Connect with us


BIG STORY

Debt Servicing To Gulp 123% Of 2023 Revenue — World Bank

Published

on

The World Bank has projected that debt servicing will gulp 123.4 percent of the Federal Government’s revenue in 2023.

This was according to a presentation made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, which was obtained by our correspondent.

The document was entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and Sustainable Development Results.’

The document projected that debt servicing would gulp 100.2 percent of Federal Government revenue by the end of 2022.

This was a decline from the earlier projection in its October Africa’s Pulse report, which is a biannual analysis of the near-term macroeconomic outlook for the region, published during the World Bank/IMF Spring and Annual Meetings in April and October.

In Africa’s Pulse report, the Washington-based bank said that Nigeria’s debt service to revenue ratio could stand at 102.3 percent by the end of 2022.

It described the public debt in Nigeria as concerning due to the rising debt service-to-revenue ratio.

However, the situation would be dire in 2023 as debt surviving would exceed 118 percent of revenue reported in the first four months of 2022.

In his presentation document, the World Bank lead economist for Nigeria noted that borrowing more money was not the solution for Nigeria.

The document read, “Borrowing more is not the solution: debt costs are rising rapidly, squeezing non-interest spending.

“Debt servicing has surged over the past decade and is expected to continue increasing over the medium-term, crowding out productive spending.”

The PUNCH recently reported that Nigeria’s public debt rose to N44.06tn in the third quarter of 2022, with the country struggling with a repayment burden.

According to a press statement published on the website of the Debt Management Office, the total public debt stock rose from N42.84tn recorded in the second quarter to N44.06tn in the third quarter of 2022.

This showed that there was a 2.85 percent increase quarter-on-quarter, with Nigeria acquiring N1.22tn debt within three months.

The DMO said that the increase in public debt was due to new borrowings by the Federal Government to part-finance the deficit in the 2022 Appropriation Act, alongside new borrowings by sub-nationals.

It also noted that the total public debt stock consisted of domestic debt of N26.92tn and external debt of N17.15tn.

The World Bank recently said that Nigeria’s debt, which might be considered sustainable for now, was vulnerable and costly.

According to the Washington-based global financial institution, the country’s debt was also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The bank had said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.

“While currently the debt stock of 27 percent of the Gross Domestic Product is considered sustainable, any macro-fiscal shock can push debt to unsustainable levels.

“However, the debt to the GDP in Nigeria is rising quickly, and the total stock of debt in absolute value has almost doubled between 2016 and 2020, and without a policy change is expected to reach 40 percent of the GDP by 2025.”

The bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

Speaking at the launch of the World Bank’s Nigeria Development Update titled, ‘The Urgency for Business Unusual,’ the Minister of Finance, Zainab Ahmed, admitted that Nigeria was struggling to service its debt.

She said, “Already, we are struggling with being able to service debt because even though revenue is increasing, the expenditure has been increasing at a much higher rate, so it is a very difficult situation.”

A Professor of Development Macroeconomics at the University of Lagos, Prof Olufemi Saibu, criticized the government for over-borrowing.

He said, “I think we are over-borrowing. We continue to rely on international benchmarks which make us lazy in terms of revenue generation.”

BIG STORY

JUST IN: Impeachment of Fubara, Deputy’ll Continue ——- Rivers Lawmakers

Published

on

Members of the Rivers State House of Assembly have insisted that the impeachment process against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, will continue, describing it as the only solution to the political crisis in the state.

The lawmakers made this known on Friday while briefing journalists, after the Assembly failed to reconvene on Thursday as scheduled.

Taking turns to address the media, the legislators maintained that the impeachment proceedings were constitutional and in line with their legislative responsibilities.

They dismissed criticisms of the process, insisting that the Assembly was acting within the provisions of the law to address what they described as a political impasse in Rivers State.

The briefing came a day after the Assembly, led by Speaker Martin Amaewhule, failed to resume plenary on Thursday, exactly one week after adjourning its last sitting.

The House had, at its sitting last week, initiated impeachment proceedings against Fubara and his deputy over alleged gross misconduct.

The allegations included the demolition of the Assembly complex and spending public funds without legislative approval.

However, the impeachment move has faced political pushback, with four lawmakers between Monday and Wednesday formally withdrawing from the process and calling for an amicable resolution of the crisis.

Despite expectations that the Assembly would reconvene on Thursday, there was no indication that plenary held, fuelling speculation about internal divisions within the House.

The lawmakers, however, said on Friday that the impeachment process remained on course.

