President Bola Tinubu has written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 appropriation act.

If approved, the loan will be used to part-finance the deficit of N9.7tn for the 2024 budget.

The president’s request was read by the speaker during plenary on Tuesday.

The president has also forwarded the MTEF/ FSP 2025- 2027 to parliament and the National Social Investment Programme establishment amendment bill, to make the social register the primary tool for the implementation of the federal government’s social welfare programmes.

This is as the Central Bank of Nigeria recently said the Federal Government spent $3.58 billion servicing the country’s foreign debt in the first nine months of 2024.

Data sourced from the Central Bank of Nigeria (CBN) report on international payment statistics showed that the amount represents a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

According to the report, while the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.37m, the highest monthly expenditure in 2023 was $641.70m, recorded in July.

The trend in international debt servicing by the CBN highlights the rising cost of debt obligations by Nigeria.

Further breakdown of international debt figures showed that in January 2024, debt servicing costs surged by 398.89 per cent, rising to $560.52m from $112.35m in January 2023. February, however, saw a slight decline of 1.84 per cent, with payments reducing from $288.54m in 2023 to $283.22m in 2024.

March recorded a 31.04 per cent drop in payments, falling to $276.17m from $400.47m in the same period last year. April saw a significant rise of 131.77 per cent, with $215.20m paid in 2024 compared to $92.85m in 2023.

The highest debt servicing payment occurred in May 2024, when $854.37m was spent, reflecting a 286.52 per cent increase compared to $221.05m in May 2023. June, on the other hand, saw a 6.51 per cent decline, with $50.82m paid in 2024, down from $54.36m in 2023.

July 2024 recorded a 15.48 per cent reduction, with payments dropping to $542.50m from $641.70m in July 2023. In August, there was another decline of 9.69 per cent, as $279.95m was paid compared to $309.96m in 2023. However, September 2024 saw a 17.49 per cent increase, with payments rising to $515.81m from $439.06m in the same month last year.

Given rising exchange rates, the data raises concerns about the growing pressure of Nigeria’s foreign debt obligations.

The total debts of the 36 states in Nigeria rose to N11.47tn as of June 30, 2024, despite allocations by the Federal Accounts Allocation Committee (FAAC), and their respective internally generated revenues (IGR).

An analysis of data from the public debt reports released by the Debt Management Office (DMO) said the rise was 14.57 per cent higher than the N10.01tn recorded in December 2023.

External debt for the states and the Federal Capital Territory also climbed from $4.61bn to $4.89bn within the period under review.

In naira terms, the debts increased by 73.46 per cent, from N4.15tn to N7.2tn, following the devaluation of the naira from N899.39/$1 in December 2023 to N1,470.19/$1 by June 2024.

A protest was held today at the Police Force Headquarters in Abuja, organized by the Coalition of Civil Society for Good Governance in Nigeria, calling for an urgent investigation into serious allegations against Guaranty Trust Bank Limited (GTB). The bank, under the leadership of Segun Agbaje, is facing accusations of corruption, money laundering, unsolicited account openings, and more.

The Chief Convener of the coalition, Comrade Tijani Usman addressed the crowd, highlighting the pervasive issue of corruption that has plagued Nigeria’s socio-economic landscape since 1960. He emphasized the critical role of the banking sector in economic development and criticized the lack of action from regulatory and law enforcement agencies regarding GTB’s alleged infractions.

“The allegations against GTB are serious and cannot be ignored,” Usman stated. He urged the Nigeria Police Force to prioritize these claims and conduct a thorough investigation to hold accountable those responsible for any wrongdoing.

Participants in the protest voiced their concerns about recent operational failures at GTB, particularly a prolonged outage of the bank’s payment systems, which resulted in substantial losses for customers. The coalition called for the bank’s management to focus on resolving these critical issues instead of engaging in activities that undermine trust.

The protesters also appealed to the Central Bank of Nigeria and the Economic and Financial Crimes Commission to take a proactive stance in investigating the allegations and ensuring accountability within the banking sector.

As the coalition continues its peaceful demonstrations, they remain steadfast in their commitment to advocating for justice for affected customers and investors. This protest reflects a growing demand for greater transparency and accountability in Nigeria’s banking system, as civil society seeks to foster an environment where corruption is actively challenged and addressed.

The response from authorities to this protest may significantly impact the future governance of financial institutions in Nigeria, highlighting the necessity for reform and vigilance in the fight against corruption.

Stakeholders in the renewable energy sector have called for a sustainable financing model to ensure attainment of Nigeria’s Energy Transition Programmes (ETP).

The stakeholders made the call in Abuja on Tuesday at a stakeholders engagement on the nation’s energy transition programme.

They were of the view that financing, especially private sector finance mobilisation was key in execution of ETP programmes in Nigeria.

The programme with the theme titled “Maximizing Just Energy Transition Opportunities through ban Inclusive Country Platform was organised by the Yar’ Adua Foundation.

Mr Patrick Okigbo of Nextier Advisory Energy Transition Limited, an energy transition advocated for a funding model that was sustainable.

He said the nation could adopt model like the petroleum development funding model where funds from petroleum proceeds could be dedicated to drive ETP.

He also said the sustainable financing could only be attained with the support of the private sector, saying that government can not totally fund the ETP.

“here should be clear financial and comprehensive plan to attract private financing.”

According to him, energy security should be considered as critical along side national security in Nigeria.

He said efforts should be made to place the people and the communities at the centre of ETP.

“To achieve energy transition in Nigeria, we must place the people and communities at the heart of every activity and discussion of energy transition programmes, engaging them to understand their needs.

“Creating community based ETP strategy to address negative impact in ETP.

“We need to strengthen government commitment and leadership on ETP,with strong political will, more commitment, more action and less talks.”

He said government must work toward addressing the micro economic uncertainties , address infrastructure challenges and ensure provision of infrastructure for renewable energy development.

“We must drive stakeholders collaboration to minimise resistance and foster trust.*

Mr Olumide Onitekun of African Policy Research Institute(APRI) advocated the use of just energy transition for ETP in Nigeria.

He said just energy transition was all about defunding fossil fuels in a way that reduces inequality, while prioritising economic, racial, and gender justice.

He, however, said the plan required political will, private sector collaboration and programmed funding approach.

Earlier, the Director Partnership and Development ,Yar’ Adua Foundation, Mr Amara Nwankpa said the ETP , while ambitious does not align with a least cost pathway to total electrification.

He said there was need to envision a different future , one where renewable energy would drive economic growth, job creation and expanded energy access.

High point of the event was a panel discussion on ensuring an inclusive and equitable energy transition opportunities and challenges.

Others were presentation of stakeholders commitments on next steps to energy transition programmes in Nigeria.