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Nigeria’s debt stock hits N121trn – DMO

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Last Updated on June 21, 2024 by Fellow Press

The Debt Management Office (DMO) says Nigeria’s total public debt stock hit N121.67 trillion (91.46 billion dollars) in March.

The Director-General of the DMO, Patience Oniha, made this known in a statement on Friday in Abuja.

Oniha said that the debt stock comprised the total external and domestic debts of the Federal Government, the 36 state governments, and the Federal Capital Territory (FCT).

According to her, the total domestic debt, as at March, was N65.65 trillion (46.29 dollars), while the total external debt was N56.02 trillion (42.12 billion dollars).

She said that the comparative figure of the total debt stock for December 2023 was N97.34 trillion (108.23 billion dollars).

She said that the increase in the total debt stock was informed by growth in the domestic component of the debt to bridge deficit in the 2024 budget, and instability in the foreign exchange market during the first quarter.

“Excluding Naira exchange rate movements in the first quarter of 2024, only the domestic debt component of the total debt stock grew from N59.12 trillion on Dec. 31, 2023 to N65.75 trillion on March 31.

“The increase was from new borrowing to part-finance the 2024 budget deficit and securitisation of a portion of the N7 3 trillion Ways and Means advances at the Central Bank of Nigeria (CBN),” she said.

She said that improvement in government revenue would go a long way in ensuring debt sustainability, while borrowing, as provided in the 2024 budget would continue.

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Nigerian Army arrests fleeing IPOB members in Anambra

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Last Updated on July 11, 2024 by Fellow Press

Troops of the Nigerian Army have arrested two Indigenous People of Biafra members identified as Ifeanyi Godwin and Uche Onuoha in Anambra State.

The two suspects were intercepted inside an SUV near Umunze, Orumba South Local Government Area with two pump-action rifles and 41 cartridges, among others.

Onuoha and Godwin, according to a post by the Nigerian Army on Wednesday on X.com, had been on the wanted list of the Nigeria Police since 2023.

The Army said, “In Anambra State, troops on patrol successfully intercepted and arrested two suspected IPOB/ESN members identified as Ifeanyi Godwin and Uche Onuoha, in a Toyota Highlander SUV, near Umunze, Orumba South LGA.

“The suspects were found in possession of two pump-action rifles, 41 cartridges, a hand-held communication radio, and fetish objects. Further investigations revealed their involvement in criminal activities and they have been on the Nigeria Police Wanted list since 2023.

“Preliminary investigations further revealed that Ifeanyi Godwin allegedly owns a hotel from proceeds of kidnapping used as an IPOB/ESN operations base.”

The Army said troops also raided the residence of a kidnap kingpin, Bello Chinjdawoje, in Ibadan and recovered two AK-47 riffles.

“Similarly, in Oyo State, troops acting on credible intelligence raided the residence of a suspected kidnap kingpin identified as Bello Chikidawoje, in the Bodija area, Ibadan North LGA. The operation led to the recovery of two AK-47 rifles, magazines loaded with ammunition, and additional rounds buried inside an animal’s cage. Efforts are underway to apprehend Bello Chikidawoje and dismantle his criminal network,” the post added.

In another operation conducted in Katsina, the Army said troops engaged terrorists who blocked the road in Ruma, Yargamji and Batsari in a gun duel, causing them to flee.

It said three empty AK-47 magazines were recovered from the operation.

“In Kankara LGA, Katsina State, troops acted on intelligence about terrorists planning an attack on commuters returning from the village market. Troops confronted the terrorists, leading to the neutralisation of one terrorist and the recovery of an AK-47 rifle and ammunition. The decisive actions of the troops prevented a potential attack and disrupted the terrorists’ plans,” it said.

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Don’t pay for transformers, cables– NERC

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Last Updated on July 10, 2024 by Fellow Press

The Nigerian Electricity Regulatory Commission has warned Nigerians against paying for electricity distribution infrastructures such as transformers, cables or poles.

In a statement shared alongside a video on X on Tuesday, NERC emphasised that consumers should not be coerced into purchasing transformers, cables, or poles, as this responsibility lies squarely with the distribution companies.

The statement reads, “Is your distribution company expecting you to buy transformers, cables, or poles? Don’t! It is the DisCo’s obligation, not yours!” NERC stated emphatically.

The regulatory body urged consumers to report any coercion or delays in providing necessary materials by the distribution companies.

The statement added, “Report any coercion to purchase, or delays in providing these materials to NERC for prompt action.”

NERC assured the public of prompt action upon receiving such complaints.

To facilitate this, NERC said it has established a dedicated email and phone number for reporting issues related to network investments.

“A dedicated email and phone number have been set up to address issues relating to investments in the network as follows: idn@nerc.gov.ng 07074865354.

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