The Nigerian Exchange Limited (NGX) reported a remarkable 44.8% surge in equity transactions for Q1 2025, with total trading volume reaching N2.23 trillion compared to N1.54 trillion in the same period last year.

According to NGX's 'Domestic & Foreign Portfolio Investment Report' released Monday, foreign investors accounted for N814.05 billion in transactions, while domestic investors contributed N1.41 trillion during the quarter.

March 2025 saw particularly strong performance with total transactions jumping 118.95% to N1.16 trillion from February's N509.47 billion. This represents a 107.14% increase compared to March 2024 figures.

Notably, foreign investors outperformed domestic players by approximately 26% in March, with foreign transactions skyrocketing by 1,541% month-over-month to N699.89 billion from February's N42.65 billion.

Foreign inflows surged dramatically in March to N349.97 billion—a 1,263.87% increase for Q1—while foreign outflows also grew significantly by 663.18% to N349.92 billion in March.

Meanwhile, domestic trading activity showed a downward trend throughout the quarter. Domestic inflows fell by 26.78% over the period, while domestic outflows declined by 17.53%. Overall domestic transactions decreased by 10.98% from February to March 2025.

Among domestic investors, institutional investors maintained a slight edge over retail participants, accounting for 53% versus 47% of total domestic transactions. Institutional activity decreased by 13.40% month-over-month in March, while retail transactions dropped by 8.11%.

The dramatic increase in foreign investment activity against declining domestic participation marks a significant shift in Nigeria's equity market dynamics for early 2025.​​​​​​​​​​​​​​​​

Suspected Islamist militants attacked a Nigerian army base and captured soldiers and ammunition during a raid in the insurgency-hit northeastern Borno state in the early hours of Monday, two security sources told Reuters.

A surge in attacks this year by Boko Haram and its splinter rival Islamic State West Africa Province (ISWAP) has raised fears of a major comeback by jihadists, whose tactics include armed drones and explosive devices planted on major roads.

A soldier who escaped the attack said the militants arrived on motorbikes and gun trucks and laid siege on the 153 Task Force Battalion base in Borno's Marte district from around 0200 GMT.

The Nigerian troops retreated to the larger 24 Task Force Brigade in nearby Dikwa district where they regrouped and launched a counter-attack that retook the base, said the soldier, who declined to be named for security reasons.

Several soldiers were feared dead and others missing.

"As I'm speaking to you now, they killed many of our soldiers while some were captured alive by the insurgents while we were withdrawing from the attack," the soldier said.

Nigerian Army spokesperson Lieutenant Colonel Onyechi Appolonia Anele referred questions to the country's Defence Headquarters, which did not immediately respond.

A member of the Civilian Joint Task Force (CJTF), which is helping the military fight jihadists, said the militants took ammunition and burned the army's anti-mine resistance vehicles.

The CJTF member, who also escaped, said the military was still searching for the missing soldiers and had yet to account for the number of dead troops.

Security experts have attributed the resurgence to a lull in fighting between Boko Haram and Islamic State-backed ISWAP and the adoption of aerial technology by the groups.

Reuters

Freed Israeli-American hostage leaves Gaza, Israel says no ceasefire

An Israeli-American hostage was released from 19 months of captivity in Gaza during a brief pause in fighting on Monday and reunited with his family, but Israeli strikes on the battered enclave soon resumed.

Israel's military received Edan Alexander, 21, from the International Committee of the Red Cross, which facilitated his transfer from Palestinian militant group Hamas.

He was taken to an Israeli military facility and joined by his family. Video showed that his mother, Yael Alexander, cried as she hugged him, saying: "How strong you are. I love you so much, Edan. We were so worried."

Alexander kissed and embraced his father, brother and sister as well. An Israeli Air Force helicopter then took Alexander and his family to a hospital where he was to receive treatment.

Alexander was the last living American held by Hamas and Israel's Channel 12 said his condition was "low", without citing a source. In photos provided by Israel, he looked pale but in good spirits.

Fighting halted at midday in Gaza after Israeli Prime Minister Benjamin Netanyahu said Israel would pause its operations to allow for the hostage release.

