OVER 25 MILLION PHONES STOLEN IN ONE YEAR- FG. (PHOTO).

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 Over 25 million phones stolen in one year – FG The Crime Experience and Security Perception Survey report of the National Bureau of Statistics, a Federal Government agency, shows that Nigeria recorded 25.35 million phone theft cases between May 2023 and April 2024. According to the report, this was the most common type of crime within the period under review. The report read, “The number of crimes experienced by individuals in Nigeria was analysed over a period of time. The results show that theft of phones (25,354,417) was the most common crime experienced by individuals, followed by consumer fraud (12,107,210) and assault (8,453,258). However, hijacking of cars (333,349) was the least crime experienced by individuals within the reference period.” It also noted that most phone theft cases occurred either at home or in a public place, and about 90 per cent of such cases were reported to the police. Despite the high rate of the incident being reported, only about 11.7 per cent of t...
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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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