Nigerian states collectively spent N139.92 billion on servicing external debt in the first half of 2024, representing a significant 122% increase from the N63.06 billion spent during the same period last year. This sharp rise, revealed through an analysis of Federal Account Allocation Committee (FAAC) data by the National Bureau of Statistics (NBS), underscores the mounting financial pressures on state budgets, likely driven by the devaluation of the naira. The data indicates that states have moved from spending approximately N9 billion to over N20 billion monthly on debt servicing, more than doubling their financial commitments. The surge in debt service…
Author: Editor Francis
Simon Ekpa, a prominent Biafra agitator and self-declared Prime Minister of the Biafra Republic Government In-Exile, has asserted that he has served the interests of Ndigbo and their quest for self-rule better than anyone else. Ekpa, who led the Igbo community in Finland from 2015 to 2019, made these claims in a statement released on Sunday via his X account. During his tenure as Chairman of Igbo Union Finland, Ekpa said he successfully secured financial support for the Igbo community from the Finnish government, including cultural stipends. He also highlighted his role in facilitating the Union’s inclusion in the Finnish…
The Nigerian Senate has firmly denied allegations made by former President Olusegun Obasanjo that federal lawmakers receive monetary patronage from the presidency. Obasanjo had asserted that members of the National Assembly determine their own salaries and benefit from special financial packages from the executive. The former president made these remarks on Friday in Abeokuta, the Ogun State capital, while hosting a group of House of Representatives members. In response, the Chairman of the Senate Committee on Media and Public Affairs, Senator Adaramodu (APC, Ekiti South), issued a statement on Sunday refuting Obasanjo’s claims as false. Senator Adaramodu emphasised that the…
The Polish government has refuted claims that its nationals, who were recently arrested in Kano, Nigeria, displayed Russian flags during a protest. The detainees, six students and their lecturer from the University of Warsaw, were arrested on August 6 during the #EndBadGovernance protest, where some Nigerians rallied against economic hardship. Also arrested were six Spanish nationals. According to the Department of State Services (DSS) in Nigeria, the Polish citizens were detained “because of where they were found during the protests and for displaying foreign flags.” However, the Polish Ministry of Foreign Affairs has strongly denied these allegations. The Polish news…
In the early hours of Saturday, unidentified individuals set fire to the Redeemed Christian Church of God (Champion Zonal Headquarters) located along Federal College of Education (FCE) Road in Kontagora, Niger State. This incident marks the second time in a decade that the church has been targeted by arsonists. It was gathered that ten years ago, the same church was burned down by unknown assailants who had previously warned against the completion of the church building. Despite these challenges, the congregation managed to rebuild the structure, only to see it destroyed once again. The state chairman of the Christian Association…
Former Senator Shehu Sani has called on the Nigerian government to validate the reported increase in the National Youth Service Corps (NYSC) allowance to N70,000, urging them to turn what has been dismissed as fake news into reality. Sani expressed his concern on his X (formerly Twitter) account, noting the disappointment of corps members who initially celebrated the news of the allowance hike, only to later learn that it was untrue. He stated, “The youth Corpsers jubilated over the 70k increment only to be told it’s fake news. The FG should just turn the fake to real; this fake is…
The ongoing crisis in Nigeria’s oil and gas sector remains unresolved, as Dangote Refinery has announced that it has yet to receive the 26 million barrels of crude oil allocation reportedly facilitated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This was disclosed by Anthony Chiejina, spokesperson for the Dangote Group, in a statement released on Friday. The statement was issued in response to NUPRC’s earlier claim that it had facilitated the allocation of 26 million barrels of crude oil to Dangote Refinery during the first quarter of 2024. NUPRC also revealed plans to review its Domestic Crude Supply Obligation…
In a recent retail Dutch auction conducted by the Central Bank of Nigeria (CBN), six prominent banks, including United Bank for Africa (UBA), Wema Bank, and Stanbic IBTC, were disqualified from participating. The auction, which took place on August 6, 2024, saw the CBN sell $876.26 million to 26 qualified banks as part of its ongoing efforts to ease demand pressure in the foreign exchange (FX) market and promote price stability. This auction is one of the most significant FX interventions by the CBN under the leadership of Governor Yemi Cardoso, who has been actively working to stabilise the naira…
Gaza’s civil defence agency reported on Saturday that an Israeli airstrike killed at least 90 people in a school sheltering displaced individuals in Gaza City. According to the agency, three Israeli rockets struck the Al-Taba’een school, resulting in what it described as a “horrific massacre,” with some victims’ bodies catching fire. The Israeli military confirmed the strike, stating that it had “precisely struck Hamas terrorists operating within a Hamas command and control centre embedded in the school.” This incident follows similar strikes two days earlier on two other schools in Gaza City, which Gazan authorities say resulted in over 18…
After a brief lull, protests have resumed in the Federal Capital Territory (FCT), with demonstrators taking to the streets on Saturday morning. The protest, which was temporarily halted following raids on residences and the arrest of key organizers, has gained momentum once again. Initially sparked on August 1, the protest is set to culminate today with a one-million-man march across the country. Anticipating the day’s events, our correspondent noted a significant increase in security presence around the Central Business District on Friday. Eagle Square, which had seen minimal activity in recent days, is now heavily guarded by security forces. This…
Retired Commodore Olabode George has praised the founding fathers of the Peoples Democratic Party (PDP), led by the late Dr. Alex Ekwueme, for their efforts in setting aside ethnicity and religion during the formation of the party George highlighted the significance of dividing Nigeria into six geopolitical zones and distributing the top six political positions across these zones, which he believes fostered a sense of inclusion and national unity. However, George also voiced concerns about the potential dangers of prioritizing personal ambitions, warning that such actions could lead to feelings of marginalization and exclusion among different regions of the country.…
In a recent statement, the Governor of Oyo State responded to growing public concerns regarding the purported disbursement of N570 billion by the Federal Government to the 36 states. The governor clarified that the alleged Hardship Fund was a misrepresentation of facts, asserting that no such funds were distributed by the Federal Government. The funds in question were part of the World Bank-assisted Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program, a financial intervention aimed at assisting states with post-pandemic recovery efforts. The governor explained that under this program, states were required to utilize their own resources upfront to…