“NO ELECTRICITY, NO VOTE,” SOUTH AFRICANS THREATEN TO SHUN RULING PARTY ANC. (PHOTO)

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 “No electricity, no vote,” South Africans threaten to shun ruling party ANC Residents in Katlehong, a township outside Johannesburg, have resolved to boycott South Africa's upcoming local elections on November 4 due to long-standing failures by authorities to provide basic services like electricity. For over 20 years, around 180 households in the community have relied on illegal electrical connections pulled from neighboring areas to power their homes. Angry over the lack of formal grid infrastructure, residents are directing their frustration at the ruling African National Congress (ANC). "We have made a collective decision: no electricity, no vote," said community leader Lesiba Rankapole, 59. "We know it is illegal, but we had no choice because we cannot live without electricity. Our children cannot progress without electricity." "I was born ANC, but today I do not want anyone to tell me about the ANC because I am suffering," added 57-year-old resid...
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NIGERIA'S PUBLIC DEBT MAY HIT ₦150 TRILLION IN Q1 2025- EXPERT. (PHOTO).

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Nigeria’s public debt may hit N150 trillion in Q1 2025 — Expert


There is a projection that Nigeria’s public debt may hit a new high before the end of the first quarter 2025, jumping to N150 trillion. 


The projection was hinged on the latest figure indicating that the public debt stock has hit N142 trillion.


Latest data from the Debt Management Office (DMO) indicated that the total public debt rose to N142.3 trillion as of September 30, 2024, representing an increase of 5.97% (N8.02 trillion) compared to N134.3 trillion in June 2024. 


Daily Trust observed that this increase reflects the combined effects of rising domestic borrowing and the impact of exchange rate depreciation on external debt when converted to naira terms


Data from the DMO showed that Nigeria’s external debt in dollar terms grew marginally by 0.29%, from $42.90 billion in June to $43.03 billion in September.


However, the naira equivalent of external debt surged significantly by 9.22%; rising from N63.07 trillion to N68.89 trillion during the same period.



The increase was largely driven by the depreciation of naira against the US dollar, as the exchange rate weakened from N1,470.19/$ in June to N1,601.03/$ by the end of September.


It was also observed that Nigeria’s first domestic dollar-denominated bond added N1.47 trillion to the total domestic debt.


 …Debts may hit N150 trillion in March – Expert


Economic analyst, Paul Alaje stated that the debt profile might hit N150 trillion by the end of first quarter 2025.



“One of our 7 macroeconomic indicators and other parameters projections for 2025 years, is that Nigeria’s debt profile will cross N150 trillion. Today, we expected this in Q2 but the report shows that this may happen in Q1 end,” he said.


….FG plans N450bn January bond auction


This is just as the federal government, through the Debt Management Office (DMO), has disclosed plans to generate N450 billion through its January 2025 bond auction.



The January 2025 bond auction includes three categories of bonds. The first is a five-year bond with a 19.30% coupon rate, originally issued in April 2029, and the government plans to raise N100 billion from this reopening.


The second offering is a seven-year bond, first issued in February 2031, with an 18.50% coupon rate, through which the government aims to secure N150 billion.


Lastly, the auction includes a new issuance of a ten-year bond, the FGN January 2035 bond, targeting N200 billion. These bonds collectively form a substantial component of the government’s domestic borrowing strategy.


The auction, according to DMO, will take place on January 27, 2025, with a settlement date of January 29, 2025. The settlement ensures that successful bidders gain ownership of the bonds shortly after the auction date, enabling them to start earning interest promptly.

 

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