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Each Nigerian Now Owes N165,500

Each Nigerian now owes N165,500 as country’s debt rises to N35.5tn

As at the end of June 30, each Nigerian now owes about N165,500 to countries, international organisations and domestic Investors as government borrowing increased to N35.5 trillion.

Data obtained for the Debt Management Office (DMO) published on Wednesday showed that Nigeria’s today debt stock increased in the last six months to 7.75 percent higher than the N32.9 trillion recorded at the close of last year

In terms of Debt per capita which is calculated as the total public debt of a country divided by the country’s population, within the last six months, Nigerians debt increased by 0.60 percent from N164,500 in December.

The population figure used for the calculation is 200 million, as there is currently no official figures.

Giving a breakdown of Nigeria’s debt stock, the Director-General of DMO, Patience Oniha, revealed that external debt accounted for N13.7 trillion or 38.7 percent while approximately N21.8 trillion was sourced from the local market.

China accounted for about 10 percent of the external debt (which amounts to approximately N1.37 trillion), while the multilateral organisations had the largest share of 54.9 per cent.

Oniha also revealed that of the total value, 83.07 per cent was held by the Federal Government while the 36 states and the Federal Capital Territory (FCT) borrowings accounted for 16.93 per cent.

“The percentage of FG’s share of the national debt had increased from 81.94 per cent as at December 2020.

She however noted that the current debt stock remained within fiscally accepted bound but fears Nigeria’s low revenue can be a serious problem.

“The debt stock is within the acceptable limit; the challenge is not much is done to shore up poor revenue, if this is not done the country risks the debt sustainability issue”

“We should focus on revenue. The good thing about it is that the Minister of Finance, Budget and National Planning has started a programme aimed at growing the revenue profile. We must discipline ourselves to follow through to grow our revenue. If we continue to borrow and do nothing about growing our revenue base as other countries have done, we may have a debt sustainability challenge,” she said.

Oniha expressed concern that the country’s huge GDP has not translated to revenue, calling on authorities to aggressively pursue income-yielding policies.

“The country’s debt to GDP remained considerably low at 21.92 per cent, up from 21.61 per cent last year,

She, however, said it could increase to 35 per cent when the ways and means facility (WMF) that is, overdrafts with the Central Bank of Nigeria (CBN) is added to the debt stock.

On the current value of the WMF, the DG said she could only give information on the status at the beginning of the year, when it was estimated at N10 trillion, suggesting that the figure could be higher.

She admitted that the government had overreached the limit set by the CBN Act, stressing that the government is compelled to do so owing to the revenue shortfall.

“We are currently working at converting it to a tenor facility. This is because overdrafts should be cleared when they are due,” the DMO boss stated.

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Those found guilty of corruption should not enjoy pardon —AGF

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has stated that those found guilty of corruption should not be granted state pardons. He also advised law enforcement agencies to avoid shoddy investigations, urging them to have all necessary facts before summoning individuals for questioning.

The AGF made these remarks at a roundtable organized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for state Attorneys-General in Abuja on Monday. “I will suggest in our next constitution review exercise that we expunge those found guilty of corruption from benefiting from powers of ‘Prerogative of Mercy’ to serve as a deterrent to others,” he said.

In a statement by Kamarudeen Ogundele, Special Assistant to the President on Communication and Publicity, Office of the AGF and Minister of Justice, Fagbemi emphasized the importance of cooperation from all stakeholders, particularly the Attorneys-General, in the fight against corruption. He urged them to avoid nepotism, political witch-hunting, rivalry, and bigotry in their efforts to fight corruption merely to please their governors.

The minister further stated that there should be no justification for rationalizing corruption or other crimes. He advised that legal opinions on cases should be based strictly on facts, as is the practice in advanced countries, adding, “We should not give in to public sentiments. In Nigeria, we are polarised along political lines.”

The AGF also urged participants and anti-graft agencies to conduct thorough investigations before arresting suspects to prevent unnecessary media trials. “Let us be thorough and take our time before inviting someone for questioning. Don’t do a shoddy job and be quick to say we have caught a big fish…You will catch a big fish. If it is two or three big fish you are able to get in a year and you are thorough, it is alright,” he stated.

Additionally, Fagbemi advised against filing exaggerated or bogus charges against defendants to create public frenzy. He said, “Nobody wants a 50-count charge…make it five or six and be sure. Make sure you get him (suspect) in.”

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Tinubu condoles with families of victims, Niger govt over traffic petrol tanker explosion

President Bola Tinubu has sent heartfelt condolences to the government and people of Niger State on the petrol tanker explosion on the Bida-Agaie-Lapai- road on Sunday in Niger State, which claimed the lives of 48 people and livestock.

According to the Niger Emergency Management Agency (NEMA) and the Federal Road Safety Corps (FRSC), many people were injured in the accident, which also involved a truck loaded with cattle and passengers.

President Tinubu commiserated with the families of the dead and injured victims. He also sympathised with the owners of shops affected by the tragedy.

He prayed for the speedy recovery of the injured.

The President commended the federal and state emergency agencies for their swift response. He similarly commended the good-spirited Nigerians who mobilised to the incident scene to assist the victims.

He pledged continued support for efforts aimed at providing relief to those affected.

President Tinubu has directed relevant federal agencies in transportation and road infrastructure to redouble their efforts and work with state governments to enhance the safety and security of travellers and residents.

News

Nigerian businessman Ogionwo charged for $300,000 scam in Oil deal

The Inspector General of Police, through legal officer S.O. Ayodele from the Federal Criminal Investigation Department, Alagbon Close, Ikoyi, Lagos, has filed a two-count charge of obtaining money by false pretenses and theft against Nigerian businessman Ebi Otisaye Ogionwo.

In the charges presented before the Federal High Court in Lagos, Ayodele alleges that in 2022, Ogionwo fraudulently obtained $300,000 from Mr. Oluwatosin Adefila of Beltzemo Nigeria Limited. The funds were purportedly meant to finance an oil trading business, but this representation was false.

The charges against Ogionwo are in violation of Section 1 (1) (c) and punishable under Section 1 (3) of the Advance Fee Fraud and Other Related Offences Act 2006.

The two count charge as filed before the court

Count one:

That you, Ebi Otsaye Ogionwo “M” sometimes in 2022,in Lagos, within the Judicial Division of this Honorable Court, did by false pretence and with intent to defraud obtained the sum of Three Hundred Thousand Dollars (S300,000:00) from one Mr. Oluwatosin Adefila of Boltzemo Nigeria Limited under the guise of using the said funds for financing Oil Trading Business, a representation you knew to be false and thereby committed an offer contrary to Section 1(1)(c) and punishable under section 1(3) of the Advance Fec,raud and other Related Offences Act 2006, Laws of the Federation of Nigeria.

Count two:

That you Ebi Otsaye Ogionwo “M” on the same date, time and place, and in the aforementioned Judicial Division of the Federal High Court, did steal the sum of Three Hundred Thousand Dollars ($300,000.00) from one Mr.Oluwatosin Adefila of Belztzemo Nigeria Limited and thereby committed an offence contrary to section 383 and punishable under section 390 (9) of the Criminal Code Act,Cap C 38,Laws of the Federation of Nigeria,2004.

Meanwhile, 14th of October, 2024 has been fixed for the arraignment of the defendant.