Connect with us


BIG STORY

Nigeria’s Public Debt Increases By 24.99 Percent To N121trn Within 3 Months — DMO

Published

on

The Debt Management Office (DMO) has revealed that Nigeria’s total public debt has reached N121.67 trillion within three months.

This figure represents an increase of N24.33 trillion or 24.99 percent from the N97.34 trillion as of December 2023.

Nigeria’s public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT).

According to the DMO, the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.

“Total domestic debt was N65.65 trillion (USD46.29 billion) while total external debt was N56.02 trillion (USD42.12 billion).

“Excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.

“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

“Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability.”

On June 13, Wale Edun, the minister of finance and coordinating minister of the economy, announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion.

In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500m World Bank loan to boost electricity distribution in the country.

Prior to this, the federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.

BIG STORY

BON 2024: Madam Saje, Kanayo O Kanayo Set To Bag Lifetime Achievement Awards

Published

on

With the Kwara State government set to host the prestigious Best of Nollywood (BON) Awards on November 24, esteemed actors, Fausat Balogun, popular as Madam Saje, and Kanayo O Kanayo are poised to recieve the Best of Nollywood Lifetime Achievement Awards for 2024.

The announcement was made by Seun Oloketuyi, founder, BON Awards, earlier in the week.

With the announcement the duo are set to join other Nollywood greats in the league of Lifetime Achievement Award winners. On this list are people like Adebayo Salami, Toyin Adegbola, Madam Kofo, and others.

While speaking about the duo, Oloketuyi explained that there was a need to start celebrating film heroes in their lifetime, when they can enjoy the accolades.

He said , “Why must we wait till our film heroes are dead to give them awards? Posthumous awards are good, but its better the recipient is alive to recieve awards.”

Also weighing in, Feranmi Olaoye, the Executive Producer BON Awards revealed that the choice of Kanayo and Madam Saje were not made lightly.

“These two are people we grew up watching. They inspired the generation we watch now, and they still maintained their stand in the industry. They deserve to be celebrated, and that’s why we have chosen them as this year’s Lifetime Achievement Award winners.

The 2024 edition of the BON Awards is billed to hold at the Sugar Factory Film Studios in Ilorin, the state’s latest hub for filmmakers.

Oloketuyi had earlier expressed excitement about Kwara’s role as host, promising a fulfilling experience for the expected 500 Nollywood stars attending.

Governor AbdulRahman AbdulRazaq had also highlighted the studio’s potential to elevate Nigerian cinematography and promote local talent. The event underscores Kwara’s commitment to becoming a leading destination in the creative industry, fostering growth and investment in the sector.

Continue Reading

BIG STORY

JUST IN: Prison Officers Involved In Bobrisky Bribery Allegations Will Face Prosecution — Interior Minister Tunji-Ojo

Published

on

The Federal Government on Friday assured that all individuals implicated in the alleged bribery case involving crossdresser “Idris Okuneye, also known as Bobrisky,” will be prosecuted.

This announcement was made by the Minister of Interior, “Dr. Olubunmi Tunji-Ojo,” during a press conference in Abuja on Friday, commemorating his first year in office.

Earlier, the minister had launched a comprehensive investigation into accusations of bribery and corruption within the “Nigerian Correctional Service (NCoS).”

This came after reports emerged that “Bobrisky,” who had been sentenced to prison earlier in the year, had not served his sentence within the correctional facility.

As the investigation progressed, the Nigerian Government, through the “Civil Defence, Correctional, Fire and Immigration Services Board,” suspended several senior prison service officers on Thursday, “September 26, 2024.”

The officers suspended include “Michael Anugwa,” Deputy Controller of Corrections (DCC) responsible for the Medium Security Custodial Centre (MSCC) in Kiri-kiri, Lagos State; “Sikiru Adekunle,” Deputy Controller of Corrections (DCC) overseeing the Maximum-Security Custodial Centre (MSCC) in Kiri-kiri, Lagos State; and “ASC II Ogbule Samuel Obinna,” stationed at the MSCC in Afikpo, Ebonyi State, who was accused of escorting a convicted inmate outside the facility.

Another officer, “Iloafonsi Kevin Ikechukwu,” Deputy Controller of Corrections (DCC) managing the MSCC in Kuje, Abuja, was suspended for allegedly accepting payments on behalf of an inmate.

In addressing the unfolding bribery and corruption scandal, “Dr. Tunji-Ojo” called on Nigerians to remain patient during the investigation, assuring the public that all involved would be held accountable.

“We will not spare anyone, regardless of their status. The investigation is ongoing, but rest assured that no one will be shielded or protected,” the minister asserted.

He further clarified that the investigation went beyond the allegations linked to “Bobrisky,” noting that of the four suspended officers, only two were connected to the “Bobrisky” case. “This process will continue; it doesn’t end here,” he added.

“Dr. Tunji-Ojo” expressed his trust in the integrity of the committee members leading the investigation, encouraging the public to have confidence in their work.

Continue Reading

BIG STORY

UPDATE: US Company Costco Denies Selling Baby Oil To Diddy

Published

on

American wholesale corporation, Costco, has denied selling “baby oil” to disgraced rapper and music executive, Sean Combs, aka Diddy.

The federal officers seized supplies that they say were intended for use in orgies known as “freak offs,” including drugs and more than 1,000 bottles of “baby oil” during the raiding of Diddy’s Beverly Hills mansion in March.

In a new TMZ Studios documentary, ‘The Downfall of Diddy: The Indictment’, the rapper’s lawyer, Marc Agnifilo suggested he had 1,000 bottles of “baby oil” because he buys them in bulk from Costco.

Reacting to Diddy’s lawyer’s claim, Costco said they don’t sell “baby oil.”

“None of the company’s US locations carry ‘baby oil,'” Costco told TMZ.

Diddy was recently arrested by Homeland Security on suspicion of sex trafficking, racketeering conspiracy and interstate transportation for prostitution.

Diddy has denied all the charges, entering a not-guilty plea on Tuesday, 17 September.

However, the Bad Boy Records’ boss’ bail request was rejected twice.

Continue Reading



 

Join Us On Facebook

Most Popular