Palestinian health officials reported Israeli tank shelling and an air attack after the hostage handover, and there was no deal on a wider truce or hostage releases as monitors warned of famine in the devastated enclave.

After Israeli fire resumed, authorities in Gaza said an air strike killed three people and wounded several others at a shelter housing displaced families in Khan Younis in the southern Gaza Strip.

A woman was killed and several other people wounded when tank shells hit a school housing displaced families in the Tuffah neighborhood in the north of Gaza.

Hamas said it freed Alexander as a goodwill gesture to U.S. President Donald Trump, who is visiting the region this week.

"Edan Alexander, American hostage thought dead, to be released by Hamas. Great news!" Trump wrote on social media earlier on Monday.

Netanyahu said Alexander's release came thanks to Israel's military pressure in Gaza and political pressure by Trump.

In a photo taken on the military helicopter and released by Israel, Alexander held a sign reading: "Thank you, president Trump."

Netanyahu has said there will be no ceasefire and that plans to intensify military action in Gaza continued. "Israel has not committed to a ceasefire of any kind," Netanyahu's office said.

After growing up in New Jersey, Alexander, who has dual citizenship, moved to Israel and was serving in the Israeli army when he was captured in Hamas' 2023 attack.

Social media video on Monday showed people dancing in the square of his hometown of Tenafly, New Jersey, after word of his release.

The release, after four-way talks between Hamas, the United States, Egypt and Qatar, could open the way to freeing the remaining 58 hostages in the Gaza Strip, 19 months after Hamas' attack on Israel on October 7, 2023.

Qatar and Egypt said Alexander's release was an encouraging step towards new truce talks. Israel will send a delegation to Qatar on Thursday to discuss a new proposal aimed at securing further hostage releases, Netanyahu's office said.

Before Alexander's release, Gaza health authorities said an Israeli strike killed at least 15 people sheltering at a school on Monday. Israel's military said it targeted Hamas fighters there who were preparing an attack.

The Integrated Food Security Phase Classification, a global hunger monitor, reported on Monday that half a million people in the Gaza Strip face starvation and there is a critical risk of famine by September.

'BRING THEM ALL HOME'

Trump is due to visit Gulf states on a trip that does not include Israel but special envoy Steve Witkoff, who helped arrange Alexander's release, was expected in Israel on Monday.

Alexander's family thanked Trump and Witkoff, saying they hoped the release would hasten the freeing of the remaining hostages. "We urge the Israeli government and the negotiating teams: please don't stop," they said.

Israel's government has drawn criticism over the deal to free Alexander, which laid bare the priority given to hostages able to rely on the support of a foreign government.

Einav Zangauker, whose son Matan is among 21 hostages still believed to be alive, said Netanyahu was choosing his political survival over ending the war.

Addressing Trump in a statement she read with other hostage families, she said: "The Israeli people are behind you. End this war. Bring them all home".

A ceasefire in late January halted fighting in Gaza for two months and allowed the exchange of 38 hostages for Palestinian prisoners and detainees in Israeli jails. Israel resumed its military campaign in March.

It has since extended its control of the territory and blocked off aid, leaving its 2 million people increasingly short of food.

Israeli forces invaded Gaza after a Hamas-led assault on Israel in October 2023 that killed 1,200 people and saw 251 taken hostage, according to Israeli tallies.

Since then, over 52,000 Palestinians have been killed, Palestinian authorities say, and large swathes of the heavily built-up enclave have been laid to waste.

Reuters

WESTERN PERSPECTIVE

Trump offers to join potential Russia-Ukraine talks in Turkey

U.S. President Donald Trump offered on Monday to join prospective Ukraine-Russia talks in Turkey later this week as European countries pushed to get the Kremlin to accept their demand for a 30-day ceasefire in the war in Ukraine.

Trump spoke a day after Ukrainian President Volodymyr Zelenskiy, in a fresh twist to the stop-start peace talks process, said he would travel to Istanbul where, he said, he would be waiting to meet Russian counterpart Vladimir Putin.

Trump told reporters at the White House that talks in Istanbul could be helpful and he might join them on Thursday while in the region. His current schedule has him visiting Saudi Arabia, the United Arab Emirates and Qatar this week.

