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Nigeria among Top 10 African Countries with High External Debt – Afreximbank

By Tony Obiechina, Abuja
Africa’s external debt is projected to reach $1.29trn by 2028 as Nigeria was listed among the ten African nations accounting for 69 percent of the continent’s total external debt, according to a recent report by Afreximbank Research.
The report, titled ‘African Debt Outlook: A Ray of Optimism’ and released in February 2024, underscores the persistent debt challenges facing African nations while highlighting potential strategies for economic stabilization.
It revealed that in the first half of 2024, ten African nations collectively held 69 per cent of the continent’s total external debt stock, an increase from 67 per cent in 2023.
Nigeria alone accounts for eight per cent of Africa’s total external debt, making it one of the largest debt holders on the continent. Other countries with significant external debt burdens include South Africa (14 per cent), Egypt (13 per cent), Morocco (six per cent), Mozambique (six per cent), Angola (five per cent), Kenya (four per cent), Ghana (four per cent), Côte d’Ivoire (three per cent), and Senegal (three per cent).
The report attributed the rise in Africa’s external debt to limited development in domestic financial markets, high interest rates, and an increasing demand for foreign exchange to finance imports.
Additionally, reliance on aid, concessional loans from multilateral institutions, and competitive credit rates from private lenders have compounded the debt burden.
Since 2008, Africa’s external debt has surged significantly, reaching approximately $1.16trn by 2023, which represents 60 per cent of the region’s total public debt.
Projections suggest a modest increase to $1.17trn in 2024, with a continued upward trajectory expected to push the figure to $1.29trn by 2028.
This growth is largely driven by rising financing needs, fueled by rapid population expansion and economic development requirements.
According to Nigeria’s Debt Management Office (DMO), the country’s total public debt climbed to N142.3trn as of September 30, 2024, reflecting a 5.97 per cent increase (N8.02trn) from N134.3trn in June 2024.
Debt servicing in the first three quarters of 2024 exceeded N7trn, driven by increased obligations to multilateral and bilateral creditors, as well as significant interest payments on commercial loans.
Despite its debt burden, Nigeria has continued to leverage international capital markets to finance its fiscal needs.
In December 2024, the country issued a $2.2bn Eurobond, with expectations of further issuances as global interest rates decline.
However, the report cautioned that while lower rates may ease immediate fiscal pressures, macroeconomic risks such as currency depreciation and dwindling foreign reserves persist.
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NERC Slams N628m Fine on Eight DisCos for Non-compliance

The Nigerian Electricity Regulatory Commission (NERC) has fined eight Electricity Distribution Companies (DisCos) N628, 031,583.94 for non-compliance with capping of estimated bills for unmetered customers.
The commission made this known in a statement on its website in Abuja on Thursday.
The commission listed the DisCos affected to include: Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola.
It said that the non-compliant DisCos were sanctioned to pay fines amounting to N628,031,583.
94, which is equivalent to 5 per cent of the naira value of the gross overbilling for the period under review.According to NERC, it sanctioned the DisCos pursuant to section 34(1)(d) of the Electricity Act 2023 (“EA 2023”),
It said that the DisCos failed to fully comply with the monthly energy caps issued by the commission between July and September 2024.
”The public may recall that in 2020, the commission issued the Order on Capping of Estimated Bills (Order No: NERC/197/2020) and subsequently issued monthly energy caps.
”Which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder.
”A review of DisCos’ billing of unmetered customers for July to September 2024 (2024/Q3) revealed non-compliance with the monthly energy caps issued by the commission,” it said.
The commission said that it had also mandated the DisCos to issue commensurate credit adjustments to all customers affected by the overbilling by May 15, which end the April 2025 billing cycle.
The commission also reaffirmed its commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.(NAN)
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FG Warns Benue, FCT, 31 Other States over High Flood Risk

