The Director-General of the Debt Management Office (DMO), Patience Oniha, expressed the need for ample revenue-generation at all tiers of government to curb the rising debt profile of the country.

This was made at the interactive session on the 2022-2024 Medium Term Expenditure/Fiscal Strategy Paper (MTEF/FSP) held by the National Assembly’s House Committee on Finance today in Abuja.

In her contributions, the DG DMO, Patience Oniha, stated that successive low revenues in the Budget have reflected in high levels of borrowing in the recent years. Expectedly, these borrowings have resulted in a high growth rate in the Debt Stock as well as Debt Service. She added that the trend is the same in the draft 2022-2024 MTEF.

Present at the session were the Honorable Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed; Director-General, Budget Office of the Federation, Ben Akabueze; Director-General, Debt Management Office (DMO), Patience Oniha; Comptroller-General, Customs, Col. Hameed Ibrahim Ali (Rtd) and other top officials of the Central Bank of Nigeria (CBN).

The attention of the Debt Management Office (DMO) has been drawn to the publication on Page 19 of The Punch Newspaper of Wednesday, August 11, 2021, captioned “World Bank lists Nigeria, nine others high-debt risk nations”, a publication that has since been carried by several other news outlets.

In the publication of The Punch Newspaper, it was stated that the World Bank has classified Nigeria as one of the top ten (10) ‘high-debt risk nations’ in the International Development Association (IDA) Audited Financial Statement for the Fiscal Year 2021 (July 1, 2020 – June 30, 2021) published on Monday, August 9, 2021. The publication of The Punch Newspaper is not only false and misleading but also suggests an inadequate understanding of the essence of the World Bank’s Report. The World Bank’s Report was an assessment of the performance of IDA and not the performance of the IDA Loans nor the debt repayment capacity of the beneficiaries of IDA Loans. By way of explanation, the World Bank through IDA, gives concessional loans to poor and developing countries to help them achieve improvements in growth, job creation, poverty reduction, governance, the environment, climate adaptation and resilience, human capital, infrastructure, and debt transparency. Nigeria is a beneficiary of IDA Loans.

It is important to re-emphasize that the World Bank’s Report, which was misrepresented by The Punch Newspaper, was focused only on the composition of IDA’s Loan Portfolio and did not make any reference to the debt sustainability of the top ten (10) beneficiary countries of IDA Loans, such as India, Pakistan, Nigeria, Kenya and Ghana that the Newspaper erroneously referred to as ‘high-debt risk nations’.
IDA Loans are typically for Tenors of 30 – 40 years, Grace Period (moratorium on principal repayment) of 7 – 10 years and Service Fee of only 0.75%. The highly concessional nature of IDA Loans satisfies the requirements of the provision of Section 41(1)(a) of the Fiscal Responsibility Act, 2007, which states that Government at all tiers shall only borrow on concessional terms with low interest rate and with a reasonably long amortization period. The cost of IDA Loans, which is the Service Fee of 0.75%, is considerable low thereby moderating the cost of debt service.
The DMO wishes to state that Nigeria’s IDA’s Debt Stock as at June 30, 2021 was USD11.7 billion. IDA Loans represent one of the most favourable borrowing options for countries like Nigeria and is also consistent with the Medium Term Debt Management Strategy of the Federal Government.

On behalf of the FGN, the Debt Management Office of Nigeria (DMO) are currently offering for subscription, 2-Years and 3-Years FGN Savings Bonds at an annual rate of 8.9% and 9.9% respectively.



Subscription offer opens today, August 2, 2021 and remains open till Friday, August 6, 2021.



Visit www.dmo.gov.ng for more details.

On May 18, 2021, His Excellency, President Muhammadu Buhari, GCFR, submitted a request to the National Assembly (NASS) for a Resolution on the New External Capital Raising of N2.343 trillion which is provided in the 2021 Appropriation Act.

In light of the President’s letter, the Senate and the House of Representatives assigned their respective oversight committees on Public Debt namely; the Senate Committee on Local and Foreign Debt and the House of Representatives’ Committee on Aids, Loans and Debt Management, for further consideration of the President’s request.

