COVER
FG, States, FCT Debt Profile Hit N26.2trn
By Tony Obiechina, Abuja
The Federal Government, the 36 states and Federal Capital Territory (FCT) debt profile stood at N26.215 trillion as at September 2019, the Debt Management Office has said.
The Office also said that the Federal Government was making plans to borrow about N1.
5 trillion, this year, to enable it finance some key projects including roads as provided for in the 2020 Appropriation Acts.The proposed loan, according to the Director General, DMO, Ms Patience Oniha, would comprise N850 billion and N744.99 billion for External and Domestic Borrowings, respectively.
DMO said on the outstanding debt, the comparative figure for September 2018 was N25.701 trillion, implying that between September 2018 and 2019, the Total Public Debt (TPD) grew by 16.88 per cent.
Oniha who spoke at an interactive session with journalists in Abuja, while unveiling the DMO plans for 2020, said the New Domestic Borrowings will be raised through FGN Bonds, Sukuk, FGN Bonds and possibly Green Bonds.
“For External Borrowings the strategy is to first seek out concessionary and semi
concessionary loans due to the lower interest rate and longer tenors. Any shortfall
thereafter may be raised from commercial sources”, she said.
The Director General however explained that the level of New Borrowings in the Appropriation Acts declined consistently since Nigeria exited the recession in the year 2017.
According to her, “the increase in the New Borrowings in the Appropriations Acts between
2015 and 2017 was due to the need to stimulate growth and create jobs in the economy as contained in the Economic Recovery Growth Plan (ERGP)”.
She disclosed that the Total Public Debt, comprising the Debts of the FGN, 36 States and the Federal Capital Territory (FCT) as at September 2019 stood at N26.215 trillion.
A breakdown of the amounts shows that the comparative figure for September 2018 was N25.701 Trillion which implies that in the 12 months period to September 2019 the Total Public Debt grew by 16.88%.
A further breakdown indicates that the Total Public Debt as at September 2019 includes Promissory Notes in the amount of N812.650 billion which had been issued to settle the FGN’s arrears to Oil Marketing Companies and State Governments under the Promissory Programme approved by the Federal Executive Council and the National Assembly.
Although the 2019 Appropriation Act provided for a total New Borrowing of N1, 605.63 Trillion split equally between Domestic and External, only the domestic component of N802.82 Billion was raised due to the late passage of the 2019 Appropriation Act and the expectation that the implementation of the 2020 Budget would commence on January 1, 2020.
Highlighting the achievements of the DMO in 2019, the Director General listed the issuance of a 30-year FGN Bond for the first time, the introduction of the 30-year Bond to meet the investment needs of long-term investors such as insurance companies and
support the development of the domestic financial markets in areas such as mortgages.
According to her, “From the FGN perspective the 30-year Bond also contributed to reducing the refinancing risks of the Public Debt Stock. The product has enjoyed a strong demand as N284.391 billion had been issued by the end of September 2019.
“The Ratio of Domestic Debt to External Debt at 69:31 as at September 2019 was an
improvement over the Ratio of 71:29 as at September 2018 compared to the target
of 60:40 in the Medium-Term Debt Management Strategy.
“The Ratio of Long Term to Short Term Debt in the Domestic Debt as at September 2019 was 80:20, which shows that the target of 75:25 had been outperformed by September 2019.
“Furthermore, it was an improvement over the Ratio of 73:23 recorded in September 2018.
Similarly, Total Debt as a percentage of GDP was 18.47% as at September 2019 was well within the limit of 25% and fares better in comparison with the Debt/GDP ratios of countries such as the United States of America, United Kingdom and Canada with
ratios of 105%, 85% and 90% respectively for the same period.
“However, because they generate adequate revenues, their Debt Service/Revenue Ratios for the same period were much lower at 12.5%, 7.5% and 7.5% respectively when compared to Nigeria’s
51% in 2017.
“The low revenue base of Nigeria relative to its GDP is clearly reflected in the high
Debt Service to Revenue Ratio. This clearly brings to fore, the need for revenues to
grow.