"I've got so many meetings, but I was thinking about actually flying over there. There's a possibility of it, I guess, if I think things can happen, but we've got to get it done," he said before departing for his second foreign trip since his second term in the White House began in January.

"Don't underestimate Thursday in Turkey," Trump said.

Later, in his nightly video address, the Ukrainian president noted that Russian attacks had continued on the front lines throughout the day, and Moscow still had not responded to his call for Putin to meet him for talks in Turkey later in the week.

"Russian shelling and assaults continue," Zelenskiy said. "Moscow has remained silent all day regarding the proposal for a direct meeting. A very strange silence."

Diplomatic contacts were renewed.

Zelenskiy and Turkish President Tayyip Erdogan discussed the proposed direct talks which Zelenskiy said "may help end the war". Erdogan described the proposed meeting as a new window of opportunity which was not to be squandered.

Russian Foreign Minister Sergei Lavrov spoke by telephone with his Turkish counterpart Hakan Fidan about Putin's proposed talks with Ukraine on Thursday. But a brief Russian foreign ministry account gave no indication whether Putin would accept Zelenskiy's proposal to meet him.

Earlier on Monday, the German government said Europe would start preparing new sanctions against Russia unless the Kremlin by the end of the day started abiding by a 30-day ceasefire in its war with Ukraine.

Ukraine's military said Russia had conducted dozens of attacks along the front in eastern Ukraine on Monday as well as an overnight assault using more than 100 drones, despite the ceasefire proposal by Europe and Kyiv.

"The clock is ticking," a German government spokesperson said at a news conference in Berlin.

Russian Foreign Ministry spokeswoman Maria Zakharova said the 30-day ceasefire had been put forward by European countries "in order to provide a breather for Kyiv to restore its military potential and continue its confrontation with Russia."

It is unclear, though, how much impact fresh European sanctions would have on Russia, especially if the United States does not join in as well.

The leaders of four major European powers travelled to Kyiv on Saturday and demanded an unconditional 30-day ceasefire from Monday. Putin, implicitly rejecting the offer, instead proposed direct Russia-Ukraine talks in Istanbul that he said could potentially lead to a ceasefire.

Putin and Zelenskiy have not met since December 2019 - over two years before Russia launched its full-scale invasion of Ukraine - and make no secret of their contempt for each other.

Responding to the ceasefire proposal, Russia said at the weekend it is committed to ending the war but that European powers were using the language of confrontation.

Ukrainian Foreign Minister Andrii Sybiha said Russia was "completely ignoring" the ceasefire initiative, citing what he said were continued attacks on Ukrainian forces.

He said he shared information about the continued fighting with European partners and U.S. Secretary of State Marco Rubio on a joint phone call. The allies had agreed sanctions would be needed to pressure Russia if it snubbed the truce move.

Russia and Ukraine are both trying to show Trump they are working towards his objective of reaching a rapid peace in Ukraine, while trying to make the other look like the spoiler to his efforts.

FIGHTING CONTINUES

The Ukrainian military's general staff said that as of 10 p.m. (1900 GMT) on Monday there had been 133 clashes with Russian forces along the front line since midnight, when the ceasefire was to have come into effect.

Ukraine's top commander, Oleksander Syrskyi, was quoted by Zelenskiy as saying the heaviest fighting still gripped the Donetsk region, the focus of the eastern front, and Russia's western Kursk region, nine months after Kyiv's forces staged a cross-border incursion.

The fighting was at the same intensity it would be if there were no ceasefire, said Viktor Trehubov, a spokesperson for the military on Ukraine's eastern front.

Kyiv is desperate to unlock more of the U.S. military backing it received from Trump's predecessor, Joe Biden. Moscow senses an opportunity to get relief from a barrage of economic sanctions and engage with the world's biggest economy.

RUSSIAN PERSPECTIVE

Russian troops liberate Kotlyarovka community in Donetsk region over past day

Russian troops liberated the community of Kotlyarovka in the Donetsk region over the past day in the special military operation in Ukraine, Russia’s Defense Ministry reported on Monday.

"Battlegroup Center units liberated the settlement of Kotlyarovka in the Donetsk People’s Republic through decisive operations," the ministry said in a statement.

