LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE

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 Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years  for N43.5m Fraud    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud.   The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00   Count one reads: "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false rep
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PUBLIC DEBT SURGED TO N97. 34TN IN Q4, SAYS DMO. (PHOTO).

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 Public debt surged to N97.34tn in Q4, says DMO


The Debt Management Office of Nigeria has revealed that the Nigeria’s public debt has surged to N97.34tn ($108bn) as of the fourth quarter of 2023.


DMO disclosed this in a statement available to journalists on Friday.

Public debt is one of the ways countries get extra funds for economic development. This way, a country can execute bigger projects that can aid its development.


The statement partly read, “Nigeria’s public debt stock as at December 31, 2023 was N97.34trn or $108.229bn.”


“This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria, the 36 states governments and the Federal Capital Territory.”


The document revealed that,l this amount indicates a significant increase compared to N89.43tn recorded in September, 2023.

DMO said the increase was largely due to new domestic borrowing by the government to partly finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.


It noted that, at N59.12tn, total domestic debt accounted for 61 per cent of the total public debt stock while external debt at N14.3822trn accounted for the balance of 39 per cent.


“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 per cent ) or total of 63.79 per cent  which are mostly concessional and semi concessional,” the document added.


The DMO says it has continued to employ the best practice in public debt management and is committed to shore up the country’s revenue.


“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability,” it stated.

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