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Debt Servicing Jumps By 14.68%

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Nigeria’s debt servicing bill went up by 14.68per cent to N3.36trillion in 2022, data from the Debt Management Office (DMO), in Abuja, has shown.
According to DMO, N2.93trillion was spent on external and domestic debt servicing payments in 2021.
Recall that the DMO had earlier reported that Nigeria’s total debt stock stood at N46.25trillion as of December 2022.
An analysis of DMO showed that the country spent $2.4billion which was equivalent to N1.07trillion using the current exchange rate of $/N460 to service its external debt last year.
Domestic debt servicing gulped N2.56trillion in 2022, with the highest expenditures of N529.88billion recorded in April.
The debt servicing under President Muhammadu Buhari administration has maintained an upward trend since 2016.
In 2016, a total of N1.23trillion was spent to service the country’s domestic debts.
The figure for domestic debt servicing rose to N1.48trillion in 2017.
In 2018, the country’s domestic debt servicing bill rose to N1.8trillion while the cost of domestic debt servicing came down a bit in 2019 to N1.69trillion.
In 2020, debt servicing rose again to N1.85ttillion.
By 2021, domestic debt servicing rose to N2.05trillion.
On the other hand, external debt servicing gulped $353.09million in 2016.
It went up to $464.05million in 2017 and jumped up to $1.47billion in 2018.
In 2019, the country spent $1.33billion on external debt servicing.
In 2020, external debt servicing gulped $1.56billion.
By 2021, it became N2.93trillion.
The amount spent on external debt servicing was calculated using the CBN’s exchange rate for the year.
For instance, the naira-dollar average exchange rates for 2016 and 2017 were N197 and N305 respectively.
It was N305 in 2018 and N360 in 2019.
It closed at N380 and N420 in 2020 and 2021, respectively.
Reacting, the Lagos Chamber of Commerce and Industry expressed worry over the country’s debt burden, especially in the face of stunted revenue growth, the large presence of decaying infrastructure and the unsustainable burden of oil subsidy overhang.
In a statement on Thursday, the chamber said the ratio of debt service to government revenue at about 90per cent remained alarming and unsustainable.
It said both capital and interest payments on borrowed sums exposed the country’s fiscal vulnerabilities and that the government should, as a matter of urgency, emphasise strategies for revenue growth while blocking leakages.
The chamber further advised the government to shift focus to equity financing, divestment or shedding of its equity holdings in state-owned enterprises, real estate, and infrastructure to reduce its debt commitments and improve its fiscal situation.
Also, the International Monetary Fund warned that debt servicing might gulp 100per cent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.

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CAS lauds troops for courage, sacrifices against terrorists

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Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, had lauded the courage and commitment of troops of the Nigerian Air Force (NAF) to the ongoing counter-insurgency operations in North East Nigeria.

Abubakar gave the commendation during a morale-boosting visit to the Air Component of Operation HADIN KAI in Maiduguri, Borno.

This is contained in a statement by the Director, Public Relations and Information, NAF, Air Commodore Ehimen Ejodame, yesterday, in Abuja.

The CAS said their sacrifices were etched in the history of the nation, and in the hearts of millions of Nigerians who sleep safer because of the troops’ vigilance.

He emphasised that their bravery and resilience in the face of adversity have not gone unnoticed, saying his visit underscored the vital role airpower plays in neutralising threats and protecting communities.

Abubakar pledged continued investment in cutting-edge technology to empower frontline units.

According to him, the NAF remains steadfast in its mission, guided by leadership, strengthened by unity, and driven by the selfless service of its personnel.

The visit comes at a critical moment, reinforcing the importance of public support for military operations and spotlighting the human element at the heart of national defence.

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Nigeria Ranks Top In Africa’s Soft Drinks Market 

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Nigeria’s soft drinks and beverage market continues to show strong growth potential, making it the leading consumer of soft drinks in Sub-Saharan Africa, according to the German Mechanical Engineering Industry Association.

A statement by the VDMA disclosed during a press conference held in Lagos ahead of drinktec 2025, that Nigeria consumed over 53 billion litres of soft drinks in 2024, placing it well ahead of other African countries such as Ghana and South Africa.

