News
Every Nigerian ‘Owes’ Over N700k As Nation’s Debt Profile Rises Under Tinubu
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 $43.15 billion in September.
However, the naira equivalent ballooned by 9.22%, jumping from ₦63.07 trillion to ₦68.89 trillion.
This was attributed to the exchange rate weakening from ₦1,470.19/$ 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.
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
Police rescue abducted AIG’s wife, waste kidnappers
Operatives of the Nigeria Police Force have rescued the wife of former Assistant Inspector General of Police, Hakeem Odumosu, Folashade Odumosu and eliminated her abductors.
The Force Public Relations Officer, Olumuyiwa Adejobi, who disclosed this to Channels TV on Thursday morning, said the victim regained her freedom on Wednesday.
Naijablitznews recalls the retired AIG’s wife was kidnapped last Thursday at the entrance of her residence in Arepo, Owode Local Government Area of Ogun State.
It was learnt that the Ogun State Commissioner of Police, Lanre Ogunlowo, led the operation that rescued the retired AIG’s wife.
The kidnappers whisked the victim through a swampy area to an unknown destination after dragging her out of her SUV.
Giving an update on the matter, Adejobi said the operatives also recovered the ransom paid to the kidnappers as bait.
However, he refused to disclose the amount paid to the kidnappers or where exactly the victim was rescued.
News
Pardoned ex-convict by Gov Adeleke goes back to crime, steals tv set
A middle-aged man, Sunday Omisakin, one of the ex-convicts granted state pardon by Osun State Governor Ademola Adeleke on December 24, 2024, has been rearrested and remanded at the Ilesa Correctional Centre.
Omisakin was apprehended for allegedly stealing a plasma television set worth N600,000 in Osogbo.
According to the Osogbo Chief Magistrates Court, the incident occurred on January 3, 2025, in the Iludun area of Osogbo, just eight days after Omisakin received the pardon.
The charge sheet obtained by reporters detailed the accusations against Omisakin. COUNT I reads:
“That you, Adebayo Omisakin Sunday ‘m,’ on the 3rd day of January 2025 at about 12:00 pm at the Al-Medinat Area, Iludun, in the Osogbo Magistrarial District, did break and enter the house of one Shittu Damilare ‘m’ and steal one Plasma TV valued at the sum of Six Hundred Thousand Naira (N600,000:00k) only.”
COUNT II states:
“That you, Adebayo Omisakin Sunday ‘m,’ on the same date, time, and place in the aforementioned Magistrarial District, did steal one Plasma TV valued at the sum of Six Hundred Thousand Naira (#600,000:00k) only, property of one Shittu Damilare ‘m.’”
Omisakin was charged under Section 411 (1) (2) of the Criminal Code Cap 34 Vol. II and Sections 383 and 390 (9) of the Criminal Code Cap 34 Vol. II, Laws of Osun State of Nigeria, 2002.
During his arraignment on January 7, 2025, Omisakin applied for bail. However, Magistrate A. Adeyeba deferred the ruling until January 10.
In the prosecutor’s submission, Kayode Adeoye requested the court to deny the defendant bail. Following this, the magistrate ordered that Omisakin be remanded at the Ilesa Correctional Centre pending further proceedings.
Nigeriaupdates
News
New Alaafin yet to begin traditional rites, returns to Canada
Ten days after being presented with his Staff of Office and Certificate of Appointment by Governor Seyi Makinde, the new Alaafin of Oyo, Oba Akeem Owoade, has yet to begin the month-long traditional rites required for his coronation, Punch reports.
Pun ch recalled that during the January 13, 2025, presentation at the Oyo Governor’s Office, in Ibadan, Governor Makinde announced that the coronation ceremony for Oba Owoade would take place within four weeks.
“The coronation proper will take place in four weeks, but today I will hand over the certificate and staff of office,” Governor Makinde had said.
Following the presentation, the Alaafin-elect returned to Oyo town, where he received a warm welcome from residents. He also visited his family house to celebrate with relatives and friends.
Contrary to expectations that the traditional rites would begin immediately, Oba Owoade traveled to Canada the day after his triumphant return.
A source told Punch that the Alaafin-elect returned to his Canadian base to officially resign from his roles and complete necessary documentation.
“He has to resign from the places he works in Canada and finalize all the necessary paperwork before returning to Oyo,” the source said.
Oba Owoade, a Nigerian-Canadian entrepreneur and philanthropist, serves as President of 100279 Manitoba Limited, a real estate and financial services company. He is also a Project Coordinator at Manitoba Hydro, a leading electric power and natural gas utility in Canada.
Individuals and groups involved in the enthronement process confirmed that the traditional rites, including the Ipebi (seclusion) ritual, have not commenced.
“He is yet to begin the traditional rites. Once he starts, it will be a continuous process involving visits to several locations, performing sacrifices, and undergoing rituals. It could take close to a month,” one source explained.
Enthronement Process:
– Ipebi Seclusion Ritual: This includes prayers, sacrifices and spiritual guidance by the Oluawo (Ifa priest) and the Oyo Mesi.
Visits to Key Locations: These include the Baba Iyaji residence, Ona Isokun, Ilemole, and Bara.
– Koso Chamber Rituals: The Alaafin-elect will be crowned with a royal headdress, solidifying his spiritual authority, and perform additional offerings to the Orishas and ancestors.
Meanwhile, Oyo State Commissioner for Information and Civic Orientation, Dotun Oyelade, confirmed that the coronation has been scheduled for April 4, 2025.
“The state government has approved April 4 as the date for the coronation of the new Alaafin,” Oyelade t.
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