Russian troops continue special military operation in Ukraine

Russian troops continue accomplishing combat objectives in the special military operation in Ukraine, the ministry reported.

"The Russian Armed Forces continue their special military operation," the ministry said.

Russian forces strike Ukrainian army, mercenaries in 129 areas over past day

Russian forces struck deployment sites of Ukrainian troops and foreign mercenaries in 129 areas over the past day, the ministry reported.

"Operational/tactical aircraft, attack unmanned aerial vehicles, missile troops and artillery of the Russian groups of forces struck infrastructure facilities of military airfields, a shell-producing workshop, warehouses of ammunition and unmanned aerial vehicles, and also temporary deployment sites of Ukrainian armed formations and foreign mercenaries in 129 areas," the ministry.

Russia’s Battlegroup North inflicts over 190 casualties on Ukrainian army in past day

Russia’s Battlegroup North inflicted more than 190 casualties on Ukrainian troops and destroyed a US-made HIMARS multiple launch rocket system and three enemy ammunition depots in its area of responsibility over the past day, the ministry reported.

"Battlegroup North units inflicted losses on massed manpower and equipment of a mechanized brigade, two assault regiments of the Ukrainian army and a territorial defense brigade in areas near the settlements of Ryzhevka, Iskriskovshchina, Volfino, Pavlovka and Katerinovka in the Sumy Region," the ministry said.

The Ukrainian army lost more than 190 personnel, a tank, three armored combat vehicles, 12 motor vehicles, a US-made HIMARS multiple rocket launcher and five field artillery guns in that frontline area over the past 24 hours, it specified.

In addition, Russian forces destroyed an electronic warfare station and three ammunition depots of the Ukrainian army, it said.

Russia’s Battlegroup West inflicts over 230 casualties on Ukrainian army in past day

Russia’s Battlegroup West inflicted more than 230 casualties on Ukrainian troops and destroyed an enemy tank and three artillery guns in its area of responsibility over the past day, the ministry reported.

"Battlegroup West units improved their tactical position and inflicted losses on formations of four mechanized brigades, an airmobile brigade, two assault brigades of the Ukrainian army and two territorial defense brigades in areas near the settlements of Sadovod, Kutkovka, Kupyansk and Gorokhovatka in the Kharkov Region, Redkodub and Yampol in the Donetsk People’s Republic," the ministry said.

The Ukrainian army lost more than 230 personnel, a tank, seven motor vehicles, three artillery guns, including two Western-made weapons and two electronic warfare stations in that frontline area over the past 24 hours, it specified.

In addition, Russian forces destroyed two ammunition depots of the Ukrainian army, it said.

Russia’s Battlegroup South inflicts over 200 casualties on Ukrainian army in past day

Russia’s Battlegroup South inflicted more than 200 casualties on Ukrainian troops and destroyed three enemy armored combat vehicles in its area of responsibility over the past day, the ministry reported.

"Battlegroup South units gained better lines and positions and inflicted losses on manpower and equipment of three mechanized brigades and an airmobile brigade of the Ukrainian army in areas near the settlements of Seversk, Zvanovka, Konstantinovka, Kleban-Byk and Pleshcheyevka in the Donetsk People’s Republic," the ministry said.

The Ukrainian army lost more than 200 personnel, three armored combat vehicles, nine motor vehicles and six field artillery guns in that frontline area over the past 24 hours, it specified.

In addition, Russian forces destroyed two electronic warfare stations, an ammunition depot and three materiel depots of the Ukrainian army, it said.

Russia’s Battlegroup Center inflicts over 440 casualties on Ukrainian army in past day

Russia’s Battlegroup Center inflicted more than 440 casualties on Ukrainian troops and destroyed three enemy armored fighting vehicles and two artillery guns in its area of responsibility over the past day, the ministry reported.

During the last 24-hour period, Battlegroup Center units "inflicted losses on formations of five mechanized brigades, a jaeger brigade and two assault brigades of the Ukrainian army, a marine infantry brigade and two National Guard brigades in areas near the settlements of Rusin Yar, Novaya Poltavka, Ulyanovka, Razino, Mirolyubovka, Dimitrov, Krasnoarmeysk, Zverevo, Novosergeyevka and Alekseyevka in the Donetsk People’s Republic," the ministry said.

