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22 States, FCT Reduced Their Domestic Debts By N176bn In Q3 2023

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Last Updated on December 25, 2023 by Fellow Press

The domestic debt stock of 22 states and the federal capital territory (FCT) shrunk by a significant N176.3 billion in the third quarter (Q3) of 2023, according to data from the Debt Management Office (DMO).

The DMO said the total domestic debt for the 36 states and the FCT reduced by N74.64 billion in three months.

As at June 2023, the states’ domestic debt stood at N5.82 trillion but fell to N5.74 trillion in September, the agency said.

According to the latest report, only 22 out of 36 states and the FCT reduced their debts in Q3, compared to 15 states in the second quarter (Q2).

The states were Delta, Lagos, Akwa Ibom, Bayelsa, Adamawa, Abia, Anambra, Ebonyi, Imo, Ekiti, Niger, Kogi, Ondo, Taraba, Enugu, Kaduna, Oyo, Kwara, Osun, Sokoto, Jigawa, Kebbi, and FCT.

In a quarter marked by debt reduction efforts across the states, Delta emerged top, slashing its domestic liabilities by a jaw-dropping N93.9 billion, compared to Lagos’ N35.94 billion and FCT’s N7.79 billion.

Here is a breakdown of states that reduced domestic debts in Q3:

Delta: N93.92 billion
Lagos: N35.94 billion
FCT: N7.79 billion
Akwa Ibom: N6.13 billion
Bayelsa: N5.18 billion
Adamawa: N5.16 billion
Abia: N3.69 billion
Anambra: N2.68 billion
Ebonyi: N2.54 billion
Imo: N1.94 billion
Ekiti: N1.89 billion
Niger: N1.76 billion
Kogi: N1.35 billion
Ondo: N1.28 billion
Tarawa: N1.02 billion
Enugu: N983.96 million
Kaduna: N697.18 million
Oyo: N634.50 million
Kwara: N618.21 million
Osun: N437.88 million
Sokoto: N300.11 million
Jigawa: N242 million
Kebbi: N67.09 million

KANO, OGUN DEBT REMAINS UNCHANGED

Meanwhile, the debt burden of Kano and Ogun remained unchanged in Q3 this year, TheCable Index analysis of the data shows.

The two states maintained their domestic debt levels at N122.36 billion and N293.20 billion respectively, while 12 other states saw their debt profiles rise in the past three months.

The DMO said Katsina led the pack in debt growth, with a N36.94 billion jump (59% increase), leaving Bauchi (N15.13 billion), Zamfara (N11.99 billion), and Plateau (N11.86 billion) behind.

Here is a list of 12 states that increased their domestic debt in Q3:

Katsina: N36.94 billion
Bauchi: N15.13 billion
Zamfara: N11.99 billion
Plateau: N11,86 billion
Borno: N8.65 billion
Cross River: N7.99 billion
Rivers: N7.07 billion
Gombe: N1.044 billion
Yobe: N342.16 million
Benue: N241.19 million
Nasarawa: N192.79 million
Edo: N174.95 million

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Accept FG offer above N60,000 as new minimum wage, Opeyemi Bamidele to labour

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The Senate Leader, Senator Opeyemi Bamidele, APC, Ekiti Central has pleaded with the Nigeria Labour Congress, NLC and the Trade Union Congress, TUC
to accept whatever the federal government offered them above N60,000 as the new minimum wage.

Bamidele urged the NLC and TUC to toe the path of dialogue and peace in the negotiation of a new minimum wage, which the President had promised to send a bill to the National Assembly for this purpose.

The Senate Leader has reiterated the need for Nigerians to demonstrate more patriotic spirit and oneness in their daily activities as the nation journeys through its socio-political trajectory towards the promised land.

He made the call in an Eid-el-Kabir message by his Directorate of Media and Public Affairs on Sunday, just as he highlighted some achievements of the administration of President BolaTinubu.

Bamidele said, “The federal government has conceded to N60,000, which translates to a 100 percent increase. But both NLC and TUC turned down this offer, leading to a two-day industrial action.

“The federal government has promised to make more concessions in this respect. As the federal government reveals its new offer, I plead with the organised labour to accept it in the national interest. The economy will remain in this condition. Collectively, we are taking multi-pronged measures to reverse disturbing economic indicators.”has conceded to N60,000, which translates to a 100 percent increase. But both NLC and TUC turned down this offer, leading to a two-day industrial action.

“The federal government has promised to make more concessions in this respect. As the federal government reveals its new offer, I plead with the organised labour to accept it in the national interest. The economy will remain in this condition. Collectively, we are taking multi-pronged measures to reverse disturbing economic indicators.”

While identifying with all Muslim faithful nationwide, Bamidele who noted that Nigerians, regardless of religion and tribes, should team up with and rally support for the Tinubu administration to safely steer the ship of the nation into a successful end, emphasised that no nation could travel the journey of national rebirth alone without the unwavering support of its citizens not minding their political, cultural and social backgrounds and orientations.

He assured that the current administration would leave no stone unturned in alleviating the economic hardship being faced by the majority of Nigerians and re-offer them a sense of pride in their home country.

In the spirit of the season, the Senate Leader urged all Muslims to emulate love and good neighbourliness exemplified by Prophet Mohammed (SWAT) during his time and how he related very well with people of other faiths and nationalities.

Bamidele who appealed that the ongoing reengineering efforts of the Tinubu Administration could only yield democratic dividends in an atmosphere devoid of insecurity, but where lives and property are protected, said: “Just to mention a few among ongoing projects like the 700 kilometres Lagos-Calabar Coastal Highway, the establishment of N50 Billion Pulako Initiative and annual recruitment of 30,000 new police personnel are Key Performance Indicators of this government.

“Only recently, this government declared a state of emergency in agriculture and launched the National Agricultural Development Fund with N100 billion, in addition to the Dry Season Farming Initiative and the Green Imperative Programme to ensure food security across the land.

“All these and other components of the 8-point Renewed Hope Agenda require the patriotic support and prayers for their deliverables to multiply at the doorsteps of Nigerians in the remaining three years of the first term of this government.”

He further urged the Muslim faithful to use the season of Eid el-Kabir to pray for the leaders of the country for divine wisdom and understanding that can match the enormous tasks of leading the country especially at a time when economic realities are not favourable around the world.

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FG updates on UAE lifting visa ban on Nigeria

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The Minister of Aviation, Festus Keyamo, has revealed that the United Arab Emirates (UAE) government will soon announce the date for lifting the visa ban that has been imposed on Nigerian travellers.

This information was shared during an interview with Otega Ogra, Senior Special Assistant to President Bola Tinubu, which is available on the official YouTube page of the State House of Nigeria.

Keyamo acknowledged that while a resolution was reached between President Bola Tinubu and UAE President Mohamed bin Zayed Al Nahyan during President Tinubu’s working visit to the UAE in September 2023, additional processes were required before the ban could be officially lifted.

He said the processes have now been completed, paving the way for the imminent announcement from the UAE government.

“After that high-level meeting, Mr. President, credited to him, made things very easy for us all. We did our follow-ups as his ministers. We have done everything. We have resolved everything.

“Just wait for the announcement from the UAE government, and that announcement is imminent,” Keyamo stated.

The Minister further mentioned that he is aware of the specific date when the travel restriction will be lifted, but he emphasized that it is up to the UAE government to make the official announcement.

The lifting of the ban is expected to restore ease of travel for Nigerian citizens to the UAE, thereby enhancing bilateral relations and cooperation between the two countries.

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