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Coronavirus Threatening Our Debt Servicing Plans – DMO

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The Debt Management Office (DMO) has raised the alarm that the outbreak of coronavirus was threatening the arrangement put in place to service the nation’s debts.
The DMO explained that Nigeria’s total public debt grew from $17.35billion in 2006 to $85.4billion, which is about N26.2trillion, in September 30, 2019.
The Director-General of the DMO, Patience Oniha, stated this at a public lecture, titled, ‘Public debt in Nigeria: Trend, Sustainable and Management,” organised by the National Institute for Legislative and Democratic Studies.
She put the total domestic debts at about N18 trillionn (or $58.4 billion), which is 68.45 per cent of the total public debts.
Oniha explained that the recent approval of the 2016-2018 External Borrowing Plan of $22.7 billion would shoot the total debt stock of Nigeria to about N33 trillion with debt to GDP ratio being 21 per cent.
The DMO boss said the Federal Government had put in place necessary arrangements to service the nation’s debt with about N2.4 trilllion from the N10.59tn passed by the National Assembly as the 2020 budget.
She, however, lamented that the revenue projection of the Federal Government might fail with the dwindling revenue target on the back of the coronavirus outbreak, which has affected oil prices.
She said the only way to effectively manage the debt profile of the country was with an improved revenue drive which the Finance Act, among other sources, was meant to achieve.
She said, “The total public debt has indeed been growing. The debt includes external and domestic debts of the Federal Government, state governments and the FCT; and the debt has accumulated over many years.
”Whilst Nigeria’s debt is sustainable, recent developments in the global environment induced by COVID 19 already suggest a less-than-favourable economic outlook with implications for Nigeria.
“Irrespective of COVID-19, the drive towards revenue generation should remain a priority for Nigeria, to finance development and strengthen development sustainability.”
Oniha also said, “Concerns have been expressed about the growth in Nigeria’s debt stock since the exit from the Paris and London Club of Creditors. It is true that the public debt stock has grown from $17,349.69 million in 2006 to $85,390.82 million as of September 30, 2019.
“However, it must be recognised that the current debt stock is the result of cumulative borrowing by successive governments to finance budget deficits and various infrastructure projects.”
The Vice Chairman,  Senate Committee on Local and Foreign loans, Senator Bima Enagi, said the  focus of the National Assembly was not on whether public expenditure was financed wholly or partially from borrowing or actual revenues earned by the country.
Rather, he said the focus would be on the transparency and the judicious deployment of all public funds, irrespective of their sources to ensure the maximum good for the citizens.

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“FCCPC Approves Sale Of Chivita|Hollandia To UAC Nigeria PLC 

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UAC of Nigeria PLC (UAC) has announced the completion of it’s in a press release on October 3, 2025, that it has completed the acquisition of Chivita|Hollandia (CHI Limited), following approval from the Federal Competition and Consumer Protection Commission (FCCPC).
Revealing this in a Press Release, at the Weekend, UAC said the transaction, first disclosed on July 30, 2025, involved the transfer of ownership of CHI Limited, a leading Nigerian food and beverage company best known for its market-dominant Chivita juice and Hollandia dairy brands, to UAC.
Commenting on the development, the Managing Director, CHI Limited, Eelco Weber, expressed optimism in the company’s future under UAC’s ownership.
“We are pleased to have received regulatory approval for this transaction. We look forward to a smooth transition and to seeing Chivita|Hollandia thrive under UAC’s ownership,” he said.
Group Managing Director of UAC, Fola Aiyesimoju, highlighted the strategic importance of the acquisition saying “We are excited to officially welcome the Chivita|Hollandia team and brands into the UAC family, and we are eager to work together to build on their strong legacy and market leadership”.
The acquisition is expected to strengthen UAC’s position in Nigeria’s fast-moving consumer goods (FMCG) sector, expanding its footprint into the growing juice and dairy markets.
UAC further said that the acquisition aligned with its growth agenda by adding two market-leading brands and a well-established distribution network to its por.
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PenCom Reintroduces Gratuity For Federal Civil Servants

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The National Pension Commission has said it has deployed a framework to restore gratuity for Federal Civil Service under the Contributory Pension Scheme.
Director-General of PenCom, Omolola Oloworaran, disclosed this at a Stakeholders’ Conference on the Workings of the Contributory Pension Scheme (CPS) for Employees and Pensioners of Federal Government Treasury-Funded Ministries, Departments and Agencies, in Abuja, last Thursday.
Represented by the Acting Commissioner, Technical, PenCom, Hon. Hafiz Kawu Ibrahim, Oloworaran said, “Working with the office of the Head of the Civil Service, a framework has been developed to restore gratuity benefits for federal workers under CPS, in line with Section 4(4) of the PRA 2014.”
The PenCom DG added that “PenCom has enhanced pensions for over 241,000 retirees, representing 80% of those under Programmed Withdrawal. Monthly pensions rose from N12.157 billion to N14.837 billion, effective June 2025.
“Also, since July 2025, no retiree waits to access their pensions. Payments are now immediate, aligned with monthly salary releases from the Federal Ministry of Finance”.
Also speaking, the Chairman of the National Salaries, Income and Wages Commission, Ekpo Nta, stated that the Commission would partner PenCom to examine the current rate of retirement benefits and recommend appropriate mechanisms for periodic reviews of retirement benefits.
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CAC, SMEDAN To Register 250,000 MSMEs Free ……..As CAC Forfeits ?3b In Fees Nationwide

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The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have announced a joint initiative to register 250,000 Micro, Small, and Medium Enterprises (MSMEs) free of charge across the country, with CAC foregoing about ?3 billion in registration fees
The initiative, announced during the signing of a Memorandum of Understanding (MoU) in Abuja, at the Weekend, seeks to remove barriers such as high costs and bureaucratic challenges that have long kept many small businesses in the informal sector.
The Registrar-General, CAC, Hussaini Ishaq Magaji, SAN, explained that the scheme would eliminate the registration fee, helping entrepreneurs access official recognition and grow their businesses.
SMEDAN Director-General, Dr. Charles Odii, added that registration is just the first step, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access.
Together, the two agencies noted that CAC will forgo approximately ?3 billion in registration fees, while SMEDAN will provide continuous support to help these businesses thrive.
They added that this partnership supports the Federal Government’s Renewed Hope vision to boost Nigeria’s economy by empowering entrepreneurs.
CAC further disclosed measures to ease company registration with the steps as follows: 1. Visit the SMEDAN portal: http://portal.smedan.gov.ng., 2 Sign up and complete your registration on the portal., 3. When asked if you have a CAC number, select “No”., 4. Submit your details to complete the process., 5. Once registration is completed, you will be contacted with the next steps to finalise your free CAC registration.
It further clarified that MSMEs already on SMEDAN’s database without CAC registration automatically qualify for this free registration drive.
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