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Category: Business

  • More Nigerians transfer pension savings into mortgage

    More Nigerians transfer pension savings into mortgage

    More Nigerians  are relying on their pension savings to acquire residential mortgage as the number of Retirement Savings Account, RSA, holders that transferred part of their pension savings into residential mortgage increased by 65.03 per cent quarter on quarter, QoQ, to 3,804 in the third quarter of 2024, Q3’24.

    This form of transfers recorded 2,305 in the second quarter of 2024, Q2’24.

    According to the Pension Industry Performance Dashboard released by the National Pension Commission, PenCom, yesterday, the value of funds transferred in Q3’24 also increased by 81.2 per cent to N32.62 billion from N18 billion recorded in Q2’24.

    Equity contribution for residential mortgage is the portion of funds that a Retirement Savings Account (RSA) holder can apply from their RSA balance towards the payment required to secure a residential mortgage. RSA holders are permitted to utilize a maximum of 25 per cent of their RSA balance for this purpose.

    Meanwhile, total pension fund assets increased by 4.4 per cent to N21.38 trillion in Q3’24 from N20.48 trillion recorded in Q2’24.

    Also total RSA registrations increased by 1.4 per cent to 10.53 million in Q3’24 from 10.38 million recorded in Q2’23.

    The report stated: “By Q3 2024, there were 10,536,088 Registered Retirement Savings Accounts (RSAs), representing a growing adoption of the pension system. Notable highlights include 118,339 new RSA registrations in the year-to-date period for 2024, reflecting consistent awareness and inclusion efforts.

    Over the past five years, RSA registration increased by 13.93%, from 9,215,788 in Q4’2020 to 10,499,358 in Q3 2024. Of the registered members, 61% were male and 38% were female during this period.

    “Cumulative contributions since the inception of the Contributory Pension Scheme (CPS) reached N10.97 trillion as at Q3,2024, with the public sector contributing N5.71 trillion while the private sector contributed N5.25 trillion.

    “Pension Contribution has achieved significant growth in the past five years. The public sector contributions rose from N3.43 trillion to ¦ 5.71 trillion, while private sector increased from N3.27 trillion to N 5.25 trillion.

    “The total Micro Pension Registration count from inception to Q3 2024 stood at 164,031. Specifically, the number of informal sector workers with funded RSAs was 12,241. From 2020 to Q3 2024, the number of funded RSA registration increased by 5,971. The total amount saved in the RSAs of Micro Pension Participants was N967,194,762.23 as of Q3 2024, which represented a growth of N878,065,827.85 from the 2020 figure of N89,128,934.38.

  • ‘We are moving towards one hour cargo clearance time’ — PTML Customs

    ‘We are moving towards one hour cargo clearance time’ — PTML Customs

    THE Port and Terminal Multi-Purpose Services Limited, PTML, Command of the Nigeria Customs Service, NCS, has commenced the process to achieve a one hour cargo clearance time from its command after recording a two hour clearance time previously.

    Speaking at the International Customs Day celebration in Lagos, the Command’s Comptroller, Mr. Tenny Daniyan, said: “You all know we have been doing 48 hours clearance policy. We are saying that we can reduce it to one hour but it depends on the compliance of the agents.

    “Like I always say, integrity is paramount, if you have good integrity, you can bring in your goods. Because you have prepared what you are bringing in, nobody is going to trouble you and as a result of this, the Customs has scaled up some agents that it feels are qualified through the Authorized Economic Operator, AEO, programme.

    “These are for agents that exhibited a high level of integrity and transparency over time based on some parameters. If we can do two hours, we can attempt one hour with compliant traders.”

    He warned importers against trade infractions adding that anybody caught will not enjoy the benefits of trade facilitation and will be blacklisted and sanctioned, adding: “Because all it means is that you are deceitful and not compliant.

    “So if you want to enjoy the benefits of Roll-On-Roll-Off cargo delivery services, it is up to you the agent and trader but one thing is certain, financial viability is also a criteria.”

  • Lenders experience high loan default rates in Q4’24 — CBN survey

    Lenders experience high loan default rates in Q4’24 — CBN survey

    A  Central Bank of Nigeria, CBN, survey report has shown that lenders experienced high loan default rate in the fourth quarter of  2024, Q4’24.

