UK, North America, Europe, Asia, Middle East and participation from Nigerian investors,” the statement said.

“It is an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management,” the DMO added.

The statement also highlighted that the transaction saw a peak order book of more than nine billion dollars, reflecting strong support from diverse investors. Demand came from a mix of fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions.

“One of the landmark achievements of the Eurobond is that it opened up opportunities for banks and other corporate entities in the Eurobond market,” it noted.

The DMO further emphasised that the growing interest in FGN bonds, Sukuk bonds, and other FGN securities demonstrates the country’s adherence to best practices in debt management. The office reassured that adequate provisions have been made in the Medium- Term Expenditure Framework (MTEF) and annual budgets to meet debt service obligations as they arise.

Through borrowing, the DMO stated that Nigeria has developed a strong domestic capital market, attracting interest from both local and foreign investors.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Port Harcourt Refinery, Dangote Refinery, Warri Refinery and other functional refineries will receive 123,480,500 barrels of crude oil between January to June 2025 which is the total crude requirement of refiners during the period.

The regulator estimated daily crude oil requirements for local refiners at 770,500 barrels per day and a monthly requirement of 23,812,000 barrels per day.

The NUPRC said this in the Domestic Crude Oil Requirement and Crude Oil Production Forecast for First Half 2025.

To meet the requirement, the NUPRC said it targets crude oil output to hit over two million barrels per day.

The production target is hinged on Project 1 million Barrels which was launched in October 2024.

The NUPRC is empowered by the PIA to ensure domestic crude supply to local refineries based on the ‘willing buyer, willing seller’ model.

The regulator said the move is pursuant to Section 109 of the Petroleum Industry Act (PIA), 2021 and it is aimed at effective capacity utilisation of the nation’s domestic refineries by ensuring a consistent supply of crude oil.

The NUPRC said, “The forecasted daily crude requirement for Refineries which is Seven Hundred and Seventy Thousand, Five Hundred barrels (770,500 Bopd), is about 37 per cent of the forecasted first half 2025 average daily production of Two Million, Sixty-Six Thousand, Nine Hundred and Forty Barrels (2,066,940 Bopd).”

The forecast is for nine active refineries, according to the NUPRC.

A breakdown showed that the Dangote Refinery and Petrochemicals (FZE) requires 99,550,000 barrels from January to June 2025. The refinery’s daily requirement is 550,000mbpd while the monthly requirement is 17.05 million barrels.

The Warri Refinery has the second highest requirement estimated at 13,5875,000 barrels in the first half while the daily and monthly requirement are 75,000bpd and 2.325 million barrels respectively.

The Kaduna Refinery and Petrochemical Company Ltd have an estimated requirement of 3,960,000 barrels. The refinery’s daily requirement is 66,000bpd and 1,980,000 barrels.

Port Harcourt Refinery Company Ltd (Old) has a daily requirement of 60,000 barrels per day, monthly requirement of 1,860,000 barrels and a half year requirement of 2,868,000 barrels.

Port Harcourt-based Aradel Refinery is estimated to consume 1,267,000 barrels in the first half of 2025 while the daily need of refinery is 11,000bpd and 215,000 barrels monthly.

OPAC Refineries in Delta State has a crude requirement of 5,000bpd, 150,000 barrels per month and 900,000 barrels in the first half.

Imo State-based Waltersmith Refinery and Petrochemical Company Ltd has a half year requirement of 814,500 barrels; a monthly and daily requirement 139,000 barrels and 4,500 barrels per day.

Edo State-based Dupot Midstream Company Ltd has a half year, monthly and daily requirement of 360,000 barrels, 62,000 barrels and 2000bpd respectively.

Edo Refinery and Petrochemical Company Ltd has a half year requirement of 186,000 barrels, a monthly requirement of 31,000 barrels and a daily requirement of 1,000bpd.

NUPRC said, “It is leveraging the capacity of upstream operators to meet the target daily production of Two Million, Five Hundred Thousand Barrels (2,500,000 Bopd) in the short term.

“This strategic initiative aligns with Nigeria’s commitment to bolstering its domestic refining capacity and ensuring the sustainability of its oil industry.

“The first half of 2025 is expected to witness increased synergy between local refineries and producing companies, setting the stage for a more robust and self-reliant petroleum landscape in Nigeria.”

President Bola Tinubu on Wednesday urged Nigerians to brace up for more courageous decisions, to strengthen Nigeria’s development.

