Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
Continue Reading
The British Council has dolled out the sum of B2.4 million to the eighth winners of the Youth Sustainable Enterprises Challenge (YSEC) programme in Rivers State.
The programme was organized by Entrepreneural Development Initiatives Programm (ENDIP) in collaboration with the British Council in Port Harcourt.
The Tide learnt that each of the eight winners will share the sum of #300,000.
Speaking with newsmen, The Director Programmes, British Council, Mr. Chikodi Onyemerele, said the Council in conjunction with the King Council has been making efforts to develop the enterpreneural skills of young Nigerians.
He said the programme was to create opportunity for the participants to develop skills that will be useful to them.
The Director of Programme, who described Nigeria as a vast county with limited resources, also stressed the need for corporate organizations and governments to invest in skills development of young people in the country.
He said by doing this, insecurity and other social vices will be checked in the country, and urged the beneficiaries to make the best use of the opportunities to improve themselves and the society.
Onyemerel, who was the Guest of Honour at the occasion, said the Council has organized similar programmes in Enugu, Abuja, Lagos, Owerri and other parts of the country.
He said the participants will be assisted through mentoring and other support programms to enable them nurture their skills.
In her welcome address, the Executive Director of ENDIP, Mrs. Lilian Ari, said the organization has in the past 25 years stayed true to its vision of developing 10,000 enterprises capable of generating 30,000 jobs in the country by 2030.
“Our mission has been simple but powerful, to give young people the tools, training mentorship, finance and network they need to turn ideas into thriving businesses.
“From vocational skills to business incubation, from micro credit to venture equity we have walked this journey with thousands of young people and today we celebrate the next generation of change makers”, she said.
Mrs. Ari said time has come for the leadership of the Niger Delta to invest in youth development with the view to empowering young people.
“To the Niger Delta Development Commission and the South-South Development Commission, invest in these young people.
“To our state and Local Governments, make youth enterprise a budget priority”, she urged.
She also stressed the need for multinational corporations operating in the region, including oil companies, Banks and others to develop the enterpreneural skills of the youth.
Speaking with newsmen, the Chairman, Joint Association of Persons With Disabilities, Enugu State Chapter, Onyebuchi Mba, said majority of members of the Association in Enugu State have benefited from the programme, adding that it was reason why he was in Port Harcourt to show solidarity with them.
He said ENDIP and the British Council have established a sustainable development ideology that should be appreciated by all concerned.
Also speaking some of the participants and winners expressed excitement over the programme and pledged to make judicious use of the money.
By; John Bibor
The Nigerian Electricity Regulatory Commission (NERC) has said plans are ongoing to implement a net metering arrangement that will enable the export of excess power from solar, back into the national grid for commercial value.
The commission revealed that the value of solar panels imported into Nigeria in the first quarter of 2025 was N125.3bn, saying this reflects the increasing adoption of renewable energy.
NERC in a release obtained on Friday, said Nigeria’s solar energy capacity has experienced significant growth in recent years, with imported panels valued at $200m.
“In 2023, solar panel imports were valued at over $200m, translating to more than four million panels, with a substantial portion allocated to captive power generation. By the first quarter of 2025, the value of imported solar panels had reached approximately N125.29bn.
“This expansion reflects the increasing adoption of renewable energy, particularly in rural and off-grid areas, driven by government initiatives and private sector investments”, the commission said.
According to the NERC release, Nigeria added 63.5 megawatts of solar capacity in 2024, bringing the total installed capacity to 385.7 MW, further accelerating the shift towards decentralised energy solutions.
With this, NERC said some stakeholders approached it with requests to enable the export of excess power to the grid for commercial use.
The commission said it has developed draft regulations on net billing.
“Given this expansion, stakeholders have approached the commission with requests to explore the possibility of implementing a net metering arrangement, enabling the export of excess power back into the grid for commercial value.
“In compliance with its business rules and pursuant to Sections 46 and 48 of the Electricity Act 2023, which govern the commission’s proceedings, consultations, and public hearings, the commission has developed draft regulations on net billing.
“The commission is inviting the general public to provide comments on the draft net billing regulations, which can be accessed on its website, and submissions can be made until September 26, 2025″, it stated.
By: Corlins Walter
The Nigerian Content Development and Monitoring Board (NCDMB) has said it is partnering Chevron Nigeria Ltd and Intels Nigeria Ltd on Human Capacity Development (NC-HCD) training programme to build manpower for the nation’s maritime sector.
Towards this end, the Board in a statement by its Directorate of Corporate Communications, Friday, said 39 young graduates have underwent preliminary processes for cadetship training on its Human Capacity Development (NC-HCD) programme in Port Harcourt, the Rivers State capital.