The Ukrainian army lost more than 440 personnel, three armored fighting vehicles, 14 motor vehicles and two artillery guns in that frontline area over the past 24 hours, it specified.

Russia’s Battlegroup East inflicts over 170 casualties on Ukrainian army in past day

Russia’s Battlegroup East inflicted more than 170 casualties on Ukrainian troops and destroyed eight enemy artillery guns in its area of responsibility over the past day, the ministry reported.

"Battlegroup East units kept advancing deep into the enemy’s defenses and inflicted losses among manpower and equipment of two mechanized brigades, an air assault brigade of the Ukrainian army, a marine infantry brigade, two territorial defense brigades and a National Guard brigade in areas near the settlements of Bogatyr, Volnoye Pole and Komar in the Donetsk People’s Republic and Temirovka in the Zaporozhye Region," the ministry said.

The Ukrainian army lost more than 170 personnel, two armored combat vehicles, nine motor vehicles and eight field artillery guns in that frontline area over the past 24 hours, it specified.

Russia’s Battlegroup Dnepr destroys 55 Ukrainian troops in past day

Russia’s Battlegroup Dnepr destroyed roughly 55 Ukrainian troops and two enemy jamming stations in its area of responsibility over the past day, the ministry reported.

"Battlegroup Dnepr units inflicted losses on formations of two mechanized brigades, a mountain assault brigade, three coastal defense brigades of the Ukrainian army and two territorial defense brigades in areas near the settlements of Novodanilovka, Pavlovka and Kamenskoye in the Zaporozhye Region, Tokarevka, Sadovoye and Dneprovskoye in the Kherson Region," the ministry said.

"As many as 55 [Ukrainian] military personnel, six motor vehicles, an artillery gun and two electronic warfare stations were destroyed," it said.

Russian air defenses destroy 135 Ukrainian UAVs, nine JDAM smart bombs in past day

Russian air defense forces shot down 135 Ukrainian unmanned aerial vehicles (UAVs) and nine American-made JDAM smart bombs over the past day, the ministry reported.

"Air defense capabilities shot down nine JDAM guided aerial bombs and two rockets of the HIMARS multiple launch rocket system of US manufacture and 135 fixed-wing unmanned aerial vehicles," the ministry said.

Overall, the Russian Armed Forces have destroyed 662 Ukrainian warplanes, 283 helicopters, 56,870 unmanned aerial vehicles, 605 surface-to-air missile systems, 23,289 tanks and other armored combat vehicles, 1,562 multiple rocket launchers, 24,724 field artillery guns and mortars and 35,329 special military motor vehicles since the start of the special military operation, the ministry reported.

Reuters/Tass

Islamists are expanding their frontiers in Nigeria. The latest being Mahmuda, an Islamic terror group with ties to Boko haram, terrorising Kwara and several states around it. Because of its cross-border threat, the Beninese government recently closed its borders with Nigeria around the Baruten area. Ansaru, a battle-tested Islamist group also connected to Boko Haram, is active in the North Northcentral, especially in the Kogi area. Its forte is kidnapping for ransom and spreading its twisted ideology of Islamic puritanism.

In Nigeria’s northwest, the Islamic terror group, Lakurawa, is gaining ground, increasing its attacks on civilian and military infrastructure, especially in the Kebbi and Sokoto axis. Military intelligence says it recruits heavily disaffected and vulnerable youth among the local population.

Then, of course, Boko Haram and ISWAP dominate a large swath of land in Borno, Yobe and Adamawa states. It appears the military has conceded some territories to them, as no one dares venture to the areas they dominate and are the de facto authorities, collecting taxes and meting out justice Sharia-style.

Lately, there appears to be a resurgence of attacks by the Islamist groups across the country. Boko Haram and ISWAP, which appeared weakened after several years of sustained military onslaught and defections, seem to have resurged. Even worse, they have metastasised with a growing franchise network in the country. Especially in the Northeast, their attacks on the military have significantly increased, as well as the kidnapping of civilian travellers along the many dangerous routes in the region.

