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BIG STORY

Nigeria’s Debt Stock Hits N39.6tn In 11 Months – Reports

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The overall debt stock of Nigeria increased from N32.9 trillion in December 2020 to N39.6 trillion in November 2021.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021, according to a copy of the presentation obtained by our correspondent.

The new borrowing in the period under review consists of N5.1tn domestic debt and N1.6tn. The domestic debt, however, includes borrowing from the Central Bank of Nigeria, according to the presentation document.

In March 2021, the Debt Management Office had disclosed that the country’s total public debt stock was N32.9tn as of December 2020.

An additional N6.7tn loan means the total public debt stock would be about N39.6tn as of November 2021.

The DMO had disclosed that the country’s total public debt increased to N33.1tn at the end of the first quarter of 2021, from N32.9tn in December 2020, showing an increase of about 200bn.

In Q2 2021, the total debt stock rose by N2.4tn to N35.5tn by June 2021.

The increase continued by N2.5tn to hit N38tn by Q3 2021, which was the last figure provided by the DMO.

However, based on the minister’s presentation, there was an increase of N1.6tn from September to November 2021.

The PUNCH had reported that within the 11-month period, debt servicing gulped N4.2tn which represents 76.2 percent of the N5.51tn revenue generated during the period.

The minister defended government borrowing and the country’s debt level, insisting the country had a revenue challenge, and not a debt problem, adding that the debt level was still within sustainable limits.

She had said, “This is to restate, that the debt level of the Federal Government is still within sustainable limits. Borrowings are essentially for capital expenditure and human development as specified in Section 41(1) of the Fiscal Responsibility Act 2007.

“Having witnessed two economic recessions we have had to spend our way out of recession, which contributed significantly to the growth in the public debt.  “It is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded partly by debt.”

However, economic experts, including a former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, have countered the minister.

BIG STORY

Two Criminals Who Robbed, Attempted To Kill Lil-Kesh In Lagos Arrested In Kano

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The Kano State Police Command has confirmed the arrest of two suspects linked to an armed robbery and attempted murder case in Lagos.

In a statement issued on Saturday, the command’s spokesperson, SP Abdullahi Haruna, described the arrests as a major breakthrough made possible through intelligence gathering and community collaboration.

According to Haruna, the suspects — Mathew Adewole, 25, of Na’ibawa Quarters, and Mukhtar Muhammad, 31, of Unguwa Uku Quarters, Kano — were apprehended on September 11, 2025, at Na’ibawa Quarters.

During interrogation, Adewole reportedly confessed to assaulting one Lil-Kesh, a resident of Bera Estate, Chevron, Lagos, on August 19, 2025. The attack left the victim with severe injuries, including a deep neck wound.

Haruna further disclosed that the suspect compelled the victim to transfer ₦2,120,000 from his bank account via mobile phone to Muhammad’s account.

He added that, in line with directives from the Inspector-General of Police, Kayode Egbetokun, the Kano Command has been strengthening its intelligence network and deepening community policing to outpace criminal elements.

The police spokesperson noted that the suspects have since been transferred to the Lagos State Police Command for further investigation and prosecution.

Kano State Commissioner of Police, Ibrahim Bakori, praised the officers for their professionalism and acknowledged the role of the public in supporting police operations. He assured that the command will sustain efforts to maintain law and order across the state.

“The command remains committed to maintaining law and order, working closely with other security agencies and stakeholders to ensure a coordinated approach to combating crime,” the statement concluded.

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BIG STORY

How Police Tracked, Arrested Notorious Suspect John Samuel Who Shot, Robbed Gbenga Obama At His Epe Hideout

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Operatives of the Lagos State Police Command have arrested a notorious armed robber and alleged hired assassin, John Samuel, 28, at his hideout in Epe.

The suspect, who hails from Akwa Ibom State, was picked up on September 19, 2025, around 2:00 pm, after weeks of surveillance.

Report has it that Samuel — recently released from prison on August 18 after serving a six-year jail term for armed robbery — had, the same day, shot and wounded popular Lagos socialite Gbenga Obama at Gbajobi Street, Allen Avenue, Ikeja. He then robbed him of a gold necklace and other valuables in broad daylight.

Deputy Police Public Relations Officer, DSP Babaseyi B. Oluseyi, described Samuel as “vicious and notorious,” noting that he was known to shoot victims before dispossessing them of valuables.

Oluseyi said CCTV footage of the August 18 incident captured Samuel firing at Obama with an English pistol, before fleeing with an accomplice who waited on a motorcycle. Obama, who sustained serious gunshot wounds, has since been treated and discharged.

The suspect reportedly confessed to selling the stolen jewelry for ₦4 million — far below its market value. Police say efforts are ongoing to arrest other members of his gang.

Lagos State Commissioner of Police, CP Olohudare Jimoh, commended the operatives for their gallantry and assured residents that the suspect would be prosecuted after investigations.

The command reiterated its commitment to the safety of Lagosians, warning that “the state has no hiding place for criminals.”

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BIG STORY

Road To 2027: We’re Ready To Join APC, Says Kwankwaso, Gives Condition

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The presidential candidate of the New Nigeria People’s Party (NNPP) in the 2023 elections, Senator Rabiu Musa Kwankwaso, has expressed readiness to return to the All Progressives Congress (APC), but only on what he described as a “strong condition.”

Kwankwaso’s declaration ends months of speculation about his political future and has heightened tension within the ruling party and the wider political space.

The former Kano State governor made the remarks on Thursday while receiving Buhari Bakwana, a former political aide to ex-Governor Abdullahi Ganduje, who visited him alongside APC members from the 44 local government areas of Kano State.

He insisted that any talks of returning to APC or merging with it must clearly define what the NNPP stands to gain.
“If you are asking us to join APC, you must tell us what NNPP will gain,” he said.

Kwankwaso maintained that while the NNPP was open to discussions, it would not accept being “used and dumped.” He reminded the delegation of his role in establishing APC in 2013, saying he and his allies endured political persecution at the time.

“We have gubernatorial candidates in all the states and full structures nationwide. What will you offer them if we join?” he asked.
“We are ready to join APC under strong conditions and promises. We will not allow anyone to use us and later dump us.”

The former defence minister also recalled his frustrations with both APC and PDP in past alliances, accusing the two parties of breaching agreements.

“Eight years of APC under the immediate past President Muhammadu Buhari gave us nothing, not even appreciation. In PDP, we asked for just a zonal party chairman, but they refused. We left peacefully, and today we are strong and have integrity,” he said.

His latest statement contrasts with his earlier remarks at the NNPP National Executive Council meeting, where he had pledged to remain with the party despite swirling rumours of his impending defection.

Reacting to Kwankwaso’s comments, the State Secretary of APC in Kano, Hon. Zakari Ibrahim Sarina, said the party would welcome him back if he abides by party principles.

“Kwankwaso can’t come to APC to control the party that has national spread. Remember, APC is not NNPP, which he established and controls,” Sarina said.

“We are ready to welcome Kwankwaso back to APC because his return is an added advantage to the ruling party. Another reason the party will be willing to have him is the peace and tranquillity in Kano. We need social and economic development in Kano,” he added.

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