FIRST LADY FLAGS OFF NATIONAL COMMUNITY FOOD BANK PROGRAM IN BORNO. (PHOTO).

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 First Lady Flags Off National Community Food Bank Program In Borno  Nigeria has hit another milestone in its campaign to provide nutrition support to women and children with the launch of the National Community Food Bank program,  starting from the North East zone of the country. First Lady Oluremi Tinubu while inaugurating the very first of the food banks in Shuwari- II Primary Healthcare Centre,  Bolori in Borno State says the intervention represents a new line of protection for Nigerian children against child malnutrition  Designed to provide vulnerable children under the age of six and pregnant women with sustainable access to nutritious food, the intervention is a multi-sectoral platform that seeks to fight child malnutrition by establishing food banks around primary healthcare centres across the country and also encouraging bio-fortification of food from source.  Among many  projects undertaken by the Borno State Governor,  Prof Babagana Zu...
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PUBLIC DEBT RISES 48% TO N144.67TRN IN 2024 — DMO. (PHOTO).

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 Public debt rises 48% to N144.67trn in 2024 — DMO


Nigeria’s public debt surged by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024, up from N97.34 trillion ($108.23 billion) in 2023.


This was disclosed by the Debt Management Office (DMO) in its most recent public debt profile report.


The total debt consists of external debt amounting to N70.29 trillion ($45.78 billion), which is serviced with $4.66 million, and domestic debt of N74.38 trillion ($48.44 billion).


The report revealed that the country’s external debt rose by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.


Meanwhile, domestic debt grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.


Additionally, the report showed that the Federal Government’s domestic debt component rose by 32 per cent YoY, reaching N70.41 trillion from N53.26 trillion in 2023.


In contrast, the domestic debt of states and the Federal Capital Territory fell by 32 per cent YoY to N3.97 trillion in 2024, down from N5.86 trillion in 2023.


The increase in public debt can largely be attributed to fluctuating exchange rates amid changes in global economic conditions.


The sharp rise, particularly in external debt, underscores the nation’s vulnerability to exchange rate fluctuations and shifts in global economic dynamics.


As the naira continues to depreciate, the cost of servicing foreign debt could rise, placing additional strain on the country’s financial resources.

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