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Debt Servicing Jumps By 14.68%

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Nigeria’s debt servicing bill went up by 14.68per cent to N3.36trillion in 2022, data from the Debt Management Office (DMO), in Abuja, has shown.
According to DMO, N2.93trillion was spent on external and domestic debt servicing payments in 2021.
Recall that the DMO had earlier reported that Nigeria’s total debt stock stood at N46.25trillion as of December 2022.
An analysis of DMO showed that the country spent $2.4billion which was equivalent to N1.07trillion using the current exchange rate of $/N460 to service its external debt last year.
Domestic debt servicing gulped N2.56trillion in 2022, with the highest expenditures of N529.88billion recorded in April.
The debt servicing under President Muhammadu Buhari administration has maintained an upward trend since 2016.
In 2016, a total of N1.23trillion was spent to service the country’s domestic debts.
The figure for domestic debt servicing rose to N1.48trillion in 2017.
In 2018, the country’s domestic debt servicing bill rose to N1.8trillion while the cost of domestic debt servicing came down a bit in 2019 to N1.69trillion.
In 2020, debt servicing rose again to N1.85ttillion.
By 2021, domestic debt servicing rose to N2.05trillion.
On the other hand, external debt servicing gulped $353.09million in 2016.
It went up to $464.05million in 2017 and jumped up to $1.47billion in 2018.
In 2019, the country spent $1.33billion on external debt servicing.
In 2020, external debt servicing gulped $1.56billion.
By 2021, it became N2.93trillion.
The amount spent on external debt servicing was calculated using the CBN’s exchange rate for the year.
For instance, the naira-dollar average exchange rates for 2016 and 2017 were N197 and N305 respectively.
It was N305 in 2018 and N360 in 2019.
It closed at N380 and N420 in 2020 and 2021, respectively.
Reacting, the Lagos Chamber of Commerce and Industry expressed worry over the country’s debt burden, especially in the face of stunted revenue growth, the large presence of decaying infrastructure and the unsustainable burden of oil subsidy overhang.
In a statement on Thursday, the chamber said the ratio of debt service to government revenue at about 90per cent remained alarming and unsustainable.
It said both capital and interest payments on borrowed sums exposed the country’s fiscal vulnerabilities and that the government should, as a matter of urgency, emphasise strategies for revenue growth while blocking leakages.
The chamber further advised the government to shift focus to equity financing, divestment or shedding of its equity holdings in state-owned enterprises, real estate, and infrastructure to reduce its debt commitments and improve its fiscal situation.
Also, the International Monetary Fund warned that debt servicing might gulp 100per cent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.

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PDP Kicks As APC Wins FCT Council Polls

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The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.

This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.

The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.

Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.

In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.

The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.

“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).

“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.

Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.

“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”

To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.

The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.

“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.

“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.

The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.

 

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S’Court Gets New Justice As CJN Swears In Oyewole, Wednesday

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The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.

The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.

The court urged guests to adhere strictly to the court’s protocols and security measures.

This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.

The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.

Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.

The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.

The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”

According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.

“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.

The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”

The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.

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Fubara Mourns Senator Mpigi

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Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of  Senator Barinada Mpigi, the Senator representing  South East Senatorial District of Rivers State.

In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.

He said that Mpigi died at a critical time when his services were still needed by the people of Rivers  State and prayed God Almighty to grant him eternal rest.

The governor  commiserated with his immediate family,  the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.

Senator Mpigi died  at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.

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