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Ways and means securitisation responsible for Nigeria’s N24trn debt rise – DMO

debt

The Debt Management Office, says the rise in Nigeria’s public debt stock from N97.34 trillion in December 2023 to N121.67 trillion in March is partly due to exchange rate fluctuations.

The Director-General of DMO, Patience Oniha, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

She was clarifying misconceptions about the recently released update of the country’s total debt profile.

She said that the securitisation of N4.90 trillion as part of the securitisation of the N7.3 trillion Ways and Means Advances approved by the National Assembly was also responsible for the N24.33 trillion increase in the debt stock.

According to her, there is also the interest rate, as well as new borrowing of N2.81 trillion as part of the N6.06 trillion provided in the 2024 budget.

She, however, emphasised that the debt stock included the domestic and external debt stock of the thirty-six states and the Federal Capital Territory (FCT).

“The total public debt as at March 31, showed that the total public debt in Naira terms stood at N121.67 trillion compared to N97.34 trillion as at December 31, 2023.

“While detailed information was provided on the data such as the split between external and domestic debt as well as the fact that the debt stock includes the domestic and external debt stock of the 36 states and the FCT, it has become imperative to provide some explanations.

“It is important to recognise the fact that Nigeria has undergone some major reforms which have impacted economic indices such as the dollar/Naira exchange rate and interest rates.

“These two, in particular affect the debt stock and debt serv ice,” she said.

Oniha said that the increase in Naira in Terms of N24.33 trillion between the fourth quarter of 2023, and first quarter of 2024, did not strictly represent new borrowing.

She said that the total external debt stock was relatively flat at 42.50 billion dollars and 42.12 billion dollars in the fourth quarter of 2023, and first quarter of 2024 respectively.

“The Naira values were significantly different at N38.22 trillion and N56.02 trillion respectively, representing a difference of N17.8 trillion.

“This explains the perceived sharp increase of N24.33 trillion in the total debt stock in the first quarter of 2024.

“The difference in the exchange rate for the two periods also explains why in dollar terms, the total debt stock actually declined in the first quarter of 2024 to 91.46 billion dollars,” Oniha said.

She said that the debt report was somewhat an improvement from the past, before President Bola Tinubu government.

According to her, if you discount FX impact, the debt is moderate and within normal limits.

She urged the Federal Government to prioritise fiscal retrenchment while assuring that the various measures to attract foreign exchange inflows would increase external reserves and support the Naira exchange rate.

Credit goes to NAN

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Ogun State Investigates Doctor’s Assault on Nursing Student

Ogun State Investigates Doctor's Assault on Nursing Student

The Ogun State Government announced on Saturday that it has initiated an extensive inquiry into an alleged physical attack on a nursing student by a physician at the State Hospital in Ijaiye, Abeokuta.

Dr Tomi Coker the Commissioner for Health Ogun

Dr. Tomi Coker, the Commissioner for Health, revealed this information in a statement released by the ministry’s media representative, Mr. Gbadamosi Adegoke.

Coker said, “The National Association of Nigerian Student Nurses and Midwives had made a formal report of the alleged assault on September 30, 2024. And upon receiving the report, the government has promptly initiated an investigation to address the matter through the Civil Service redress process.”

The statement provided reassurance to the public regarding the government’s firm stance against abuse, urging those impacted to remain calm as justice would be administered in a timely manner.

On Thursday, nurses from the State Hospital in Ijaye, Abeokuta, along with colleagues from other areas of the state, gathered to demonstrate against the alleged attack on a final-year nursing student by Consultant Orthopaedic Surgeon Nurudeen Adekunle.

Reports indicate that Adekunle, an employee of the hospital, slapped the student nurse in the theatre suite on September 24. Despite attempts to seek justice from the government since then, no positive outcome has been achieved.

The protest was spearheaded by Comr. Adejoke Bello, the state Chairman of the National Association of Nigeria Nurses and Midwives.

The nurses chanting various songs to drive home their grievances were also armed with placards bearing messages such as “End bullying of nurses, “End nurses brutality, bullying of nurses is not acceptable, “Zero tolerance for nurses bullying, “Respect for nurses, Respect for care”, “Justice for nurses, a must” among others.

Speaking with our Correspondent, Bello said, “The peaceful demonstration is to register our dissatisfaction and displeasure over an unethical practice of a Consultant Orthopaedic Surgeon with Ogun State Hospital, Ijaye, Abeokuta, Nurudeen Adekunle who slapped a final year student nurse precisely on September 24.

