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In a significant development for its economy, Nigeria's total public debt reached N142.3 trillion by September 30, 2024, marking a 5.97 percent increase from June's N134.3 trillion. This rise, equivalent to N8.02 trillion, primarily reflects the impact of currency depreciation on the country's external obligations. Exchange Rate Impact on External Debt While external debt showed only a marginal increase in dollar terms - from $42.90 billion to $43.03 billion - the naira equivalent surged by 9.22 percent to N68.89 trillion. This dramatic rise in local currency terms stems from the naira's depreciation, with the exchange rate weakening from N1,470.19 to…
Chief Medical Directors (CMDs) of University Teaching Hospitals and Federal Medical Centres (FMCs) in Nigeria have raised concerns over the alarming rate at which doctors, nurses, and other skilled health workers are leaving the country due to poor remuneration and working conditions. They warned that if this trend continues, tertiary healthcare facilities across the nation could face a severe workforce crisis within the next two years. The CMD of Lagos University Teaching Hospital (LUTH), Wasiu Adeyemo, and the CMD of University College Hospital (UCH), Ibadan, Jesse Abiodun, sounded this alarm during the 2025 budget defence session before the House of…
Nigerian environmentalists on Tuesday condemned a government plan to resume oil production in the restive Ogoniland, demanding a halt until meaningful talks with local communities are completed. Ogoniland, in Nigeria's coastal Rivers state, is a flashpoint for pollution in the oil-rich Niger River delta region where a $1 billion cleanup was launched in 2018 following a comprehensive 2011 United Nations Environmental Programme study. More than 20 groups, including Environmental Rights Action/Friends of the Earth Nigeria, Health of Mother Earth Foundation, and the Ogoni Solidarity Forum have criticised the plan, saying it disregards the environmental and social damage caused by decades…
The death toll from a fuel truck explosion in Nigeria has climbed to 98 after additional bodies were recovered on Monday, according to the Niger state emergency agency. The blast occurred on Saturday in Dikko, Niger State, after a petrol truck overturned and ignited while people were gathering fuel from the wreckage. Abdullahi Baba-Ara, Director-General of the Niger State Emergency Management Agency, confirmed that 80 victims were buried in a mass grave near a health center in Dikko over the weekend. “After clearing the wreckage of the Dikko tanker, we discovered 12 more bodies today, raising the death toll to…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has defended its decision to issue petroleum import licenses to multiple companies, citing insufficient production from the Dangote Refinery to meet national demand. The regulatory body's position comes in response to a legal challenge by Dangote Refinery and Petrochemicals FZE, which sought to invalidate import licenses granted to the Nigerian National Petroleum Company (NNPC) and several other oil companies. Dangote's lawsuit (FHC/ABJ/CS/1324/2024) alleged violations of the Petroleum Industry Act (PIA). In a December 2024 counter-affidavit, NMDPRA senior regulatory officer Idris Musa emphasized several key points: Production Capacity: - Current Dangote Refinery…
A new sect, “ACHAD Life Mission International”, has begun operation in North West, Nigeria. The newly established sect is reportedly linked to human trafficking and child separation. According to the Nigeria Immigration Service (NIS), the sect has its headquarters in Kaduna, while its leader simply identified as “Mr. Yokana”, lives in Jos, Plateau State. In a circular dated January 14, 2025, the Principal Staff Officer to the Comptroller General of NIS, CIS A.A. Aridegbe, alerted Immigration officers of the development. The circular titled: “Emergence of a new sect known as ACHAD Life Mission International”, was distributed to all directorates, zones,…
A devastating petrol tanker explosion in Dikko, Gurara Local Government Area of Niger State, has left at least 70 people dead and dozens injured. The incident occurred on Saturday when a fuel-laden tanker, carrying 60,000 liters of petrol, overturned and exploded, engulfing bystanders who had gathered to scoop the spilled fuel. Kumar Tsukwam, the Niger State Sector Commander of the Federal Road Safety Corps (FRSC), confirmed that the tanker, owned by HMY Oil and Gas, detached from its head while en route from Lagos to Gwagwalada in the Federal Capital Territory. Despite warnings from authorities, impoverished residents ignored the risks…
The Federation Account Allocation Committee (FAAC) has distributed N1.42 trillion in revenue to Nigeria's three levels of government for December 2024. This allocation, drawn from a gross total of N2.31 trillion, represents a N300 billion increase from November's distribution of N1.72 trillion. The breakdown of the distribution, announced at FAAC's December meeting chaired by Finance Minister Wale Edun, is as follows: - Federal Government: N451 billion - State Governments: N498 billion - Local Governments: N361 billion - Oil-Producing States (13% derivation): N113.47 billion Additional allocations included N84.7 billion for collection costs and N801 billion for transfers, interventions, and refunds. Value…
The Nigeria Governors' Forum (NGF) has thrown its support behind the proposed tax reform bills currently at the national assembly, while proposing a different formula for sharing Value Added Tax (VAT) revenue from the one originally put forward by President Bola Tinubu. In a meeting held on January 16, 2025, between the NGF and the presidential tax reform committee, the governors endorsed a revised VAT sharing formula that differs significantly from the president's original proposal. The governors recommended distributing VAT revenue as follows: - 50% based on equality (distributed equally among states) - 30% based on derivation (where goods and…
The Academic Staff Union of Universities (ASUU) has raised serious concerns about the potential impact of the Nigeria Tax Bill 2024 on public tertiary education, warning that the proposed legislation could undermine the Tertiary Education Trust Fund (TETFund). Dani Mamman, ASUU's Yola Zone Coordinator, stated that the bill's provisions would redirect crucial funding away from TETFund, potentially destabilizing the public university system. "The future of public tertiary education in Nigeria hangs in the balance," he said, emphasizing that the proposed changes could significantly impair universities' operational capabilities. According to Mamman, the consequences could be far-reaching, potentially leading to declining academic…
May 08, 2025

‘Don’t worry’ about your salary early in your career, says Warren Buffett: Focus on this…

I worked at a financial magazine for much of my 20s, and for the most…
May 08, 2025

Pat Utomi forms ‘shadow government’. These are the members and what they’ll do

Economist and political activist, Pat Utomi has assumed a formal opposition role with the formation…
May 09, 2025

Ultra-processed foods are driving premature deaths. Here are the 4 common culprits

Ultra-processed foods are getting a lot of attention. Research links them to cancer, heart disease,…
May 03, 2025

Man accidentally buys his own car after it was stolen a few weeks earlier

An English man unknowingly bought back his own Honda Civic just weeks after it was…
May 07, 2025

Gunmen invade Plateau communities, kill six, injure several

No fewer than six persons were killed in renewed attacks in Marit and Gashish communities…
May 09, 2025

Here’s the latest as Israel-Hamas war enters Day 581

Israel says it intercepted missile fired from Yemen; Houthis claim responsibility Israel's military said on…
May 07, 2025

The first driverless ‘trailers’ have started running regular longhaul routes

Driverless trucks are officially running their first regular long-haul routes, making roundtrips between Dallas and…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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