    The report titled: “Credit Condition Survey Report for Q4’24” released yesterday stated: “Lenders observed higher default rates for all lending types in the review quarter; Secured, Unsecured and Corporate.”

    It added that “Lenders reported increased credit availability for Corporate lending in Q4’24, while Secured lending to households declined during the period.

    “The demand for credit across all lending types increased in Q4’24.

    “The factors influencing the increase for Secured and Unsecured household loans were Consumer loans from households and Credit cards lending from Households respectively while Inventory finance was the major factor that influenced the change in demand for Corporate lending.”

    According to CBN, the factors contributing to Corporate Credit demand in Q4’24 were Commercial Real Estate balance sheet restructuring, inventory finance and Capital Investments Merger and Acquisition.

    The apex Bank also said that the demand for credit increased for all lending types during the period.

    “However, demand for Mortgage/re-mortgage from households decreased in Q4’24″, it added.

  • Shippers Council commences ICTN implementation Q2’25

    Shippers Council commences ICTN implementation Q2’25

    The Nigerian Shippers’ Council, NSC, has said that the implementation of its International Cargo Tracking Note, ICTN, will commence by second quarter of 2025.

    This development is expected to tighten oversight on cargo movements and significantly increase transparency.

    As at October 2024, Nigeria had lost about $2.5 billion in five years, $500 million annually over non-implementation of the ICTN.

    The Executive Secretary of Nigerian Shippers’ Council, NSC, Pius Akutah, said that the Council’s 2025 budget would be anchored on the one per cent freight stabilization fee based on provisions in its current law.

    He spoke at the Council’s 2025 Management Retreat in Ibadan, saying that under the guidance of the Federal Ministry of Marine and Blue Economy, the ICTN would set the stage for enhanced revenue generation and operational oversight.

    According to him plans are under way to translate the NSC into the Nigerian Shipping and Ports Economic Regulatory Agency, NPERA, to boost the agency’s regulatory role within the maritime industry.

    Referencing the belief in some quarters that the implementation of the Freight Stabilization Fee would introduce additional costs at the ports, the situation is akin to choosing what aspect of the Act to implement as the one per cent Freight Stabilization Fee was captured in the Council’s 1978 Act.

    His words: “Looking ahead, the Council’s 2025 budget is strategically anchored on the one percent freight stabilization fee, with plans to commence its collection upon Presidential assent to the NPERA bill.

    “Our focus during this retreat will revolve around four strategic priorities which include; strengthening stakeholder engagement to foster inclusivity and collaboration, promoting transparency and fairness through predictable regulatory policies, enhancing operational efficiency to prepare for a seamless transition to NPERA, and driving sustainability by aligning economic growth with environmental responsibility.

    “As the program outlines, each Directorate has a clearly defined role, emphasizing the hands-on approach required to implement NPERA successfully. Let us seize this opportunity to shape a future of innovation, excellence, and progress.”

  • Untitled post 4564

    The Federal Government has secured a $1.1 billion loan from African Development Bank, AfDB, to provide electricity for 5 million people by the end of 2026.

    Special Adviser to the President, (Information & Strategy), bayo Onanuga, who disclosed this in a statement, said President Bola Tinubu made this known at the just concluded two-day Mission 300 Africa Energy Summit in Dar es Salaam, Tanzania.

    Tinubu also stated that the AfDB’s $200 million in the Nigeria Electrification Project would provide electricity for 500,000 people by the end of 2025.

    Tinubu, whose speech was delivered by the Minister of Power, Adebayo Adelabu, said: “I (Tinubu) acknowledged AfDB’s $1.1 billion, expected to provide electricity for 5 million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025.

    “This is an ambitious goal, but we can achieve it together. As Nigeria’s President, I am committed to making energy access a top priority.”

    Meanwhile, the president is also expecting to get the planned $1.2 billion AfDB investment in Nigeria’s Desert-to-Power programme and facility for the Nigeria-Grid Battery Energy Storage System.

    “We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert-to-Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.

    “We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power to 16.2 million people,” Tinubu said.

    He thanked Ajay Banga, President of the World Bank Group, and Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.”

    He also applauded the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

    Tinubu said: “As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy.

    “This situation is unacceptable. It is our responsibility to take collective action to change this narrative.’’