“This is assault and it is against the public rule service, this should not have happened under whatever circumstances. It is gross misconduct for you to have slapped your subordinate at work. So we are here to say that the entire nurses in Ogun State won’t tolerate this.

“This ordinarily should not have degenerated to this level of protest but we have written to the appropriate quarters since last Monday and given them 48 hours to address this unfortunate incident but we have heard nothing from them, especially the management of this Hospital, they have not called us, so we are left with no choice than to mobilise for this peaceful protest.

“We demand that the culprit, Dr Adekunle Nurudeen must be brought to justice according to the public service rules. We are saying no to harassment and assault of nurses. We have told our nurses to go back to work but we have given the management of the hospital four hours to get back to us in black and white just as we have equally done to register our dissatisfaction over the poor treatment.”

Similarly, the Unit Chairman of NANNM, State Hospital, Ijaye, Abeokuta, Comrade Lola Falujo, also condemned the action of Adekunle, saying that it fell below the provisions of the public service rules.

Breaking News: Ogun Police Take Down Suspected Serial Kidnapper and Killer

Falujo said, “We are out to end bullying of nurses, we are saying no to all forms of assault against nurses, we are doing our best in this hospital to care for our patients and move the state and country forward. So we don’t deserve any form of maltreatment.

“We condemn the action of Dr Adekunle who assaulted one of our student nurses and was even threatening him saying that if he heard anything about the incident outside he would ensure that the student won’t graduate.

“We wrote the the management of the hospital and the government since Friday but we have heard nothing, if they have decided to get back to us there may not be the need for this peaceful protest.

“This is unacceptable and we are saying that bullying of nurses must stop. We therefore want the government to activate the state public service rules to handle this matter and ensure that justice is served.”

The Permanent Secretary of the Hospital Management Board, Dr. (Mrs.) Olayinka Elemide, speaking to protesting nurses, informed PUNCH Online that the government is aware of the circumstances and is actively working to resolve the issue.

Elemide said, “The government is aware of this situation and already taking steps to ensure that due process is followed. The doctor and the student nurse are both in the care of the government, so we are on top of the situation.”

The PUNCH

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Ogun Police Take Down Suspected Serial Kidnapper and Killer

Ogun Police Take Down Suspected Serial Kidnapper and Killer

The Ogun State Police Command has detained a 29-year-old individual, Ogunnaike Philip, under suspicion of murdering at least three young girls, one of whom is 18 years old, in different incidents throughout the state.

According to the police, the suspect’s approach involved enticing his victims into the woods, where he would restrain them, strangle them, and subsequently leave their bodies behind after taking their mobile phones.

The authorities reported that inquiries indicated the suspect is believed to be a serial killer who fled from the Ibara Correctional Centre nearly two years ago while being transported to the Isabo Magistrate Court for an ongoing armed robbery trial.

In a press conference on Friday, the authorities disclosed that Philip’s victims included 18-year-old Akinsanya Habibat, 22-year-old Abigail Dina, and 23-year-old Mary Ogunyemi.

In a statement issued late Friday by the spokesperson for the command, Omolola Odutola, it was disclosed that Philip admitted to murdering the three victims and abandoning their remains in the woods.

After his admission, the suspect guided the police anti-kidnapping unit to various sites where the three victims were slain.

As reported by the police, 22-year-old nurse Dina departed from her residence in Iyana Egbado, Ewekoro Local Government, at 8:10 AM on May 6, 2024, to go to her job at Sodipo Medical Centre in Itori, when she was kidnapped by the suspect and taken to an undisclosed forest in Itori.

The statement read, “The kidnapper stole an iPhone XR from the victim and then strangled her to death. Subsequently, he contacted her family by phone and demanded a ransom of N50,000.

“Afterward, the suspect abandoned her body in the forest. Ogunnaike Philip, a male suspect, was arrested in connection with the case and confessed to committing the crime.

“The suspect confessed that he fled to Saki town in Oyo State, where he exchanged the stolen iPhone XR for an Infinix Hot 10 and received a cash sum of N65,000.”

“The victim was bound with rope and robbed of an iPhone S. Ogunnaike Philip and his accomplice jointly strangled her to death. The two criminals later contacted the victim’s mother by phone and demanded a ransom of seventeen thousand naira.

“The duo abandoned the corpse of the victim inside the bush and fled to Badagry, Lagos State, to sell off the stolen iPhone S at the rate of N8,000.”

The order indicated that the accused was accountable for the death of his employer’s 18-year-old daughter, Akinsanya, during an event that occurred at Mile 6, Abeokuta, on August 30, 2024, at approximately 5 pm.