The NC-HCD initiative, according to the Board, was patterned after its 60:20:20 Strategic Training Model and provides for sea time experience and Certificate of Competence (CoC) training, practical exposure, and real-time experience across multiple technical domains within the facilities of the of Lagos-based Stoilic Shipping Ltd, a leading member of the International Maritime Professionals Association (IMPA).
The Tide learnt that the NC-HCD training programme was conceived in fulfilment of a policy thrust of the NCDMB to grow indigenous capacity and participation in linkage sectors of the Nigerian economy and enhance employment and government revenues under the 60:20:20 model which envisages job placement for 60 per cent of trainees after successful completion of the 18-month training.
Speaking at the kick-off ceremony of the programme, the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, described human capital development (HCD) as “a non-negotiable pillar of the oil and gas industry’s development road map”, emphasising that stakeholders could build a sector not just fueled by hydrocarbons but powered by indigenous talent.
“When we embed HCD into the core of our strategic planning, local content ceases to be an aspiration, it becomes our reality.
“This event being the commencement of an 18-month Cadetship Training Programme to be handled by Lagos-based Stoilic Group is more than a routine milestone, but a declaration of our collective commitment to nurturing world-class Nigerian professionals who will shape the future of Nigeria’s oil and gas industry, particularly, the maritime sector.
“The NCDMB has remained steadfast in its conviction that HCD is a critical investment in the sustainability, competitiveness, and domiciliation of in-country value addition activities of the country’s oil and gas value chain”, he said.
The NCDMB’S Scribe, represented by the General Manager, Human Capacity Development, Barr. Esueme Dan Kikile, said the 39 cadets would gain sea time experience and Certificate of Competence (CoC) training, practical exposure and real-time experience across various technical domains.
He commended Chevron Nigeria Ltd. for its unwavering partnership, noting that the international oil company (IOC) has not only consistently complied with Nigerian Content requirements, but also shown leadership in embracing the spirit of national capacity building.
He also acknowledged the critical role of the Oil and Gas Trainers Association of Nigeria (OGTAN) as a major body for human capacity development in the industry.
According to him, the association has been instrumental in aligning training content, delivery standards, and capacity development frameworks with the actual needs of the industry.
“OGTAN has helped to bridge the gap between training and employability, ensuring that trainees do not just learn, but are ready to contribute meaningfully to the economic advancement of the country.
“I commend training providers and mentors, and urge them to give their best, challenge and inspire trainees, and inculcate in them values, discipline and work ethics that would make them stand out in any environment”, the NCDMB boss added.
In his own remarks, the Capacity Building Advisor of Chevron, Mr. Victor Inyere, told the cadets that they have earned their place in the HCD programme through hard work and dedication, and that the opportunity ahead is for them to acquire skills that would shape their careers and position them to contribute to national development.
He commended the NCDMB for its remarkable role in regulation and facilitation of capacity building, assuring the Board that Chevron would remain committed to advancing Nigerian Content.
In their presentation, Stoilic Nigeria Limited, represented by its General Manager, Administration, Mrs. Chimamanda Okafor, said its mission is to transform Nigeria’s maritime sector through innovative solutions, professional growth and strict adherence to safety and environmental standards.
She noted that the company’s cadets achieved 100 per cent pass rate in the Certificate of Competency assessments, and that the company would place cadets on vessels and open doors for them internationally.
“Looking ahead, Stoilic is working on a project to establish a world-recognised maritime university in Nigeria. An institution that would carry strong international partnerships and stand as a marvel in maritime education.
“The present batch of trainees have sea time cadets and CoC cadets. Sea time cadets are graduates who need practical onboard experience before moving on to the next stage of their maritime career, while CoC are those who have completed that phase of training”, She said.
By: Ariwera Ibibo-Howells, Yenagoa
-
Politics3 days agoRhodes-Vivour Joins ADC, Says APC Jittery
-
Maritime3 days agoShippers Partner NAPTIP, MMS Against Human Trafficking
-
Maritime3 days agoFG Pledges Strengthened Trade Integration … To Expand Industrial Capacity
-
Maritime3 days agoNSC Seeks Stakeholders’ Engagement Against Nigeria Export Rejection
-
Sports3 days agoRemo Stars’ Ismail joins Austrian team
-
Maritime3 days agoCustoms Records N3.68tn Revenue In First Half, 2025
-
Maritime3 days agoNSEMA Blames Boat Mishap On Overloading
-
Politics3 days agoJibrin Accepts Expulsion From NNPP, Set To Join New Platform