SENATE SACKS CCT CHAIRMAN, DANLADI UMAR
Dons Eze
- November 20, 2024
SENATE SACKS CCT CHAIRMAN, DANLADI UMAR
SENATE SACKS CCT CHAIRMAN, DANLADI UMAR The Nigerian Senate on Wednesday, sacked Danladi Usman as the Chairman of the Code of Conduct Tribunal (CCT).The sack of Danladi follows the closed-door session of the lawmakers in which 84 out of the existing 107 serving Senators, signed for his removal The Senate invoked section 157(1) of the 1999 constitution which stipulates that 2/3 of the membership of the Senate can remove the head of any statutory body alleged to have indulged in gross misconduct and misdemeanour in office. Earlier in a motion, which was sponsored by the Senate Leader, Michael Opeyemi Bamidele, cited Section 157(1) of the 1999 Constitution as amended to remove Justice Umar as Code of Conduct Tribunal Chairman. Opeyemi urged the Senate to rely on the Constitutional provision, saying that there are a plethora of petitions against the Chairman. To have a seamless and raancour free debate, he said there was a need for a closed door session to clear grey areas before opening the Chamber for debate. Meanwhile, the Constitution stipulated the two-third majority of the joint Chambers before a Chairman of CCT can be removed from office. The removal of Justice Danladi Umar will pave way for one Mr Abdullahi Usman Bello to be sworn in as a substantive Chairman,.
TINUBU SACKS UNIZIK GOVERNING COUNCIL, REMOVES VC
TINUBU SACKS UNIZIK GOVERNING COUNCIL, REMOVES VC President Bola Ahmed Tinubu has approved the dissolution of the Governing Council of the Nnamdi Azikiwe University in Awka, Anambra State, and the removal of Prof. Bernard Ifeanyi Odoh, the new Vice Chancellor, and Mrs. Rosemary Ifoema Nwokike, the registrar. The council, led by Ambassador Greg Ozumba Mbadiwe, includes five other members: Hafiz Oladejo, Augustine Onyedebelu, and Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin. In a statement, Bayo Onanuga, Special Adviser to the President on Information & Strategy, said the sacking of the governing council and officials followed reports that the council illegally appointed an unqualified vice-chancellor without following due process. “After the controversial appointment, the Federal Government stepped in to address tensions between the university’s Senate and the governing council of the 23-year-old institution.” “The government expressed concern over the council’s apparent disregard for the university’s governing laws in its selection process,” the statement read. Tinubu also approved the removal of Engr. Ohieku Muhammed Salami as the Pro-chancellor and Chairman of the governing council of the Federal University of Health Sciences in Otukpo, Benue State. The decision followed Salami’s reported illegal actions, including suspending the Vice-Chancellor without following the prescribed procedures. “Despite the Federal Ministry of Education’s call for the unlawful suspension to be revoked, Engr. Salami refused to comply. Instead, he resorted to abusive and threatening behaviour towards the Ministry’s Directors, including the Permanent Secretary. “The Federal Government reiterated that the primary responsibility of university councils is to ensure the smooth operation of university activities in accordance with the act establishing each university.” President Tinubu warned the councils not to create distractions in their universities as his government is focused on improving the country’s education standards.
