Nation
Nigeria’s External Debt Hits $5bn
Nigeria’s external debt was five billion dollars (about N750 billion) at the end of 2009, World Bank Managing Director, Ngozi Okonjo-Iweala said.
Okonjo-Iweala said the Federal Government also carried a domestic debt burden of N3.23 trillion(21.8 billion dollars) during the period.
The former Nigerian finance minister made the information known at a lecture on the 24th and 25th convocation ceremony of the University of Calabar, on Thursday.
She said Nigeria’s external debt profile was 3.5 billion dollars in 2006 and attributed the rise in external debt to “the pace of Gross Domestic Product (GDP) growth.
“In April 2006, Nigeria paid off the last instalment due on its debt settlement agreement with the Paris Club, thereby erasing 30 billion dollars in external debt and reducing government external debt to 3.5 billion dollars.”
Similarly, the former finance minister said the current Federal Government’s domestic debt virtually doubled from about N1.7 trillion (13.6 billion dollars) at the end of 2006.
She said the country’s debt portfolio was apprehensive, adding that the situation was worsened by the realisation that about 20 per cent of the domestic indebtedness was held by foreigners.
For the internal debt, she said one of the bad sides was that banks and other financial intermediaries would prefer to invest in “safe” government bonds than make “risky” loans available to the corporate sector.
She deplored the government’s practice of sharing the Excess Crude proceeds, saying the action negated the essence of the establishment of the account.
She expressed regret that a total of 20.1billion dollars which was available in the Excess Crude Account at the end of 2008 had, by the end of 2009, dropped to 7.8 billion dollars.
Okonjo-Iweala described the sharing habit as reckless and advocated the investment of the excess crude proceeds in the agriculture and power sectors to grow the economy.
She noted that some states and even the Federal Government could not account for expenditure of the funds and urged the public to strive always to be abreast with government expenditure.
”You must know how much the states get every month and how they spend it,” Okonjo-Iweala said.
She urged students to take up the challenge and begin to enquire into government income and expenditure as it was the right of every citizen to know everything about government.
The Arewa /Northern Community in Rivers state has appointed Alhaji Shuaibu Wada Madawakin Tilda as the Acting Dan Buran Rivers State.
The appointment is subject to confirmation by the Cabinet Council.
The appointment follows the dethronement of the former occupant,
Alhaji Musa Saeedu.
A statement from the Palace of the Sarkin Arewa/Northern Community (Sarkin Hausawan) in Rivers State and signed by His Royal Highness, Alhaji Hussaini Isah said the dethronement is with immediate effect.
The statement further disclosed that the decision follows an allegation of acts of insubordination and conduct considered contrary to the values, discipline, and traditions of the Northern community perpetuated by the Fmr Dan Buran.
The statement advised the public to discontinue to recognising and addressing Alhaji Musa Saeedu as the Dan Buran of the State, adding that he no longer holds the title and remained suspended.
Responding via telephone interview, Alhaji Musa Saeedu said he will not make any comment regarding the matter.
The Alliance Française of Port Harcourt opened its doors to more than sixty French language teachers from Port Harcourt and across Rivers State at the weekend for an afternoon dedicated to celebration, creativity, and community spirit.
The event which was Supported by the Embassy of France in Nigeria, forms part of the global celebrations marking the Journée Internationale du Professeur de Français (French Teachers Day) a day officially set aside to observe worldwide every 20 November.
The Tide Entertainment reports that every year, French teachers around the globe are honoured for the passion and dedication they bring into their classrooms.In 2025, the theme chosen “Chanter, jouer, enseigner: la francophonie en musique” (Sing, Play, Teach: Francophonie in Music) invited the entire community to explore the joy of teaching through song, performance, and artistic expression.
A Day that brings teachers together for the French teaching community in Port Harcourt, this celebration is much more than a ceremony, it is a rare moment to step away from the classroom and reconnect with the simple joy of sharing, learning, and creating together.
