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Tinubu seeks NASS approval for N1.77tn fresh external borrowing

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Tinubu won’t resign, Fed Govt replies PDP governors
President Bola Tinubu
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President Bola Tinubu has written to the National Assembly requesting approval for a new external borrowing plan of N1.767 trillion to help finance the N9.7 trillion budget deficit for 2024. If approved, the loan will contribute to covering part of the shortfall in the national budget.

The president’s request was presented to lawmakers by the Speaker during Tuesday’s plenary session.

In addition to the borrowing proposal, President Tinubu has also submitted the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for 2025-2027, as well as the National Social Investment Programme Establishment Amendment Bill.

The bill aims to make the national social register the central tool for implementing the federal government’s social welfare initiatives.

Meanwhile, the Central Bank of Nigeria (CBN) has reported that the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

This represents a 39.77% increase compared to the $2.56 billion spent during the same period in 2023.

The CBN’s international payment statistics show that May 2024 saw the highest monthly debt servicing payment at $854.37 million, a significant rise from the $641.70 million recorded in July 2023.

The data reveals a growing trend in Nigeria’s debt servicing costs, with notable fluctuations over the months.

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In January 2024, debt servicing costs surged by 398.89%, reaching $560.52 million compared to $112.35 million in January 2023. February saw a slight reduction of 1.84%, with payments dropping from $288.54 million in 2023 to $283.22 million in 2024.

However, March experienced a 31.04% decrease in payments, falling from $400.47 million in 2023 to $276.17 million in 2024. April recorded a sharp increase of 131.77%, with $215.20 million paid in 2024, up from $92.85 million in 2023.

The highest debt servicing amount was recorded in May 2024, reflecting a dramatic 286.52% rise to $854.37 million, compared to $221.05 million in May 2023.

In June, however, there was a slight decrease of 6.51%, with payments dropping to $50.82 million from $54.36 million in 2023. Payments further declined in July by 15.48%, down to $542.50 million from $641.70 million in July 2023.

In August, there was another reduction of 9.69%, with $279.95 million paid, compared to $309.96 million in 2023.

However, September saw a 17.49% increase, with debt servicing rising to $515.81 million, up from $439.06 million in September 2023.

These figures underscore the rising pressure of Nigeria’s foreign debt obligations, especially in the context of fluctuating exchange rates, which could further strain the country’s finances.

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Mercy Chinwo’s ex-manager denies diverting $345,000, says Chinwo received $625,000 and now trying to claim ownership of catalog he fully funded

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Mercy Chinwo’s former manager,  Ezekiel Onyedikachukwu, has denied allegations of diverting $345,000 in funds, responding to claims made by the gospel artist’s camp.

In a series of social media posts, the manager called out Chinwo for attempting to claim ownership of a catalog that he allegedly funded fully.

According to the manager, he has sent up to $625,000 to Chinwo, despite the singer’s claims of unfair treatment.

In his post, the manager explained that, under a 50/50 earnings agreement with Chinwo, he was entitled to both royalties and remittances from their business dealings.

However, he accused Chinwo of using law enforcement and religious affiliations to manipulate the situation.

The former manager further claimed that he had invested a significant amount of time, money, and efforts into building Chinwo’s platform, providing financial support, and even securing housing for her before her success.

He also detailed his legal struggles, including an incident where he was allegedly extorted by the Economic and Financial Crimes Commission (EFCC) while being detained for nine days.

In his final remarks, the former manager invited Chinwo to post her bank statements and songs recorded three years before her signing as further evidence.

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See his posts below………

You?ve received $625,000 to date and now you?re trying to claim ownership of a catalog I fully funded - Mercy Chinwo
You?ve received $625,000 to date and now you?re trying to claim ownership of a catalog I fully funded - Mercy Chinwo
You?ve received $625,000 to date and now you?re trying to claim ownership of a catalog I fully funded - Mercy Chinwo
You?ve received $625,000 to date and now you?re trying to claim ownership of a catalog I fully funded - Mercy Chinwo
You?ve received $625,000 to date and now you?re trying to claim ownership of a catalog I fully funded - Mercy Chinwo
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70-yr-old man, his daughter beheaded over land dispute in Delta

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Tragedy struck in the Amai community, Ukwuani Local Government Area of Delta State, as a 70-year-old man, Mr Aghanti, and his 50-year-old daughter, Mrs Atagoshi, were reportedly beheaded over a land dispute.

The gruesome incident occurred after the suspect allegedly lured the victims into the bush under the pretext of discussing the land issue.

Their headless bodies were later discovered in the bush.

Reports said the woman, a secondary school teacher, had earlier purchased a piece of land in the community, which some individuals subsequently claimed.

Confirming the incident, the Police Public Relations Officer in the state, DSP Bright Edafe, revealed that the assailant invited the victims to the bush, where the heinous crime was committed.

Edafe said, “The suspect called the woman, saying he wanted to discuss the land issue. He then took her and her father into the bush, killed them, and beheaded them.

“On the same day, vigilantes apprehended one Emeke with two human heads. He was mobbed and set ablaze by angry residents. Upon inspection, it was discovered that the human heads belonged to the father and daughter.

“Their headless bodies were found in the bush.”

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Edafe added that the main suspect is currently on the run, while efforts are ongoing to apprehend him.

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Petrol tanker explosion claims 50 lives in Niger

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No fewer than 50 persons lost their lives in a petrol tanker explosion on Saturday.

The incident happened on the Dikko-Maje road opposite Badeggi fuelling station in Suleja Local Government Area of Niger.

Federal Road Safety Commander (FRSC) in Niger State, Mr Kumar Tsukwam, confirmed this to the News Agency of Nigeria (NAN) in Minna.

He said a loaded petrol tanker fell at the scene of the incident with people scooping the spilling fuel, unaware of the impending danger.

Tsukwam said those who went to scoop fuel were engulfed by the flames just as those who went to rescue them were also affected.

He said more than 50 people lost their lives in the tragic incident.

Tsukwam, however, gave an assurance that personnel of the corps and other sister agencies were on ground for the rescue mission.

Tsukwam confirmed that his men were on the scene, working tirelessly to rescue those trapped.

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Similarly, Alhaji Abdullahi Baba-Arah, Director General of the Niger State Emergency Management Agency (NSEMA), said the explosion occurred at about 9.am on Saturday.

He said the incident happened when a tanker loaded with Premium Motor Spirit (PMS) crashed, and an attempt was made to transfer its contents to another tanker.

In the process, the PMS came into contact with a generator used to effect the transfer, triggering an explosion that claimed more than 50 lives.

He added that many other persons were injured, while properties worth millions of Naira were destroyed.

Baba-Arah said NSEMA, in collaboration with the National Emergency Management Agency (NEMA), Suleja LGA Emergency Committee and volunteers, were carrying out search, rescue and recovery operations.

He said the injured have been moved to the hospital for treatment while efforts eere being made to recover the corpses of the deceased.

NAN reports that more details are expected as the response operation is still ongoing.

He urged residents of the area to remain calm and cooperate with emergency responders as they work to mitigate the effects of the disaster.

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