Business

Nigeria’s External Debt Hits N270bn

Published

9 years ago

February 10, 2016

The external debt accu
mulated by the 36 states and the federal capital territory in five years has appreciated by N270 billion ($1.37 billion).
The debt is calculated at the current interbank exchange rate of N197 to a dollar according to the statistics made available by Debt Management Office (DMO) on Sunday.
DMO records showed that the indebtedness of the sub national governments as at December 31, 2010 stood at $ 2 billion. Reports said last week that the debt profile of the entire nation rose by N1.2 trillion in one year.
Some states, over the period, maintained their positions on top of the borrowers’ club, while others jumped on the list.
Lagos State maintained the top position within the period. In 2010, it owed external creditors $400.59 million. However, by December 2015, the debt had climbed to $1.207 billion.
This means that within the period, the Lagos State Government grew its external debt by $807.31million. This reflects a growth rate of 201.53 per cent. The state holds 35.84 per cent of the country’s subnational external debts.
The external debt of Kaduna State stood at $157.36 million by December 31, 2010; making it to occupy the second position on the list of the most externally indebted states of the federation.
By the end of December 2015, the state still maintained the second position with a total of $226.37 million. This means that within the period, the state’s external debt rose by $69.01million, reflecting 43.86 per cent increase.
With an external debt of $41.19 million in 2010, Edo State was not among the most indebted in the country. However, by the end of December 2015, the state’s external debt profile had leapt to $168.19 million, showing a difference of $127 million. This means that the state’s external debt rose by 308.34 per cent within the five-year period.
Cross River State owed external creditors $110.91million as of December 31, 2010. By the end of 2015, the figure had risen to $136.4 million. This shows an increase of $25.5 million, or 22.99 per cent.
Ogun State had an external debt of $81.64 million as of December 31, 2010. By the end of last year, it had risen to $103.33m. This reflects an increase of $21.68 million or 26.56 per cent.
Katsina and Oyo states were among the most externally indebted states in the country in 2010, but by the end of December 2015, they had reduced their exposure to foreign debts although they remained among the most exposed states.
While Katsina State’s external debt went down from $81.14 million to $72.15 million; Oyo State’s was reduced from $87.43 million to $66.75 million.
Among the states least exposed to foreign debts by the end of December 2015 are Taraba, $22.93 million; Borno, $23.19m; Plateau, $30.46 million; Kogi, $33.63m; and Jigawa, $34.08 million.

Business

MWUN Backs Nigeria’s Bid For IMO’s Category C Seat

Published

5 days ago

June 20, 2025

The Tide

The Maritime Workers Union of Nigeria (MWUN) has pledged its full support for Nigeria’s bid to return to Category C of the International Maritime Organisation (IMO) Council.

It also commended the Nigerian Maritime Administration and Safety Agency (NIMASA) for its transformative role in maritime security and governance.

Speaking in Lagos over the weekend, President-General of the Union, Comrade Francis Bunu, lauded NIMASA’s significant achievements, particularly in combating piracy in the Gulf of Guinea.

He noted that the Agency’s efforts have significantly improved safety and stability on Nigerian waters.

“We now have peace on our waters, and this achievement is commendable. It also enhances regional stability and boosts investor confidence,” Bunu stated, citing NIMASA’s commitment to maritime safety as a key driver of Nigeria’s growing prominence in global maritime affairs.

Comrade Bunu further pledged that MWUN would mobilise support through its international affiliates to advocate for Nigeria’s IMO Council bid, emphasising that the country has both the expertise and leadership to make meaningful contributions on the global maritime stage.

“Nigeria is long overdue for a return to the IMO Council. A vote for Nigeria is a vote for Africa”, he asserted.

He also commended President Bola Ahmed Tinubu for establishing the Marine and Blue Economy Ministry, describing it as a “bold and visionary step” that will unlock investment opportunities and create employment across the maritime sector.

“The creation of the Ministry is a strategic move that aligns with global trends. It opens new economic frontiers and supports our youth through job creation and skills development within the blue economy space”, Bunu stated.

Reaffirming the Union’s commitment to collaboration, the MWUN leader assured stakeholders of continued engagement aimed at fostering industrial harmony, particularly within the dock labour sub-sector.

“Under my leadership, MWUN will continue to work with all maritime stakeholders to ensure peace, progress, and sustained sectoral growth”, he pledged.

As the world looks ahead to the 2025 Day of the Seafarer, themed “Our Ocean, Our Obligation, Our Opportunity”, Bunu emphasised the importance of sustainable ocean governance and the critical role of seafarers in global trade.

“MWUN remains steadfast in its advocacy for seafarers’ rights, decent work conditions, and responsible stewardship of our ocean resources. Nigerian seafarers deserve our gratitude for their immense contributions to global commerce”, he said.

