Newspaper review for October 17: Nigeria's debt rises to N25.7trn
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Newspaper review for October 17: Nigeria's debt rises to N25.7trn

The headlines of mainstream Nigerian newspapers for Thursday, October 17, are focused on the negotiation between federal government and labour unions over the payment of the new minimum wage, the nation's rising debt status, restriction of ministerial travels, among other top stories.

The Nation reports that the labour unions had a long meeting with the federal government late night on Wednesday, October 17, as workers wait on end to know if they would go on strike as earlier instructed or not.

The said meeting went on into the night, overlapping into the deadline, Thursday, October 17, that the unions gave the government to implement the wage or face industrial action.

The Nation newspaper review of October 17

The Nation newspaper review of October 17
Source: UGC

The Guardian reports that the nation's debt status staggeringly jumped from N24.95 trillion to N25.7 trillion all within a quarter. It should be noted that just a year ago, it was at N22.38 trillion.

It was also gathered that the federal government has sunk in more than N800 billion in servicing multiple debts which cover both domestic and foreign deals in the first six months of the year.

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The Guardian newspaper review of October 17

The Guardian newspaper review of October 17
Source: UGC

Vanguard reports that the federal government has reduced foreign trips for ministers and other government officials as a measure to reduce spending of public funds.

With the new development, ministers are not to fly business class as their delegation has been reduced to four people which must include officials that are key to the travel.

Vanguard newspaper review of October 17

Vanguard newspaper review of October 17
Source: UGC

The Punch reports that seasoned economic experts have rejected the International Monetary Fund (IMF)'s recommendation on how the federal government can recover the money spent on debt servicing and developmental projects.

The IMF said the government will have to increase tax rate in the country to be able to do that, a move that experts in the country totally rejected, calling for other measure that could project against shocks.

The Punch newspaper review of October 17

The Punch newspaper review of October 17
Source: UGC

This Day reports that its investigation revealed that huge funding is empowering the prolonged insurgency in the northeast as many are worried about it.

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The same media also said that the former president of the country, Olusegun Obasanjo, showed his concern on the matter on Wednesday, October 16, saying Boko Haram's funding has jacked up to 50%.

ThisDay newspaper review of October 17

ThisDay newspaper review of October 17
Source: UGC

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