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.
Nigerian Gospel Artist Israel Terhemba Ikyereve, popularly known by his stage name New Jerusalem, has reportedly passed away.
The late gospel singer passed away at the age of 53, friends and family as well as the government in Benue state mourns the loss of the singer.
The date of burial was also announced by his family, on Saturday, July 5, 2025, in Sati Agirigi, Mbamo, Shitile, Katsina-Ala LGA of Benue State.
Suspended Rivers State Governor, Sim Fubara, has distanced himself from campaign materials being circulated ahead of the 2027 elections. Fubara made it clear that he never approved the production of caps, shirts, or any other campaign items for the next general election.
Speaking to his supporters in Port Harcourt on Saturday, Fubara stressed that his focus is on restoring peace and stability in the state, not on political campaigns. His reaction follows the recent resolution of the political crisis in Rivers State by President Bola Tinubu.
The clash between Fubara and the Minister of the Federal Capital Territory had sparked months of tension, which eventually led to Fubara’s six-month suspension from office. Tinubu even declared a state of emergency in Rivers State during the height of the crisis.
However, the president stepped in last week, holding talks with all parties at the Presidential Villa in Abuja, leading to a temporary truce. Fubara expressed his frustration over the campaign materials, saying, “I was really upset when someone sent me a video of people producing caps and shirts for the 2027 elections.
“I didn’t approve that, I didn’t send anyone to do that. For now, what Rivers State needs is peace so that we can focus on progress and development.”
The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, will be leading a national prayer session focused on reviving Nigeria’s struggling economy. The prayer is scheduled to take place during the church’s July 2025 Thanksgiving Service, themed “Divine Intervention”, at the RCCG national headquarters in Oyingbo, Lagos.
Speaking ahead of the event through his Special Assistant on Administration, Pastor Dele Balogun, Pastor Adeboye acknowledged that both Nigeria and other countries are facing tough times. But he believes the current hardship is not beyond repair if people embrace faith and take positive action.
“Our nation is going through serious challenges, just like other parts of the world. But the truth is, we can overcome them with faith, as long as we don’t give room to fear or doubt,” Adeboye said. He encouraged Nigerians to reject negative confessions and instead focus on faith-driven solutions, adding that with God’s intervention, the country’s economic situation can still turn around.
The upcoming prayer session, according to him, is not just about asking for change but about opening doors to new opportunities and paving the way for national transformation.
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