ELON MUSK FACES CIVIL SECURITIES FRAUD SUIT OVER TWITTER PURCHASE AS HE EYES SPACEX IPO. (PHOTO).

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 Elon Musk faces civil securities fraud suit over Twitter purchase as he eyes SpaceX IPO  Since acquiring Twitter for roughly $44 billion in late 2022, Elon Musk has renamed the platform X, merged it with his artificial intelligence company xAI, and integrated both into his defense and space company, SpaceX. Musk’s next major move could be taking SpaceX public in what would likely be a record-setting IPO, but first, he is confronting legal challenges from his past. On Wednesday, Musk appeared in federal court in San Francisco to face allegations of civil securities fraud tied to his Twitter purchase. Investors filed a class action in October 2022, claiming Musk manipulated Twitter’s stock to pressure the board into selling at a lower price than initially promised. Musk’s legal team denies any intent to harm Twitter or its shareholders. During the hearing, Musk acknowledged that his tweets can affect stock prices, sometimes unpredictably, and described the market as “manic depr...
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NEW DATA FROM THE FEDERATION ACCOUNTS ALLOCATION COMMITTEE (FAAC), SHOWS THAT NIGERIAN STATES PAID N455.38 BILLION IN FOREIGN DEBT SERVICE IN 2025, UP FROM N362.08 BILLION IN 2024. THIS REPRESENTS A YEAR-ON-YEAR INCREASE OF N93.30 BILLION, OR 25.77 PER CENT.(PHOTO).

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 New data from the Federation Accounts Allocation Committee (FAAC), shows that Nigerian states paid N455.38 billion in foreign debt service in 2025, up from N362.08 billion in 2024. This represents a year-on-year increase of N93.30 billion, or 25.77 per cent.


The rise indicates that states devoted a larger portion of their FAAC allocations to external debt obligations in 2025, leaving less fiscal space for salaries, capital projects, and routine governance.


A closer look shows a concentration of foreign debt service among a few states. The top 10 states accounted for 68.57% of the total in 2025.


Lagos led with N92.80 billion, up from N72.32 billion in 2024 (28.33%).


Rivers followed with N48.58 billion, more than doubling from N23.13 billion in 2024 (110.02%).

Kaduna recorded N47.93 billion, up N2.34 billion (5.13%).

Ogun’s deductions more than doubled to N25.20 billion from N11.99 billion (110.22%).

Cross River: N21.01 billion, up 22.86% from N17.10 billion.

Oyo: N20.17 billion, a 12.98% increase from N17.85 billion.

Edo: N18.70 billion, up 11.78% from N16.73 billion.

Bauchi: N16.85 billion, up 22.58% from N13.75 billion.

Kano: N10.63 billion, up 24.67% from N8.53 billion.

Ebonyi: N10.37 billion, up 53.09% from N6.77 billion.

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