The Federal Government (FG) has kicked off its plans to increase Nigeria’s debt stock to N46.63trillion by end of 2022.
Over the weekend, the Debt Management Office (DMO) announced that Nigeria had incurred an additional N950 billion from the domestic debt market in the first three months of 2022.
The Director-General of the DMO Patience Oniha,made this disclosure in a document published on the website of the debt office.
She also noted that the federal government was considering all options to raise funds externally.
“All options for raising funds externally are being considered. These include funding from multilateral and bilateral sources, the International Capital Markets and the $3.35billion Special Drawing Rights allocated by the International Monetary Fund to the Central Bank of Nigeria.
“The Federal Government still plans to borrow an additional N1.6 trillion, while the 2022 debt target for domestic borrowing is N2.57 trillion.
“There is also a plan to borrow N2.57trillion from foreign creditors, while N1.16tn is expected from multilateral/bilateral drawdowns.
“In total, the federal government plans to add N6.3 trillion new debts to the current debt stock, which would push the country’s total debt stock to N45.86trillion by December 2022,” she said.
The federal government, in the National Development Plan 2021-2025, hopes to push the total debt stock to N46.63trillion for 2022.
Figures from the document showed that the government targeted N39.59trillion debt stock for 2021, N46.63trillion for 2022, N50.22trillion for 2023, N50.53trillion for 2024, and N45.96trillion by 2025.

In order to clear the lingering fuel queues and ensure energy security through efficient distribution of petroleum products, Ijegun-Egba Owners and Operators’ Association has stated their commitment to load and supply 40 trucks of Premium Motor Spirit (PMS), otherwise called petrol, to the Federal Capital Territory (FCT) daily, beginning from Monday.
The Association also announced that its members collectively have 106 million litres of PMS in stock, which they have agreed to load and truck accordingly.
These were some of the resolutions reached at an emergency meeting of the owners/Chief Executive Officers of the Association held  in Lagos, weekend.
This was contained in a  communiqué signed by the Chairman of the Association, Adebowale Olujimi, and the Secretary, Eshiet E. Eshie, after the meeting.
The association specifically resolved that: “In line with our transparent posture, we wish to put it on record that we collectively have approximately 106 million litres in stock and will load and truck same accordingly”, and that “all tank farms within the Ijegun-Egba axis are committed to loading and supplying 40 trucks of PMS per day to Abuja, FCT to address and augment energy supply and energy security in Federal Capital Territory.”
The Association sent copies of the communiqué to the GMD, NNPC Ltd, AC, NMDPRA, DG, DSS, Chairman, PTD and President, NUPENG.
The meeting also resolved that: “The Owners/CEOs, having considered the energy situation in the country, committed themselves as credible businessmen and women to work assiduously with the federal government and their agencies to ensure effective and efficient distribution of petroleum products in the nation.
“That in line with our collective corporate values, all members of Ijegun-Egba Tankfarm Owners will continue to maintain and ensure full compliance with government regulated and stipulated price of PMS, and as such no Tankfarm should sell or price PMS above the government regulated price.
“And that any Tankfarm within the Ijegun-Egba axis that defaults or fails or neglects to operate in full compliance with the regulated price should be sanctioned accordingly.’’

“To underscore transparency and our good faith in ensuring effective product distribution across the Nation, we are committed to working with and cooperating with all government agencies and security agencies regarding our members’ operational plans, loading plans and pricing. We shall avail the regulatory agencies our books for scrutiny whenever the same is required.

“We also state that we are collectively expecting consignments in the next few days, and will load and truck to ensure energy stability and security.”

The Association continued that “to further complement Government’s efforts, plans and policies, we commit ourselves to work 24 hours to ensure seamless loading, trucking and distribution of petroleum products, especially PMS from the Ijegun-Egba axis”.

As regulators strategise to increase retail investors’ patronage in the capital market, shareholders have stressed the need for a review of existing protection mechanisms for Nigerian investors in line with global principles, and articulate ways to conform to the right standards.
The investors who spoke in seperate interviews with The Tide’s source, said time was ripe for the regulator to review existing investors’ protection mechanisms and institute a model that would ensure that investors were protected in the event of bank collapse.
They expressed the belief that if adequate investors’ protection mechanisms are instituted in the market and followed strictly, it would boost investors’ participation and boostmarket capitalisation.
Also, the retail investors noted that the protection they got from the regulators in the past was not enough, and therefore developed apathy to return to the market.
Specifically, an independent investor, Amaechi Egbo, said the major reasons investors patronise the stock market was for protection of their investment, noting that once investors feel that their investments are in safe hands, they remain in the market and increase their participation.
“There is a need to examine the protections that are currently available to investors in the market against global standards and best practices and confirm the level of compliance and conformity and subsequently articulate on what needs to be done to bring us to the right standards”, Egbo said.
Professor of Economics, Babcock University, Segun Ajibola, on his part, said the capital market had gone through series of crises since the global meltdown of 2007/2008, which has necessitated major reforms and shakeouts in the operations of capital markets in many countries in order to restore investors’ confidence in the market.
“Investors lost their hard earned money during the 2007/2008 crisis due to series of non-standard practices such as insider dealings and manipulations. Some were thrown into a lifetime of penury but without any succour from the regulators and the State. The claim for investors’ protection gained currency from that moment”, he said.
He also suggested that regulators must beef up their regulatory oversight to stem the unethical conduct in the market, noting that there must be a compensation scheme for investors who innocently fall victim to such underhand practices to boost investors’ confidence.

National Coordinator of Proactive Shareholders Association of Nigeria (ISAN), Boniface Okezie, said the crises in the market will never be averted until the regulators have done the needful by instituting the mechanism that aids investors protection.

He said Nigerian investors have been subjected to untold hardship following persistent take over of banks by the CBN. He urged operators and regulators to come