The two (2) Committees are expected to present reports of their deliberations at a Plenary Session to the two (2) chambers of the National Assembly to consider and approve the issuance of the Resolution as required by the Debt Management Office (Establishment, Etc.) Act, 2003.

Upon the issuance of the National Assembly’s Resolution, the executive arm of government will then be authorized to raise the funds which will be utilised to finance infrastructure and other priority projects across the country.

On behalf of the Federal Government of Nigeria, the DMO is offering for subscription, 2-years and 3-years FGN Savings Bonds at the following rates:

2-Year FGN Savings Bond due July 14, 2023: 8.35% per annum
3-Year FGN Savings Bond due July 14, 2024: 9.35% per annum

It should be recalled that the FGN Savings Bond is a retail savings product accessible to all income groups. The FGN Savings Bond provides an opportunity to all citizens irrespective of income level to contribute to national development and enables all citizens participate in and benefit from the favourable returns available in the capital market.
Some of the Benefits to Nigerians include:
• Interest income is paid quarterly directly into bond holder’s account.
• The Bond is acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.
• Good for savings towards retirement, marriage, school fees, house projects, etc.
The features of the FGN Savings Bond are:
• The product will be issued monthly in tenors of 2 and 3 years.
• Interest will be paid quarterly to investors.
• The Savings Bond will be offered to investors through Offer for Subscription at an interest rate to be announced by the DMO.
• There will be no fees or charges for subscriptions.
• The Offer for subscription will be open for 5 days from the date of announcement.
• Minimum subscription amount is N5,000.00 with additions in multiples of N1,000.00, subject to a maximum of N50,000,000.00.
• Accounts of investors will be credited and text alerts will be sent to investors on Settlement Day.
• Listed on The Nigerian Stock Exchange.
• The Bond is backed by the full faith and credit of the Federal Government of Nigeria.

INTERESTED INVESTORS SHOULD CONTACT THE STOCKBROKING FIRMS APPOINTED AS DISTRIBUTION AGENTS BY THE DEBT MANAGEMENT OFFICE. PLEASE VISIT www.dmo.gov.ng FOR THE LIST OF DISTRIBUTION AGENTS.

The Debt Management Office has updated the contact details of distribution agents for the FGN Savings Bond.

It should be recalled that the FGN Savings Bond is a retail savings product accessible to all income groups. The FGN Savings Bond provides an opportunity to all citizens irrespective of income level to contribute to national development and enables all citizens participate in and benefit from the favourable returns available in the capital market.

Some of the Benefits to Nigerians include:
• Interest income is paid quarterly directly into bond holder’s account.
• The Bond is acceptable as collateral for loans by banks and can be sold for cash in the secondary market before maturity.
• Good for savings towards retirement, marriage, school fees, house projects, etc.

The features of the FGN Savings Bond are:
• The product will be issued monthly in tenors of 2 and 3 years.
• Interest will be paid quarterly to investors.
• The Savings Bond will be offered to investors through Offer for Subscription at an interest rate to be announced by the DMO.
• There will be no fees or charges for subscriptions.
• The Offer for subscription will be open for 5 days from the date of announcement.
• Minimum subscription amount is N5,000.00 with additions in multiples of N1,000.00, subject to a maximum of N50,000,000.00.
• Accounts of investors will be credited and text alerts will be sent to investors on Settlement Day.
• Listed on The Nigerian Stock Exchange.
• The Bond is backed by the full faith and credit of the Federal Government of Nigeria.

Ways to purchase the FGN Savings Bond:
Nigerians can subscribe through stockbroking firms trading at The Nigerian Stock Exchange (NSE) or check and contact the updated list of Distribution Agents to purchase the FGN Savings Bond. For more information, visit www.dmo.gov.ng

•On 4 October 2020, Vice-President Yemi Osinbajo summoned the Inspector General of Police, Mohammed Adamu, over rising concerns of brutality, assault and killings by members of the now disbanded police unit – Special Anti-robbery Squad (SARS) and the general police force.

•After the meeting, VP Yemi Osinbajo addressed the press and described the situation as deeply unpleasant. He stated that you cannot have a situation where SARS says they are investigating cybercrime by arresting young men and women carrying their laptops and phones. “Cybercrime is an electronic crime. I don’t see how you can investigate that by seizing people’s phones in a taxi or in their cars.”

