YEMEN FIGHTING PUSHES NEARLY 3,000 TO DJIBOUTI IN LESS THAN A WEEK- UN. (PHOTO).

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Yemen fighting pushes nearly 3,000 to Djibouti in less than a week: UN    Nearly 3,000 people have fled Yemen for Djibouti in less than a week as escalating violence drives growing displacement within the country and across its borders, the UN refugee agency said Friday. “Refugees continue to arrive by boat through Obock, Khor Angar, Moulhoule and Godoria after difficult journeys in small vessels,” UNHCR representative in Djibouti Sandrine Desamours told reporters in Geneva, Anadolu Agency reported. More than half of those crossing the Bab el-Mandeb Strait are women and children, while some families have been displaced for a second time after previously fleeing Yemen during the 2015 crisis and later returning. UNHCR is preparing for at least 10,000 new arrivals but warned that capacity is rapidly diminishing. Markazi refugee village, designed for 5,000 people, was already hosting more than 2,700 Yemenis and 1,500 Eritreans. More than 100,000 people have also been displaced ins...
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NIGERIA’S PUBLIC DEVT HITS N87.91TRN: DMO RELEASES Q3 2023 REPORT.(PHOTO).

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Nigeria’s public debt hits N87.91trn: DMO releases Q3 2023 report

The Debt Management Office (DMO) has revealed that Nigeria’s public debt has surged to N87.91 trillion at the conclusion of the third quarter of 2023. This disclosure came through an official statement posted on the DMO’s verified Twitter handle on Wednesday.

The provided figures indicate a marginal uptick of 0.61%, compared to the N87.38 trillion recorded at the end of June 2023. The DMO further elaborated that the increase was predominantly attributable to a rise in domestic debt by N1.8 trillion.

In a noteworthy contrast, the external debt showed a reduction, declining from $43.16 billion as of June 30, 2023, to $41.59 billion by the end of the third quarter. This nuanced shift in the composition of Nigeria’s debt profile reveals a dynamic economic landscape, with implications for fiscal strategies and debt management policies in the coming months.

The statement reads, “The Total Public Debt as at September 30, 2023, was N87.91 Trillion or USD114.35 Billion.

“The amount represents the Domestic and External Debts of the Federal Government of Nigeria, the thirty-six State Governments, and the Federal Capital Territory.

“At N87.91 Trillion, the Total Public Debt Stock represents a marginal increase of 0.61% when compared to the June 30, 2023 figure of 87.38 Trillion.

“This trend is explained by the decrease in External Debt from USD43.16 Billion as at June 30, 2023, to USD41.59 Billion as at September 30, 2023, and a relatively moderate increase of N1.80 trillion in the Domestic Debt.

“External Debt decreased due to a redemption of a USD500 million Eurobond and the payment of USD413.859 million as first principal repayment of the USD3.4 Billion Loan obtained from the International Monetary Fund in 2020 during Covid-19.”

“The servicing of these Debts in addition to other Debts, are clear demonstrations of the FGN’s commitment to honouring its debt obligations.”

The DMO’s report underscores the ongoing challenges faced by the country in managing its debt, amid efforts to balance economic development initiatives and financial stability.

As Nigeria navigates the complexities of its debt dynamics, policymakers and economic analysts will closely scrutinize these figures for insights into the nation’s fiscal health and sustainability.

 

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