“The efforts towards increasing and diversifying revenue such as the passage of the Finance Act and Strategic Revenue Growth Initiative of the Federal Ministry
of Finance, Budget and National Planning should thus be supported”, she added.
The 30-year bond also contributed to reducing the re-financing risks of the Public Debt Stock, which had now enjoyed a strong demand as N284.391 billion had been issued by the end of September 2019.
“The Ratio of Domestic Debt to External Debt at 69:31 as at September 2019 was an improvement over the Ratio of 71:29 as at September 2018 compared to the target of 60:40 in the Medium-Term Debt Management Strategy.
“The Ratio of Long Term to Short Term Debt in the Domestic Debt as at September 2019 was 80:20, which showed that the target of 75:25 had been outperformed by September 2019. Furthermore, it was an improvement over the Ratio of 73:23 recorded in September 2018.
“Similarly, total debt, as a percentage of GDP, was 18.47% as at September 2019, was well within the limit of 25% and fares better in comparison with the Debt/GDP ratios of countries such as the United States of America, United Kingdom and Canada with ratios of 105%, 85% and 90% respectively for the same period”, the statement added.
By Attah Ede, Makurdi
In a bold move to tackle the growing menace of drug abuse among young people, the Minister of Education, Dr. Tunji Alausa, has approved the implementation of mandatory drug integrity testing for students in Nigeria’s tertiary institutions.This initiative, announced after a strategic meeting with the Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig.
Gen. Buba Marwa (retd), will apply to both new and returning students through compulsory and random testing.The development is part of a comprehensive three-pronged strategy proposed by the NDLEA, which includes curriculum reform to introduce up-to-date drug education in schools, stand-alone drug abuse prevention programs at the secondary level, and a national student drug testing policy.According to NDLEA spokesman, Femi Babafemi, over 40,000 drug offenders have been arrested and more than 5,500 metric tonnes of narcotics seized in the last two years alone.Marwa emphasized the urgent need for this initiative, stating that drug use fuels criminal activities including terrorism, kidnapping, and banditry.“We are fighting for the souls of our children. Without drugs, many criminal activities would not be possible,” Marwa declared.Dr. Alausa acknowledged the devastating effects of drug abuse on academic performance and employability, describing it as a major threat to national development.“When youths get into drugs, they lose interest in education. Even if they attend school, they’re not functional. Their ability to make informed life decisions is diminished, making them unemployable,” Alausa warned.To institutionalize the reforms, the minister announced the establishment of a Substance Use Prevention Unit in the ministry and the formation of an inter-ministerial working group with the NDLEA. He also committed to collaborating with the Universal Basic Education Commission and the Tertiary Education Trust Fund to support the NDLEA Academy in Jos.Meanwhile, in Makurdi, Benue State, a different kind of crisis is unfolding. No fewer than 76 nursing students at the Benue State University (BSU) were forcefully evicted from their hostels on Thursday, following a dispute over increased accommodation fees.The students, who were relocated from the main campus to the dilapidated facilities of the former School of Nursing and Midwifery, said they were asked to pay N30,000 per bed space, double the N15,000 charged at the main hostels.According to them, the eviction came without prior notice, even as the students were in the middle of their first semester exams and preparing for their clinical postings slated for August 11.Many of them, coming from distant states such as Lagos, Kaduna, and Abuja, were left stranded on the streets with their luggage and no alternative accommodation.Acting President of the Benue Schools of Nursing and Midwifery Alumni Association and media aide to the State NANNM Chairman, Mhange Moses, condemned the action as harsh and insensitive.“This is a shameful treatment. These students live in appalling conditions — no water, no electricity, broken toilets. Now they are being thrown out with no place to go. The nursing college is at risk of losing accreditation, and the students’ futures are in jeopardy,” Moses lamented.He appealed to Governor Hyacinth Alia to intervene urgently and provide a safe and conducive learning environment.“Nurses are the custodians of public health. They deserve better. We appreciate the governor’s efforts in upgrading the institution, but he must act now to prevent further damage,” Moses urged.As the federal government ramps up its fight against drug abuse in tertiary institutions, the plight of these nursing students highlights another pressing issue in the education sector—access to basic, dignified living conditions while pursuing academic and professional training.