•After meeting with VP Yemi Osinbajo on 4 October 2020, the Inspector-General of Police, Mohammed Adamu, officially suspended the Special Anti-Robbery Squad (SARS) and other tactical units from all routine activities. Full details: https://npf.gov.ng/information/pressdetails.php?news_id=475

•On 7 October 2020, VP Yemi Osinbajo met with the Minister of Police Affairs, Muhammad Dingyadi, Inspector-General of Police, Mohammed Adamu, Director-General of State Security Services (SSS), Yusuf Bichi and the Executive Secretary of the Nigerian Human Rights Commission (NHRC), Anthony Ojukwu at the Presidential Villa in Abuja. The meeting was based on discussions on how to end police brutality and reform the police force in Nigeria.

•On 9 October 2020, the Vice-President took IGP Muhammad Adamu to meet with President Buhari and discuss all the plans and decisions made from the previous meeting they held with other security stakeholders on 7 October 2020. President Buhari endorsed the plans and gave authority, in his position as the President, for the disbandment of SARS and the implementation of reforms in the Nigerian police force.

•Based on the authority conferred by President Buhari to execute all necessary plans on police reforms as discussed by VP Yemi Osinbajo and IGP Mohammed Adamu, the IGP officially disbanded SARS on 11 October 2020.

•On 12 October 2020, President Buhari officially spoke and affirmed the disbandment of SARS at the launch of the Presidential Youth Empowerment Scheme in Abuja with VP Yemi Osinbajo also in attendance. The President noted that the disbandment was only the first step, adding that the police reforms will ensure the police’s primary duty remains protection of lives and properties and that all culprits of police brutality are brought to justice.

•That same day after President Buhari spoke on the disbandment of SARS, VP Yemi Osinbajo also spoke with the press and restated the government’s commitment. He said, “I think the clear message is that there is a government commitment to ensuring that the process of reform is done and those who have committed wrongful acts are duly investigated and prosecuted. And whatever replaces SARS is something that is acceptable, first of all, in its compliance to all the tenets of the rule of law and human rights.” FULL DETAILS: https://www.yemiosinbajo.ng/osinbajo-to-anti-sars-protesters-government-is-committed-to-prosecution-of-rights-violators-holistic-police-reforms/

•On 15 October 2020, VP Yemi Osinbajo chaired the National Economic Council meeting and directed the immediate establishment of Judicial Panels of Inquiry in each state of the country and the FCT. These Judicial Panels of Inquiry are to investigate all issues of police brutality or related extra-judicial killings petitioned to them and proffer justice to all victims (or their families) of the dissolved SARS and other police units. FULL DETAILS: https://www.yemiosinbajo.ng/nec-to-governors-take-charge-of-police-tactical-units/

•On 16 October 2020, VP Yemi Osinbajo tendered a heartfelt apology to Nigerians for the heightened level of insecurity and brutality by members of the police force. He highlighted all the measures taken to meet the demands of ENDSARS protesters which involve the setting up the Judicial Panels of Inquiry and a Victims’ Support Fund to compensate victims and their families for any consequences of police violence they may have suffered. Twitter link: https://twitter.com/profosinbajo/status/1317225271922184192?s=24

•On 21 October 2020, VP Yemi Osinbajo tendered his apology to Nigerians for the incidence at the Lekki toll-gate and the loss of lives and properties across the country. Twitter link: https://twitter.com/profosinbajo/status/1319044704353345537?s=24

•By 23 October 2020, 13 states had set Judicial Panels of Inquiry to bring justice to victims of SARS/police brutality. As of 3 November 2020, 28 states had set up the Judicial Panels of Inquiry.

