News
Nation’s total public debt rise to N121.67 trillion, DMO reveals
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*Lists top 10 Nigerian States with highest domestic debt
By Kayode Sanni-Arewa
The Debt Management Office (DMO) of Nigeria recently announced that the nation’s total public debt increased significantly to N121.67 trillion (approximately $91.46 billion) as of March 31, 2024.
This figure according to the DMO encompasses the combined domestic and external debts of the Federal Government of Nigeria (FGN), the thirty-six state governments, and the Federal Capital Territory (FCT).
In comparison, the total public debt as of December 31, 2023, stood at N97.34 trillion (approximately $108.23 billion). This represents an increase of N24.33 trillion or 24.99% within a three-month period.
The increase is driven majorly by naira devaluation, as the total debt was reduced in dollar terms by $16.77 billion or 18.34%.
Amid concerns over rising debt service costs, states have been working to decrease their debt stock. In Q1 2024, states’ total domestic debt dropped by 31% from N5.86 trillion in Q4 2023 to N4.07 trillion and by 26% from N5.48 trillion in Q1 2023.
Despite the decrease, some states still have high debt stock. Below is the ranking of the top 10 Nigerian states with the highest domestic debt in Q1 2024:
#10 Bauchi
Bauchi’s domestic debt decreased significantly from N144.54 billion in Q1 2023 to N108.39 billion in Q1 2024, representing a 25.01% decrease. Additionally, there was a decrease from N160.81 billion in Q4 2023, a 32.62% decrease.
#9 Abia
Abia experienced an increase in domestic debt from N99.54 billion in Q1 2023 to N113.71 billion in Q1 2024, reflecting a 14.22% increase. However, from Q4 2023 to Q1 2024, there was a decrease of 17.99% from N138.64 billion.
#8 Benue
Benue’s debt reduced from N141.29 billion in Q1 2023 to N116.73 billion in Q1 2024, a 17.38% decrease. Compared to Q4 2023, which had N187.18 billion, there was a decrease of 37.62%.
#7 Akwa Ibom
Akwa Ibom’s domestic debt decreased from N206.64 billion in Q1 2023 to N142.93 billion in Q1 2024, which is a 30.83% decrease. From Q4 2023 to Q1 2024, the debt also decreased from N190.48 billion by 24.96%.
#6 Cross River
Cross River’s debt decreased from N196.27 billion in Q1 2023 to N156.17 billion in Q1 2024, showing a 20.42% decrease. From Q4 2023 to Q1 2024, there was a decrease from N220.20 billion by 29.08%.
#5 Imo
Imo saw a decrease in domestic debt from N202.55 billion in Q1 2023 to N163.06 billion in Q1 2024, which is a 19.53% decrease. The decrease from Q4 2023’s N217.11 was 24.89%.
#4 Ogun
Ogun’s debt decreased from N293.20 billion in Q1 2023 to N221.22 billion in Q1 2024, reflecting a 24.55% decrease. Compared to Q4 2023, which had N278.68 billion, there was a 20.62% decrease.
#3 Rivers
Rivers remained constant at N232.58 billion from Q4 2023 to Q1 2024. However, there was a slight increase from N225.51 billion in Q1 2023 by 3.14%. The DMO in its latest debt report noted that the domestic debt stock figure for Rivers State was as of March 31, 2023.
#2 Delta
Delta’s domestic debt decreased from N421.78 billion in Q1 2023 to N334.90 billion in Q1 2024, a 20.62% decrease. From Q4 2023 to Q1 2024, the debt also decreased from N373.41 billion by 10.31%.
#1 Lagos
Lagos, with the highest domestic debt, saw an increase from N812.38 billion in Q1 2023 to N929.41 billion in Q1 2024, which is a 14.41% increase. However, there was a decrease from Q4 2023’s N1.05 trillion by 11.38%.
News
Speaker Abbas Urges Alternative Education Funding, Less Reliance on Govt
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…advocate PPP, endowment at ZEDA AGM
By Gloria Ikiba
The Speaker House of Representatives, Rep. Tajudeen Abbas, has emphasised the need for diversified funding sources in Nigeria’s education sector to reduce dependence on government allocations.
He highlighted Public-Private Partnerships (PPPs) and endowment funds as viable alternatives to sustain and improve education financing.
Speaker Abbas made this call on Saturday during the 31st and 32nd Annual General Meeting of the Zaria Education Development Association (ZEDA) in Zaria, Kaduna State.
He was also honoured by constituents for his contributions to society.
As Chairman of the combined AGM, Abbas encouraged ZEDA to explore various funding opportunities to support educational development.
The Speaker stated that human capital development remains the cornerstone of our national progress, citing the examples of Japan, Singapore, Switzerland, Taiwan, Luxembourg, Ireland, and Denmark, which have achieved remarkable progress.
He said: “Diversifying funding streams is critical as well. By establishing endowment funds or engaging in public private partnerships, we can reduce our reliance on government funding. Successful models in countries such as Denmark and Ireland have demonstrated that diversified funding can drive long-term, sustainable growth in the education sector”.
“They have done so not by relying solely on natural resources but by investing heavily in education, training, and innovation. Their success is reflected in their high rankings on the Human Development Index and ease of doing business.
“Nigeria, blessed with vast natural resources, must equally prioritise the development of its people to realise its full potential”.
Speaker Tajudeen Abbas underscored Zaria’s long-standing educational legacy, tracing back to the 16th century, as a cornerstone of academic excellence and national development.
Recognized as home to Ahmadu Bello University and several other institutions, he highlighted Zaria’s vital contributions to Nigeria’s intellectual and professional landscape.
