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Nigeria’s Public Debt Now N121trn – DMO

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Debt Management Office (DMO) says Nigeria’s total public debt has reached N121.67 trillion within three months.

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The Cable reports that this figure represents an increase of N24.33 trillion or 24.99 percent from the N97.34 trillion as of December 2023.

Nigeria’s public debt profile consists of the federal and subnational governments’ domestic and external debt stocks — the 36 states and the federal capital territory (FCT).

According to the DMO, the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.

“Total domestic debt was N65.65 trillion (USD46.29 billion) while total external debt was N56.02 trillion (USD42.12 billion). Excluding naira exchange rate movements in Q1 2024, only the domestic debt component of total public debt grew from N59.12 trillion on December 31, 2023, to N65.65 trillion on March 31, 2024.

“The increase was from new borrowing to part-finance the 2024 Budget deficit and securitization of a portion of the N7.3 trillion Ways and Means Advances at the Central Bank of Nigeria.

Whilst borrowing, as provided in the 2024 Appropriation Act, will continue, we expect improvements in the government’s revenue to enhance debt sustainability.”

On June 13, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the approval of two major “financial support packages” by the World Bank — valued at $2.25 billion. In May, the Bureau of Public Enterprises (BPE) said the federal government has secured a $500m World Bank loan to boost electricity distribution in the country.

Prior to this, the federal government had received $750 million from the World Bank for humanitarian and social reforms and $1.5 billion for its economic stabilisation plan.


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NBC Did not Withdraw EBS License  — Edo Govt

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National Broadcasting Commission (NBC), did not withdraw the license of EBS TV, Edo state’s broadcasting television, according to Crusoe Osagie, special adviser to governor Godwin Obaseki on Media Projects.

NBC Did not Withdraw EBS License  — Edo Govt

Godwin Obaseki

Osagie, in a statement urged the public to disregard the false claims describing it as the handiwork of mischief-makers

He explained that against claims that the license of EBS has been withdrawn over statutory failures, the Channel 55 under which the station operates on falls within the 700 megahertz band that is being repurposed by the federal government following an international treaty established by the International Telecommunications Union in 2015, of which Nigeria is signatory.

He disclosed that the NBC has, however, reassigned a new Channel 45 to Edo Broadcasting Service TV, while plans are in progress for the compensation for EBS by the NBC.

Osagie revealed that letters were written to the Broadcasting Stations within the band to inform them of the developments, notify them of new channels to relocate to, and provide their compensation needs for payment.

Affected Broadcasting stations were negotiated with beginning from around 2020 and 2021.

On the issue of licence fee, the Special Adviser said the Station was heavily indebted for over a decade, before Governor Obaseki came into office, adding that in June, 2022, the Governor approved and began to clear EBS indebtedness to the regulatory authorities.

 


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BBNaija: The Final Showdown Begins, Explosive Evictions, Toke Spills the Tea, and Kelly Rae Grabs Head of House

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As Big Brother Naija Season 9 approaches its climax, the intensity both in the house and on Big Brother Naija: The Buzz Season 9 talk show is reaching unprecedented heights. Episode 9, hosted by the ever-charismatic Toke Makinwa, was packed with insights, debates, and jaw-dropping moments that had fans glued to their screens.

The Buzz

“As the game nears an end and the finish line comes to light, best believe the battle is about to get flaming hot,” Toke declared as she kicked off the episode.

“It was a bold statement, setting the tone for the discussions that followed, covering the latest evictions, brewing relationships, and the looming finale. With three big evictions—Handi, Tjay, and Shaun—leaving the competition, Toke, alongside guests Constance Owoyomi and Cassandra “Petite Talker,” dissected the drama of the night.

Kellyrae Takes Charge

Kellyrae claimed the coveted title of Head of House and became the first official finalist of Season 9. Sooj followed closely, escaping nomination by the housemates, making him another strong contender in the finals. The panel discussed the unpredictability of the house dynamics, with Constance noting, “No one can predict how the show will go by the changes in the house.” This comment couldn’t have been truer as alliances, betrayals, and unexpected exits continue to surprise viewers.

Shocking Evictions and Twitter Drama

The biggest shock of the night was the eviction of Shaun. Toke shared that fans on Twitter had blamed her for messing up his game, to which she exclaimed, “I just said I like the boy!” The discussion pivoted to the strategic gameplay of the Mbadiwe twins. Constance felt that the twins had coasted along, while Cassandra argued they’d simply been lucky. The debate on which housemates were genuine players and which were riding on fan favouritism highlighted the ever-present unpredictability of the house.

Love Triangles and Tense Relationships

Relationship dynamics in the house also took centre stage. The love triangle involving Ozee, Onyeka, and Victoria has kept viewers on their toes. With Nelly showing emotions and Sooj’s affection towards her becoming more evident, the panel agreed that Sooj might like Victoria too but struggles to handle the pressure of the house. “If the tables were turned, Sooj wouldn’t react this way,” Constance said, while Toke pointed out that his hot-and-cold behaviour keeps everyone guessing.

