Nigeria coughs out $3.5bn for debt servicing despite reforms
Nigeria spent $3.58 billion on external debt servicing in nine months of 2024, a 40% rise from 2023, despite reforms to curb costs. External debt hit $42.9 billion mid-year, driven by naira devaluation. Rising debt servicing limits investment in critical sectors and may prompt more borrowing, worsening financial strain. Read More
Athena Commentary: Nigeria’s rising debt servicing highlights fiscal issues, with reforms failing to stabilize the naira or reduce borrowing. In contrast, countries like Singapore prioritize sustainable debt, stable currencies, and economic growth. Nigeria’s debt drains funds for key sectors, unlike nations investing in innovation and diversification. Without structural reforms, its debt crisis may worsen.
DSS detains ex-Ogun PDP governorship candidate Adebutu
The DSS detained Ogun PDP’s 2023 candidate, Oladipupo Adebutu, over alleged election violence, including attacks on officials and voters. Adebutu denies the claims, accusing Governor Dapo Abiodun of using armed forces and hoodlums to disrupt polls. Efforts to secure his bail have failed, with his lawyers set to address the matter. Adebutu urges supporters to remain calm. Read More
Athena Commentary: The detention of Oladipupo Adebutu, the 2023 governorship candidate of the Peoples Democratic Party in Ogun State, by the Department of State Services, raises concerns about the politicization of security agencies and the potential for human rights violations in Nigeria’s political landscape. This development highlights the need for increased transparency and accountability in the country’s electoral process, ensuring that the rule of law is upheld and the rights of all citizens are protected.
PM Modi meets Nigerian president Tinubu to boost ties between two nations
Prime Minister Narendra Modi recently met with Nigerian President Bola Ahmed Tinubu to strengthen ties between the two nations, focusing on areas such as trade, investment, and digital public infrastructure. This meeting marks a significant milestone in the India-Nigeria partnership, which has been a strategic partnership since 2007 and has seen over 200 Indian companies invest around USD 27 billion in Nigeria. Read More
Athena Commentary: The recent meeting between Prime Minister Modi and President Tinubu marks a significant milestone in the India-Nigeria partnership, aiming to strengthen economic ties and explore new avenues for collaboration in areas like trade, investment, and digital infrastructure. While India has deepened its economic relations with several African nations, the focus on Nigeria reflects its strategic importance as Africa’s most populous country and a major oil producer. This partnership could serve as a model for India’s engagement with other African nations, particularly in the context of growing global competition for resources and markets.
Cholera kills 25 in Sokoto, 15 hospitalised
A cholera outbreak has claimed 25 lives in Sokoto State, with over 1,100 cases reported across three local government areas. The state government is taking steps to control the spread of the disease, including providing free medication and recruiting more healthcare workers. Read More
Athena Commentary: The cholera outbreak in Sokoto highlights severe public health challenges, with inadequate infrastructure and resources exacerbating the crisis. In better-resourced countries, such outbreaks are swiftly managed with efficient healthcare systems, advanced infrastructure, and timely intervention, preventing widespread casualties.
Compiled by:
Ijeoma Esther Achebe