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

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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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Prince Harry visits sick Nigerian soldiers in Kaduna

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Prince Harry and his team visited the 44 Nigerian Army Reference Hospital in Kaduna to interact with wounded soldiers who are receiving treatment.

 

The Duke of Sussex is in Nigeria with his wife to champion the Invictus Games, which Harry founded to aid the rehabilitation of wounded and sick servicemembers and veterans.

 

Nigeria joined the Invictus Community of Nations in 2022 becoming the first African country to join.

Prince Harry’s visit to Kaduna came 68 years after his late grandmother Queen Elizabeth II visited the state during the time of the late Premier of Northern Region Sir Ahmadu Bello.

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Senate approves death penalty for drug traffickers

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Senate on Thursday, May 9, approved the death penalty for those convicted on the charge of drug trafficking in the country.

 

The punishment prescribed in the extant NDLEA Act is a maximum sentence of life imprisonment.

 

The resolution of the Senate followed its consideration of a report of the Committees on Judiciary, Human Rights and Legal Matters and Drugs and Narcotics, National Drug Law Enforcement Agency (NDLEA) Act (Amendment) Bill, 2024.

The Chairman of the Committee on Judiciary, Human Rights & Legal Matters presented the report during plenary, Senator Mohammed Monguno (APC-Borno North).

The bill, which passed its third reading, aims to update the list of dangerous drugs, strengthen the operations of the NDLEA, review penalties, and empower the establishment of laboratories.

Section 11 of the current act prescribes that “any person who, without lawful authority; imports, manufactures, produces, processes, plants or grows the drugs popularly known as cocaine, LSD, heroin or any other similar drugs shall be guilty of an offence and liable on conviction to be sentenced to imprisonment for life” was amended to reflect a stiffer penalty of death.

Although the report did not recommend a death penalty for the offence, during consideration, Senator Ali Ndume moved that the life sentence should be upgraded to the death penalty.

During a clause-by-clause consideration of the Bill, Deputy Senate President Barau Jibrin, who presided over the session, put the amendment on the death penalty to a voice vote and ruled that the “ayes” had it.

But Senator Adams Oshiomhole objected to the ruling, saying that the “nays” had it.

He argued that matters of life and death should not be treated hurriedly, but Barau said it was too late, as he failed to call for division immediately after his ruling.

The bill was subsequently read for the third time and passed by the Senate.

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