Despite the bloated recurrent spending in the 2024 budget and a significant infrastructure gap, a financial analyst has raised the alarm that Nigeria’s debt repayment has exceeded both recurrent and capital expenditure.
This is alongside the country’s foreign direct investment (FDI) being at an all-time low of under US$1 billion.
Chief Executive Officer of The CFG Advisory, Mr. Tilewa Adebajo, raised this alarm while speaking on “Nigeria’s Fiscal Environment in an Era of Monetary Policy Tightening” at the bi-monthly forum of the Finance Correspondents Association of Nigeria (FICAN), in Lagos.
He said Nigeria’s current debt burden of US$130 billion was being serviced by 95 percent of revenues, as debt repayment now exceeds both recurrent and capital expenditures.
Nigeria’s public debt stock rose from N97.34 trillion in December 2023 to N121.67 trillion in March 2024, according to the Debt Management Office (DMO).
“Nigeria’s debt levels are now clearly unsustainable. Add to this US$10 billion from the 2024 budget deficit, and the question begs: is Nigeria heading for the default direction of Ghana, Zambia, and Ethiopia? The discussion on restructuring both domestic and external debt must commence alongside the ongoing economic reforms and revenue drive to avoid Paris and London Club imposition,” he warned.
Adebayo added that, with a significant infrastructure deficit and growth challenges, Nigeria is set to become the third largest economy in Africa, behind South Africa and Egypt.
Explaining the current state of Nigeria’s economic indicators, the expert regretted that the economy is still in stagflation, with ongoing reforms aiming to achieve a sustainable growth trajectory.
He noted that the introduction of the Nigerian Autonomous Foreign Exchange Market (NAFEM) and the removal of fuel subsidies have seen the FAAC account increase by 130 percent from May to November 2023 to over N1 trillion.
“FDI is at an all-time low of under US$1 billion; power transmission and distribution infrastructure are still very poor, impacting industry and economic growth; the macroeconomic situation has declined over the last 7 years with a loss of US$180-200 billion in GDP, currently at US$390 billion.
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Kaduna domesticates women policy, empowers 15,000 with N750m loan
AbdulRaheem Aodu
The Kaduna state government has launched the domestication of the National Women’s Economic Empowerment Policy in clear demonstration of its commitment to women’s economic empowerment.
The state Commissioner for Human Services and Social Development, Hajiya Rabi Salisu, disclosed this, Friday, at a one-day citizens’ engagement workshop organised by the Development Research and Projects Centre (DRPC) to support the domestication of a national policy on women empowerment in the state.
The workshop brought together representatives from civil society, traditional and religious groups, women-led organisations, private sector and ministries, departments and parastatals in the state.
Hajiya Salisu said the state had empowered 15,000 women in the state with a soft loan of N50, 000 to boost their businesses, adding that 5,000 women were empowered through digitisation.
She said the state was determined to invest in women and girls through various interventions in economic development, education, agriculture, and entrepreneurship. While she commended the dRPC for supporting the state in domesticating the policy, she assured that Kaduna would remain a pacesetter in promoting, developing, and uplifting the standard of living of women in the state.
“In the areas of social intervention, cash transfers, skills acquisition, education, and social development, Kaduna state is a pacesetter. Kaduna state government has engaged women in financial inclusion and women economic empowerment. Over 15,000 women have been included financially, they own their account.
“We have registered over 20,000 women to benefit from the school feeding programme. I want to assure you that Kaduna state will be the first state to launch and domesticate this women economic and empowerment policy as launching the policy will enable more investment and inclusion in the state,” she said.
The Executive Director, Development Research and Projects Centre, Dr Judith-Ann Walker, represented by the Director of Partnerships and Communications, Malam Hassan Aliyu Karofi, said the engagement aimed at supporting inclusion, adding that 24 more states had been earmarked to be supported to domesticate the policy.
According to him, Nigeria stands to earn over $2.5 billion in investment and economic growth when the policy is domesticated and implemented by the states, adding that Kaduna with over 50% women population, stands to benefit from the economic opportunities of empowered women.
