Political
These are the top creditors to the Nigerian government
- A look at creditors to the Nigerian government shows that Nigerians are owed more than the government
- Among the top domestic creditors to Nigeria are the Central Bank of Nigeria and Nigerians, who bought various instruments from the government
- China remains Nigeria’s biggest lender with $3.9 billion, and others include AfDB, IMF and the World Bank
As of June this year, Nigeria’s public debt has reached $151 billion, and most of the creditors are Nigerians.
Data from the Central Bank of Nigeria (CBN) reveals that Nigeria’s total public debt is estimated at $151 billion as of June this year.
Source: Getty Images
Nigerian government owes CBN N22 trillion
The debt is relative to the $103.3 billion reported by the Debt Management Office (DMO).
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The contrast between the CBN’s estimate is a gapping N20 trillion, about $48 trillion in Ways and Means lending to the Nigerian government, which increased to N22 trillion as of September 2022, as per multiple reports.
The CBN’s Ways and Means is not classified by DMO as part of Nigeria’s public debt despite plans to convert it to a 100-year bond.
The Nigerian government is indebted to several both domestic and foreign creditors.
Domestic debts comprise FGN securities, treasury bills, and recently, CBN’s Ways and Means.
Nigeria owes bilateral debts on the foreign scene and multilateral institutions like the World Bank, the International Monetary Fund (IMF) and the African Development Bank (AfDB).
The Nigerian government borrows money from Nigeria by issuing bonds to the domestic market in naira.
The bonds are also shown on the Nigerian Exchange or the FMDQ, where traders can buy them.
Nigeria owes N26.3 trillion in domestic debt, with states owing N5.2 trillion.
The debts are in FGN Bonds, State Bonds, Sukuk Bonds, Treasury Bills and Green Bonds.
Other sources of foreign debts
Other sources of Nigeria’s debt include Eurobonds at $15.6 billion, accounting for 36 per cent of the external debt, World Bank and IMF at $13 billion and 3.2 billion, respectively.
The federal government owes AfDB $2.8 billion in loans.
The top five country creditors include China at $3.94 billion, accounting for 83.5 per cent of the total debt to foreign countries. The country is Nigeria’s single largest creditor in the world.
Other creditors account for $50.5 billion and are owed to pension funds, banks, mutual funds, companies, and collective investment schemes.
States in Nigeria with the highest external debts as national debt stock hits $41.77 billion
Legit.ng reported that according to the Debt Manage Management Office (DMO) Nigeria’s debt stock has hit about $41.77 billion as of March 2022.
A good number of these debts are external borrowings by states in Nigeria which contribute a large chunk of the total debt stocks.
Of the total external debt stock, Lagos State, Kaduna and Cross River are the leading states in Nigeria.
Source: Legit.ng
- Matthew Kukah has asked Nigerians not to fight over politicians who are only after pecuniary gains
- According to the bishop of the Catholic Diocese of Sokoto, Nigerians should consider politicians as friends who should not be regarded seriously
- Going further, he expressed concern over the surge in violence by supporters of political candidates ahead of the 2023 presidential election
A message has been sent to Nigerians over politicians. The message was sent by Matthew Kukah, bishop of the Catholic Diocese of Sokoto.
According to the respected cleric, Nigerians should not fight over politicians who are after pecuniary gains, The Cable reports.
Source: Facebook
He made this known when he appeared on a television programme, said Nigerians should consider politicians as friends who should not be regarded seriously.
He also expressed concern over the surge in violence by supporters of political candidates ahead of the 2023 presidential election.
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He said:
“These politicians are struggling and they’ve lived their lives struggling for the national cake which they will distribute amongst themselves. It is, therefore, in the interest of ordinary Nigerians to know that they have to vote to stay alive,” he said.
“Supporters of candidates all over the country need to be a bit more restrained and wise. We ordinary people must figure out how to manage our passion when it comes to politics.
“Don’t take seriously the grandstanding of the politicians. All the things you see about them abusing themselves or quarrelling, you will think they will never shake hands. They are very good friends, and many of them drink from the same pool. So, don’t go and kill yourself for nothing. That is what that message is all about.”
Bishop with the swag: Kukah dances to Kizz Daniel’s hit song Buga at 70th birthday celebration, Video emerges
Meanwhile, on Wednesday, August 31, the Bishop of the Catholic Diocese of Sokoto State, Matthew Hassan Kukah, celebrated his 70th birthday.