The Alliance Française transformed the occasion into a space buzzing with music and entertainment. Teachers from primary schools, secondary schools, universities, and adult learning centers gathered to exchange ideas, reconnected with colleagues, and discover each other’s talents in an atmosphere filled with warmth and friendship.
Honouring Creativity with the theme “Our Teachers Have Talent!”This year, the Embassy of France launched a national contest titled “Nos profs ont du talent!” (“Our Teachers Have Talent !”), participants were invited to either interpret or create a Francophone song.For a month, from 13 October to 13 November 2025, teachers from across the country submitted their performances online, filling the digital space with francophone music.While winners of this nationwide competition were announced.
According to the the Director, Mrs Marina Lacal, Alliance Française Port Harcourt, excitement and anticipation were added to the celebrations, saying that in Port Harcourt, the festivities went even further. Port Harcourt experienced a Unique Celebration that went beyond the online competition, Alliance Française Port Harcourt created something special, an event where teachers met physically, shared moment of joy, and present their musical talents live.On stage, teachers sang the songs they love and those they have created, showcasing the creativity that animates their classrooms every day.
She explained that that off stage, they( participants )shared stories, network with colleagues, laughed together, and celebrated their unique contribution to the promotion of the French language in Rivers State.This gathering is also a moment of recognition. Every day, French teachers open doors for thousands of learners, children discovering their first French words, teenagers preparing for exams, university students shaping their future careers, and adults embracing new opportunities.
“Today, the spotlight shines on them. More Than an Event, A Tribute to Their Dedication The 2025 celebration in Port Harcourt was a heartfelt tribute to the teachers who make French come alive, those who inspire, guide, and encourage learners with unwavering commitment,” Mrs. Lacal said
The Director explained that It recognises their resilience, their creativity, and their essential role in building bridges between cultures.By offering them a moment of relaxation, fun, artistic expression, and professional networking, Alliance Française Port Harcourt reaffirms its mission to support educators, strengthen the teaching community, and celebrate the vibrant energy of the Francophonie in Nigeria.
Climax of the exciting event was the presentation of prizes to winners of the competition.
The Chairman Advisory Committee on Entertainment and Performing Arts, Khana Local Government Area, Hon. Lexy M. Mueka has expressed gratitude to the Chairman of Khana Local Government Area Dr. Thomas Bariere for his support and vision in promoting entertainment as a tool for peacebuilding and youth engagement.
Hon Mueka made this known to the Tide Entertainment during a recently concluded concert tagged “OGONI ARISE CONCERT” held at the No. 6 Field, Old Port Harcourt Township.
According to him, the concert was not just an event but a movement aimed at reawakening the cultural consciousness of the Ogoni people and inspiring the younger generation to use their talents positively.
The Tide Entertainment reports that the event, organized by Triple 3 Entertainment under the auspices of the office of the Chairman Advisory committee on Entertainment and Performing Arts to the Chairman of Khana Local Government Area, was a vibrant celebration of peace, unity, and cultural renaissance among the Ogoni people.
“Conceptualized as a platform to promote social harmony, empower young creatives, and showcase the rich artistic heritage of Ogoniland, the Ogoni Arise Concert succeeded in bringing together community leaders, entertainers, and the general public in a rare show of solidarity. The event featured electrifying performances by indigenous and regional artistes, dance troupes, comedians, and cultural ambassadors, all united under one message — Ogoni is rising again,” Hon. Mueka said.
“The Ogoni Arise Concert was designed to remind us of who we are — a people of strength, creativity, and unity. We wanted to show that entertainment can be a bridge for peace, a voice for our youth, and a celebration of our identity,” he added.
The event also featured a special Award Presentation Ceremony recognizing distinguished Ogoni sons and daughters who have made remarkable contributions in areas such as leadership, humanitarian service, creative excellence, and cultural promotion. The awards added a touch of prestige and purpose, reinforcing the concert’s theme of celebrating excellence while inspiring future generations.
Security at the event venue was top-notch, turnout of attendance impressive, and the atmosphere electric throughout the night.
Meanwhile, guests and participants had described the event as “historic, well-organized, and truly uplifting.”