Nkpemenyie Mcdominic, Lagos

Business

Food Security: FG To Review Nigerian Agric laws

Published

5 days ago

June 20, 2025

The Tide

The Federal Government has taken steps to review Nigeria’s agricultural laws to promote the development and enhance food and nutrition security in the country.

The Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, stated this recently at the opening of the stakeholders’ workshop and input on the Nigeria Agricultural Laws Reform in Abuja.

Abdullahi said these laws, which are the subjects of review or amendment, have been enacted for a very long time to provide the legal frameworks for the promotion and development of the agricultural sector.

“The sector’s dynamism is evident in the shift from traditional farming practices to more modern techniques, diversification of crops and livestock, as well as adaptation to changing weather patterns.

“This is in addition to the challenges of insecurity, climate change and high input costs which continued to affect agricultural inputs.

“In view of the above, it is imperative to formulate legal frameworks to facilitate the key aspects of improvement in Nigerian agriculture aimed at addressing the problems affecting the sector”, he said.

Noting government policies and initiatives are aimed to boost agricultural production to meet the food needs of the growing population, Abdullahi said efforts were being made to support small holder farmers through access to finance, training and technology.

He also said there was growing awareness of the need to address gender inequality in agriculture and empowering women to participate in decision-making and access resources.

The Minister further said the review of the Nigerian Co-operative Societies Act was a priority, as it was intended to feature among the President’s legacy achievements under his Cooperative Revamp and Reform Initiative.

According to him, “Federal Government’s approach to agriculture is multifaceted, encompassing policy development, financial support and infrastructural development.

“The goal is to create a thriving and sustainable agricultural sector that can contribute to food security, economic growth and overall well-being of Nigerians”.

In his remarks, the Permanent Secretary of the ministry, Dr. Marcus Ogunbiyi, said a strong and robust legal framework was crucial for the agricultural sector.

Earlier, the Director, Legal Services in the ministry, Mr. Isimbabi Garba, underscored the urgent need to reform and reposition Nigeria’s legal framework to support a modern, vibrant, and resilient agricultural economy.

Garba said the event also represented a significant step towards strengthening the country’s agricultural sector and ensuring food security for the nation, adding, “Agricultural law reform is crucial to Nigeria’s economic growth, food security and sustainable development.

“The law plays a significant role in shaping the agricultural sector, and updating our laws will help us address emerging challenges and opportunities”.

Business

Okpebholo Charges Committee To End Herders, Farmers Clash In Edo … Inaugurates Boundary Committee

Published

5 days ago

June 20, 2025

The Tide

Edo State Governor, Monday Okpebholo, has charged the newly established Livestock Control Committee to bring to an end the pervasive clashes between herders and farmers.

He gave the charge while inaugurating the 27-member committee, headed by a retired army general, Cecil Esekhaigbe.

The Governor gave the committee a clear mandate, which include tackling the pressing issues of security and land disputes in the State.

“There is a task that we need to handle carefully while this assignment is being carried out. We have to carry it out with the fear of God so that we can have the best time and result. We can see what is happening today. Herders clash here and there.

“You have to confine them to a particular location. That is the essence of this committee. I have people with a wealth of experience on the committee. So, I believe that with God on our side, we are going to achieve our purpose”, he said.

In his remark, Chairman of the committee, General Esekhaigbe (rtd), outlined the committee’s specific terms of reference which include, “regulating the movement of livestock within the State; inspecting, certifying, and registering all ranches; and controlling the activities of cattle herdsmen within various communities.

“I know security is one of the pillars of your five-point agenda, and we all know that one of the causative factors of insecurity in Nigeria as a whole is farming.

“We will do our best to make sure that our assignment, which has been given to us, is carried out to the best of our abilities. And to ensure that these community clashes in farmers’ areas will not be mentioned in our dear state.”

In a related development, Governor Okpebholo also inaugurated a high-powered Boundary Committee, chaired by the State Deputy Governor, Dennis Idahosa.

The committee is tasked with the responsibility of addressing persistent boundary disputes affecting communities within the State and those bordering neighbouring States.

“I am happy to see this moment because communities, especially the ones that share boundaries with us, have issues that border on clear landmarks.

“We have Lagos, we have Ondo, we have Delta, we have Kogi State. So, we have boundary crises here and there. For this reason, I think the people before me today are the best to handle this task for the betterment of the Edo people,” Okpebholo stated.

Responding, the Boundary Committee Chairman, Dennis Idahosa, assured that the committee will “ensure accurate boundary demarcation, promote peaceful coexistence among communities, and foster development in the areas affected by conflicts while collaborating with all stakeholders and actively engaging with citizens in fulfilling our mandate.”