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Nigeria’s Debt Hits N134.3 Trillion as Naira Devaluation Worsens

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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).

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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.

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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.

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Activist Urges Tinubu to Choose a Christian VP for 2027 Election

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Activist and president of the North Central Youth Council, Sunday Asuku, has called on President Bola Ahmed Tinubu to consider replacing Vice President Kashim Shettima with a Christian candidate in the 2027 general election.

In a statement on Monday, Asuku stressed that Tinubu’s choice of vice president could make or break his chances for re-election. He argued that selecting a Christian vice president would not only be symbolic but also a strategic and unifying move for Nigeria’s democracy.

Asuku mentioned that the 2027 elections will be a crucial test of Nigeria’s commitment to unity and inclusivity. He pointed out that the Muslim-Muslim ticket in the 2023 elections created division, and that addressing this imbalance with a Christian running mate would help strengthen national cohesion.

He went on to say that religious balance in leadership is still a vital necessity in Nigeria’s diverse society. “Tinubu has a chance to correct the mistake of 2023 and make a strong statement of inclusion. This opportunity should not be missed,” Asuku said.


 

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UK Promises to Carry Nigeria Along in New Immigration Plans

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The British High Commission in Nigeria has promised to work closely with the federal government once the full details of the UK’s latest immigration reforms are made public. This follows the UK government’s release of a White Paper on Monday, unveiling major changes to its immigration policies.

Some of the proposed reforms include scrapping the social care visa route, extending the path to settlement, reducing the duration of graduate visas, and introducing compulsory English tests for dependents of migrants. Though a specific date for the implementation hasn’t been announced, the British High Commission assured Nigerians that the long-standing relationship between both countries remains strong.

“The UK and Nigeria share deep and historic ties,” the Commission said in a statement. “We value the fact that many Nigerians continue to choose the UK as a place to work, study, visit, and build their lives.” It further explained that the reforms are part of efforts to bring balance, structure, and fairness to the UK’s immigration system, while also aiming to reduce net migration and support economic development.

The Commission also emphasized that these changes would not happen overnight, and stressed that the UK remains open to cooperation with Nigerian authorities as the process unfolds. This comes despite growing concern that countries with high rates of visa overstaying—Nigeria reportedly among them—could face tighter restrictions.

Despite those fears, the British High Commission maintained that the UK values its relationship with Nigeria and remains committed to being an inclusive, outward-facing country that appreciates the value of international talent and diversity.

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Oyo Group Accuses Primate Ayodele of Using Prophecies to Manipulate Politicians for Money

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The Oyo State Voluntary Campaigners (OSVC) have accused Primate Elijah Ayodele of using his so-called prophecies to manipulate politicians for personal financial gain. The group was reacting to Ayodele’s latest prophecy, where he claimed that Minister of Power Adebayo Adelabu would not succeed in becoming the Governor of Oyo State in 2027 due to political challenges and rising tension in the state.

According to Ayodele, unrest is building in Oyo, with Muslims preparing for a major political shift and the Oke-Ogun region set to push back against Ibadan’s dominance—making it difficult for Adelabu to win. But OSVC isn’t buying it. In a statement signed by its chairman, Dr. Dele Atiba, the group described the Lagos-based cleric as a spiritual gambler who targets politicians in power with the hope of profiting from them.

They warned that Ayodele’s messages are nothing more than calculated attempts to get the attention of political figures and milk them financially. The group also pointed out inconsistencies in his past prophecies, such as claiming in 2022 that Bola Tinubu would lose the election, only to later endorse him for 2027.

Atiba said if Ayodele continues to spread what they described as blackmail disguised as prophecy, the group would not hesitate to take legal action and expose what they call evidence of manipulation and deceit. He urged the public to be cautious and not fall for what he termed “tricks” disguised as divine messages.


 

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