OUR NEW GENERATION OF CHILDREN
OUR NEW GENERATION OF CHILDREN We have a new generation of children that are not interested in toys and bicycles. They are not interested in playing in the mud or sand. They are not interested in using a catapult or sling to hunt the birds or lizards. They are not much into TVs despite its slimness and sleekness and getting less interested in Cartoons. They are not fascinated by Swings and skateboarding. They don’t have that stubborn spirit of playing football or basketball in the rain or pulling down unripe mangoes and guava from the trees. These children are not interested in that game of hide and seek.They don’t want to go to the museum or the art gallery.They think of the library as archaic. They don’t discuss books.They discuss contents in Tik Tok,Instagram,Snapchat and others.Their heroes and mentors are not the politicians,soldiers,Activists,religious leaders or businessmen.Their’s are Musicians,entertainers,Actors,Social media influencers,content creators and sports stars.The World has a new breed of tech children.Every child wants a phone and a pad.The privilege kids have it and the kids from the less privileged home aspires for it.Once they are engrossed in that device,they cut themselves from the physical world and want to be left alone. The new generation of Children are both obsessed and addicted to phones and related tech gadgets.Parents now struggle on a daily basis to free their children from the maddening obsession and charm of the phones and pads. They are not into the phones for physics and mathematics,they are there for endless hours of video games,entertainment and silly things in the wild world of the social media.Almost every home is having its share of experience and challenges with the tech generation children.They know about countries and places they have never visited.They know everything about people they have never met.They know more about what their parents never knew.They know all the apps and their uses in their parents phones.They know how to hide and manipulate their gadgets beyond the knowledge of their guardians.They are half human and half aliens from the ‘cyber space’.The advent of the AI technology makes matters worse for the parents and teachers. When there is a solution for every problem in a matter of seconds,the tech generation of Children are questioning why should they squeeze or stress their brains. We are in a new World where technology has made life easier,but we have to live on a daily battle of trying to rescue our kids from it’s harmful sides.Where do we go from here?Copied
- Biafra News
- November 20, 2024
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EX-PRESIDENTIAL AIDE BERATES FG OVER CONTINUOUS KILLINGS IN SOUTH EAST
EX-PRESIDENTIAL AIDE BERATES FG OVER CONTINUOUS KILLINGS IN SOUTH EAST Jackson Ude, the former Director of Strategy and Communications for President Goodluck Jonathan, has lampooned the federal government over the continuous killing of Igbos in the Southeastern part of the country. He described and irresponsible, despicable and dangerous, the lackluster attitude of the federal government towards the bloodsheds and denial of rights of freedom of citizens as a result of the sit-at-home order enforced on the people of the South East by the Indigenous People of Biafra (IPOB). The former presidential aide also expressed his disappointment with the silence of Ohaneze Ndi Igbo while the Igbos are been killed by a few armed individuals. Ude condemned IPOB’s sit-at-home policy, describing it as detrimental and counterproductive to the very people the group purports to defend. In a statement attributed to him and made available to newsmen on Wednesday, Ude condemned the persistent killings of innocent Igbo individuals under the pretext of enforcing a sit-at-home order, labeling such actions as reckless and perilous. He contended that these measures deprive individuals of their livelihoods, particularly in a context of widespread poverty and hunger, thereby exacerbating insecurity in the region. The communication specialist advocated for a political resolution to the Biafra agitation, encouraging activists to redirect their efforts towards democratic avenues. He proposed the establishment of a political platform to elect representatives capable of advocating for a referendum on the issue through legislative channels. Furthermore, Ude called for the immediate release of the embattled IPOB leader Nnamdi Kanu, asserting that his release could facilitate the cessation of the sit-at-home orders and alleviate tensions in the region. He emphasized the urgent need to alleviate the suffering of the populace to avert further disorder. He said, “The continuous killing of Igbos by Igbos under the guise of enforcing a ‘sit-at-home’ order to press for a Biafra State is highly irresponsible and condemned. All well-meaning and patriotic Igbos must rise up in unison and condemn the wanton killing of Igbos in South East Nigeria.” “Our people have not done any wrong going about in search of their daily bread at a time poverty and hunger has enveloped the country. How does it make sense to continue denying the people you seek to protect their daily means of livelihood by enforcing a ‘sit-at-home’ order, turn around and kill them, and then claim to be protecting them. “The most civil way to achieve this Biafra State is to use a political party platform, elect people into the State Houses of Assembly in the South, and have them all sign a referendum for a Biafra State. The idea that a Biafra State can be achieved through a ‘sit-at-home’ order and the continuous killing of our people is not only childish but criminal. “And to have the Federal Government watch and allow citizens from the South East denied their rights to freedom and killed without appropriate measures to protect them is despicable, irresponsible, and dangerous. I am also thoroughly disappointed in the lackluster attitude and the silence of Ohaneze Ndi Igbo while our people are killed by a few armed individuals. “The bloodshed is too much, and the suffering of the people who are in double jeopardy must be halted. We must intensify the call for the immediate release of Mazi Nnamdi Kanu. This is one way the shenanigans of the ‘sit-at-home’ enforcers would end. If this does not stop, another insurgent group might begin the protection of our people from the ‘sit-at-home’ enforcers, a situation that might throw the whole region into serious chaos. Igbos have suffered enough!”