  • Food Security: Lagos set to launch N500m ‘Ounje Eko’ farmers’ subsidy intervention programme

    Food Security: Lagos set to launch N500m ‘Ounje Eko’ farmers’ subsidy intervention programme

    Lagos State Government has disclosed plans to launch a N500 million intervention fund “Ounje Eko,” Farmers’ Subsidy Program from next week Wednesday, aimed at providing affordable, domestic food sufficiency for its over 23 million residents.

    The intervention program, which will be implemented in collaboration with the private sector and stakeholders, will also ensure fair product pricing for end users.

    Commissioner for Agriculture and Food Systems, Ms. Bisola Olusanya, disclosed this on Wednesday, during the unveiling of the planned launch in Alausa, Ikeja.

    The programme, Olusanya, explained that the government will support farmers by providing a 25 percent subsidy on their production for dedicated markets.

    The benefitting farmers include poultry, crops, and fish. According to Olusanya, “As you may recall, the Ounje Eko Discount Market was introduced as a response to the significant rise in inflation and its effect on the affordability of essential food items for Lagos residents.

    “This initiative, which provides a 25% discount on key food commodities, has been widely accepted by the general public and has successfully provided relief to thousands of households across the state.

    “Through two successful phases, this initiative has demonstrated our government’s unwavering commitment to food security and economic stability for our citizens.

    “Building on this success and recognizing the challenges faced by our farmers, we are pleased to introduce the Ounje Eko Farmers Subsidy Programme (Ounje Eko FSP) — a first-of-its-kind initiative aimed at

    “Building on this success and recognizing the challenges faced by our farmers, we are pleased to introduce the Ounje Eko Farmers Subsidy Programme (Ounje Eko FSP) — a first-of-its-kind initiative aimed at supporting agricultural production through a 25% subsidy on animal feeds (poultry and fish), tractorization services for crop production as well as distribution of bags of fertilizers.

    Objectives

    “Objectives of the Programme

    The agricultural sector, particularly livestock and aquaculture farming, has been under significant pressure due to the rising cost of production inputs. Poultry and fish feed alone account for over 70% of production costs, leading to reduced farm operations and, in some cases, closures.

    “This has not only affected farmers but has also contributed to food inflation and reduced access to essential protein sources such as eggs, chicken, and fish.

    “Through the Ounje Eko Farmers Subsidy Programme, the Lagos State Government seeks to Provide direct financial relief to farmers through a 25% subsidy on poultry and fish feeds.

    Sustain and improve production levels, ensuring a steady supply of poultry and fish products in the market.

    “Prevent further farm closures and mitigate food insecurity. Strengthen the overall agricultural value chain in Lagos State by supporting farmers from production to market distribution.

    “This intervention departs from past strategies where free input distribution led to diversion and inefficiencies. Instead, this subsidy model ensures accountability, proper targeting, sustainable impact.”

    Integration with the Produce for Lagos Initiative and the Central Food Security and Logistics Hub, Olusanya added, “This initiative with a N500 million intervention, is a crucial step in the broader agenda to reduce over-reliance on food imports and strengthen local food production.

    Olusanya added; “Lagos, as Nigeria’s economic hub, faces unique challenges in food security due to its heavy dependence on external food supplies.

    “By empowering local farmers, the Ounje Eko Farmers Subsidy Programme aligns with the Produce for Lagos Initiative, which focuses on increasing internal agricultural productivity.

    “Additionally, this programme will help lay the groundwork for the Lagos State Central Food Security and Logistics Hub, ensuring seamless distribution of agricultural products across the state.”

    Implementation and Operational Strategy

    Speaking on the operational strategy, Olusanya, said, “To ensure the success of this programme, we have put in place a robust implementation strategy. Key components include targeted products and partners, such as poultry feed (Layers Mash). Fish feed (3mm and 4mm).

    Reputable feed millers such as Animal Care and Olam Nigeria Limited will be engaged.

    “Partnerships with Farmer Associations:

    Poultry Association of Nigeria (PAN) Lagos Chapter, Lagos State Catfish Association of Nigeria (LASCAFAN).

