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Rising Foreign Debt: Nigeria At Risk, IMF Warns …Says Debt Profile Threat To Political, Economic Dev …FG To Auction N90bn Bonds

Published

9 years ago

April 18, 2018

Nigeria and other debtor countries have been warned by the International Monetary Fund (IMF) of risk associated with debt repayment following growing global debt levels.
This is even as the IMF has warned that voters’ disillusionment raises the threat of political developments that could destabilise a range of economic policies in the future, reaching beyond trade policy.
Nigeria’s next general elections holds on February, 2019.
According to tradingeconomics.com, External Debt in Nigeria increased to $18,913.44 million in the fourth quarter of 2017 from $15,352.13 million in the third quarter of 2017.
External Debt in Nigeria averaged $7,806.46million from 2008 until 2017, reaching an all time high of $18,913.44million in the fourth quarter of 2017 and a record low of $3,627.50million in the first quarter of 2009.
Economic Counsellor and Director of Research at the IMF, Maurice Obstfeld, told journalists during the presentation of the World Economic Outlook (WEO 2018), at the on going 2018 Spring Meetings in Washington DC, that “looking past the next few quarters, there are notable risks to the outlook as… global debt levels – private and public – are very high, threatening repayment problems as monetary policies normalise in an environment where many economies face lower medium-term growth rates.”
Obstfeld said the “new Global Financial Stability Report shows, global financial conditions remain generally loose despite the approach of higher monetary policy interest rates, enabling a further buildup of assets-markets vulnerabilities.”
He further warned that “geopolitical risks should not be discounted as well as the recent escalating tensions over trade which present a growing risk.”
These risks Obstfeld said could already be taking a toll noting that “global purchasing managers’ index (pmi) remain in expansionary territory, they have recently softened in advanced and emerging markets economies alike owing in part to weakening export orders.”
He explained further said the world economy is showing “broad-based momentum but that the prospect of a similar broad-based conflict over trade presents a jarring picture.
The IMF Research Director said despite the good near-term projections, longer-term prospects are more sobering. While advanced countries are facing aging population, falling rates of labour force participation and low productivity growth, they may not likely regain the per capita growth rates they enjoyed before the global financial crisis.
With regards to Nigeria and other commodities exporters, the IMF reiterated the need for diversified or risk losing out on the growth outlook for the future.
Meanwhile, the Federal Government has offered for subscription by auction N90 billion worth of bonds in its April 25 auction, the Debt Management Office (DMO) said. The offer circular obtained from its website yesterday in Abuja, stated that it would sell N30 billion of a five-year new issue maturing in April 2023 at an undisclosed rate.
It would also sell N30 billion seven-year re-opening bond to mature in March 2025 at 13.53 per cent and another N30 billion 10-year re-opening bond at 13.98 per cent to mature in February 2028. Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

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RSG Floats MNET Culture Content Promo

Published

3 days ago

November 6, 2026

The Tide

The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.

Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.

He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.

He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.

“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.

Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.

The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.

On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.

Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.

With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.

He, therefore, called for collaboration from stakeholders in the State.

Kevin Nengia

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APC Presidential Campaign Storms PH, ‘Morrow

Published

3 days ago

November 6, 2026

The Tide

Barring last minute changes, the presidential campaign train of the All Progressives Congress (APC) will storm Port Harcourt, Rivers State capital, tomorrow.

This is according to a campaign timetable released by the APC Campaign Council last month.

The Tide reports that the APC presidential campaign kicked off in Kaduna on October 24 with President Bola Tinubu in attendance.

The campaign train later moved to Cross River, Gombe, Nasarawa, and Ekiti on November 2, 3, 4 and 5 respectively with the Vice President, Kashim Shettima representing the President at the rallies.

President Tinubu is personally scheduled to attend 12 states including Rivers, Kaduna, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos.

The Rivers State rally, scheduled to hold at the Adokiye Amiesimaka Stadium, Port Harcourt, is expected to witness a large crowd of party supporters drawn from a coalition of political parties in the State.

The party is expected to round off its presidential campaign in Lagos State on January 9, 2027.

The Tide reports that Tinubu has not visited Rivers State as President since he assumed office in May 2023. His last physical visit to the State was before his inauguration on Wednesday, May 3 – Thursday, May 4, 2023, when he was hosted by then Governor Nyesom Wike in Port Harcourt to commission the Rumuola/Rumuokwuta Flyover and the Magistrates’ Court Complex.

Tomorrow’s visit will be his first to the State since assuming office.

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2027: Be Politically Neutral, Fubara Tasks Traditional Rulers

Published

1 week ago

October 30, 2026

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has charged traditional rulers in the State to maintain neutrality, ensure fairness and uphold peace in their domains as the country prepares for the 2027 general elections.

Fubara gave the charge on Wednesday while declaring open the 126th, 127th and 128th Combined Quarterly Meeting of the Rivers State Traditional Rulers Council, in Port Harcourt.

The governor said the primary function of traditional rulers is to administer justice and ensure fairness, saying their conduct must not lead to division and unmanageable crises.

“Let me therefore, request, if that is the right word to use, that please, as we are entering into this political season actively, everyone should ensure that your conduct promoted peace in your place. Your actions should not be what would lead to the division and multiple crisis that we cannot manage as a government.

“I think with that, we can all live as one and we can also continue to make this progress that we are trying with all our mind, our body and our soul, to ensure that we deliver to our dear State,” he said.

Fubara urged the royal fathers to abide by the oath and constitution they swore to before ascending their respective stools, in the interest of stability and progress of the State.

He also enjoined them to set aside individual sentiments and place the interest of Rivers State above personal considerations, noting that this principle has guided his own day-to-day governance of the State.

“I want to enjoin everyone to keep aside issues of individual sentiments and ensure that the interest of our state supersedes whatever thing that we have in our mind. This is not just what I’m saying here, it is what I’ve also practiced and displayed in my day-to-day life in the governance of our dear State,” he said.

On the appeal for improved welfare for traditional rulers, the governor clarified that the delay in actualising some of the requests they made in the past was not from the government but from the inability of the Council to put its house in order.

Fubara explained that the issue of stipends paid to the traditional rulers by the local government councils, was a statutory benefit provided for in the constitution and not what a state governor can change by mere verbal pronouncements.

He assured that he remains a man of his word and will fulfill his promises to the traditional rulers before leaving office, next year.

He reaffirmed his respect for the traditional institution as custodians of culture and the closest link to the people, thanking them for their prayers and support.

The governor urged the royal fathers to ensure that the combined quarterly meeting featured fruitful deliberations that will strengthen peace and development in the State.

Earlier, the Chairman of the Rivers State Council of Traditional Rulers and Paramount Ruler of Apara Kingdom, His Royal Majesty, Eze Chike Amadi Worlu Wodo, expressed profound gratitude to the State Government for its efforts in maintaining a cordial relationship with the traditional institution.

Wodo highlighted the importance of traditional rulers in conflict resolution, noting that their closeness to the people places them in a strategic position to mediate in disputes involving chieftaincy matters, family disputes and land ownership in their respective communities.

The royal father drew the attention of the State Government to some challenges affecting the performance of the traditional institution, particularly the lack of official utility vehicles and logistical support needed to discharge its responsibilities effectively.

He also appealed for improved monthly stipends and better welfare provisions to reflect prevailing economic realities.