So much so that the Borno State governor, Babagana Zulum, recently stated, “It is unfortunate that the renewed Boko Haram attacks and kidnappings in many communities are almost daily without confrontation, signalling that Borno State is losing ground.”

It brings me to the point of this essay: What do the Islamists want? Why have they embarked on a seemingly endless and relentless war against the Nigerian state? And is there hope that someday, these jihadists will be pacified and somehow live peacefully with other Nigerians and be subjected to our secular laws and justice systems?

The chances are unlikely, closer to zero than one. That is because, unlike conventional crises, where the state can negotiate with the aggrieved parties and reach some form of compromise, that is nearly impossible with the jihadists. Because their end goal is anathema to the aspiration of the Nigerian state. They seek Islamic theocracy, a society governed by Islamic laws and principles in their purest forms, where they would be the lord of the manor, the judge and the executioners of Sharia, and this is contrary to the modern, religiously plural state which Nigeria is.

And then again, the jihadists’ actions are rooted in a strong faith in God, their sense that they are right and the Nigerian state is wrong, and it is a matter of time before they defeat the infidels, possibly through divine help. It is difficult to defeat such a mindset, as even death is considered a victory by the Islamists, a reward for the bravery exhibited here on earth. What compromise can be made with such a group? What concession can be given to them that would satiate their desire for an Islamic state, one not in conflict with Nigeria’s plurality and quest for equity?

To be clear, the idea of Islamic theocracy is not novel in contemporary times. Iran, Afghanistan and many of the Gulf states are governed in some form by Islamic laws and principles and function largely as a theocracy. Though Iran and Afghanistan appear to be the model states for Nigerian jihadists. Shia Islam is the legal framework in Iran, while Afghanistan is governed by a fundamentalist Sunni interpretation of the Sharia. Both countries have a Muslim majority population, as do Saudi Arabia and other Gulf States that practice the Shariah. In Iran, out of a possible 89 million people, about 99.4 percent of them are Muslims, while in Afghanistan, 99.7 percent of its 42 million people are Muslims.

Nigeria is different. It is multi-religious, multi-ethnic, and constitutionally a secular state. It is therefore impossible to implement a total Islamic law without infringing on the rights of Christians, traditional worshipers and other non-Muslims. Significantly, too, without conflicting with many provisions of the constitution that guarantee freedom of worship (or non-worship), movement, and equality before the law.

So, the Islamists’ vision of an Islamic Nigerian state is impossible to materialise as the country is presently constituted. In addition, it is doubtful they can defeat the Nigerian army. After many years of guerrilla warfare, they don’t hold significant territories and command real influence among the general population. But that is not to say they are weak and will disappear any time soon. Rather, the reverse seems to be the case. The conditions for the festering of these groups continue to exist with widespread poverty, illiteracy, and unregulated madrasas (Islamic schools) increasing significantly. A war economy has also developed in the northeast, with the military leadership apparently living large on the enhanced budget and possibly lacking the incentive to crush the insurgents.

For the foreseeable future, we will live with the jihadist threat, and our children will probably inherit it. It may even get worse, as some Muslims in the southwest are already tinkering with the idea of implementing some forms of the sharia law, setting the stage for a conflict with Christians and other groups in the region, which is usually the first stage before a broader and deeper religious crisis emerges.

But defeating the Nigerian state and imposing Shariah (Afghanistan- or Iran-style) won’t happen. The Nigerian state will, however, continue to be fragile, fractured by the Islamist insurgency, and burdened by internal divisions, sporadic violence, and governance challenges.

Nigeria has experienced a dramatic N57.3 trillion increase in its public debt within the first 18 months of President Bola Tinubu's administration, according to recent Debt Management Office data.

Total public debt rose from N87.38 trillion in June 2023 to N144.67 trillion by December 2024, representing a 65.6% surge since Tinubu took office on May 29, 2023.

Exchange Rate Impact

While the naira value of debt has skyrocketed, the total debt in dollar terms actually decreased by 17%, from $113.42 billion to $94.23 billion. This apparent reduction stems from the naira's steep depreciation, falling from N770.38 to approximately N1,535 per dollar during this period.

