Newspaper Review: Nigeria’s public debt rises to N24.387 trillion

Newspaper Review: Nigeria’s public debt rises to N24.387 trillion

The major headlines in mainstream newspapers, today, Friday, April 5 are focused on Nigeria’s rising debt profile; the NJC’s recommendation on acting CJN, Justice Tanko Muhammad, and a report showing why many Nigerians may die of diet-related diseases.

Punch kicks off the review, reporting that as of December 31, 2018, Nigerian’s total debt profile now stands at N24.387tn; swelling by 12.25 percent from N21.725tn in 2017.

The Debt Management Office (DMO) said the debt rose by N2.66tn from December 31, 2017, to December 31, 2018.

The country’s public debt rose from N21.73tn in 2017 to N24.39tn within the one year period, statistics provided by DMO in Abuja showed on Thursday, April 4.

According to the DMO, the year-on-year growth of public debt show a 12.25 percent within the one year period.

The director general of the agency, Patience Obiha, while speaking at a press briefing on Thursday, said the funds were borrowed to fund projects, to finance budget deficit and to refinance maturing obligations.

Newspaper Review: Nigeria’s public debt rises to N24.387 trillion
Front page of Punch, Friday, April 5
Source: UGC

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Mirroring the previous publication, Vanguard reports that in 2018, the nation’s total debt stock escalated to N24.387 trillion ($79. 437 billion), about N2.7 trillion or 9.1 percent higher than the N21.725 trillion recorded at end of 2017.

The disclosure was made by the director general of the Debt Management Office (DMO), Patience Oniha, during a press briefing on Thursday.

The publication notes that the huge addition was perhaps recorded in the fourth quarter of 2018 which came with N1.96 trillion or 8.03 percent increase against the N22.428 trillion recorded at end of September 2018.

Oniha said that domestic debt accounted for 68.18 percent of the figure which consisted of debts owed by both the federal and state governments.

Newspaper Review: Nigeria’s public debt rises to N24.387 trillion
Front page of Vanguard, Friday, April 5
Source: UGC

Still on the subject, ThisDay reports that the Debt Management Office revealed that Nigeria’s aggregate public debt grew 12.25 percent or N2.66 trillion year-on-year as at December 31, 2018, totaling N24.387 trillion ($79.437 billion), compared to N21.7 trillion posted over the same period in 2017.

The publication reports that a breakdown of the debts showed that external debt stood at N7.759.23 trillion ($22bn), while domestic component stood at N16.627.84 trillion ($56bn).

Briefing journalists in Abuja, the DMO’s DG, Patience Oniha, said the debt figure comprised those owed by federal, states and Federal Capital Territory administrations.

She disclosed that the share of domestic debt dropped to 68.18 percent from 73.36 percent as at December 31, 2017 thereby achieving a mix of 68.18 percent and 31.82 percent in the debt stock.

Newspaper Review: Nigeria’s public debt rises to N24.387 trillion
Front page of ThisDay, Friday, April 5
Source: UGC

On to a different issue, The Nation reports that the coast seems clear for Justice Tanko Muhammad, acting chief justice of Nigeria, to become substantive CJN following the recommendation of the National Judicial Council (NJC).

According to the publication, President Muhammadu Buhari is likely to accept the recommendation from the NJC that Justice Muhammad should be CJN.

The president is, however, weighing if to accept the council’s recommendation on Justice Walter Onnoghen, the suspended chief justice of Nigeria.

Buhari is said to be seeking legal opinions on the NJC ‘s decision and reportedly met with Vice President Yemi Osinbajo on the matter before flying out to Jordan on Thursday.

Newspaper Review: Nigeria’s public debt rises to N24.387 trillion
Front page of The Nation, Friday, April 5
Source: UGC

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Ending the review, The Guardian reports that more Nigerians may die of diet-related disease.

The publication notes that a study published in The Lancet on Thursday by the Global Burden of Disease (GBD) estimates that one in five deaths globally – equivalent to 11 million deaths – are associated with poor diet, and that diet contributes to a range of chronic diseases in people around the world.

Nigeria ranks 42nd out of 195 countries with the highest rate of diet-related deaths, with low intake of whole grains being the leading dietary risk factor for mortality and disease in Nigeria, United States (US), India, Brazil, Pakistan, Russia, Egypt, Germany, Iran, and Turkey.

The study tracked trends in the consumption of 15 dietary factors from 1990 to 2017 in 195 countries.

Newspaper Review: Nigeria’s public debt rises to N24.387 trillion
Front page of The Guardian, Friday, April 5
Source: UGC

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