Philip is accused of abducting the victim, sexually assaulting her, and subsequently strangling her with a rope on her father’s farm within the area.

He subsequently contacted the parents to request a ransom before escaping the location.

The command noted, “The father received a phone call on his daughter Habibat Akinsanya’s phone, informing him that she, aged 18, had been kidnapped and that he needed to pay a ransom of one million naira for her release.

“The victim’s father subsequently paid N30,000 to the Moniepoint account number given by the kidnapper. Later, her body was discovered on her father’s farmland in Obasa village, Mile 6, Abeokuta, Ogun State, along with her PoS machine found beside her.

“The suspect admitted that the victim’s father employed him and was working on the farm when he saw the victim passing by. He lured her to the farm and then tied her legs with rope.”

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The World of Red Wines: A Guide to Varieties, Characteristics, and Pairings

Red wine, with its rich flavors and bold tannins, is a favorite among wine enthusiasts. From fruity Merlots to spicy Syrah, the diversity of red wines offers something for every palate.

Popular Red Wine Varieties

  1. Cabernet Sauvignon: Full-bodied, tannic, and acidic, with flavors of black currant, blackberry, and spice.
  2. Merlot: Smooth, approachable, and fruity, with notes of plum, blackberry, and chocolate.
  3. Pinot Noir: Light-bodied, elegant, and acidic, with flavors of cherry, raspberry, and earth.
  4. Syrah/Shiraz: Full-bodied, spicy, and dark-fruited, with hints of pepper, licorice, and smoke.
  5. Malbec: Fruity, velvety, and smooth, with flavors of plum, blackberry, and spice.

Red Wine Characteristics

  • Tannins: Compounds that give red wine its astringent, drying sensation.
  • Acidity: Balances sweetness and tannins, enhancing flavor.
  • Body: Ranges from light (Pinot Noir) to full (Cabernet Sauvignon).
  • Ageing: Red wines improve with time, developing complexity.

Food Pairing

  • Cabernet Sauvignon: Grilled meats, roasted vegetables, hard cheeses.
  • Merlot: Pasta, pizza, burgers.
  • Pinot Noir: Salmon, poultry, delicate dishes.
  • Syrah/Shiraz: Spicy food, game meats, robust cheeses.
  • Malbec: Grilled meats, empanadas, spicy sausages.

Regional Red Wines

  • Bordeaux (France): Blends of Cabernet Sauvignon, Merlot, and Cabernet Franc.
  • Tuscany (Italy): Sangiovese-based wines, such as Chianti.
  • Rioja (Spain): Tempranillo-based wines.
  • Napa Valley (California): Cabernet Sauvignon, Merlot, and blends.

Tips for Enjoying Red Wine

  • Store: Cool, dark place (55°F-65°F).
  • Serve: Decant before serving; use appropriate glassware.
  • Drink: Within 2-5 years for most varieties.

Whether you’re a seasoned oenophile or just discovering the world of red wine, there’s always something new to explore.

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PDP Members Divided Over Damagum’s Replacement as Party Leader

PDP Members Divided Over Damagum’s Replacement as Party Leader

In anticipation of the Peoples Democratic Party’s (PDP) National Executive Committee meeting scheduled for October 24, two prominent members of the party are in disagreement over which region should nominate a successor for the party’s interim National Chairman, Umar Damagum.

Since 2023, the PDP has faced internal conflicts, with some members accusing Damagum of failing to implement adequate reforms within the party.

Members of the PDP, particularly from the North Central region, have therefore called for Damagum’s removal and insist that his replacement should come from their zone.

They cited Section 47(6) of the party’s constitution, which states that when a party office becomes vacant, the Executive Committee must appoint a replacement from the same region or zone as the outgoing officer to complete the term.

Segun Showunmi, the 2023 PDP governorship candidate in Ogun State, disagreed with Kola Ologbondiyan, the party’s former National Publicity Secretary, over which zone should select Damagum’s successor.

Ologbondiyan argued that the replacement should be selected from the North Central region, while Showunmi maintained that the position was not specifically reserved for that area.

Read Also: PDP Urges Caution from Police as It Prepares for Upcoming Rivers Local Government Elections

“What the North Central is agitating for is for Damagum to leave that post and return to his position as Deputy National Chairman. The zone will then nominate a suitable person to replace him and complete the tenure,” Ologbondiyan stated.

“We are demanding that North Central be given its rightful place in the National Working Committee, which is the position of National Chairman of the party,” he added.

Showunmi, however, said, “What led to the removal of the last Chairman? Was it not the North Central issues at the heart of this problem? The party will lose if they continue this way.