More details later…

 

Continue Reading

BIG STORY

Alaafin Kicks As Makinde Installs Ladoja Chairman of Oyo Council of Obas

Published

on

Oyo State Governor, Seyi Makinde, on Thursday inaugurated the Oyo State Council of Obas and Chiefs after 15 years, with the Olubadan of Ibadan, Oba Rashidi Ladoja, emerging as its first chairman.

The Alaafin of Oyo, Oba Akeem Owoade, was conspicuously absent from the inauguration, which was held at the House of Chiefs, Parliament Building, Secretariat, Ibadan.

At the inauguration, Governor Makinde explained that the chairmanship of the Oba council will be rotated among the Olubadan, Alaafin and the Soun of Ogbomoso.

According to him, it was an agreement reached at a meeting with the three first-class monarchs.

But in a swift statement on Thursday by his media aide, Bode Durojaye, the Alaafin countered the governor, saying there was no such meeting.

The statement read: “The attention of the Alaafin’s palace has been drawn to a statement credited to His Excellency, Governor Seyi Makinde that he consulted with the three traditional rulers in the state, the Alaafin, the Olubadan and the Soun of Ogbomoso on the rotational Chairmanship of the State Council of Obas and Chiefs.

“The palace hereby wants to state clearly that there was no time that His Imperial Majesty, the Alaafin of Oyo, Oba Engineer Abimbola Akeem Owoade 1, held any meeting with either the state governor or any of the two traditional rulers mentioned above.

“Also, the Alaafin did not tell the governor or make a categorical statement on his endorsement of rotational chairmanship among the three traditional rulers in the state.

“The position of the Alaafin and the entire Oyo community on the general issue of the, state, Council of Obas, and Chiefs has been enunciated in a Memo delivered to His Excellency by the Oyo Council of Elders.”

Thursday’s inauguration came amid rumours of a feud between the Alaafin and Oba Ladoja.

A viral video circulating on social media recently showed the Alaafin appearing not to rise to greet Oba Ladoja at a public function, while the Olubadan was also seen seemingly declining the Alaafin’s handshake.

But speaking with journalists in Ibadan on Thursday, Oba Ladoja debunked claims of any rift with Oba Owoade.

Speaking during the inauguration, Makinde said the chairmanship of the council would be rotational among the Olubadan of Ibadan, the Alaafin of Oyo, and the Soun of Ogbomosoland, with each monarch serving a two-year term.

According to the governor, the arrangement was designed to promote unity, harmony, and cooperation among traditional institutions in the state.

Makinde said, “No matter how hard an issue is, we will definitely resolve it. My three fathers, the Alaafin of Oyo, the Kabieyesi Olubadan and the Kabieyesi Soun, and the agreement is that they will start the rotation with the Olubadan of Ibadan land.

“So, on that basis, I hereby pronounce the Oyo State Council of Obas and Chiefs inaugurated, in person of Kabieyesi Olubadan of Ibadan land, for two years. The council, like the commissioner mentioned, last met like this in 2011. And we’ve been on this for a while. I mean, I’ve been here for close to seven years now.

“It will be seven years exactly in May 29 that this administration came into office. And the easiest thing for me to do, or for this administration to do, is to encourage a division. You know, when they say divide and rule, that is the easiest thing.

“But we know that some of the things that we have been able to achieve as an administration, they can be traced to our traditional institutions. You come to me, we discuss, we rub minds on what is happening in our various communities.

“I get most of that information from you. And then we thought, is it not a shame that for 15 years running now we don’t have a Council of Obas and Chiefs? And if we don’t have a council, how do we play an active role as a state?

“At best, what we have will be an ad hoc arrangement, which is what has been happening since 2011. I’ve been here since 2019. So I encouraged the House of Assembly, and I consulted widely amongst the traditional rulers.

“I mean, if we look at this, this is House of Chiefs. We cannot see any improvement. We only come here for a few events. But our traditional institutions must be strengthened. The AC is not working because nobody is in charge. There’s no one telling us, calling the state government on this. We signed the law passed by the state House of Assembly, and I signed it on August 14, 2025.”

In his remarks, Oba Ladoja urged the public to have confidence in the council, describing the inauguration as the beginning of work rather than an achievement.

“The primary responsibility of the council is to ensure peace and safety across their domains while contributing to the continued progress of the state,” he said.

Ladoja stressed that public confidence in the council would grow after its first meeting, as residents would see that members were united in purpose rather than competition.

He said, “We appreciate the goodwill and congratulations we have received. This inauguration is not an achievement in itself; it marks the beginning of serious work. After our first meeting, people will begin to have confidence in us, because they will see that we are not in competition with one another. We are not here to fight or to pursue personal interests, so there is nothing to fear.