“Our collective history compels us to safeguard and expand this legacy for future generations,” said Abbas, who represents Zaria Federal Constituency. He noted that several new educational initiatives he facilitated would significantly enhance learning opportunities in Kaduna State and beyond.
Among these are a Federal College of Education, a College of Health Sciences, a National Open University of Nigeria campus, and a College of Legal Studies. “Once fully operational, these institutions will drive both educational and socio-economic progress within our community,” he stated.
However, Abbas stressed the need to tackle obstacles hindering educational growth, particularly at the primary and secondary levels, and noted challenges such as out-of-school children, support for learners with special needs, and overall education quality as urgent issues requiring attention.
He said: “I commend the proactive measures by Governor Uba Sani’s administration in Kaduna State. The efforts have notably reduced the number of out-of-school children through the construction of over 62 new secondary schools, thereby addressing critical infrastructure deficits.
“Looking ahead, it is imperative that ZEDA continuously evolves to meet emerging challenges. Successful models, such as the United Kingdom Education Development Trust and Singapore’s Agency for Science, Technology and Research, have shown the benefits of embracing digital innovation.
“ZEDA should integrate technology in order to transform how we monitor educational outcomes, facilitate virtual training for teachers, and expand access to learning resources. By doing so, we can connect stakeholders, streamline processes, and enhance transparency.”
In the House of Representatives, the Speaker pointed out that the Legislative Agenda is aligned with these priorities.
He said: “We remain committed to advancing universal basic education, enhancing secondary and technical education, and integrating innovative reforms that address both current and future challenges.”
Speaker Abbas hailed the Grand Patron of ZEDA , His Royal Highness, the Emir of Zazzau, Malam Ahmed Nuhu Bamalli, CFR, LLD, for his “fatherly guidance and unwavering commitment have been a beacon for ZEDA.”
Later, Emir Bamalli thanked the Speaker and other prominent indigenes of Zaria for their developmental strides in the ancient city. The monarch emphasised the importance of ZEDA to Zaria, while seeking more support from stakeholders.
By Gloria Ikiba
The Speaker House of Representatives, Rep. Tajudeen Abbas, has emphasised the need for diversified funding sources in Nigeria’s education sector to reduce dependence on government allocations.
He highlighted Public-Private Partnerships (PPPs) and endowment funds as viable alternatives to sustain and improve education financing.
Speaker Abbas made this call on Saturday during the 31st and 32nd Annual General Meeting of the Zaria Education Development Association (ZEDA) in Zaria, Kaduna State.
He was also honoured by constituents for his contributions to society.
As Chairman of the combined AGM, Abbas encouraged ZEDA to explore various funding opportunities to support educational development.
The Speaker stated that human capital development remains the cornerstone of our national progress, citing the examples of Japan, Singapore, Switzerland, Taiwan, Luxembourg, Ireland, and Denmark, which have achieved remarkable progress.
Speaker Tajudeen Abbas underscored Zaria’s long-standing educational legacy, tracing back to the 16th century, as a cornerstone of academic excellence and national development.
Recognized as home to Ahmadu Bello University and several other institutions, he highlighted Zaria’s vital contributions to Nigeria’s intellectual and professional landscape.
“Our collective history compels us to safeguard and expand this legacy for future generations,” said Abbas, who represents Zaria Federal Constituency. He noted that several new educational initiatives he facilitated would significantly enhance learning opportunities in Kaduna State and beyond.
Among these are a Federal College of Education, a College of Health Sciences, a National Open University of Nigeria campus, and a College of Legal Studies. “Once fully operational, these institutions will drive both educational and socio-economic progress within our community,” he stated.
However, Abbas stressed the need to tackle obstacles hindering educational growth, particularly at the primary and secondary levels, and noted challenges such as out-of-school children, support for learners with special needs, and overall education quality as urgent issues requiring attention.
News
Speaker Abbas Hails Governor Bago @51
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News
Betara Celebrates Governor Bago @51
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…commend his leadership qualities, contribution to national development
By Gloria Ikibah
The Chairman House of Representatives’ Committee onthe Federal Capital Territory (FCT), Rep. Muktar Betara has congratulated Governor of Niger State, Mohammed Bago on his 51st birthday.
Rep. Betara who represents Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno State, in a congratulatory message admitted Governor Bago’s relentless advocacy for Nigerites as well as the meaningful contributions to legislative processes that shaped national development while serving as Member of the House of Representatives.
Thrilled by the leadership qualities of Governor Bago, he applauded various unprecedented developmental projects initiated since his assumption of office in 2023.
He said: “Your Excellency, on this special occasion of your 51st birthday, I extend my heartfelt congratulations and best wishes to you.
“This milestone is a testament to a life dedicated to public service, leadership, and unwavering commitment to the progress of Niger State and Nigeria at large.
“As the Governor of Niger State, your visionary leadership has continued to inspire hope and transformation across various sectors.
“Your dedication to infrastructural development, education, healthcare, and especially, agriculture, and security has significantly improved the lives of the people, reinforcing your reputation as a leader who prioritises the welfare of his people.
“Your efforts in fostering economic growth and good governance have set a solid foundation for sustainable development in the state.
“Before assuming office as Governor, your impactful tenure as a Member of the House of Representatives was marked by your relentless advocacy for your constituents and meaningful contributions to legislative processes that shaped national development.
“As you celebrate this new chapter of your life, may you continue to be blessed with wisdom, strength, and good health to steer Niger State toward greater heights. Happy birthday !”
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