 “I am from the South, and I have the best ideas to get this party moving right now. We need to bring young people into this party. By even putting myself forward for this, I am taking a big risk with my money and time. So, it is not about the zone; it is about the PDP, and I am saying all this because we cannot have a one-party state.”

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Massive Flood Hits University of Ibadan Hostels, Students’ Property Destroyed

MassIve Flood Hits University of Ibadan Hostels, Students' Property Destroyed

A flood has inflicted extensive damage at the University of Ibadan, ruining books, food items, and other vital resources.

On Friday, the flood caused chaos within the university, resulting in the destruction of properties valued at millions of naira.

Items destroyed included important documents and other valuable possessions.

According to PUNCH’s investigations on Saturday morning, the floodwaters submerged several hostels at the institution, leading to the destruction of property.

A student of the institution, who preferred anonymity, said, “The most affected hall of residence is Awo Hostel where about 16 rooms in the underground floor were completely submerged with students’ property floating on the water.”

Another source said, “The students’ foodstuffs, documents and property, especially those that went for examinations were destroyed.

“The flood took over students’ rooms, toilets, kitchens and all the entrances to their hostel.

“The flood took over my friend’s room, and destroyed everything she has, including the ones in her cupboard.”

More Details in a bit…

The PUNCH

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Editorial

‘Tomatoes and Cancer’ What You Need To Know

Tomatoes, often overlooked as a simple ingredient in our daily meals, have long been lauded for their rich nutritional value. However, as the world continues to grapple with the complexities of cancer, researchers have uncovered a surprising ally in the fight against this devastating disease: the humble tomato.

Packed with vitamins, minerals, and antioxidants, these juicy fruits have quietly made their way into the spotlight as potent cancer fighters. For years, scientists have extolled the virtues of tomatoes, highlighting their rich nutritional profile and antioxidant properties. Now, a growing body of evidence suggests that eating tomatoes may play a significant role in cancer prevention.

Lycopene: The Cancer-Battling Champion

The vibrant red hue of tomatoes is primarily attributed to lycopene, a carotenoid pigment that belongs to the family of antioxidants. Numerous studies have linked lycopene consumption to a reduced risk of various cancers, including prostate, breast, lung, colon, and stomach cancers.

How Lycopene Works

  • Antioxidant Power: Lycopene acts as a potent antioxidant, neutralising harmful free radicals that can damage cells and DNA, which are key factors in cancer development.
  • Inflammation Reduction: Chronic inflammation has been implicated in several types of cancer. Lycopene helps reduce inflammation, creating a less hospitable environment for cancer cells to thrive.
  • Cell Cycle Regulation: Lycopene may interfere with the cell cycle, preventing abnormal cell growth and division that can lead to cancer.
  • Apoptosis Induction: In some cases, lycopene can trigger apoptosis, a process of programmed cell death, eliminating damaged or cancerous cells.

Enhancing Lycopene Absorption

To maximize the benefits of lycopene, it’s essential to prepare and consume tomatoes in ways that promote absorption. Cooking tomatoes, especially with a bit of oil, can significantly increase lycopene bioavailability. Consider these methods:

  • Cooking: Saute tomatoes with olive oil or add them to stews and soups.
  • Processing: Tomato sauce, juice, and paste are excellent sources of lycopene.
  • Combination: Consuming tomatoes with foods rich in healthy fats, such as avocados or nuts, can enhance lycopene absorption.

Incorporating Tomatoes into Your Diet

Tomatoes can be easily integrated into your daily meals. Here are some creative ideas:

  • Salads: Add cherry tomatoes or diced tomatoes to your salads for a burst of flavor and nutrition.
  • Sandwiches: Top your sandwiches with tomato slices or tomato-based spreads.
  • Soups and Stews: Tomato-based soups and stews are hearty and flavorful.
  • Smoothies: Blend tomatoes with other fruits and vegetables for a refreshing smoothie.

A Note of Caution

While tomatoes offer numerous health benefits, it’s crucial to note that no single food can guarantee cancer prevention. A balanced and diverse diet, along with regular exercise, is essential for overall health and well-being. If you have concerns about cancer risk, consult with a healthcare professional for personalised guidance.

In conclusion, tomatoes, with their rich lycopene content, have emerged as a formidable weapon in the fight against cancer. By incorporating these delicious and versatile fruits into your diet, you can take a proactive step towards protecting your health and reducing your risk of cancer. So, let’s raise a glass of tomato juice or enjoy a plate of pasta with tomato sauce to celebrate the power of this humble yet mighty fruit!

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