Debt Composition Changes

External debt grew significantly, rising from N33.25 trillion to N70.29 trillion, while domestic debt increased from N54.13 trillion to N74.38 trillion. This shift has altered the structural balance of Nigeria's debt portfolio, with external debt now accounting for nearly 49% of total debt, up from 38% in June 2023.

Federal Government Borrowing

The Federal Government remains responsible for over 90% of the country's total debt, with its obligations climbing from N78.21 trillion to N133.33 trillion. Domestic debt alone surged by N22.1 trillion (45.7%), reaching N70.41 trillion by December 2024.

A significant portion of this increase resulted from converting the N22.7 trillion Ways and Means Advances from the Central Bank into tradable bonds—a move approved shortly after Tinubu took office.

Changing Debt Instruments

FGN Bonds remain the dominant instrument in the domestic debt portfolio, standing at N55.44 trillion and accounting for 78.7% of domestic debt. Treasury Bills nearly tripled to N12.35 trillion, indicating increased reliance on short-term borrowing.

External Debt Growth

In dollar terms, external debt grew moderately from $43.16 billion to $45.78 billion, a 6.1% increase. Multilateral institutions remain the largest source of external funding, providing nearly 49% of the total. The World Bank's International Development Association increased its exposure from $14.03 billion to $16.56 billion.

At least 23 persons have been killed in a series of coordinated attacks across four Local Government Areas (LGAs) of Benue State.

Daily Trust reports that the affected LGAs include: Guma, Logo, Ukum, and Kwande.

Residents told our correspondent that the latest wave of attacks has forced many to flee their communities, as the attacks had become to frequent.

The witnesses said that nine people were killed in Logo LGA, eight in Ukum, while Guma and Kwande LGAs each recorded three deaths, bringing the total to 23 fatalities.

Speaking to journalists in Makurdi on Saturday, Ray Anumve, an indigene of Kwande LGA, said the attacks in his locality were perpetrated by armed herdsmen and suspected Jukun militants who stormed several communities in the Turan area on Friday, May 9, 2025.

“Coordinated brutal attacks were carried out by armed herdsmen and suspected Jukun-speaking assailants across multiple locations in Turan, Kwande LGA, resulting in deaths, injuries, and displacement.

“The attackers spoke both Fulfulde and Jukun languages,” Anumve said.

He specifically mentioned that the Mbaav Clan in Mbadura Council Ward, near the Tse Yande compound and Gusa crossing by River Katsina-Ala, came under attack as the assailants crossed the river and ambushed farmers returning from their fields.

Anumve further explained that one of the victims, a farmer identified as Agwei, was killed on the spot, while his brother and son sustained serious injuries and are currently receiving treatment at a clinic in Jato-Aka.

The indigene, who is founder of the Ray Anumve Foundation, also disclosed that the attackers struck Anwase in the Mkomon area, Mbaikyor Council Ward, where one Iortsor was killed.

He said in a separate incident at Waya in Yaav Council Ward, a motorcycle rider was shot in the stomach, causing his intestines to protrude and that he is currently receiving medical attention at a clinic in Jato-Aka.

According to him, the affected areas have been under frequent assault, with armed invaders reportedly seizing motorcycles from local riders, adding that an earlier attack on the Ikurav-Ya Clan, specifically at Tyuav and Usambe Sha Hua in Liev I Ward, left multiple people dead and properties destroyed.

Anumve noted however that, casualty figures and the extent of property damage are still being compiled by locals and community leaders.

In Ukum LGA, a separate source confirmed that nine persons had been officially declared dead, but noted that more bodies were being discovered in the bush following attacks attributed to armed herdsmen.

The Ukum attack reportedly occurred on the morning of Saturday, May 10, 2025, in Jootar town.

Those killed in the Jootar attack were identified as Jonathan Ordooga, Aondogu Torse, Cheater Torse, Yagba Torse, Tersugh Mbaaiiga, Terhemen Emmanuel, Henenshima Apirgwa, and Orfega Atuku.

Meanwhile, locals said tension has mounted in Guma LGA, where residents fear an impending attack.

