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FG spent $15bn on debt servicing in five years — CBN report
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By Kayode Sanni-Arewa
The Federal Government has spent a total of $15.55bn on debt servicing between 2019 and 2024, according to the latest data from the Central Bank of Nigeria.
In 2019, Nigeria paid $588.33m in debt service between January and May, while the payment for 2020 was $5.40bn.
The debt service payments continued to rise in subsequent years, with $2.02bn paid in 2021, $2.34bn in 2022, and $3.43bn in 2023.
Between January and May 2024, the country has paid $2.18bn in debt service, according to the CBN’s data.
This is 270.9 per cent increase compared to the first five months of 2019 which was $588.33m.
The $2.18bn, in May 2024 is nearing half of the $4.8bn projected by Fitch Ratings for the year.
This increase is despite the government’s assertions that it is shifting its focus towards domestic borrowing.
Fitch Ratings also predicts that the country’s external debt servicing will escalate by $400m to $5.2bn next year, raising concerns about Nigeria’s debt sustainability.
According to the CBN International Payments Data, the FG spent the highest on debt financing within the last five years in 2020 which amounted to $5.40bn.
Nigeria’s external debt service payments saw a significant increase of $1.1bn, reaching $3.5bn in 2023, according to FBNQuest Research.
This breakdown comprises $1.9bn in market debt payments and $1.6bn in non-market debt payments. Furthermore, the Federal Government plans to take on additional external debt, including N1.8tn in commercial borrowing and N1.1tn in concessional loans, as outlined in the 2024 budget.
FBNQuest Research expects a further increase in external debt service payments, mirroring Fitch Ratings’ predictions, due to the government’s plans to access commercial debt markets and anticipated growth in borrowings from concessional sources.
Recently, the government received $2.25bn from the World Bank to support President Bola Tinubu’s economic reforms.
The two-fold packages include $1.5bn for the Nigeria Reforms for Economic Stabilization to Enable Transformation Development Policy Financing Program and $750m for the Nigeria Accelerating Resource Mobilization Reforms Program-for-Results.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said, “We have undertaken bold and necessary reforms to restore macroeconomic stability and put Nigeria on a path to sustainable and inclusive economic growth. These reforms will create quality jobs and economic opportunities for all Nigerians.”
This loan, described as “virtually a grant” by Edun, is expected to support the government’s economic reforms and development initiatives.
The report noted that the principal programme development objective is to raise non-oil revenues and safeguard oil and gas revenues.
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Varsity don slams Alaafin over three-hour delay, lack of apology at event
By Kayode Sanni-Arewa
The Alaafin of Oyo, Oba Akeem Abimbola Owoade, has come under heavy hammer from a Professor of English at the University of Ibadan, Prof. Ademola Omobewaji Dasylva, over his alleged three-hour delay to a programme and failure to apologise after arriving.
Dasylva, who teaches drama, poetry, African Literatures and Oral Literature/Folklore Studies at the University of Ibadan, described the monarch’s conduct as disrespectful and inconsistent with the values of the revered Yoruba royal institution.
The don made the remarks in an article, titled: “Of Mythography and Mythognosis: A Complementary Perspective on Yoruba Mythology and The Relevance, Today,” published on the Toyin Falola Network.
According to Dasylva, the article partly celebrated the inauguration of the Alaafin Institute of Yoruba Studies at the Emmanuel Alayande University of Education, Oyo, held on July 14, 2026.
Before I go on, however, let me mention, in passing, but for the maturity and discipline demonstrated by both the organisers, and the very cultured invited guests, an extreme patience taken for granted by some leaders and cultural icons, the well organised inauguration event of a foremost Yoruba Cultural Institute could have been thoroughly messed up, courtesy of the usual ‘Nigerian thing’, widely referred to as ‘African time,’” he wrote.
Dasylva said the event was scheduled to begin at 9am, with dignitaries, including retired Bishop (Prince) Ladigbolu, already seated, while the programme indicated that the Alaafin was expected at 9:55am.
The university lecturer alleged that the monarch did not arrive until 12:20pm, forcing guests to wait for more than three hours.
“However, the event had to be kept on hold, courtesy of Alaafin Owoade, who arrived at the venue at 12:20pm.
“In other words, people, including yours truly, were kept waiting for over three hours before the event finally took off.
“Perhaps it wouldn’t have mattered much had other important and peripheral activities including cultural dances, been allowed to fill up the gap pending the Alaafin’s arrival, but no.
“Everyone was kept waiting and wondering what could have taken the monarch that long to attend to a great honour bestowed on the revered Throne of the Alaafin and Ancestry.”
The professor said what disappointed him most was the absence of an apology from either the monarch or his representatives.
“Unfortunately, not a word of apology for the lateness of the Imperial Majesty and his entourage, either by his spokesperson or directly by His Imperial Majesty!
“But as a teacher of culture, a proud Yoruba, and an advocate of our rich African cultural heritage, I found that rather strange and incomprehensible.”
Dasylva argued that while such behaviour had become common among some politicians, it should not be associated with a foremost Yoruba monarch.
