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“Nigeria’s Rising Debt is a Threat to Future Generations” – Obasanjo Warns

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Photo source: Google

Former President Olusegun Obasanjo has raised concerns over Nigeria’s escalating debt, warning that it poses a serious challenge for both current and future generations.

He shared his thoughts during a recent Zoom discussion titled Boiling Point Arena, where he reflected on the country’s economic path and leadership choices.

Nigeria’s debt has experienced a significant increase, climbing by a staggering N12.6 trillion within just three months.

As of the end of the second quarter of 2024, the nation’s total debt stood at N134.3 trillion (about $91.3 billion), marking a sharp 10.35% rise from the N121.7 trillion recorded at the close of the first quarter.

Obasanjo, who was instrumental in securing debt relief for Nigeria during his tenure from 1999 to 2007, expressed deep concern over the current state of affairs.

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He noted that his administration’s efforts to clear the country’s debt burden have been undermined by the recent trend of heavy borrowing.

“Yes, I was able to secure debt forgiveness for the nation before I left office, but now we’re facing a debt problem that will affect not just this generation, but the next as well,” he stated.


 

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FG Extends NYSC Orientation Camp From 3 to 6 Weeks

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The Federal Government has announced an extension of the NYSC programme. It can be noted that the NYSC camp orientation is usually for three weeks before the youths go out to gain experience, employment, and serve the country for one year.

However, the FG announced that the passing-out parade from camp will be cancelled, and corps members will now spend six weeks in camp instead of three weeks.

“The first two weeks speak to laying a foundation on civic responsibility. The next two weeks will look at career mapping, basic accounting literacy skills, business planning and access to finance. The final two weeks, we intend to have focused corps-stream-specific training aligned with the corps member’s designated stream based on his choice, academic background and skills profile.”


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Is Lagos Sinking? Residents Raise Concerns as Flooding Worsens

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With the rainy season in Nigeria, many are wondering if the increase in flooding has now become the new normal. Lots of videos, clips, and complaints have literally flooded online, showing how badly roads, homes, and other places have been affected.

We were used to hearing about the rise of water on the Island since it is literally surrounded by water, but now floods are being spotted on the Mainland as well.

We may not know exactly why this is happening, but one thing is certain—we urgently need a lasting solution.


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Federal Government Clarifies Position on Proposed Tax Recommendations

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The federal government reacted to claims stating that the new tax rules will be imposed on telecommunications and petroleum products for Nigerians.

The FG released a statement to explain the process and stated that there is no intention to place taxes on telecom and petroleum products and services.

“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.”


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