Connect with us

Economy

Nigeria’s total public debt reaches N33.107trn – DMO

Published

on

The Debt Management Office (DMO) says Nigeria’s Public Debt Stock is N33.107 trillion (about 87.239 billion dollars), as at March 31, 2021.

A statement obtained from DMO’s website says that the total public Debt Stock comprised of the debt stock of the Federal Government of Nigeria (FGN), 36 State Governments and the Federal Capital Territory (FCT), respectively.

The debt stock also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.

The report said that compared to the Total Public Debt Stock of N32.916 trillion as at December 31, 2020, a marginal increase of 0.58 per cent was recorded in the Debt Stock.

Further analysis shows that the increase was in the Domestic Debt Stock which grew by 2.11 per cent from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.

According to the DMO, the FGN’s share of the domestic debt includes FGN bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.

“External Debt Stock declined from USD33.348 billion as at December 31, 2020, to USD32.86 billion due to the redemption by Nigeria of the 500 million dollars Eurobond in January 2021.” (NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Niger Delta Youth Turn down Calls for Protest against NDDC Management

Published

on

 

The Niger Delta Youth Council (NDYC) Worldwide has rejected in strong terms, calls by the Coalition of Niger Delta Civil Society Organisations in conjunction with Ex-millitant Forum for a nationwide protest against leadership of Dr. Samuel Ubuku and Mr. Chiedu Ebie; Managing Director and Board Chairman of the Niger Delta Development Commission (NDDC) respectively.

The group in a letter addressed to President Bola Ahmed Tinubu accused the Managing Director of mismanagement, lopsided projects and contracts while calling for the sack of the Chairman of the Board whose appointment they claimed contravened the NDDC Act.

But the NDYC in a strongly worded rebuttal, signed by the trio of Engr.Jator Abido, Comr Collins Achakpekri and Engr. Beke Apere; National Coordinator, Director of International Relations, and Chairman Board of Trustees respectively, copies of which were made available to journalists in Abuja, debunking the allegations made against the NDDC management by persons they described as enemies of the region who want to slow the wheels of progress under the current NDDC leadership.

“It is utterly callous and blatant falsehood to cast the administration of Dr. Samuel Ubuku and Mr Chiedu Ebie in bad light simply because your selfish and parochial interests are not accommodated in the grand scheme of affairs at the Commission.

“For the records, those parading themselves as members of civil society organisations in the region and ex-agitators are ignorant of the challenges of the region and do not represent the true spirit of the Niger Delta. They’re an obscure bunch who are out to profit from the resources of the region without a genuine concern for its people.

“As true representatives of our people, we make bold to say that Dr. Samuel Ubuku remains the best NDDC Managing Director to have emerged since the creation of the Commission. He has carried everybody along in appointments and the distribution of projects. Anybody who feels otherwise is a saboteur and shouldn’t be taken seriously.

“It is also laughable that someone in their right thinking will question the appointment of a bona fide Niger Deltan into a Commision set up for the development of the region simply because the appointee does not come from a community that produces crude oil.

“This warped thinking doesn’t belong to the human specie and should be disregarded. Those who only seek to divide using parochial yardsticks and sentiments should not be dignified with a response. We, therefore, distance ourselves from such persons and want Nigerians to pay deaf ears to their rants”, the release stated.

The youth group finally vowed to resist attempt by sponsored goons to throw the region into needless crisis and pledged to mobilise their members across all the states that make up the region to stage a solidarity match for the NDDC management on the same day those opposed to the development of the region are planning their protest.

“As patriots and law abiding citizens who are desirous to see mass development in the Niger Delta region, we cannot fold our arms and watch a faceless few throw our region into crisis. We shall therefore mobilise in en masse to stage a solidarity match on the 27th of February to counter our enemies and tell the world the truth about our region”, the release concluded.

Continue Reading

Banking

Wema Bank unveils 80th Anniversary Identity 

Published

on

In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for its 80th anniversary celebration.

Set for Friday, May 2nd, 2025, this grand anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact and notable transformation from being Nigeria’s oldest indigenous bank to becoming Nigeria’s foremost and leading innovative bank.

Wema Bank’s impressive 80-year legacy has been one exemplified by immense growth, with the Bank evolving intelligently through the decades, embracing innovation to break new grounds and raising the standards of banking and financial services to provide an unparalleled experience for its customers and stakeholders, both internally and externally. Now on the cusp of its milestone celebration of 80 years, Wema Bank stands at its all-time strongest, proving to be a formidable force in the African financial services industry.

All eyes are peeled in anticipation of what Wema Bank will bring on in the coming weeks, as its 80th anniversary celebrations begin to unfold.

Continue Reading

Economy

EPL: Chelsea’s Reece James Suffers Fresh Hamstring Injury

Published

on

Chelsea captain Reece James has been ruled out of Saturday’s Premier League match against Leicester City due to a hamstring injury.

The setback comes just weeks after James returned to action in October, following an earlier injury that kept him out at the start of the season. Chelsea manager Enzo Maresca confirmed the news on Thursday, expressing hope that the issue won’t result in a long-term absence.

“Reece felt something minor in his hamstring, and we don’t want to take any chances this weekend,” Maresca said. “Hopefully, it’s nothing serious, but he’ll need to sit out while we assess further.”

James, 24, has struggled with injuries over the past two seasons, raising concerns about his fitness. Despite this, Maresca remains optimistic that the England international will eventually move past his injury struggles.

Chelsea’s injury woes extend beyond James, with doubts also surrounding the fitness of Romeo Lavia, Malo Gusto, Wesley Fofana, and Jadon Sancho. Cole Palmer and Levi Colwill recently withdrew from England duty due to fitness issues, further compounding the club’s challenges.

This weekend’s fixture marks Maresca’s return to Leicester City, a club he led to Championship promotion last season before joining Chelsea. Reflecting on his time at Leicester, Maresca described it as a “fantastic season” and expressed gratitude for the connections formed with players and staff.

Chelsea fans will be hoping for a swift recovery for James and other key players as the team looks to stabilize its campaign.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.