UMAR DAMANGUN, PDP ACTING NATIONAL CHAIRMAN, PLANS TO REMAIN IN OFFICE TILL NEXT YEAR
UMAR DAMAGUM,PDP ACTING NATIONAL CHAIRMAN, PLANS TO REMAIN IN OFFICE TILL NEXT YEAR Ahead of the Peoples Democratic Party 99 National Executive Committee meeting slated for November 28, there are indications that Umar Damagum has perfected plans to remain as the acting National Chairman of the party till next year. It was learned that the Damagum-led National Working Committee is scheduled to meet with the 36 PDP state chairmen and the FCT chairman at the party’s headquarters, Wadata Plaza, in Abuja, on Wednesday (today). A senior figure in the PDP leadership, who spoke on condition of anonymity because he was not authorised to speak on the issue, informed our correspondent that most of the chairmen have arrived in Abuja on Tuesday, suggesting that the meeting could be related to the upcoming NEC. Since assuming the position of acting national chairman following Senator Iyorchia Ayu’s removal by the court, Damagum has faced growing criticism from party leaders amid the ongoing PDP crisis, with increasing calls for his resignation. His alleged lack of decisiveness was blamed for the worsening political crisis in Rivers State between Governor Siminalaye Fubara and his predecessor, now the Minister of the Federal Capital Territory, Nyesom Wike. During the 98th NEC meeting held on April 18, the party leaders agreed to decide Damagum’s future at the 99th NEC meeting. The 99th NEC meeting, originally set for August 15, was first postponed to October 24, and later rescheduled to November 28, 2024. The source indicated that recent developments within the party and the actions of key stakeholders point to Damagum continuing in his role until further notice. He stated, “The NEC meeting will proceed as planned, but Damagum will continue as the party’s acting national chairman until further notice. This is because many members and key stakeholders are now less focused on replacing him for a term shorter than 10 months when they could instead have a permanent chairman who would serve a full four-year term. “The delay in finding a replacement has led many to lose interest in the matter. With an elective PDP convention scheduled between October and November 2025, party leaders have shifted their focus to managing Damagum, despite his shortcomings, until the next convention. This convention will elect a new NWC for a 4-year term and select party candidates for the 2027 elections. “In addition to these reasons, there are ongoing legal disputes surrounding the issue. While these can potentially be navigated, some party leaders want to avoid actions that could lead to more litigation. “Moreover, the Wike group backing Damagum has expanded its influence into the North-Central zone. As a result, the zone, led by Plateau State Governor Caleb Mutfwang, has not yet convened to propose a replacement for Damagum. Therefore, Damagum will remain in his acting role for now.” The reliable source also revealed that the acting national chairman is actively engaging with stakeholders. He continued, “As part of these engagements, a meeting is scheduled for Wednesday (today) where Damagum and members of the NWC will meet with the 36 state chairmen and the FCT. “According to the meeting agenda, it is primarily a familiarisation session between the NWC and the newly elected state chairmen. “However, it is likely that additional discussions will take place, where Damagum’s supporters will seek to secure the backing and commitment of the majority, if not all, of the state chairmen ahead of the NEC meeting. “They will garner their support and prepare them for any unexpected developments. Since not all NEC members have voting rights, don’t be surprised if a vote of confidence is passed on Damagum on November 28, allowing him to continue in his acting capacity.” Another senior member of the PDP National Working Committee, who also spoke…
EIGHT NIGERIAN BANKS WITH HIGHEST CUSTOMER DEPOSITS IN 2024
EIGHT NIGERIAN BANKS WITH HIGHEST CUSTOMER DEPOSITS IN 2024 Eight Nigerian banks experienced an increase in customer deposits, which rose to N85.58 trillion in the third quarter of 2024. The increase represents a 12.2% increase, which shows customers confidence in the banking sector Zenith Bank led the pack with the highest customer deposits in the review period, with N21.57 trillion. Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023. The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX). Breakdown of the banks’ customer deposits Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project. Zenith Bank recorded the highest customer de-posits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023. The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion. Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase. The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023. First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase. The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion. Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023. Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion. Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion. Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023. The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion. Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion. Stanbic IBTC’s deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase. The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion. Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023. Nigerian banks’ customer deposits explode in 2024 The value of customers’ bank deposits rose to N136 trillion as of March 2024. Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months. CBN clarifies position on converting foreign currency The Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate. The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements. In February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.