    Registered farmers within farm settlements Designated Discount Market Locations: Erikorodo Poultry Estate, Ikorodu, Agricultural Training Institute (ATI), Araga, Epe

    Aiyedoto Poultry Estate, Ojo

    Coconut House, Mowo, Badagry

    Farm Service Center, Oko-Oba, Ikeja

    Fish Farm Estate, Odongunyan, Ikorodu.

    Standard Operating Procedure (SOP).

    “The programme will run every Wednesday from February 5th to February 26th, 2025. Farmers will pay only 75% of the cost, while the government subsidizes the remaining 25%. Pre-ordering and payment processes will be managed through farmer associations to ensure transparency.

    “Vendors will deliver pre-ordered products to market locations for verification and distribution,” among others.

    The commissioner added: “The launch of the Ounje Eko Farmers Subsidy Programme marks another milestone in our commitment to ensuring food security, stabilizing food prices, and empowering our farmers.

    “This initiative will not only safeguard livelihoods but also reinforce Lagos State’s leadership in agricultural innovation and sustainability.

    “We call on all stakeholders — farmers, feed millers, security agencies, and the general public — to support and participate in this initiative.”

    Olusanya expressed gratitude to Mr. Babajide Sanwo-Olu for his unwavering dedication to the welfare of residents, as well as to all partners, such as OLAM Nigeria, Animal Care, Zenith Bank, Providus Bank, Farmer Associations such as the PAN, LASCAFAN, and other stakeholders.

  • Tinubu affirms Nigeria’s commitment to improved electricity access

    Tinubu affirms Nigeria’s commitment to improved electricity access

    President Bola Tinubu has concluded his visit to Dar es Salaam, Tanzania, where he joined other African leaders to participate in the Mission 300 Africa Energy Summit.

    The President and his team arrived on Sunday. He is now on his way back to Abuja.

    The two-day Summit, hosted by the government of Tanzania in collaboration with the African Union, the African Development Bank (AfDB), and the World Bank Group, adopted the Dar es Salaam Declaration.

    The Declaration focused on providing access to electricity for 300 million people in Africa by 2030.

    A high point of the event was the presidential endorsement of the Dar es Salaam Declaration by African leaders at the Julius Nyerere International Convention Centre.

    Following the reading of the Declaration, leaders from Nigeria, Chad, Côte d’Ivoire, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Senegal, Tanzania, and Zambia signed the document.

    Through the Declaration, the leaders from the 12 countries expressed their commitment to ensuring electricity access for their citizens in the next five years.

    The 12 nations plan to achieve the goal through National Energy Compacts, which identify specific policy measures to address constraints across their energy sector and set targets based on their unique context.

    In the speech read by the Minister of Power, Adebayo Adelabu, the Nigerian leader lauded the African Development Bank (AfDB), the World Bank Group, and development partners for their collective pledge to bring electricity access to 300 million people in Africa by 2030.

    President Tinubu called on African leaders to prioritise energy access, emphasising collective action.

    “Let us work together to create a brighter future for our citizens—where every African can access reliable and affordable energy.

    “A future where our industries thrive, our economies grow, and our people prosper,” the President said in the speech by the Minister of Power.

    President Tinubu also used the occasion to reaffirm Nigeria’s commitment to providing reliable, affordable, and sustainable electricity to its unelectrified population by 2030.

    “This is an ambitious goal, but we can achieve it together.  As Nigeria’s President, I am committed to making energy access a top priority,” he said.

    Detailing the substantial progress Nigeria has achieved with the support of international development partners, President Tinubu acknowledged AfDB’s $1.1 billion, expected to provide electricity for 5 million people by the end of 2026, while its $200 million in the Nigeria Electrification Project will provide electricity for 500,000 people by the end of 2025.

    “We also look forward to the AfDB’s planned $700 million investment in the Nigeria Desert to Power programme and its planned $500 million facility for the Nigeria-Grid Battery Energy Storage System, which will provide electricity for an additional two million people.

    “We have equally begun making plans to ensure the effectiveness of the World Bank’s $750 million support for expanding Nigeria’s distributed energy access via mini-grids and standalone solar systems that will provide access to power to 16.2 million people,” he said.

    President Tinubu thanked Ajay Banga, President of the World Bank Group, and Dr. Akinwunmi Adesina of AfDB for their transformative vision, which he said “will light up and power Africa.”