By Tony Obiechina, Abuja
FCMB Group Plc has announced its financial results for the half-year period ended June 30, 2025, recording gross earnings of N529.2bn, representing a 41.3 percent increase compared to N374.5bn posted in the corresponding period of 2024.In its unaudited financial statements for the period ended March 31, 2025, and filed with the Nigerian Exchange Limited on Tuesday, the growth was primarily driven by a 70.
3 percent surge in interest and discount income, which rose to N458. 4bn from N269.2bn in H1 2024. This strong performance reflects improved yields on earning assets and expansion in the Group’s loan book, which reached N2.38tn as of 30 June 2025.Net interest income climbed to N207.4bn, up 95.3 percent from N106.2bn in the same period last year. Despite this, interest expense rose by 54.1 percent to N251.0bn, compared to N163.0bn in 2024.Net fee and commission income also rose significantly by 51.3 percent to N37.9bn from N25.1bn. This growth was aided by a 30.9 per cent rise in fee and commission income to N47.4bn, even as fee and commission expenses fell by 14.9 per cent to N9.5bn.However, net trading income declined by 29.3 per cent to N22.2bn from N31.4bn, while other gains fell sharply to N696.3m from N37.1bn, reflecting lower revaluation and disposal gains on financial instruments.Operating expenses increased across the board. Personnel expenses rose 34.4 percent to N48.3bn, and depreciation and amortisation grew 24.8 per cent to N8.1bn, while general and administrative expenses jumped 59.4 per cent to N57.2bn. Other operating expenses rose 49.4 per cent to N39.6bn.Despite these cost increases, the Group delivered a profit before tax of N79.1bn, a 23.2 per cent rise from N64.2bn in H1 2024. After tax, profit stood at N73.4bn, reflecting a 23.4 per cent year-on-year growth from N59.5bn.Other comprehensive income for the period was N6.9bn, up from N24.8bn in the previous year. This brings total comprehensive income for the Group to N80.3bn for H1 2025, slightly below the N84.3bn reported in H1 2024, due largely to lower unrealised gains from foreign currency translation differences.Total assets as of June 30, 2025, stood at N7.54tn. Customer deposits rose 39.9 per cent to N4.54tn, while loans and advances to customers increased modestly to N2.38tn.
By David Torough, Abuja
The Nigerian National Petroleum Company Limited (NNPCL) has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers in Abuja, ending weeks of speculation over the future of the country’s most prominent state-owned refining asset.
A statement by the company management yesterday said, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.”He described selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.”Ojulari’s remarks come amid rising public concern sparked by his earlier comments at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding the future of Nigeria’s refineries.The statement triggered a wave of speculation that a sale might be imminent.He stated that the new position of the firm was not a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.The statement added, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial.”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.”Thus, selling is highly unlikely as it would lead to further value erosion.”At the town hall, the Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.According to the statement, the announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries.It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable”, the atmosphere reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.“NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians,” Ojulari concluded.The statement added that the declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.NNPCL Drills Four Oil Wells in Kolmani, BauchiA Director at the Nigerian National Petroleum Company Ltd, Yusuf Usman, said the company has drilled four oil wells in the Kolmani area of Bauchi State.He also restated the commitment of the company to the exploration and development of oil and gas resources in the northern region of the country.Usman said this on Wednesday in Kaduna at the Sir Ahmadu Bello Memorial Foundation’s two-day interactive Session on Government-Citizens Engagement.Usman stated, “So far, the NNPCL has drilled four wells in the Kolmani area of Bauchi State, and is currently evaluating the appropriate technology to be deployed for the next phase of drilling operations.“In support of President Tinubu’s Compressed Natural Gas (CNG) Initiative, five CNG and Liquefied Natural Gas (LNG) plants are under construction in Kogi.“These plants are expected to enhance gas supply and accessibility across the northern region.”Usman highlighted some of the achievements of the company under the Tinubu-led administration that benefited the north and other parts of the country.
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