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Nigeria’s debt rises by N20.8tn, servicing gulps N10.26tn

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Buhari

 

 

The country’s debt rose by N20.8tn between July 2015 and December 2020, data obtained from the Debt Management Office on Wednesday showed.

According to the statistics obtained from the DMO, Nigeria’s total debt as of June 30, 2015 stood at N12.12tn.

However, as of December 31, 2020, the country’s debt portfolio had risen to N32.92tn.

This shows that within a period of 66 months (five and half years), the country’s debt has risen by N20.8tn.

It also means that within the period, the country’s debt portfolio rose by 171.62 per cent.

Most of the country’s debts were incurred by the Federal Government.

Of the total debt of N32.92tn, the Federal Government has a total of N26.91tn, leaving a balance of N6.01tn to sub-national governments, mainly, the 36 state governments and the Federal Capital Territory Administration.

The implication of this is that 83.78 per cent of the nation’s debt stock belongs to the Federal Government, with the sub-national government accounting for 16.22 per cent.

Further analysis shows that domestic sources accounted for N20.21tn while external sources accounted for N12.71tn.

In percentage terms, external debts accounted for 38.6 per cent of the total debt portfolio while domestic debts accounted for 61.4 per cent.

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The country’s increasing debt profile is also reflected in the growing cost of debt servicing which has ridiculed the nation’s dwindling revenues in recent years.

Within the period of 66 months under review, the country spent N10.26tn on debt servicing.

While servicing local debts gulped N8.53tn between July 2015 and December 2020, servicing external debts gulped N1.72tn from 2016 to December 2020 (external debt servicing converted to Naira at the exchange rate prevailing at the time, provided by the DMO).

The data provided by the DMO showed that from July to December 2015, N489.59bn was expended on servicing local debts.

From January to December, a total of N1.23tn was spent to service the country’s domestic debts in 2016. The figure rose to N1.48tn in 2017.

In 2018, the country’s domestic debt servicing bill rose to N1.8tn. The cost of domestic debt servicing came down a bit in 2019 to N1.69tn. In 2020, it rose again to N1.85tn.

On the other hand, external debt servicing consumed $353.09m in 2016. In went up to $464.05m in 2017 and jumped up to $1.47bn in 2018.

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In 2019, the nation spent $1.33bn on external debt servicing. In 2020, external debt servicing gulped $1.56bn.

The rise in the country’s debt servicing reflected the nation’s increasing commitment to external loans.

Given the high cost of local debt servicing previously, the Federal Government deliberately moved to secure more external loans.

The government’s policy was to rebalance the country’s debt portfolio to 60 per cent local debts and 40 per cent foreign debts.

However, dwindling revenues arising from low receipts from oil and gas exports presented the government with a dilemma.

Falling local currency had brought to the fore the foreign exchange risk inherent in securing foreign loans while the need to shore up foreign exchange proceeds had made it difficult for the government to wean itself from foreign borrowings.

In fact, the President had about a fortnight ago asked the Senate to approve another $6.18bn external borrowing for the government.

Buhari said the proposed loan which is equivalent to N2.3tn is to finance the 2021 budget deficit of N5.6tn.

He said the loan would enable the Federal Government to fund critical infrastructural projects in transportation, health, and education among others.

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When the National Assembly eventually approves the new debt plan, the implementation will take the country’s debt portfolio higher.

There are also approved borrowings that have not been disbursed by the lending agencies. The disbursement of these loans will also take the debt portfolio a notch higher.

The DMO recently disclosed that Nigeria had more than $5.83bn foreign loans that had been approved but not yet disbursed as of December 31, 2020.

A larger percentage of the loans would come from the International Development Association, a member of World Bank Group. The outstanding loans from the group stood at about $3.27bn as of December 2020.

Another $1.25bn was supposed to come from the Export-Import Bank of China. Apart from multilateral agencies, China has remained the nation’s largest creditor.

Other major sources of the undisbursed funds included Agence Francaise de Development from where the country will get more than 500 million Euros and the European Development Fund from where the country will collect about $425m.

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Two Oyo commissioner, special adviser resign

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Two senior officials in the Oyo State Ministry of Budget and Economic Planning have resigned their appointments from Governor Seyi Makinde’s administration.