    He also applauded the contributions of the UN Sustainable Energy For All, the Rockefeller Foundation, and the Global Energy Alliance for Development.

    “As we all know, Africa is rich in energy resources, yet millions of our citizens still lack access to reliable and affordable energy.

    “This situation is unacceptable. It is our responsibility to take collective action to change this narrative,” President Tinubu said.

    President Tinubu highlighted ongoing investments in renewable energy, particularly solar power in Nigeria.

    “For example, the federal government is in the final stages of developing an electric vehicle (EV) charging infrastructure programme emphasising renewable energy and establishing stricter vehicle emission standards.

    “This will ease adoption barriers, galvanise partnerships, and provide affordable EV financing options. I am pleased to announce that the first 100 electric buses are already in the country.

    “Nigeria’s energy sector is growing as a direct result of our reforms. The Nigerian government continues incentivising those interested in investing in renewable energy, oil and gas energy efficiency,” he said.

    He said that buoyed by Nigeria’s successful attraction of over $6 billion in new investments into its energy sector in 2024 alone, his administration is keen to build on this success in 2025 and beyond.

    At the Summit, the International Finance Corporation (IFC) announced that it has committed $70 million in private sector funding to five Nigerian Renewable Electricity Service Companies (RESCOs) under the Nigeria Distributed Access Through Renewable Energy Scale-Up (DARES) programme.

    The Rural Electrification Agency (REA) will implement the project.

    Nigeria’s National Energy Compact, presented at the Summit on Monday, sets targets with implementation timelines and outlines the various planned reforms.

    They include expanding power generation and investing in transmission and distribution infrastructure at competitive costs, working towards financially viable utilities that provide reliable service, and incentivising private sector participation to unlock additional resources.

    Other reform actions include embracing distributed renewable energy and clean cooking solutions for affordable last-mile access and leveraging the benefits of increased regional integration.

    According to the document, Nigeria will require an investment of $23.2 billion for last-mile electrification, including contributions from the public and private sectors.

  • NPA revises entry requirements for trucks into ports

    NPA revises entry requirements for trucks into ports

    The Nigerian Ports Authority (NPA) yesterday announced changes to truck entry protocols, saying   manual presentation of number plates and Minimum Safety Standards (MSS) stickers at port gates will no longer be allowed.

    In a notice issued by Truck Transit Parks Limited, NPA’s technical partner for traffic management, the agency emphasized the transition to automated verification as the sole method for entry.

    In the notice titled ‘Updates on Port Entry Requirements for All Truck Categories’, it was also stated that all trucks approaching the port must have their number plates riveted/fastened to the truck in compliance with regulatory requirements.

    Part of the notice reads : “In line with the recent review of entry procedures for trucks accessing the port, the Nigerian Ports Authority (NPA) has approved some modifications to address notable gaps in the existing entry protocols.

    “These changes aim to eliminate entry infractions and tackle issues such as identity theft and the unauthorized exchange of truck documents used to perpetrate port entry fraud. Consequently, the NPA has directed the immediate implementation of the following revised measures, effective February.

    “All trucks approaching the port must have their number plates riveted/fastened to the truck in compliance with regulatory requirements.

    “Trucks must securely affix the original copies of the mandatory Minimum Safety Standards (MSS) stickers to their windscreens as a precondition for port entry.

    “Manual presentation of number plates and MSS stickers at port gates will no longer be accepted from the effective date.

    “The revised protocol will take full effect from the stated deadline (February 3, 2025). All truck operators and stakeholders in the port ecosystem are hereby advised to ensure strict compliance, as violations will attract severe sanctions.”

  • CBN will soon commence final settlements of $7bn FX backlog — Cardoso

    CBN will soon commence final settlements of $7bn FX backlog — Cardoso

    Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso yesterday said that the apex bank will soon commence final settlements of the outstanding amount from the $7 billion foreign exchange obligation backlog.

    Cardoso at the   launch of the new Foreign Exchange, FX Code in Abuja, disclosing that the forensic verification process is now near complete, and final settlements will be processed accordingly.

    Noting the high level of unethical and   illegal practices discovered during the verification of the FX backlog, Cardoso vowed any bank found to be involved in Foreign Exchange (FX) infractions under the new FX Code would face prompt, swift sanctions.