A youth identified as Paul told journalists that militias suspected to be armed herdsmen have allegedly mobilised from hideouts in neighborhood state, with plans to invade Yelewata community in Nyiev Council Ward.

Paul said the tension escalated after a youth from the community was attacked with a machete on May 8, and that the victim is currently receiving treatment at a government hospital in Makurdi.

Yelewata is a border town between Guma LGA in Benue State and Giza Development Area of Nasarawa State.

A resident of Guma, who spoke under condition of anonymity due to fear of reprisal, also confirmed that the LGA has been experiencing near-daily attacks.

He said that on May 9, three persons were killed in Ukpiam, Mababai Council Ward, while Umenger in Mbadwem Council Ward was attacked the following day, May 10.

However, he noted that reports on casualties from the Umenger incident were yet to be confirmed just as a woman identified as Helen Nenge from Mbawa Mbanyiar kindred was also attacked on Friday at 4pm, wounded and the sum of N6000 collected from her.

The State Commissioner for Information, Matthew Abo, an indigene of Ukum, confirmed to journalists in Makurdi that that eight farmers were killed on Saturday morning in his home LGA while on their way to the farm.

Abo however could not ascertain those responsible for that latest killing as according to him, apart from armed invasions, there had also been communal crisis in Jootar between the Tiv and Jukun.

Police spokesperson for Benue command, Catherine Anene, had yet to respond to calls or messages put through her telephone for confirmation of the incidents.

Daily Trust

The pan-Yoruba socio-political organization, Afenifere, has condemned President Bola Tinubu’s alleged tactics of political fractionalization, accusing him of creating fake splinter groups to manipulate Nigeria’s political landscape.

In a press release signed by Afenifere’s Leader, Oba Oladipo Olaitan, and National Publicity Secretary, Justice Faloye, the group stated that Tinubu’s long-standing strategy of dividing key political and socio-cultural organizations is a deliberate ploy to silence opposition and deceive the masses.

A History of Political Manipulation

Afenifere revealed that Tinubu’s alleged manipulation began over two decades ago when he first attempted to factionalize the group after being empowered to govern Lagos State. According to the statement, this pattern has now extended to national politics, with Tinubu allegedly engineering divisions in major political parties and sociopolitical organizations.

“The PDP has become a shell of itself due to the unholy alliance between Tinubu and FCT Minister Nyesom Wike. The Labour Party has also faced internal strife reportedly sponsored by Tinubu,” the statement read.

The group further accused the President of orchestrating the creation of a fake National Association of Nigerian Students (NANS) leadership, with allegations that his son physically assaulted genuine student leaders. Afenifere also referenced reports of fake bishops used to divide Christian voices during the last elections.

Attack on Afenifere’s Legacy

Afenifere particularly condemned recent attempts to undermine its leadership, including the alleged resurrection of a retired leader to form a parallel group motivated by “prebendalist motives”—offering jobs and contracts to members and their families. The group dismissed these factions as temporary distractions, insisting that the authentic Afenifere remains committed to truth, justice, and welfarism.

“These fake Afenifere groups only last a few election cycles. No matter how many splinter groups Tinubu creates, Afenifere will remain relevant as long as Nigerians uphold principles of equity and social justice,” the statement asserted.

Call for Economic and Structural Reforms

Rather than engaging in political destabilization, Afenifere urged Tinubu to focus on alleviating poverty through massive public works, including addressing Nigeria’s housing deficit and improving railway infrastructure to reduce agricultural wastage.

The group criticized the 2025 budget’s allocation for 20,000 homes annually as grossly inadequate, given Nigeria’s homelessness crisis, which requires over 20 million houses. They also called for genuine implementation of the “Nigeria First” policy, demanding that government officials stop using foreign luxury vehicles and instead patronize locally made products.

Warning Against Centralization of Power

Afenifere accused Tinubu of undermining Nigeria’s federal structure by weakening local governments and consolidating power, warning that such actions threaten democracy.

“Those who stifle peaceful opposition leave themselves open to violent change,” the statement cautioned, urging the President to prioritize restructuring and true federalism over political manipulation.

The group vowed to continue advocating for social democracy and welfarism, rejecting neoliberal policies that have plunged millions into poverty.