OTTI EXONERATES IPOB FROM GUNMEN ATTACKS, ACCUSES OPPOSITION POLITICIANS
OTTI EXONERATES IPOB FROM GUNMEN ATTACKS, ACCUSES OPPOSITION POLITICIANS The Abia state governor Alex Otti has unveiled those behind the frequent gunmen attacks in the state. “The sole agenda is to cause disaffection and distract the government from its focus on the development of the state,” Otti said. Governor Alex Otti accuses opposition politicians, with external support, of sponsoring violence in Abia State. Attacks, including the killing of soldiers and police, aim to destabilize the government and distract from its development agenda Otti promises a “counter-offensive” to eradicate criminal activities and maintain peace in the state Abia State Governor, Alex Otti, has accused opposition politicians, in collaboration with external parties, of being behind the recent wave of insecurity in the state. The governor’s statement comes amid rising gunmen attacks and violence in the region, which has raised concerns among residents and security officials alike. Legit.ng reported that on Wednesday, 13, November two Nigerian soldiers were killed at a checkpoint on the Umuahia-Owerri Road in Ekeneobizi, Umuahia South Local Government Area. Another attack occurred on Sunday, November 16, when gunmen killed a police officer during an assault on the convoy of a Nigerian lawmaker. While the Nigerian government has accused the Indigenous People of Biafra (IPOB) of orchestrating the violence, IPOB has denied any involvement. Governor Otti says politicians responsible for attacksIn a statement released on Monday, November 18, by his media aide, Ferdinand Ekeoma, Governor Otti revealed that his administration has uncovered that opposition politicians in the state, rather than IPOB, are responsible for sponsoring the attacks. He explained that the violence started in late May and has continued to escalate as part of a strategy to disrupt his administration’s focus on development. “The sole agenda is to cause disaffection and distract the government from its focus on the development of the state,” Otti said. He further added that the opposition’s efforts to fabricate lies against the government had failed, and now, they were resorting to violence. We will smoke them out, Governor Otti vowsGovernor Otti vowed that his administration would not allow any group or individual to destabilize the peace in Abia State. He stated that a “counter-offensive” was being launched to eliminate the terror structures set up by criminals. “It needs to be understood that the government will not sit idly by and watch any person or group of persons unleash violence on innocent and peace-loving citizens of the state,” he asserted. Previously, Legit.ng reported that police authorities in Abia state have confirmed the killing of Inspector Bala Mohammed, one of the security officials assigned to Ginger Onwusibe, a member of the house of representatives representing the Nsiala-Ngwa North/South constituency. Mohammed was alongside his colleague, Inspector Dunna Jatau, when he was attacked by some gunmen.
