By Our Correspondent

In a significant move toward fostering national dialogue on Nigeria’s political and economic development, Dr. Nasir Ibrahim, popularly known as the Magayakin Kumfulata, paid a courtesy visit earlier today to Dr. Mundi, the Provost of the Federal College of Education (FCE), Zuba, Abuja.

The meeting, held at the Provost’s office, focused on exchanging ideas and perspectives aimed at advancing Nigeria amidst its current challenges. It provided a platform for thoughtful discussions on critical national issues, particularly emphasizing leadership, education, economic diversification, and youth empowerment.

During the conversation, Dr. Mundi provided profound insights into Nigeria’s political climate, highlighting the urgent need for strong, visionary leadership and a culture of accountability. He underscored the pivotal role civic education must play in nurturing democratic values among citizens, stressing that institutions like Colleges of Education have a crucial responsibility in building national consciousness and grooming future leaders with the right mindset.

On the economic front, Dr. Mundi reflected on pressing issues such as rising inflation, unemployment, and Nigeria’s long-standing over-reliance on oil revenues. He advocated for immediate and strategic economic diversification, calling for a renewed focus on agriculture, technology, and education as key sectors to drive sustainable growth.

According to Dr. Mundi, empowering the education sector to actively contribute to economic development is critical. He emphasized promoting entrepreneurship, enhancing skill acquisition programs among students, and fostering strong partnerships between educational institutions and industry stakeholders to bridge the skills gap and prepare graduates for the demands of the modern workforce.

Speaking after the meeting, Dr. Nasir Ibrahim described the engagement as highly productive and inspiring, praising Dr. Mundi’s visionary approach to national issues. He noted that the discussions offered practical and actionable ideas for stimulating Nigeria’s political and economic transformation.

Dr. Mundi, in turn, expressed his appreciation for the visit and reiterated his openness to future collaborations geared toward promoting national progress and societal development.

The meeting ended on a positive note, with both leaders reaffirming their commitment to contributing meaningfully to Nigeria’s journey toward sustainable growth and prosperity.

By Our Correspondent

Nigeria’s public debt stock has surged to a staggering N144.67 trillion ($94.23 billion) as of December 31, 2024, according to the latest report released by the Debt Management Office (DMO). This represents a sharp increase of 48.58% when compared to the N97.34 trillion recorded in December 2023.

The report also indicates a moderate quarter-on-quarter rise in the debt profile. Between September and December 2024, Nigeria’s total debt grew by N2.35 trillion, or 1.65%, moving from N142.32 trillion to N144.67 trillion.

A breakdown of the figures reveals a significant spike in external debt, which climbed by 83.89% within the year. The foreign debt stock rose from N38.22 trillion ($42.50 billion) in December 2023 to N70.29 trillion ($45.78 billion) by December 2024. This substantial increase is attributed to both fresh borrowings from international creditors and the continued depreciation of the Naira against the dollar.

On the domestic front, Nigeria’s local debt stood at N74.38 trillion ($48.44 billion) in December 2024, slightly up from N73.43 trillion ($45.87 billion) in September. The Federal Government remains the largest borrower, with its domestic debt climbing from N69.22 trillion in June to N70.41 trillion by the end of the year.

In a bid to support the 2024 national budget amidst dwindling revenue and rising expenditure, the Federal Government raised $2.2 billion in December 2024 through the issuance of Eurobonds. This marks Nigeria’s return to the international capital market after a brief hiatus, with the funds expected to help bridge critical financing gaps in the national fiscal plan.

Economic analysts have raised concerns over the sustainability of the country’s debt, especially in light of the increasing cost of servicing loans and the limited revenue base. With inflation on the rise and pressure mounting on public finances, the Federal Government faces tough choices in managing its growing debt burden without stifling development.

By Our Correspondent

Dangote Petroleum Refinery has announced a temporary suspension of the sale of petroleum products in naira, citing the need to align its sales currency with its crude oil procurement obligations, which are denominated in U.S. dollars.

The announcement was contained in a notice sent to petroleum marketers on Wednesday afternoon.

Reason for the Suspension

In the statement, the refinery explained that the value of petroleum products sold in naira had exceeded the naira-denominated crude it had received, making it necessary to adjust its sales currency temporarily.

“We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars,” the notice stated.

“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” it added.

Refinery Denies Fraud Allegations

The company also dismissed reports alleging that it had suspended loading due to ticketing fraud, describing such claims as “malicious falsehood.”

“Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is a malicious falsehood. Our systems are robust, and we have had no fraud issues,” the refinery clarified.

Commitment to Nigerian Market

Despite the suspension, Dangote Refinery reassured marketers and consumers of its commitment to the Nigerian market. It promised to resume sales in naira once it receives an allocation of naira-denominated crude from the Nigerian National Petroleum Corporation (NNPC).

“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in naira. We appreciate your understanding and cooperation during this period,” the statement concluded.