•On 26 October 2020, another emergency National Economic Council meeting was held and a committee was set up to engage the youths, representatives of Civil Society Organizations, religious and traditional leaders, on employment, social safety net programmes, security, empowerment programmes and national unity among other key issues of concern. The committee will be chaired by VP Yemi Osinbajo and will consist of governors representing the six geopolitical zones. FULL DETAILS: https://www.yemiosinbajo.ng/fallouts-of-endsars-protests-nec-sets-up-committee-to-engage-youths-others-on-employment-social-safety-nets-national-unity/

•In furtherance of the resolution of an emergency meeting of the National Economic Council last week, the Ad-Hoc Committee set up to engage with youths, civil society organizations, and different strands of leadership across the nation in the wake of the recent protests have swung into action. On 3 November 2020, VP Yemi Osinbajo inaugurated the National Economic Council Ad – HOC Committee Meeting created to engage with youths, civil society organizations and different groups across the nation on the deeper issues ascertained from the post-ENDSARS protests. FULL DETAILS: https://www.yemiosinbajo.ng/fallouts-of-protests-nec-committee-to-engage-youths-others-swing-into-action/

•On 4 October 2020, Vice-President Yemi Osinbajo summoned the Inspector General of Police, Mohammed Adamu, over rising concerns of brutality, assault and killings by members of the now disbanded police unit – Special Anti-robbery Squad (SARS) and the general police force.

•After the meeting, VP Yemi Osinbajo addressed the press and described the situation as deeply unpleasant. He stated that you cannot have a situation where SARS says they are investigating cybercrime by arresting young men and women carrying their laptops and phones. “Cybercrime is an electronic crime. I don’t see how you can investigate that by seizing people’s phones in a taxi or in their cars.”

•After meeting with VP Yemi Osinbajo on 4 October 2020, the Inspector-General of Police, Mohammed Adamu, officially suspended the Special Anti-Robbery Squad (SARS) and other tactical units from all routine activities. Full details: https://npf.gov.ng/information/pressdetails.php?news_id=475

•On 7 October 2020, VP Yemi Osinbajo met with the Minister of Police Affairs, Muhammad Dingyadi, Inspector-General of Police, Mohammed Adamu, Director-General of State Security Services (SSS), Yusuf Bichi and the Executive Secretary of the Nigerian Human Rights Commission (NHRC), Anthony Ojukwu at the Presidential Villa in Abuja. The meeting was based on discussions on how to end police brutality and reform the police force in Nigeria.

•On 9 October 2020, the Vice-President took IGP Muhammad Adamu to meet with President Buhari and discuss all the plans and decisions made from the previous meeting they held with other security stakeholders on 7 October 2020. President Buhari endorsed the plans and gave authority, in his position as the President, for the disbandment of SARS and the implementation of reforms in the Nigerian police force.

•Based on the authority conferred by President Buhari to execute all necessary plans on police reforms as discussed by VP Yemi Osinbajo and IGP Mohammed Adamu, the IGP officially disbanded SARS on 11 October 2020.

•On 12 October 2020, President Buhari officially spoke and affirmed the disbandment of SARS at the launch of the Presidential Youth Empowerment Scheme in Abuja with VP Yemi Osinbajo also in attendance. The President noted that the disbandment was only the first step, adding that the police reforms will ensure the police’s primary duty remains protection of lives and properties and that all culprits of police brutality are brought to justice.

•That same day after President Buhari spoke on the disbandment of SARS, VP Yemi Osinbajo also spoke with the press and restated the government’s commitment. He said, “I think the clear message is that there is a government commitment to ensuring that the process of reform is done and those who have committed wrongful acts are duly investigated and prosecuted. And whatever replaces SARS is something that is acceptable, first of all, in its compliance to all the tenets of the rule of law and human rights.” FULL DETAILS: https://www.yemiosinbajo.ng/osinbajo-to-anti-sars-protesters-government-is-committed-to-prosecution-of-rights-violators-holistic-police-reforms/

•On 15 October 2020, VP Yemi Osinbajo chaired the National Economic Council meeting and directed the immediate establishment of Judicial Panels of Inquiry in each state of the country and the FCT. These Judicial Panels of Inquiry are to investigate all issues of police brutality or related extra-judicial killings petitioned to them and proffer justice to all victims (or their families) of the dissolved SARS and other police units. FULL DETAILS: https://www.yemiosinbajo.ng/nec-to-governors-take-charge-of-police-tactical-units/

