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Business News

Nigeria’s total debt stock rises to N24.9 trillion

Nigeria’s total debt stock rose to N24.9 trillion or US$81.2 billion as of the end of March 2019. This is revealed in the latest report released by [@DMONigeria]

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Nigeria debt stock

Nigeria’s total debt stock rose to N24.9 trillion (US$81.2 billion) as of the end of March 2019. This is revealed in the latest report released on Wednesday by the Debt Management Office (DMO).

According to the latest report released by DMO, Nigeria’s total debt portfolio hits N24.9 trillion as of March 31, 2019, compared to N24.3 trillion in December 2018. That is, quarter on quarter, Nigeria’s total debt stock rose by 2.3% or N560 billion.

Breakdown of debt stock: Nigeria’s debt stock category for the first quarter of 2019 shows that the country’s total external debt is estimated at N7.8 trillion (US$25.6 billion), constituting 31.5% of total debt for Federal government, Stated and the FCT.

  • The total domestic debt rose to N17 trillion (US$55.6 billion) or 68% of total debt stock within the quarter.
  • The Federal government’s domestic debt was put at N13.1 trillion or US$42.7 billion
  • All the 36 states accrued domestic debt of N3.97 trillion or US$12.9 billion as of the end of March.

States’ debt stock hits N3.97 trillion: A Further look into the breakdown of debts accruable to states in Nigeria revealed that states’ debt profile increased by 3% within the last quarter.

Specifically, as of December 2018, total debt accruable to states was estimated at N3.85 trillion, while the figure rose to N3.97 trillion in March 2019.

Analysis of the data shows that Lagos State posted the highest debt stock as of March 2018 with a whopping N542.2 billion. Other states that make up the top 10 highest indebted states in Nigeria include;

  • Rivers – N225.5 billion
  • Delta – 223.4 billion
  • Akwa Ibom – N199.7 billion
  • Cross River – N167.2 billion
  • FCT – N163.5 billion
  • Osun – N147.7 billion
  • Bayelsa – N133.3 billion
  • Kano – N121.7 billion
  • Ekiti – N118 billion

Debt stock

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States are in debt trap: It is no longer news that close to 30 states in Nigeria have been described as insolvent. Recall that the federal government dished out bailout funds to assist almost 30 states in the past year to pay up workers’ salaries at respective states.

While the federal government has come out to indicate no more bail-out to states governments, trouble may soon unravel as the organized Labour Union is bent on the implementation of the new N30,000 minimum wage from states whose revenue sources have plunged over time with rising debt.

[ALSO READ: Buhari tells Governors “no more bail-outs”]

Fresh concerns about Nigeria’s rising Debt: In recent months, Nigeria’s debt has gained wide criticisms both within the domestic and international spheres. For instance;

  •  The African Development Bank (AfBD) recently revealed that Nigeria spends more than 50% of its revenue on debt servicing.
  • The World Bank has claimed Nigeria’s debt is not sustainable
  • The former Central Bank of Nigeria’s Governor, Sanusi Lamido, recently declared that Nigeria is “bankrupt and the country is heading to bankruptcy”
  • With Nigeria’s rising debt closing down on N30 trillion mark, the calls for fresh concerns in the country.

 

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Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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Business

Burial date for late Prince Philips announced

The Duke of Edinburgh will be laid to rest on Saturday, April 17, 2021, in a colourful but lowkey ceremony.

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Prince Philip, the late husband of Britain’s Queen Elizabeth, and the Duke of Edinburgh will be laid to rest on Saturday, April 17, 2021, in a colourful but lowkey ceremony by royal standards.

The Buckingham palace in making the announcement stressed that the funeral service will be held according to the Covid-19 restrictions guideline with the number of mourners to be limited to 30. This means that members of the royal family including the Queen would be expected to put on face masks.

The College of Arms, which handles most of the ceremonial aspects of the royal family’s work, had earlier confirmed that the late Prince Philip would not lie in state anywhere accessible to the public, which could have seen thousands of people lining up to view his coffin.

The funeral service for Philip, who died aged 99 on Friday, will be held at St George’s Chapel in Windsor Castle, and a national minute’s silence would be observed ahead of the ceremony. There will be no public access nor public procession beforehand with the royal family and UK government asking the public not to gather or leave flowers at the royal residences due to Covid-19 restrictions.

