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Nigeria’s debt-to-GDP ratio surpassed 50% for the first time, according to the latest public debt figures published by the Debt Management Office (DMO). The country’s public debt now totals N121 trillion, comprising N65.6 trillion in domestic debt and $42.1 billion in foreign debt (equivalent to N56 trillion). As of December 2023, Nigeria's total gross domestic product (GDP) was N229.9 trillion in nominal terms, with a real growth rate of 2.74%. This pushed the debt-to-GDP ratio above 50%. Recent GDP and Debt Figures In the first quarter of 2024, Nigeria’s nominal GDP was N58.5 trillion, up from N51.2 trillion in the…
Nigeria’s naira weakened for a ninth straight day against the dollar, making it the worst-performing currency in the first half as a steep devaluation, insufficient dollar liquidity and market volatility hampered efforts to stem its rout. It’s weakened 0.2% to 1,510 per dollar by the close on Thursday, FMDQ data compiled by Bloomberg show. The losing streak is the longest since July 2017 and takes the decline since the start of the year to 40%. Nigeria's Naira Leads First-Half Declines Against the Dollar The currency has depreciated 40% against the dollar in 2024. The naira’s performance is the worst among…
The United Nations humanitarian agency is struggling to secure funding to combat severe food insecurity in Nigeria's insurgency-hit northeast, raising fears of mass hunger and deaths, its resident coordinator warned. In April, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) launched a $306 million appeal alongside Nigeria on behalf of 2.8 million people in Borno, Adamawa and Yobe, states ravaged by a 15-year Islamist insurgency, during the lean season, a period of peak food scarcity. OCHA chief Mohamed Malick Fall told Reuters that, despite an initial $11 million commitment from Nigeria and another $11 million from the…
The national assembly has passed the bills seeking the extension of the capital component of the 2023 budget and the Supplementary Appropriation Act. The federal lawmakers granted an extension from June to December, following a request by President Bola Tinubu. The senate and house of representatives passed the bills on Thursday after considering their clauses at the committee on supply. The passage was preceded by a rowdy session at the house of representatives. The president, in a letter read by Tajudeen Abbas, speaker of the house, asked the green chamber to extend the implementation of the capital components of the…
A Nigerian national, Adam Mohammad Bakur Mohammad Ibrahim, 24, has been seeking Russian citizenship since May 2024. He joined the Skif Cossack battalion in November 2023, where he was given the call sign 'Vanka' and participated in special military operations (SVO) as a member of the unit. In December 2023, Russian media featured a story on Vanka, a Nigerian national who had captured a Ukrainian soldier, as seen in a video posted online, RT reports. After completing his six-month contract, Adam returned to Voronezh, where he had previously studied at the Academy of Sports. He hoped to resume his studies…
Kenyan police fired teargas at dozens of protesters and blocked off streets leading to the presidential palace on Thursday as small demonstrations continued in several cities, even after the president bowed to pressure to withdraw a tax hike bill. Turnout was well down from the height of the mass rallies sparked by the bill over the past week. President William Ruto withdrew the legislation on Wednesday, a day after clashes killed at least 23 people and parliament was briefly stormed and set alight. Ruto is grappling with the most serious crisis of his two-year-old presidency as the youth-led protest movement…
The State House spent a whopping sum of N244,654,350 for the purchase and supply of tyres in a single day, according to findings by Daily Trust. Investigation and data gathered from govspend, a portal documenting the Presidential Villa expenditure, showed that the State House made payments for the supply of an unspecified quantity of bulletproof tyres and Westlake tyres, the week that the President Bola Tinubu government marked its first year in office. Tinubu took over from his predecessor, Muhammadu Buhari, on May 29, 2023. Documents showed that N200,583,390, N38,070,000, and N6,000,960, were respectively paid for these items, on May…
Kenyan President William Ruto on Wednesday withdrew planned tax hikes, bowing to pressure from protesters who had stormed parliament, launched demonstrations across the country and threatened more action this week. The move will be seen as a major victory for a week-old, youth-led protest movement that grew from online condemnations of tax rises into mass rallies demanding a political overhaul, in the most serious crisis of Ruto's two-year-old presidency. But some demonstrators said on social media that despite Ruto's climbdown they would go ahead with a rally planned for Thursday, with many reiterating demands that he resign. Ruto announced he…
Kenyan protesters vowed on Wednesday to keep up their demonstrations against new tax hikes, a day after violent clashes outside parliamentand across the country left at least 23 people dead and scores wounded. As heavily armed police patrolled the streets of the capital Nairobi on Wednesday, supporters of the week-old protest movement took to X, using the hashtag #tutanethursday, or "see you on Thursday" in a mix of Swahili and English. An online outpouring of anger over tax increases has swelled into a nationwide protest movement calling for a political overhaul, in the most serious crisis of President William Ruto's…
Kenyan President William Ruto said on Tuesday security was his "utmost priority" after protests against a bill to raise taxes descended into violence, with police firing on demonstrators trying to storm the legislature, killing at least five. In chaotic scenes in the capital Nairobi, protesters overwhelmed police and chased them away in an attempt to enter the parliament compound, with Citizen TV later showing damage from inside the building, which had been partially set ablaze. Protests and clashes also took place in several other cities and towns across Kenya, with many calling for Ruto to quit as well as voicing…
March 15, 2025

Dangote Refinery further reduces petrol loading price amidst fresh crude supply from NNPCL

In a significant development in Nigeria's downstream oil sector, the Dangote Petroleum Refinery has further…
March 14, 2025

I know individuals in Tinubu’s govt who bought ministerial positions, El-Rufai claims

Former Kaduna State governor, Nasir El-Rufai, has revealed that he knows individuals who paid to…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 15, 2025

What to know after Day 1115 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin urges Kiev to order troops in Kursk Region to surrender Moscow is…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
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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