The President stated this when he received New Year homage from top government officials, including Vice President Kashim Shettima, the leadership of the National Assembly, and former principal officers of the National Assembly at his Oyinkan Abayomi Drive residence in Ikoyi, Lagos, Wednesday.

While buttressing his statement using Yoruba adage, Tinubu said he is encouraged by the National Assembly’s support over the last 19 months and is determined to take the country to the Promised Land.

The President who acknowledged the encouragement from the lawmakers, pledged to work harder, embrace intellectual inquisitiveness, and make courageous decisions for national development.

“We have a saying in Yoruba that it is only a courageous dog that will capture the animal in the bush,” he added.

The New Year homage, led by Senate President Godswill Akpabio, preceded a similar visit by members of the Nigeria Governors Forum (NGF).

“Nigerians are the heart of everything we are doing. We have come to serve. You have made my day by coming on this visit. Happy New Year. May God bless you and our country and give our nation more prosperity,” he said.

The President said the transformative journey embarked upon by his administration is for all of all Nigerians, adding that “it is for our tomorrow”.

“It is for the future generation. Your commitment will yield that fruit for the babies yet unborn,” he said.

“Your commitment to value addition and bringing about the spirit of can do and must do is for all of us together.

“It is for us to build a nation. We have confidence and competence. The enslavers want us to be anything but enslaved people, but we say no. We are determined, we are capable, and we are resolute, and we will be there. We will take Nigeria to that Promised Land with you.”

Senate President Akpabio in his remarks, commended the President for his courage and commitment to reform and assured him that the National Assembly is firmly behind his administration.

“On this journey of restoration, transformation and rebuilding the nation, you are not alone. The National Assembly is with you and will stand by you,” he said.

Akpabio highlighted the positive economic outlook under the Tinubu administration, citing achievements such as oversubscription of Nigeria’s Eurobond, improvements in ease of doing business, and growing foreign investor confidence.

“We salute our men in uniform and commend you for your bold reforms. Investors remain interested in Nigeria because of your leadership, and we will continue to smile as the benefits materialise,” he added.

Tajudeen Abbas, Speaker of the House of Representatives, alao commended the President for his respect and support of the National Assembly.

He said many key figures in the administration, including the President, Vice President, Wife of the President, Chief of Staff to the President, Secretary to the Government of the Federation, and several ministers, were all former members of the National Assembly.

“The National Assembly should consider itself lucky, and to God be the glory, Mr President, the National Assembly today is more united than ever,” he said.

“The National Assembly is more fulfilled than ever before because there is nothing we have ever knocked on your door to request for the National Assembly that you have not obliged.

“This is historic. This is commendable. We need to thank you for that. I also want to thank you for bringing more succour to the poor.

“Nigerians had more challenges at the beginning of 2023, but as the year ended, more food and prosperity started pouring in. We believe 2025 will be the ultimate year where every Nigerian will be proud of this administration.”

Ahead of the 2027 election, the 2023 presidential candidate of the Labour Party (LP), Peter Obi, says there is no merger deal yet with the Peoples Democratic Party (PDP), the New Nigeria People’s Party (NNPP) or any other party.

The former Anambra State governor stated this on Thursday morning when he held a press conference in Abuja on the state of the nation.

He added that no agreement has been established with other parties yet. He rallied all lovers of Nigeria in the political space to come together in 2027 and defeat the All Progressives Congress (APC), which he accused of mismanaging the country’s resources.

Also, Obi described the security situation in the country as unfortunate, saying Nigerians die needlessly due to banditry, terrorism, and kidnapping-for-ransom.

He said the level of corruption in Nigeria remained high and so is the cost of governance which has led to an astronomical increase in public debt under the current administration of President Bola Tinubu of the APC.

Obi stated that government officials willfully mismanaged public funds in 2024 through incessant foreign travels.

In the 2023 presidential election, Tinubu came out tops in 12 of Nigeria’s 36 states, and secured significant numbers in several other states to claim the highest number of votes — 8,794,726, almost two million votes more than his closest rival — Atiku Abubakar of the PDP.

Atiku, who has ran for president six times, got 6,984,520 votes, while Obi, a first-time contestant, secured an unprecedented 6,101,533. NNPP’s Rabiu Kwankwaso, former Kano State governor, finished fourth, claiming victory in his state — Kano. He secured 1,496,687 votes.

Interestingly, Obi and Kwankwaso were PDP members months before the last poll but cited irreconciliable difference as reasons they exited the party.