A Buckingham Palace spokesman also confirmed that Prince Harry, the Duke of Sussex, who had moved to Los Angeles after giving up royal duties, was planning to attend his grandfather’s funeral, but his pregnant wife Meghan won’t be present as she had been advised not to travel by her physician.

In case you missed it

  • It can be recalled that the death of Prince Philip, the husband of Queen Elizabeth II and the longest-serving consort of any British monarch before retiring from his public duties in 2017, was announced on Friday, April 9, 2021.
  • He died peacefully in Windsor Castle on Friday morning and had been married to the Queen for 73 years.
  • Since his death, tributes have been flooding in from the UK and all around the world for the duke, who had recently spent a month in two London hospitals, undergoing heart surgery and treatment for an infection, before returning in mid-March to Windsor Castle.

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Sports

How we source funds to develop handball in Nigeria – Handball Federation

The Handball Federation of Nigeria discusses sponsorships, strides and progress made.

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Handball is one of the lesser-known sports in Nigeria, but that doesn’t mean it’s not making strides. Cosmos Chukwuemeka, the media assistant to the President of the Handball Federation of Nigeria, Samuel Ocheho, spoke to Ademola Kadiri in a revealing interview about several issues.

The excerpts are below:

Could you please introduce yourself?

My name is Cosmos Chukwuemeka and I am the media assistant to the president of the Nigerian Handball Federation. I am also a broadcast journalist with LASU Radio where I head the Sports Unit.

We normally don’t hear a lot about the Handball Federation. What could be responsible for this?

Basically, that has to do with the sporting culture of the country. Football is the king of all sports. Everybody loves football. That has to do with the systemic disparity that keeps football ahead of other sports.

The disparity is like the sun and moon; that’s how far they are from each other. It also has to do with structure, talents and inadequacy of facilities; funding is also a big elephant in the room. Football gets 80% of the chunk while the other federations share the remaining 20%.

It’s not only about publicity. Funding also fuels publicity. All of these are the big issues. Policy defects have affected sports, in general. It is not because other sports are not trying, it is because of the defective policy and the challenges that come with it. It is basically systemic.

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How does the Federation source for funds?

When the present president came on board, the sport was almost in comatose. They were not attending competitions and grassroots competitions were not being organized. In the 80s, Nigeria used to be the king of handball, but in the 90s, everything fell like a pack of cards because of a whole lot of issues, mainly maladministration.

But then, Samuel Ocheho came in. He’s someone that played the sport, and as a corporate person, he understood how to drive the sport. The first thing he did was to secure the sponsorship for the league, and that was how Prudent Energy came on board. Prudent Energy and Services Limited is an energy company that sponsors the league for about 4 years now. The first phase of the league will come up in May while the second phase comes up in October.

He also ensured that there is level playing ground for individuals that want to put in their money to develop handball. Since 2018, since he became president, there have been many national and international competitions. Apart from the fact that he puts in his own money, which shows his passion, he and the Board have been able to bring a lot of attraction to the sport, so much that handball can now compete with basketball for relevance.

Do the sponsors get value for money to expand the scope of their sponsorship?

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Prudent Energy has expanded the scope of its sponsorship twice in 4 years. They are getting the dividends of their investment in the league. When they started in 2018, they got bigger and bigger. Like most energy companies, people might not know about them. They came in and a lot of people started knowing about them and started understanding what they really do.

They came into the league, and it was a big gain for handball to be able to get Prudent Energy, and the dividends for them has been massive. They have leveraged it and everyone now knows that the National Premier Handball League is sponsored by them.

At the point of the lockdown last season caused by Covid-19, they gave out palliatives to all the teams in the league, the players, and even the referees. If they were not getting Return on Investment, they wouldn’t do that at all.

What will you recommend for improving the perception of handball in Nigeria?

It’s a world of technology, and we are trying our best in that regard. We are on YouTube, Facebook, Instagram, and Twitter. We churn out content every other time, giving updates about the league, and other competitions we participate in. We stream matches live, so we are trying our best to improve the perception and publicity. We also have some media partners that have been with us from day 1.

They help in propagating the good work that the Handball Federation of Nigeria is doing for the growth and development of the sport in the country. Interviews like this also help, but ultimately, what we seek is for handball to go back to the grassroots, which is the fastest possible way to grow the sport.

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