    He added that   Board Chairman and management of the bank’s must lead from the front in adhering to the code which provides new principles on ethical transparent FX transactions for Authorised Dealers.

    He said the era in which participants undertook unethical practices, taking advantage of the system,   the Nigerian economy and Nigerians was over.

    He said, “We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, severely   undermined market integrity.

    “As an example, the $7bn of FX backlogs that has taken over 12 months to verify has led to the discovery of multiple unethical and even illegal practices that we should not be proud of as a nation.

    “The forensic verification process is now near complete, and final settlements will be processed accordingly.

    “Similarly, the period of unprecedented ways-and-means-financing inflicted significant damage on our economy, contributing to inflation, currency depreciation, and eroded public confidence.

    “These practices must never return. The FX Code is a firm rejection of such distortions and an equally firm commitment to a future defined by fairness, trust and market-driven principles.

    “Board Chairs, Managing Directors, and Chief Compliance Officers – must lead from the front, embedding these standards within your organizations is not optional.

    “Let me reiterate: the era of opaque practices is over. We will not hesitate to act against any institution or individual that undermines the integrity of our financial markets.

    “The FX Code is a binding commitment to accountability and transparency and we must all play our part.”

    No longer business as usual

    Cardoso vowed it would no longer be business as usual, adding, “The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. It is a firm signal that business-as-usual will no longer suffice.

    “Let us be clear: the system itself played a key role in the challenges of the past. Unethical behaviours and systemic abuses – whether by those with privileged access or by complicit participants – eroded public trust and harmed our economy.

    “We will not tolerate any attempts to revert to those practices. Any individual or institution that violates the FX Code will face swift and decisive sanctions.

    Reserves at $40.68

    He disclosed that the nation’s external reserves had grown by 12.74%, reaching $40.68 billion at the end of 2024, a development, he said, that reflected the effectiveness of reforms aimed at paying off legacy FX obligations and growing reserves organically.

    …It’s a call to action — Alawuba

    Also speaking at the launch of the Code,   Group Managing Director (GMD) of the United Bank for Africa (UBA), Oliver Alawuba, described the launch of the Code as, “a milestone that demonstrates our collective resolve to build a foreign exchange market rooted in transparency, professionalism, and ethical conduct.”

    According to him, “These initiatives have been pivotal in stabilizing the FX market, restoring investor confidence, and ensuring a more sustainable and resilient financial system. From policy innovations to strategic interventions, the CBN has proven itself a cornerstone of Nigeria’s economic stability.

    “The introduction of the Nigeria FX Code is yet another bold and visionary step. This initiative not only complements other notable reforms of the CBN, but also sets a new benchmark for accountability and integrity in the FX market. By embedding global best practices and fostering a culture of trust and equity, the Code will enhance market efficiency, attract greater participation, and elevate Nigeria’s standing in the global financial landscape.

    “This launch is not just the unveiling of a framework – it is a call to action for all stakeholders to uphold the principles of fairness, ethical behaviour, and professionalism. The strength of any financial market lies in the integrity of its participants, and with the Nigeria FX Code, we now have a unified platform to reinforce this commitment.”

  • Nigeria’s debt was N87trn when Tinubu took over, not N21trn — DMO

    The Debt Management Office (DMO), has dismissed   media reports claiming that Nigeria’s public debt rose from N21 trillion to N142 trillion under the administration of President Bola-Ahmed Tinubu.

    DMO made this clarification in a statement posted on its website.

    The agency   said that   the country’s debt was N87 trillion   when Tinubu assumed office in 2023 , and not N21 trillion as claimed by the media report.

    DMO said: “The Debt Management Office (DMO) wishes to notify the general public that the news headline circulating in the media titled, “How Nigeria’s debt rose from N21 trillion to N142 trillion under Tinubu” is inaccurate.

    “As a matter of fact, the total Public Debt Stock as at June 30, 2023, which was the first published debt data after President Bola Ahmed Tinubu assumed office (on May 29, 2023); was N87.38 trillion, and not N21 trillion as reported in the media.

    “Furthermore, it should be noted that the total Public Debt published by the DMO comprises the External and Domestic Debt, not only of the Federal Government of Nigeria (FGN), but also of the thirty-six (36) States and the Federal Capital Territory.”