The Nigeria Hydrological Services Agency (NIHSA) has warned that 1,249 communities across 176 Local Government Areas (LGAs) in 33 states and the FCT fall within the high flood-risk areas in 2025.
The warning was issued during the official presentation of the 2025 Annual Flood Outlook (AFO) by the Minister of Water Resources and Sanitation, Prof.
Joseph Utsev, in Abuja.According to the forecast, an additional 2,187 communities in 293 LGAs across 31 states and the FCT are expected to experience moderate flood risk this year.
States identified in the high-risk category include: Abia, Adamawa, Akwa Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, the FCT, Gombe and Imo.
Others were; Jigawa, Kebbi, Kogi, Kwara, Lagos, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Rivers, Sokoto, Taraba, Yobe, and Zamfara.
Utsev noted that floods are among the most devastating natural disasters affecting lives, property, agriculture, and infrastructure.
He said the 2025 forecast is aimed at raising awareness and encouraging preparedness among citizens, particularly in vulnerable communities.
He said this year’s theme on community preparedness and adaptation is timely, given the recurring floods and their impact on livelihoods and infrastructure.
The minister explained that the 2025 Annual Flood Outlook has been segmented into three parts to enhance flood preparedness.
These include a general flood forecast, a communication strategy for effective warning dissemination, and a mitigation plan to reduce exposure and vulnerability.
“According to the forecast, 657 communities in 52 LGAs are expected to experience high flood risk between April and June.
“544 communities in 142 LGAs between July and September; and 484 communities in 56 LGAs from October to November.
“Moderate flood risk is projected for 445 communities in 116 LGAs from April to June, 1,458 communities in 271 LGAs from July to September, and 1,473 communities in 171 LGAs between October and November,” he added.
He said flash and urban flooding are expected in major cities, including Abuja, Lagos, Port Harcourt, Ibadan, Kano, and Makurdi, largely due to poor drainage and weak infrastructure.
According to him, coastal states such as Bayelsa, Cross River, Delta, Lagos, Ogun, Rivers, and Ondo may also experience flooding caused by rising sea levels and tidal surges, posing a threat to livelihoods and river-based activities.
Utsev announced initiatives such as a National Flood Insurance Programme, to be piloted in Kogi and Jigawa states, and the Niger Flood Project to boost river navigation, flood control, and climate resilience.
He highlighted plans to launch an Integrated Climate Resilience Project and the forthcoming Annual Drought Outlook.
Utsev urged stakeholders to support government efforts in building flood-resilient communities and affirming the Federal Government’s commitment to proactive flood management.
The NIHSA Director-General Umar Mohammed emphasised the agency’s commitment to using advanced technologies and fostering inter-agency collaboration to deliver accurate and timely flood forecasts.
Mohammed explained that this year’s forecast adopts a more community-focused approach, extending beyond local government areas to identify specific at-risk communities.
“Our aim is to equip decision-makers with actionable information to protect lives, livelihoods, and property,” he stated.
He added that the outlook identifies flood-prone states, local government areas, and communities, while also assessing impacts on sectors such as healthcare, education, agriculture, transport, and water quality.
According to Mohammed, the goal is to strengthen community resilience and support proactive flood management strategies across the country.
key highlights of the event included the formal presentation of the NIHSA Flood and Drought Dashboard and the unveiling of the National Flood Insurance Programme.
Goodwill messages were delivered by representatives of the World Meteorological Agency, the National Water Resources Institute Kaduna, and others.
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Assassination Claim: Akpabio Writes IGP, Demands Natasha’s Prosecution

By Eze Okechukwu, Abuja
The senate President, Godswill Akpabio has petitioned the Inspector General of Police (IGP), Kayode Egbetokun, requesting an immediate investigation and prosecution of suspended Senator Natasha Akpoti-Uduaghan over an alleged assassination plot accusation against him.
In the petition dated April 3, and also copied to the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, Akpabio described the allegation as a “heinous lie” and a calculated attempt to malign his reputation, incite unrest, and endanger his life.
The controversy stems from comments made by Akpoti-Uduaghan during a homecoming event in Kogi State on April 1, where she accused Akpabio of instructing former Kogi State Governor, Yahaya Bello and the incumbent, Governor Usman Ododo to assassinate her in Kogi State; allegedly to create the impression that the attack came from her constituents.
Akpabio, in his petition, rejected the claims as politically motivated, baseless, and defamatory, stressing that the remarks, widely circulated across traditional and social media platforms, were made without any supporting evidence and were intended to incite political instability and manipulate public opinion.
“I categorically state that this allegation is entirely false, unfounded, and politically motivated. It is a calculated act of blackmail and character assassination,” the Senate President wrote in the petition to the Inspector General of Police.
He emphasized that the gravity of the allegation, coupled with its reach and public traction, demands prompt action by law enforcement agencies.
He called for Akpoti-Uduaghan’s prosecution under laws addressing criminal defamation, incitement, false accusation and conduct likely to cause a breach of peace.
Akpabio urged the police to treat the matter with the urgency and seriousness it deserves, insisting that public figures must be held accountable for statements capable of threatening peace and democratic stability.