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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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Victory Over Insurgency Certain, Tinubu Assures

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President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.

The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.

He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.

Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.

“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.

“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.

The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.

Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.

He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.

“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”

The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.

The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.

Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.

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US Embassy, Lagos Consulate Close Today For President’s Day

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The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.

The mission made this known in a notice shared on its official X page, yesterday.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.

According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.

The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.

In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.

Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.

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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role

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United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.

The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.

The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.

In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.

Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.

 

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