Despite challenges such as inflation and a weakening naira, Nigeria’s growing population, rising urbanisation, and expanding middle class are key factors driving demand in the beverage sector.

Bottled water led the segment with 48.7 billion litres sold in 2024, a figure projected to rise by 27% to 62 billion litres by 2028.

Carbonated soft drinks followed with 3.4 billion litres, expected to reach 4.4 billion litres by 2028, while energy drinks are forecasted to grow by 30% over the same period. Juices, though relatively small, are also on an upward trajectory.

“The Nigerian beverage market is expanding quickly due to increasing accessibility and affordability,” VDMA stated, citing data from Euromonitor International.

Set to take place in Munich from 15 to 19 September 2025, drinktec is the world’s leading trade fair for the beverage and liquid food industry.

VDMA, a key exhibitor and technical partner for the event, revealed that Nigerian participation is expected to be strong, especially as the country anticipates economic recovery.

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Soyinka Slams NBC Over Ban On Eedris Abdulkareem’s Protest Song 

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Nobel Laureate, Prof. Wole Soyinka, has condemned the recent ban placed on a song by Nigerian musician, Eedris Abdulkareem, describing the development as a return to the culture of censorship and a threat to the right to free expression.

Abdulkareem had waxed a song titled “Tell Your Papa” which criticized President Bola Tinubu’s administration.

In a statement issued from New York University, Abu Dhabi, yesterday, Soyinka criticised the action and its wider implications, saying it echoed past attempts to stifle artistic and socio-political commentary in Nigeria.

“Courtesy of an artist operating in a different genre – the cartoon – who sent me his recent graphic comment on the event, I learnt recently of a return to the culture of censorship with the banning of the product of a music artist, Eedris Abdulkareem,” Soyinka said in the piece posted on PM news.

He expressed irony in suggesting that the ban did not go far enough, stating, “It is not only the allegedly offensive record that should be banned – the musician himself should be proscribed. Next, PMAN, or whatever musical association of which Abdulkareem is member, should also go under the hammer.”

Soyinka noted that he had not listened to the banned song but stressed that the issue transcends content and concerns a fundamental democratic principle.

“It cannot be flouted. That, surely is basic. This is why I feel that we should look on the bright side of any picture and thus recommend the Aleshinloye cartoon – and others in allied vein – as an easy-to-apprehend, easy-to-digest summation of the wisdom of attempting to stifle unpalatable works of art or socio-political commentary,” he said.

He also pointed out the irony that censorship often benefits the targeted artist.

The ban is a boost to the artist’s nest egg, thanks to free governmental promotion. Mr. Abdulkareem must be currently warbling his merry way all the way to the bank. I envy him,” he added.

The literary icon warned that such censorship was not only counterproductive but also dangerous to democratic development.

“We have been through this before, over and over again, ad nauseum. We know where it all ends. It is boring, time-wasting, diversionary but most essential of all, subversive of all seizures of the fundamental right of free expression,” Soyinka said.

He warned that the ban creates “a permissive atmosphere of trickle-down power,” where state authorities feel emboldened to clamp down on dissent.

Soyinka’s statement also touched on broader issues of impunity and mob violence in Nigeria, lamenting the recent lynching of 19 youths in Edo State.

“My heart goes out to friends, colleagues and families of victims and traumatised survivors of this senseless slaughter. Our thirst for justice must remain unslaked,” he said.

Referencing the 2022 killing of Deborah Samuel in Sokoto, Soyinka criticised the culture of impunity, saying, “Identified killers were set free to gloat, and paste their photos on the Social Media… in full daylight glare, in the presence of both citizen voyeurs and security forces.”

He called for accountability, warning that “as long as the culture of impunity is given the sheerest strain of legitimacy in any given cause, such gruesome assaults on our common humanity will continue to prevail.”

Soyinka concluded by urging the relevant regulatory body to reverse what he described as a “petulant irrationality,” warning that any government that only tolerates praise-singers “has already commenced a downhill slide into the abyss.”

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