Connect with us

News

Every Nigerian ‘Owes’ Over N700k As Nation’s Debt Profile Rises Under Tinubu

Published

on

Nigeria’s total public debt skyrocketed to ₦142.3 trillion by the end of September 2024, marking a 5.97% increase from the ₦134.3 trillion recorded in June, according to the latest figures from the Debt Management Office (DMO).

This surge stems from rising domestic borrowing and the naira’s depreciation, which sharply inflated the naira equivalent of external debts.

External debt, measured in dollar terms, rose slightly by 0.29%, from $43.03 billion in June to $43.15 billion in September.

However, the naira equivalent ballooned by 9.22%, jumping from ₦63.07 trillion to ₦68.89 trillion.

Advertisement

This was attributed to the exchange rate weakening from ₦1,470.19/$ to ₦1,601.03/$ within the same period.

Domestic debt presented a mixed picture: while declining by 5.34% in dollar terms (from $48.45 billion to $45.87 billion), it rose by 3.10% in naira terms, increasing from ₦71.22 trillion to ₦73.43 trillion.

“The Federal Government remains the primary driver of domestic debt, rising from N66.96 trillion in June to N69.22 trillion in September,” the DMO noted.

Debt owed by states and the Federal Capital Territory (FCT) decreased marginally, from ₦4.27 trillion to ₦4.21 trillion.

Advertisement

With the naira’s depreciation exerting significant pressure, financial experts warn that Nigeria’s rising debt stock underscores the urgent need for fiscal reforms to stabilise the economy.

News

May Day: Senator Manu celebrates with Nigerian workers

Published

on

By

The Senator representing Taraba Central Senatorial District, Manu Haruna celebrates May Day with Nigerian workers in Taraba and across Nigeria.

Senator Manu in a congratulatory letter to all Nigerian workers said:

“Your labour towards building a virile nation shall never be in vain as you celebrate May Day today in Nigeria and across the globe.

The former Taraba State Deputy Governor acknowledged the invaluable contributions of workers across various sectors and emphasized their crucial role in driving the nation’s development and progress.

Advertisement

He encouraged continued solidarity among workers while advocating for better working conditions, fair wages, and enhanced opportunities.

Continue Reading

News

Ibas Pledges Commitment to Workers’ Welfare

Published

on

By

The Administrator of Rivers State, Retired Vice Admiral Ibok-Ete Ibas, has reaffirmed his commitment to improving the welfare of workers across the state.

This assurance was given during a meeting with the leadership of organised labour unions held at the Government House in Port Harcourt.

According to a statement issued by the Senior Special Adviser on Media to the Administrator, Hector Igbikiowubo, the meeting served as a platform for open and constructive dialogue on critical labour matters.

The statement outlined key areas of intervention currently being addressed by the government.

Advertisement

These, he said, included the timely payment of salaries and pensions, as well as the resolution of salary arrears, with approval already granted for the payment of newly employed workers at the Rivers State University Teaching Hospital and the judiciary.

Similarly, he said medical workers in the local government areas would receive their proper wages.

He said the minimum wage was being implemented for all local government employees across the state.

The administrator also noted that his administration was currently reviewing challenges related to the contributory pension scheme, ahead of the July 2025 implementation deadline.

Advertisement

Ibas disclosed that plans were underway to expand the fleet of intervention buses reintroduced to ease the transportation burden of workers.

On capacity building, the administrator announced that specialised leadership training for senior civil servants would begin within the next two weeks.

He also revealed that the government was actively considering the implementation of the N32,000 consequential pension adjustment, along with measures to clear outstanding gratuities owed to retirees.

While commending workers for their dedication to service, he called for continued collaboration with labour unions to ensure lasting industrial harmony in the state.

Advertisement

According to the statement, the State Chairman of the Nigeria Labour Congress (NLC), Alex Agwanwor, expressed appreciation to the administrator for the steps already taken to promote workers’ welfare.

Agwanwor also lauded the government’s openness to dialogue and pledged the sustained support and cooperation of labour unions in achieving shared goals.

Meanwhile the NLC has directed its members in the state to observe the International Workers’ Day as a peaceful rally, which is expected to be held within the premises of the union, involving all affiliate unions, and would focus on advocating for the restoration of democratic governance in the state.

Advertisement
Continue Reading

News

Just In: Explosion rocks Borno military barracks

Published

on

By

Panic has gripped residents of Maiduguri, the Borno State capital, as multiple explosions rocked the Giwa Barracks in the early hours of Thursday.

The incident reportedly began at about 12:05 am, with residents in the vicinity forced out of their homes by the sounds of loud blasts and the sight of red flares lighting up the sky around the barracks.

While the cause of the fire is yet to be ascertained, residents living in the area confirmed that the blast came from the armoury area

One of the residents, Rakiya Garba, confirmed the presence of men of the fire service, with sirens sounding all around the area

Advertisement

“We are safe, but we are in fear. The explosion is coming from inside the barracks. It is not an attack because we are not hearing gunshots.

“However, it has been a sporadic explosion,” she confirmed

Meanwhile, the Deputy Governor of Borno state, Dr Umar Kadafur, has called for patience, saying that the explosion is a result of a fire incident that erupted at an Armoury of Giwa Barracks

He dismissed reports speculating that it was a Boko Haram attack.

Advertisement

He encouraged everyone to remain indoors, as security operatives are on top of the situation.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News