“I do know that many uncultured Nigerian politicians who have refused to outgrow their adult delinquency regularly do that a lot and take the people they are meant to serve for granted.
“However, may I say in all humility, it is least expected of a foremost Yoruba monarch, a significant institution that embodies Yoruba cultural values and the requisite discipline.
“To whom much is given much is required.
“Again, in all humility, I stand to be corrected.”
As at the time of filing this report, Oba Owoade, who is currently on vacation to Manitoba, Canada, where he resided before becoming Alaafin, could not be reached for comments on the professor’s condemnation.
News
Video: Six months from now Abuja residents can now link Lugbe from Nile varsity
In the next 6 months, Abuja residents can now link Lugbe from Nile University.
Construction of Collector Road CO1 from the Nile University area to Ring Road III (Lugbe) is now going on.
FCT Minister, Nyesom Wike, was at the site to inspect the project, which was flagged off last month.
Watch:
News
Kaduna Attack: How I pleaded with my slain dad to flee but he refused – Survivor narrates ordeal
Survivors of the fatal terrorist attack on Naridon village in Kauru Local Government Area of Kaduna State, have recounted the horror they witnessed during the assault that claimed 30 lives, including five siblings from the same family, Daily Trust reports.
The armed attackers stormed the village in the early hours of Monday, shooting sporadically at residents.
They k!lled dozens of people, set houses ablaze, looted food items and forced villagers to flee into nearby bushes for safety.
Although security has since been reinforced and relative calm restored, many residents said they were still afraid to return home for fear that the attackers might strike again.
President Bola Ahmed Tinubu directed the security and intelligence agencies to track down the perpetrators.Politics
Speaking on Tuesday during a visit by security agencies, the survivors described the attack as cruel and devastating.
One of them linked the assault to the recent k!lling of a herder whose body was allegedly dumped in the community.
One of the survivors, Auta Danladi, who lost his father and an uncle, said he survived only by the grace of God.
He said his parents refused to flee when the gunmen invaded the community and his father was later k!lled.
“When I heard that the attackers were coming, I rushed out of the house. There was confusion everywhere and everyone started running for safety,” he said.
“I tried all I could to persuade my father and my mother to leave, but they refused. In the end, my father was k!lled. I quickly ran into the bush and hid.
“I saw the attackers pass close to where I was lying, but God did not allow them to see me. They burned our house and my in-law’s house as well.
“I have left everything in the hands of God. I don’t have the strength to fight, but God witnessed what they did.
“As the first son of the family, I was shattered when I learned that my father and my uncle had been k!lled. My father was the one I depended on for survival, but now he is gone.”
Another survivor, Alheri Joseph, said the sound of gunfire shattered the peace of the night and forced families to flee for their lives.
“We were sitting together when we suddenly heard gunshots from different directions. I escaped with my children to another village, while those who remained behind were k!lled.
“Why did they attack us? What is our offence? We are living in fear because we don’t know whether they will come back again. We are worried that this may not be the end.
“We are deeply pained by the death of our relatives. They were our loved ones, our friends, our parents and members of our families.
“We are calling on the government to do justice for us. Whenever such incidents happen, government officials come, make promises and later forget them. This is not just about bringing relief materials. Lives have been lost. What we need is protection,” he said.
Another resident, Blessing Luka, who lost her co-wife and other relatives in the attack, said the community had no idea why it was targeted.
“We were sleeping peacefully without knowing what was happening. I remember that about two weeks ago, a herder was k!lled somewhere and his body was abandoned in our village. His relatives later came to evacuate the body.
“We don’t know who k!lled him or what happened. We had no involvement in it, but suddenly they came and attacked us, k!lling our family members. This is not the first time such k!llings have happened here, yet nothing has been done to stop them,” she said.
The survivors appealed to security agencies and other relevant stakeholders to take decisive action to end the recurring attacks and ensure that those responsible are brought to justice.
They said the community could no longer continue to live under the constant fear of losing more innocent lives.
“Why did they attack us? What is our offence? We are living in fear because we don’t know whether they will come back again. We are worried that this may not be the end.
“We are deeply pained by the death of our relatives. They were our loved ones, our friends, our parents and members of our families.
“We are calling on the government to do justice for us. Whenever such incidents happen, government officials come, make promises and later forget them. This is not just about bringing relief materials. Lives have been lost. What we need is protection,” he said.
Another resident, Blessing Luka, who lost her co-wife and other relatives in the attack, said the community had no idea why it was targeted.
“We were sleeping peacefully without knowing what was happening. I remember that about two weeks ago, a herder was k!lled somewhere and his body was abandoned in our village. His relatives later came to evacuate the body.
“We don’t know who k!lled him or what happened. We had no involvement in it, but suddenly they came and attacked us, k!lling our family members. This is not the first time such k!llings have happened here, yet nothing has been done to stop them,” she said.
The survivors appealed to security agencies and other relevant stakeholders to take decisive action to end the recurring attacks and ensure that those responsible are brought to justice.
They said the community could no longer continue to live under the constant fear of losing more innocent lives.
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