The officials are Ayobami Ojo, the Commissioner for Budget and Economic Planning, and Simeon Oyeleke, the ministry’s Special Adviser on Budget and Economic Planning.

In separate letters dated November 2, and addressed to Mr Makinde, both officials said their resignations would take effect immediately, while thanking the governor for the opportunity to serve but did not give specific reasons for their decisions.

In his letter, Ojo referred to his appointment letter dated 22 June 2026 and formally announced his resignation as commissioner.

“With reference to your letter dated 22nd June, 2026 (SP.S.662/2/VOL.IV/192), I respectfully write to formally resign my appointment as Honourable Commissioner for Budget and Economic Planning, with effect from today, 2nd November, 2026,” he wrote.

He described his time in government as an honour and said he appreciated the opportunity to serve the state.

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Oyeleke also tendered his resignation with effect from 2 November.

In his letter, he thanked Mr Makinde for the confidence reposed in him and the opportunity to contribute to the administration’s policies and development programmes.

He also expressed appreciation for the governor’s leadership, support and encouragement during his time in office.

“I remain grateful for the opportunity to have been part of this administration and to have contributed to its laudable achievements. I also remain committed to the peace, progress and development of Oyo State,” he wrote.

The latest resignations come amid a series of exits of political appointees and other officials from the Makinde administration in recent months.

It would be recalled that Segun Ogunwuyi resigned as the governor’s chief of staff on 12 October, a position he had held since July 2021. His resignation took immediate effect, although he did not state a reason for his departure.

A few hours after Ogunwuyi’s departure, Makinde appointed Bashorun Akinwole, popularly known as Wolekanle, as his replacement.

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On the same day, Tara Adefope, the Director-General of the Oyo State Due Process Office, also resigned from her position, while in late October, Kabiru Salami, the governor’s Executive Assistant on Security Coordination, also tendered his resignation.

Other officials who have left the administration include Funmi Arulogun, a Senior Special Assistant on Diaspora Matters, who resigned in August, citing personal and political considerations.

Babatunde Oduyoye, a member of the Oyo State Advisory Council, also resigned in July, while Fatai Owoseni, a former Commissioner of Police who served as the governor’s Special Adviser on Security resigned in May.

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Good morning! Nigerian Newspapers Headlines: Campaigns: OK Movement insists on independence

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1. The OK (Obi/Kwankwaso) Movement has declared that it will maintain its independent identity while mobilising support for the Nigeria Democratic Congress (NDC) and its candidates ahead of the 2027 general election. 

Movement’s leader John Ughulu said the group remained committed to its original mission of securing the election of former Anambra State Governor Peter Obi and erstwhile Kano State Governor Rabiu Musa Kwankwaso.

Speaking in an interview, Ughulu dismissed suggestions that the movement’s decision to campaign independently would undermine its support for the NDC, insisting that the focus should be on achieving a common  political objective.

2. President Bola Ahmed Tinubu’s re-election bid got a big boost at the weekend with endorsements from across the country. His achievement, the need for consolidation, national cohesion, and other reasons were adduced for the show of solidarity. The presidential election is billed for January 16, 2027

3. The Federal Government has vowed to crack down on inflated public contracts and procurement violations, warning heads of government-owned agencies, corporations, councils, authorities and commissions that they risk sanctions for breaching procurement regulations. The government raised the alarm over contract awards that exceed approved price benchmarks.

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4. The African Democratic Congress has rescheduled its presidential campaign kick-off in Sokoto State to Wednesday, November 4, despite alleging threats, attacks on its members and attempts by the state government to frustrate the event. The party said its decision to proceed with the campaign was a demonstration of its determination to exercise its constitutional rights despite what it described as growing political intimidation ahead of the 2027 general elections.

5. Troops of Operation Hadin Kai have neutralised four leaders of the Islamic State West Africa Province, including two Arabs, a commander and several of their foot soldiers in Kukawa Local Government Area of Borno State. The Army said they were neutralised on October 31, 2026, by combined troops of the Joint Task Force deployed to Kukawa following a massive ISWAP terrorists attack on their locations.

