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Nation’s total public debt rise to N121.67 trillion, DMO reveals

*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
UNUSUAL! Without invitation, Police declared me wanted — Daughter of ABC Transport owner

Ihuoma Julia Nneji, 34, daughter of the owner of ABC Transport, claimed over the weekend that she was declared wanted by the police without any prior invitation or notification of a petition against her.
She was recently listed in a Special Police Gazette Bulletin issued by the Nigeria Police Force National Cybercrime Centre (NPF NCCC), Abuja, for criminal defamation, injurious falsehood, and cyberstalking.
In a statement, she insisted she never defamed or blackmailed anyone on her verified social media pages or elsewhere.
Instead, she claimed she is the victim of blackmail and threats from her former boyfriend, Henry Uzochukwu, the complainant in the case.According to her: “I met Henry Uzochukwu in April 2024, and we started getting to know each other. Unfortunately, things didn’t go as planned”.
“This conflict began in August 2024 when I called off our wedding, scheduled for November 2024, due to unresolved issues regarding Henry’s sexuality. I found incriminating evidence suggesting he is gay and decided not to proceed with the marriage.
“Further investigations revealed not only his interest in men but also that he had been engaged multiple times without disclosing the reasons for the failed marriages. I discovered that the woman he was to marry before me left him a week before the wedding over the same issue.
“I was deceived and manipulated by the many lies he told.
“After I canceled the wedding, he began to harass me, threatened my life, and falsely accused me of operating an Instagram page spreading rumors about him — a claim that is speculative and untrue.”
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Just in: EFCC Uncovers N1bn in Jewelry, Cash at Aisha Achimugu’s Home as Hunt for Missing $250m Gathers Momentum

The Economic and Financial Crimes Commission (EFCC) has intensified its investigation into a massive financial scandal involving businesswoman Aisha Achimugu Sulaiman, after discovering luxury items and large sums of cash in her Abuja residence linked to a missing $250 million.
Acting on a court warrant, EFCC operatives stormed Achimugu’s home at No. 61 Hassan Usman Katsina Street, where they uncovered a staggering haul: N30 million in cash, $50,000 in foreign currency, and boxes containing gold, diamond, and silver jewelry valued at over N1 billion. The discovery is part of a broader investigation into alleged money laundering and misappropriation of political campaign funds.
Sources close to the investigation revealed that the $250 million in question was reportedly entrusted to Achimugu by Lagos State Governor Babajide Sanwo-Olu as part of his 2027 campaign preparations. Insiders claim the funds were meant for safekeeping but were allegedly moved across multiple accounts and may have been squandered.
“The issue is deeper than most people know. Sanwo-Olu put himself in a mess when he went and kept that $250 million in an account belonging to Aisha. Aisha has messed with the funds and cannot account for it anymore,” a source familiar with the case disclosed.
The EFCC has reportedly frozen 136 bank accounts linked to Achimugu across ten banks. Investigators also discovered she operates over 20 companies registered with nearly identical addresses—suggesting a network of shell corporations possibly used to move funds.
Achimugu, currently believed to be in London, was summoned by the EFCC to appear at its Port Harcourt office on March 25, 2025. She has since failed to show up and is now officially wanted by the anti-graft agency.
Details shortly…
News
Gov Oborevwori’s top aide suddenly resigns from govt

In a shocking political move, Harrison Gwamnishu, Senior Special Assistant (SSA) to the Delta State Governor on Civil Society and Youth Mobilization, has tendered his resignation, citing deep dissatisfaction with the government’s handling of escalating insecurity across communities in the state. Gwamnishu submitted his resignation letter on Friday, April 25, 2025, addressed to Governor Sheriff Oborevwori, Executive Governor of Delta State. He emphasized that his decision followed “considerable reflection” and was driven by a “deep sense of disappointment” over the administration’s failure to act on security concerns he consistently raised.
In his letter, Gwamnishu detailed his efforts to draw the government’s attention to the worsening security situation, including numerous messages, calls, and submission of blueprint documents proposing actionable solutions.
However, he lamented that all attempts were “thrown out,” and meaningful solutions were “not being accepted” by the administration.
“As a civil rights leader, I accepted this appointment as a commitment to serve and protect our community,” Gwamnishu wrote. “However, the continuous escalation of insecurity and the persistent lack of action to provide effective resolutions have rendered me unable to fulfil my duties with the integrity and effectiveness that I believe are essential.” He further stated that his resignation is intended to serve as a wake-up call to the administration, urging it to prioritize the safety and security of Delta State citizens.
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