REPS WILL PASS TAX REFORM BILLS WITH MINOR MODIFICATIONS – DEPUTY SPOKESMAN
REPS WILL PASS TAX REFORM BILLS WITH MINOR MODIFICATIONS – DEPUTY SPOKESMAN Philip Agbese, deputy spokesman for the house of representatives, says the green chamber is determined to pass the tax reform bills proposed by President Bola Tinubu with minor amendments. Speaking to journalists on Monday in Abuja, Agbese said the lawmakers view the four executive bills as catalysts for economic growth. Tinubu urged the national assembly to consider and pass four tax reform bills. The proposed legislations, which has sparked significant debate in the country, includes the Nigeria tax bill, the tax administration bill, and the joint revenue board establishment bill. Tinubu also seeks to repeal the law establishing the Federal Inland Revenue Service (FIRS) and replace it with the Nigeria Revenue Service. On October 28, the Northern States Governors Forum (NSGF) opposed the proposed bills, arguing that the legislations would harm the region’s interests.The governors emphasised the need for equitable and fair implementation of national policies and programmes to prevent marginalisation of any geopolitical zone. In response on October 31, the presidency assured the northern governors that the proposed tax laws would not increase the number of taxes.Speaking on the issue, Agbese said some governors have threatened to deny lawmakers return tickets for the 2027 elections if they continue to support the bills. He said no one can prevent representatives from backing initiatives aimed at reviving the country’s economy.“The difference between the new crops of politicians in the house of representatives is that we are intellectually sound, progressively-minded, and pro-Nigeria,” he said. “We are united across party lines to make sure the country works. This is the disposition of Speaker Tajudeen Abass.“We were not elected by the governors but our constituents, and as far as the bills will work for those that elected us, we will support it unequivocally, wholeheartedly, and powerfully to ensure that they see the light of the day.” Agbese said he expects the house of representatives to pass the bills with minor adjustments to refine them with a touch of patriotism and intellectualism. On November 1, the president said the tax reform bills wouldnot be withdrawn from the national assembly, as recommended by the national economic council (NEC). On November 17, Rabiu Kwankwaso, former governor of Kano, asked the national assembly to reject any attempts to “cheat” the north with the proposed tax reform bills.
NORTHERN, SOUTHERN LAWMAKERS PREPARE TO SQUARE EACH OTHER AGAINST TINUBU’S TAX REFORM BILLS
NORTHERN, SOUTHERN LAWMAKERS PREPARE TO SQUARE EACH OTHER AGAINST TINUBU’S TAX REFORM BILLS After a two-week break, National Assembly members are set to resume duties in Abuja, and the tax bills by President Bola Tinubu appear to be their priority.The four tax reform bills are before the National Assembly.However, the discourse over them appears to be divided between the North and the South.The four bills, the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill, are currently before both chambers of the National Assembly for passage.Over the weekend, Rabiu Kwankwaso, the presidential candidate of the New Nigeria People’s Party, NNPP, caused a major stir over the tax bills by describing them as a plot by Lagos State to take over the taxes of Kano, urging lawmakers from Kano to “open their eyes.”Mr Kwankwaso is the latest northern politician to raise alarm over the bills.It should be recalled that the Northern Governors’ Forum had instructed their lawmakers to reject the bills.The contention over the bills is the sharing of the Value Added Tax as proposed by the bills.The principle of sharing 60 per cent of VAT revenue through the derivation principle is sparking controversy.Some northern governors argue that the arrangement would favour Lagos State, which hosts many company headquarters.Taiwo Oyedele, the chairman of the presidential committee, has consistently debunked this claim, stating that the proposal in the bills will benefit northern states more. In one interview, he said the bills would affect Lagos State the most.However, DAILY POST learnt that many lawmakers remain unconvinced.On Monday, Mr Oyedele was in the House to further explain the implications of the bills to the lawmakers.In this report, DAILY POST reviews the regional composition of the Senate and the House of Representatives to determine the strength of the regions.Although voice votes are