The Presidential candidate of the All Progressives Congress (APC), Bola Tinubu and his counterpart from the Labour Party (LP), Peter Obi, Kashim Shettima stormed the event.
Also at the event was Former President Goodluck Jonathan, Tinubu’s running mate, Senator Kashim Shettima among other prominent politicians and personalities.
At the event which took place in Abuja on Wednesday, the governor of Sokoto State, Aminu Tambuwal who was the chairman of the occasion described Bishop Matthew Kukah as a man with an enduring love for the country.
Source: Legit.ng
- Governor Nyesom Wike of Rivers state received the former national chairman of the APC, Adams Oshiomhole, on Tuesday night
- Oshiomhole is one of the opposition members that Wike has invited to commission projects in the PDP state
- The former governor of Edo state will commission a flyover, which is the eighth that Wike’s administration started and completed
Port Harcourt, Rivers – Nyesom Wike, the governor of Rivers state, has welcomed the former national chairman of the All Progressives Congress (APC), Adams Oshiomhole, to commission a flyover project.
According to Channels Television, Wike welcomed the former governor of Edo state to Port Harcourt, the Rivers state capital, on Tuesday night, November 15.
Source: Twitter
What Oshiomhole will be doing in Rivers state following Wike’s invitation
The flyover Oshiomhole will commission on Wednesday, November 16, is the eighth that Wike’s administration had started and completed.
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The project is adjacent to the private residence of the governor in his country home of Rumueprikom on Ada George road in the Obio-Akpor local government area.
On his arrival, Oshiomhole was received by Wike, his deputy, Ipalibo Harry-Banigo and other leaders of the Peoples Democratic Party in the state.
Names of opposition member Wike has invited to Rivers
Oshiomhole is one of the guests from the opposition political party that Wike has invited to inaugurate projects started and completed in the PDP state.
Others who have been listed to commission projects in the state for the next two weeks include the presidential candidate of the Labour Party, Peter Obi, and his counterpart in the New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso.
Also, the oil-rich state will be hosting President Muhammadu Buhari to inaugurate some projects in the state within the stipulated time.
PDP crisis: Wike, other G5 governors have no issue with Atiku, Omokri says
Legit.ng earlier reported that a former presidential aide to ex-President Goodluck Jonathan, Reno Omokri, has disclosed that the crisis in the PDP is not about the G5 governors and Atiku Abubakar, the party’s presidential candidate.
Omokri maintained that the crisis is between the aggrieved governors and the national chairman of the party (PDP).
According to Omokri, the crisis rocking the party will be solved constitutionally while expressing optimism that common ground would be founded between the governors and the party’s leadership.
Source: Legit.ng
- Mahmoud Maijama’a Ajiya, the APC governorship aspirant in Bauchi state, has been rejected by his supporters for joining the PDP
- The supporters, who were led by Garba Musa Kore, said they took the resolution in the interest of Bauchi state
- According to Kore, the supporters included members of the state house of assembly and former commissioners in the state
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Bauchi, Bauchi – The All Progressives Congress (APC) governorship aspirant in Bauchi state, Mahmoud Maijama’a Ajiya, who recently decamped to the Peoples Democratic Party (PDP) has been rejected by his supporters.
His steering committee, led by its chairman, Garba Musa Kore, said his members have resolved not to follow him to the PDP, Leadership reported.
APC governorship candidate who joins PDP
Kore said this at a press conference held at the national union of journalists (NUJ) secretariat in Bauchi on Wednesday, November 16.
He added that the decision was taken at a meeting held at the residence of Honorable Hussaini Umar (Majikiran Bauchi) on Sunday, November 13 in Bauchi.
His statement reads in part:
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“Our stand emanated from a meeting we held yesterday, 13th November, 2022 at the residence of Hon. Hussaini Umar (Majikiran Bauchi).
Latest about APC, PDP Bauchi, Arewa, 2023 election
According to Kore, the decision of the committee remained resolute in the interest of the people of the state.
The committee constituted members of the state house of assembly and former commissioners.
PDP crisis: Wike, other G5 governors have no issue with Atiku, Omokri says
Legit.ng earlier reported that a former presidential aide to ex-President Goodluck Jonathan, Reno Omokri, has disclosed that the crisis in the PDP is not about the G5 governors and Atiku Abubakar, the party’s presidential candidate.
Omokri maintained that the crisis is between the aggrieved governors and the national chairman of the party (PDP).
According to Omokri, the crisis rocking the party will be solved constitutionally while expressing optimism that common ground would be founded between the governors and the party’s leadership.
Source: Legit.ng