“Our sole concern is to ensure that our domains remain safe and peaceful, and that the state continues on the path of progress. We want the state to be a good place for everyone. That is the purpose of this council. This is not about any individual; it is about bringing people together and working collectively for the common good.”

Earlier, the Commissioner for Local Government and Chieftaincy Matters, Ademola Ojo, described traditional rulers as custodians of culture and communal harmony who have remained pillars of peace, moral authority, and grassroots development.

He said, “As we formally inaugurate this council, it’s my earnest hope that it will remain a beacon of harmony, a forum for constructive dialogue, and a strong partner in our shared quest for peace, security and socio-economic advancement.”

Also on Thursday, Oba Ladoja dismissed claims that he deliberately snubbed the Alaafin during an interfaith gathering held in Ibadan on Monday.

Speaking with journalists, the Olubadan described the allegation as a misunderstanding that had been exaggerated on social media.

He said, “There was no intention whatsoever. What happened was not deliberate. It has been misinterpreted, particularly on social media.”

Recall that a video circulated online suggesting that the Olubadan snubbed the Alaafin during the 2026 Inter-Faith Gathering held at the Grand Space behind the Oyo State House of Assembly.

Explaining his actions, Ladoja said he arrived late at the event and tried to take his seat quietly without disrupting proceedings.

He said, “When I go late to a place, I try to bring good news. Just like at the mosque, when prayers are ongoing, you wait until people are properly arranged before joining. I was trying to take my seat before anyone would say I could no longer move.”

According to him, seating arrangements and changes in positions of dignitaries affected his movement within the hall.

“My seat was between the Soun and the Alaafin. I had to pass through some people to get there. I did not take any decision to avoid or ignore anyone. Why should I?” he said.

The Olubadan expressed concern over what he described as deliberate mischief by some commentators.

“If you watch the full video, you will see that I greeted people, including the governor. But social media often takes things out of context.”

On whether he had addressed any perceived grievances, Ladoja insisted there was no tension between the traditional institutions.

He said, “I don’t believe anyone was being offensive, and I do not see the issue as an insult to anybody. My focus is to unite the present generation and those coming after us. We must raise standards, especially in education, and concentrate on what truly brings progress to our society.”

 

Continue Reading

BIG STORY

JUST IN: Court Strikes Out FG’s Criminal Charges Against Natasha

Published

on

An Abuja High Court, on Thursday, struck out the criminal charges instituted by the Federal Government against the lawmaker representing Kogi Central, Senator Natasha Akpoti-Uduaghan, effectively bringing to an end a high-profile legal battle that sparked national debate.

Court records showed that the Office of the Attorney-General of the Federation filed a Notice of Discontinuance, prompting the court to formally strike out the criminal defamation and related charges that had been earlier preferred against the senator.

The case, which attracted intense public scrutiny, stemmed from comments allegedly made by Akpoti-Uduaghan during a televised interview.

The prosecution of the matter had generated sustained debate around freedom of expression, political accountability, and the limits of prosecutorial powers in a democratic setting.

The Notice of Discontinuance, dated December 12, 2025, brought proceedings in suit number FHC/ABJ/CR/195/2025 to an end.

Presiding over the matter on Thursday, Justice C. N. Oji acknowledged the notice and accordingly struck out the case.

In his remarks, the judge noted that the development underscored the need for restraint in the exercise of prosecutorial powers.

“The court hopes that this decision will pave the way for restraint, healing, and respect for the rule of law in our democratic process,” he said.

Counsel to the Federal Government confirmed the withdrawal of the charges in open court.

“On behalf of the Honourable Attorney-General of the Federation, we have filed a notice of discontinuance in line with the provisions of the Administration of Criminal Justice Act. This decision is taken in the overall interest of justice and public confidence in the legal system,” he said.

Reacting after the court session, Senator Akpoti-Uduaghan described the outcome as a vindication of her position.

“Today’s outcome affirms my belief in the rule of law. I remain committed to serving my constituents and defending the democratic rights of all Nigerians,” she said, while thanking her legal team and supporters for their steadfast backing throughout the proceedings.

The striking out of the charges follows months of legal controversy and sustained public discourse, with several civil society organisations and rights groups previously condemning the case as an attempt to stifle free speech and political engagement.

 

Continue Reading


 

 


 

 

 

 

Join Us On Facebook

Most Popular


Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117

Warning: Undefined array key "slug" in /home/porsch10/public_html/wp-includes/class-wp-theme-json.php on line 2117