News
Nigeria’s Debt Hits N134.3 Trillion as Naira Devaluation Worsens
Nigeria’s public debt has reached a staggering N134.3 trillion by the end of June 2024, reflecting a significant rise under President Bola Ahmed Tinubu’s administration.
This marks a 10.35 percent increase from the N121.7 trillion recorded in the first quarter of the year, underscoring the country’s financial challenges, particularly in light of its infrastructural deficits.
According to a report from the Ministry of Finance, the surge in the debt profile is largely attributed to the devaluation of the naira, which has compounded Nigeria’s already complex economic situation.
The government noted that while the dollar value of the debt remained relatively stable, the sharp depreciation of the naira against major global currencies led to a dramatic rise in the debt when calculated in local currency terms.
By the end of Q2 2024, the total debt stock had climbed from N121.7 trillion ($91.5 billion) in the first quarter to N134.3 trillion ($91.3 billion).
The slight drop in the dollar equivalent despite the increase in naira value points to exchange rate volatility as a key factor driving the swelling debt burden.
The Tinubu administration has inherited a legacy of economic strains and infrastructure deficits that have continued to challenge the country’s development agenda.
Roads and other public facilities across Nigeria are deteriorating, causing frustrations among citizens who are grappling with inadequate services, even as the debt grows.
This infrastructural gap has remained a critical concern for many Nigerians, as it hinders mobility, trade, and overall economic growth.
In June 2024, the Debt Management Office had announced that Nigeria’s combined foreign and domestic debt stood at N121.67 trillion, a figure that has now sharply risen due to exchange rate pressures.
The government is reportedly exploring various strategies to manage this growing debt while balancing its development goals.
However, analysts have cautioned that without swift intervention, the debt burden could strain Nigeria’s capacity to meet its financial obligations, potentially leading to further devaluation and economic instability.
This growing debt profile also highlights broader macroeconomic challenges, including inflation, which remains a key issue.
The increasing cost of borrowing and the debt servicing obligations continue to eat into the government’s revenue, limiting its ability to fund critical projects.
Despite these challenges, the administration is expected to outline a comprehensive plan to address the nation’s economic and infrastructural needs while managing the escalating debt crisis.
The former Governor of Kogi State, Yahaya Bello, makes headlines as his marriage to his fourth wife, Hiqma, is revealed.
It was reported that the pair had their wedding privately in Abuja on the 12th of July, 2025. The ceremony was attended by family and close friends and remained private until the wedding was over.
The wedding announcement was revealed by Yahaya Bello’s third wife, who stated “Alhamdulillah, our family just got a little bigger and more loving! A warm welcome to our new family member, Mrs. Hiqma Yahaya Bello! May Allah bless our union and fill our home with love, peace, and Barakah. Amin.”
Governor Babajide Sanwo-Olu has made it clear that his government will not tolerate any form of assault on officers of the Lagos State Traffic Management Authority (LASTMA). Speaking through his deputy, Dr Obafemi Hamzat, at the Second Lagos Traffic Conference on Tuesday, the governor said anyone caught attacking traffic officers will be made to face the law.
The event, held in honour of LASTMA’s 25th anniversary, brought together key stakeholders to reflect on traffic challenges and explore new solutions under the theme: “Enhancing Traffic Efficiency and Safety on Lagos Roads: Challenges, Opportunities, and Innovations.”
Sanwo-Olu praised the efforts of LASTMA officers who he said work in tough, often dangerous conditions to keep Lagos roads under control. He acknowledged their sacrifices and dedication, saying their presence is the thin yellow line between traffic order and chaos.
“I truly commend every LASTMA officer for your courage and commitment. You’ve stayed strong even when the job puts you at risk, and that speaks volumes about your dedication,” he said. He also paid respects to officers who died in the line of duty, calling them heroes whose sacrifices would always be remembered.
Looking ahead, Sanwo-Olu shared plans to modernize LASTMA with technology that fits today’s traffic demands. He said the government would increase investment in smart systems such as AI-powered tools, automatic number plate recognition, and drone surveillance. These tools, he explained, will make it easier to monitor traffic in real time, respond quickly to incidents, and improve the overall movement of vehicles across Lagos.
Federal Government releases further details for the burial of the Ex president, Muhammadu Buhari.
It was shared that the burial will occur on Wednesday 16th of July, 2025.
This information was revealed in an official statement released by presidential aide Sunday Dare on X platform.
The statement briefly states that a committee will be set for the burial to be done properly and for the events to be held. The Federal Government then makes a list of the ministers needed to join this committee to hold a successful burial ceremony for Buhari.
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