Toke then shifted the conversation to the feuds in the house, particularly the tension between Topher and Anita. According to Cassandra, the age difference between them plays a role, with Anita frequently talking down to Topher. “Anita is stringing him along until the end of the show,” Constance added. The panel agreed that while these relationships provide content, they likely won’t last outside the house.

Vox Pop Highlights

The show wrapped up with a vox pop segment, where fans shared their thoughts on the housemates they’d “poke” if given the chance. Victoria, Ozee, and Onyeka were the top picks, with many expressing frustration at certain housemates’ laid-back strategies.

As the episode closed, the panel shared their predictions for who would win the season. Constance backed Wanni or Ozee, while Kassandra put her money on Kellyrae. Toke hinted that if Wanni doesn’t win, she might take second place. With tensions mounting, all eyes are on the finale to see which housemate will walk away victorious!

The countdown to the finale of BBNaija No Loose Guard season is on. Get up to date with all the gist with Toke and guests on BBNaija: The Buzz.. New episodes drop every Thursday on Showmax.


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BBNaija: Twists, Evictions, Alliances, Strikes and More on Episode 8 of the Buzz

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The Buzz kicked off with a wave of drama as host Toke Makinwa dissected the latest evictions with her guests, music producer Kay Solo and digital entrepreneur Adetutu Sanusi.

Toke was surprised that Onyeka’s fans didn’t rally for Chizoba. “I would have thought… they would be carrying themselves,” Toke remarked, with Sanusi speculating that something was off. Kay Solo suggested it was a strategic move, saying, “It’s hard when you have people meant to be a team.”

Strikes and Conspiracy: Biggie Cracks Down

The episode also highlighted strikes for Kassia, Shaun, Wanni, and Handi. Kay Solo thought the strikes came “late,” although he felt Shaun didn’t deserve one. Reflecting on her advice to Shaun, Toke said, “I think telling Shaun what I told him made him feel that he doesn’t have to do some extra work.” Kay Solo agreed, adding her words caused confusion among the housemates, but Toke stood by Shaun, saying, “He is bigger than all of them, I like him.”

Relationship Tensions: Nelly and Sooj’s Breakup

The breakup of Nelly and Sooj sparked discussion. Sanusi empathised with Nelly’s emotional struggles, saying, “It is understandable… I feel she has still not built trust for men.” Toke, on the other hand, suggested Nelly may have simply lost interest. Kay Solo found Nelly’s story moving, calling it a “major cracker.”

Kassia and KellyRae: A Strategic Duo?

Kassia’s gameplay has continued to raise eyebrows, and in this episode, her relationship with her husband KellyRae came under scrutiny. Toke asked if KellyRae’s laid-back approach was allowing Kassia to thrive or if he should take a more active stance. Kay Solo thought KellyRae was playing it smart, maintaining good relations with everyone. However, Toke didn’t agree with fan strategies that saved KellyRae over Kassia, saying, “She is the real entertainer.”

Sanusi was adamant that Kassia was the fire keeping the house alive. “She is playing the game, and she is very smart,” Sanusi said, with Kay Solo concurring that Kassia was the true mastermind behind many of the house’s key moves.

Onyeka and Victoria: The Feud Deepens

One of the most intense rivalries in the house between Onyeka and Victoria also took centre stage in The Buzz. The two housemates have been at odds since the start, with Toke asking if Onyeka believed Victoria was weak, leading her to target her. Kay Solo noted that “When women fight, it’s not about who has the facts but who has the sharpest mouth.”

The tension between Onyeka and Victoria wasn’t just about their personal issues. The duo was also vying for the attention of fellow housemate Ozee, which Toke described as a “case of may the best woman win.” Sanusi added that Ozee’s charm seemed to be dividing the women.

Predictions: Who Will Take the Crown?

As the episode wrapped up, Toke and her guests moved on to predictions for the top 3 housemates. Vox pop segments with fans indicated strong support for Wanni, KellyRae, and Victoria. However, Toke voiced her own opinion, favouring Wanni, Kassia, and Victoria. The debate ended on a note of agreement that Kassia’s fans needed to keep the momentum going if she was to make it to the final stretch.

Kay Solo and Sanusi also threw their weight behind Kassia as a real contender. “Kassia is the real game in the house,” Kay Solo said emphatically, while Sanusi echoed the sentiment, praising Kassia’s emotional intelligence and ability to manage the game smartly.

The countdown to the finale of BBNaija No Loose Guard season is on. Get up to date with all the gist with Toke and guests on BBNaija: The Buzz.. New episodes drop every Thursday on Showmax.


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