6. United States President, Donald Trump, has agreed to grant an immediate visa to the mother of a 15-year-old Ghanaian boy shot dead in New York, following a request by the city’s mayor, Zohran Mamdani.
Mamdani announced the development on Saturday after speaking with Trump, saying the visa would allow the teenager’s mother to travel to the United States and attend her son’s funeral.

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7. The National Drug Law Enforcement Agency has arrested two Nigerians based in Europe after they allegedly ingested 200 wraps of cocaine weighing 3.46kg while attempting to travel from Abuja to Paris, France. The suspects, identified as Aliocus Odife and Sam Blackborn, were arrested on Wednesday during the outward clearance of an Air France flight, AF 832, at the Nnamdi Azikiwe International Airport, Abuja.

8. Gunmen suspected to be kidnappers have abducted a 100-level female student of Plateau State University, Bokkos, while another person sustained injuries during an attack on off-campus student residential areas in Bokkos Local Government Area of Plateau State. It was learnt that the incidents, which occurred on Saturday evening at about 8:40pm, had heightened concerns over the safety of students residing outside the university campus.

9. An early-morning fire outbreak at the weekend destroyed no fewer than 110 buildings and structures at Kofar Ruwa Timber Market in the Kano metropolis. The Kano State Fire Service, while confirming the incident in a statement on Sunday, said the inferno razed 75 permanent buildings and 35 temporary structures across different sections of the market.

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10. The immediate past National Chairman of the Labour Party, Julius Abure, has declared his readiness to align with President Bola Tinubu or former Vice-President Atiku Abubakar ahead of the 2027 presidential election, while ruling out support for the presidential candidate of the Nigeria Democratic Congress, Peter Obi.

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Relief as suspected Ebola cases in Adamawa tested negative

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The Nigeria Centre for Disease Control and Prevention (NCDC) has said that there are currently no laboratory-confirmed cases of Ebola  in Adamawa.

The NCDC had on Saturday said that there were two suspected cases of Ebola in the north-east state, adding that the individuals had been isolated while contact identification was ongoing.

But in a statement on Sunday, the director-general of NCDC, Jide Idris,
said samples collected from the two individuals, who had symptoms suggestive of Ebola, tested negative after two rounds of testing.

“The report was received by the Adamawa State Public Health Emergency Operations Centre (PHEOC) in the early hours of 30 October 2026, following the identification of two individuals presenting with symptoms suggestive of Ebola, requiring further investigation,” the statement reads.

“Hence the alert that was released early this evening. The individuals have been isolated, and appropriate public health measures have been initiated.

“Samples were collected for laboratory testing to establish the cause of the illness. Fortunately, the samples turned out negative for EBV after two rounds of testing.”

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Idris commended the Adamawa health commissioner and his team for their “proactive approach”, adding that the NCDC was working closely with the state government to investigate the report of suspected Ebola cases.

“Currently, there is no laboratory-confirmed Ebola case in Adamawa state,” he said.

“The index case previously confirmed in the Federal Capital Territory remains the only confirmed case reported in Nigeria to date.”

He urged the public to remain calm and avoid sharing unverified information or speculating about the situation.

“The public is encouraged to obtain information from official government and public health communication channels,” he said.

Idris described Ebola as a serious infectious disease that requires prompt identification, appropriate clinical management and effective infection prevention and control measures.

“Anyone experiencing symptoms such as fever, severe weakness, headache, muscle pain, vomiting, diarrhoea or unexplained bleeding, particularly following relevant exposure, should seek immediate medical attention and inform healthcare workers of any relevant travel or contact history,” he said.

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“Individuals should avoid self-medication and follow the advice of healthcare professionals.”

Nigeriaconfirmed its first Ebola case in more than a decade on October 20, after a 42-year-old Swiss woman tested positive for the Bundibugyo strain in Abuja.

The patient, who had travelled from Uganda to Nigeria, was subsequently isolated and treated by Nigerian health workers.

On Monday, the federal governmentevacuated the patient to Switzerland aboard a medical plane.

Her husband, who was identified as a close contact, was also evacuated to Switzerland.

Ali Pate, coordinating minister of health and social welfare, said the patient was clinically much improved, stable, conscious and communicating, with her laboratory test results approaching baseline levels.

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