The Gender Lead at the Albright Stonebridge Group, Mrs Rimicit Aboki, in her presentation, challenged the sub-national governments to explore the value inherent in domesticating and implementing the policy to unlock the potential of women’s economic empowerment.
The World Bank representative at the workshop, Mr Musa Yusuf, commended the Kaduna state government for embracing the policy while assuring that the bank would provide technical assistance to the state to support the domestication of the policy for the benefit of the citizens.
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Otukpo agog as Idoma traditional council honours Alia, Edeh, others
Ikenna Okonkwo
The bubbling town of Otukpo is currently beehive of activities ahead of the much anticipated chieftaincy titles to be bestowed on distinguished sons and daughters of Idoma and Benue state by the Idoma Area Traditional Council, led by the paramount ruler His Royal Majesty, Agabaidu Elaigwu Odogbo Obagaji this Saturday.
Among those to be honoured are the governor of Benue state, Rev. Fr. Hyacinth Iormem Alia, and a humanitarian cum successful entrepreneur, Barr. Paul Edeh.
Barr Edeh, who is the chairman of Benue State Football Association (BSFA) and founder of Naija Ratels and Honey Badgers Football Clubs, will be conferred with the title of Ebo K’Idoma (Peace of Idoma).
This title is in recognition of his numerous community contributions to uplifting the Idoma nation.
In his response, Barr Edeh said, “This recognition by His Royal Majesty and the Idoma Area Traditional Council is a tremendous and unexpected honour. I wholeheartedly accept this nomination and pledge to uphold the dignity and responsibilities that come with the title.”
The ceremony will also honour Governor Alia with the title of Okamaleya K’Idoma (Promise Keeper), reflecting on his steadfast commitment to his promises and community.
The nomination, as detailed in a letter signed by Adegbe Uloko, secretary of the Idoma Area Traditional Council, underscored the recipients’ significant contributions to their communities and the broader Idoma nation.
“It is the humble disposition and pleasure of His Royal Majesty, Agaba-Idu Elaigwu Odogbo Obagaji John CON, FOIN, FONA, FOOSA, FCCFA, ANIM and the Idoma Area Traditional Council, based on your antecedents and contributions to your community and the Idoma Nation, that HRM wishes to confer a chieftaincy title on you,” the letter stated.
Additionally, the state deputy governor, Dr. Sam Ode, will be honoured with the title of Ebeneigbogwu K’Idoma. Other notable figures receiving chieftaincy titles include Hon. Barr. Obla Godwin, SAN, Hon. Abba Adaudu, Chief Francis Alochu, Rt Hon. Nick Eworo, John Otse Aboh, Dr. Ameh Idoko, Barr. Bonny Apochi, Hon. David Olotu, Hon. Pastor Ojotu Ojema, Chief Ogaji Bright Igodo, Prof. Ujah Innocent, Chief Ochacho Muhammad Ohimini, Hon. Michael Oglegba, Hon. DS Lami Danladi, and Captain Patrick Agwo Olonta.
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Climate change: FG urged to grant duty waiver on electric vehicles, solar power
Okechukwu Onuegbu
An entrepreneur and Chief Executive Officer, Tropicalgate Foundation, Dr Nnamdi Mbaigbo, Friday, urged the federal government to grant duty waivers to manufacturers, assemblers, and importers of electric vehicles and solar power systems.
Mbaigbo, who stated this in a statement, argued that granting duty waivers would contribute immensely towards reducing greenhouse gas emissions and generally mitigating the impact of climate change for sustainable development.
He said, “By incentivizing their production and import, we contribute to reducing greenhouse gas emissions and mitigating climate change. Duty waivers would encourage investment in electric vehicles (EV) manufacturing and assembly within Nigeria, fostering job creation and technological advancement.
“Waiving import duties for EV components and solar equipment would stimulate local production. This, in turn, supports our domestic industries and enhances self-reliance. Assemblers and manufacturers would benefit from reduced costs, allowing them to offer competitive prices to consumers. Solar power systems contribute significantly to energy diversification.
“By supporting their import and local assembly, we enhance our energy security and reduce dependence on fossil fuels. It would facilitate the adoption of solar energy solutions across residential, commercial, and industrial sectors. Nigeria can align with global sustainability goals and attract foreign investment.”