often used to decide issues, in the last Assembly, the Senate was forced to decide a contentious part of the Electoral Bill through voting.The SenateIn the Senate, if all 109 lawmakers are present, the number required to pass the tax bills is 55 votes. However, the quorum of the Senate is 37.A breakdown of the Senate shows that the North has 57 senators, including one from the FCT, while the South has 51 senators.North-West: 21 senatorsNorth-East: 18 senatorsNorth-Central: 18 senatorsSouth-West: 18 senatorsSouth-South: 18 senatorsSouth-East: 15 senatorsThe review shows that the North has more numbers. However, the North is not homogeneous. States like Kogi, Kwara, Benue, Nasarawa, and Plateau in the North-Central may vote differently from the core North of the North-East and the North-West.These five North-Central states have a total of 15 lawmakers in the Senate.If this is removed from the North, it leaves the North with 43 senators.The South is equally not homogeneous. Some states in the South, particularly the oil-producing states, may back the bills.A united southern bloc, plus the North-Central, may give the bills the needed push to scale through the Senate.Amid this, Senator Ali Ndume has been very vocal on the bills and recently claimed that the bills would be “dead on arrival.”The question is- does Mr Ndume have enough allies to ensure the bills are defeated?The HouseThe House has seen more people speaking up in support of the bills. Last week, Abdulmumin Jibrin, a member of the NNPP from Kano State, said the lawmakers from the North are going to back the bills because it is in the interest of the North.However, it is unclear if he will still maintain his position now that Mr Kwankwaso, the political leader of the NNPP, has spoken.Meanwhile, Philip Agbese, the deputy spokesperson of the House, has been very vocal in support of the bills. In a recent statement, he said the lawmakers…
NIGERIA’S DEBT TO IDA HITS $17B – REPORT
NIGRRIA’S DEBT TO IDA HITS $17B – REPORT Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association, with its exposure climbing to $17.1bn as of September 30, 2024. According to the World Bank’s latest financial statements for the fiscal year up to September 2024, Nigeria’s debt to the IDA rose by $600m in three months from $16.5bn recorded in June 2024. The PUNCH earlier reported that there was a 14.4 per cent increase between the figure for June 2024 and the $14.3bn recorded in June 2023. The fiscal year, which ran from July 2023 to June 2024, saw the country receiving an additional $2.2bn in loans. For the first time, Nigeria rose to the top three IDA borrowers in June 2024, moving from its previous fourth position in 2023. So far, Nigeria has maintained this third-largest debtor position, receiving a total of $2.8bn from the World Bank’s IDA during Bola Tinubu’s administration. Bangladesh and Pakistan occupy the first and second positions, with debt exposures of $21bn and $18.5bn, respectively. I[i]ndia, which ranks fourth, maintained its debt at $15.9bn, while Ethiopia stands at $13.1bn.[/i] Other top borrowers include Kenya ($12.4bn), Tanzania ($12.2bn), and Vietnam ($12.2bn). At the lower end of the list, Ghana and Uganda owe $7bn and $5bn, respectively. These ten countries account for 63 per cent of IDA’s total exposure, highlighting their heavy reliance on concessional financing. The IDA has set its Single Borrower Limit at $47.5bn for FY2025, representing 25 per cent of its $190.3bn equity as of 30 June 2024. Although Nigeria’s debt remains significant, it is still within the SBL threshold, which the World Bank considers non-restrictive at present. The financial statements document read, “As of September 30, 2024, the ten countries with the highest exposures accounted for 63 per cent of IDA’s total exposure. Monitoring these exposures relative to the SBL requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees.” Nigeria’s loans from the IDA, which offer low-interest rates and extended repayment terms, differ from its obligations to the World Bank’s International Bank for Reconstruction and Development, which provides financing at market rates. The concessional loans have become a crucial element of Nigeria’s funding strategy, particularly under the administration of President Bola Tinubu, who has been managing inherited debts while implementing reforms. The Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023. This was according to data from the Central Bank of Nigeria on international payment statistics. The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.