•On 16 October 2020, VP Yemi Osinbajo tendered a heartfelt apology to Nigerians for the heightened level of insecurity and brutality by members of the police force. He highlighted all the measures taken to meet the demands of ENDSARS protesters which involve the setting up the Judicial Panels of Inquiry and a Victims’ Support Fund to compensate victims and their families for any consequences of police violence they may have suffered. Twitter link: https://twitter.com/profosinbajo/status/1317225271922184192?s=24

•On 21 October 2020, VP Yemi Osinbajo tendered his apology to Nigerians for the incidence at the Lekki toll-gate and the loss of lives and properties across the country. Twitter link: https://twitter.com/profosinbajo/status/1319044704353345537?s=24

•By 23 October 2020, 13 states had set Judicial Panels of Inquiry to bring justice to victims of SARS/police brutality. As of 3 November 2020, 28 states had set up the Judicial Panels of Inquiry.

•On 26 October 2020, another emergency National Economic Council meeting was held and a committee was set up to engage the youths, representatives of Civil Society Organizations, religious and traditional leaders, on employment, social safety net programmes, security, empowerment programmes and national unity among other key issues of concern. The committee will be chaired by VP Yemi Osinbajo and will consist of governors representing the six geopolitical zones. FULL DETAILS: https://www.yemiosinbajo.ng/fallouts-of-endsars-protests-nec-sets-up-committee-to-engage-youths-others-on-employment-social-safety-nets-national-unity/

•In furtherance of the resolution of an emergency meeting of the National Economic Council last week, the Ad-Hoc Committee set up to engage with youths, civil society organizations, and different strands of leadership across the nation in the wake of the recent protests have swung into action. On 3 November 2020, VP Yemi Osinbajo inaugurated the National Economic Council Ad – HOC Committee Meeting created to engage with youths, civil society organizations and different groups across the nation on the deeper issues ascertained from the post-ENDSARS protests. FULL DETAILS: https://www.yemiosinbajo.ng/fallouts-of-protests-nec-committee-to-engage-youths-others-swing-into-action/

PETROL PRICES IN 2015

PETROL PRICES IN 2015

Their arrest should show Nigerians that Tradermoni is not a vote-buying scheme. Mind you, we have not verified whether those people who suddenly came to ask for PVCs are REGISTERED TRADERMONI AGENTS or unscrupulous persons, probably of the opposition, so as to generate negative buzz about tradermoni and gain votes. Let's be weary of taking everything we hear at face-value. Good thing they were arrested to serve as deterrent to others who wish to ruin the initiative with their greedy and ulterior motives.

Documented Views Of Ex-President Olusegun Obasanjo About Alhaji Atiku Abubakar

Olusegun Obasanjo never hesitates to release one of his numerous “letters”, often stating or indirectly ordering how politics should be run the country or blasting and (degrading) any incumbent or potential leader who does not adhere to his views and whims. One would think he has them pre-written against any future events he has presumed will take place against his desires and interests. In August last year, Olusegun Obasanjo gave his support to the Presidential Candidate, Atiku Abubakar; a man he had attacked in the media over the years. His swift change of heart is beguiled with suspicion, owing to the observation that Obasanjo is exhibiting a two-faced nature which is seemingly caused by his insatiable desire to hold on to the reigns of power, notably at federal level, wherever and however he can. He had attacked Atiku in the past, allegedly for preventing his third term agenda which would be outrageous and would go against the constitution. This goes further to portray the lengths Obasanjo is willing to go to retain power. Taking a step back to when Obasanjo was in power, few can forget the abduction of Governor Chris Ngige, the rigging of elections through INEC and the assassination of Chief Bola Ige of which the culprits were never found today. OBJ exercised tyranny when he felt he could impeach governors he did not agree with or bribe senators to unseat the sitting Senate President to further his third term agenda.

His popularity may be neither here or there but his stronghold on political influence at federal and presidential level grew wary after his Presidential tenure, more so, when Buhari came into power and made it clear that Obasanjo will not be granted the temerity to influence government’s decisions like he was still the president. Feeling displeasured, Obasanjo wrote a “strong-worded”, albeit ignorant letter, berating President Muhammadu Buhari for, what he claimed, an abysmal performance in government. He was swiftly replied by the Federal Government, however what took precedence was the tone of the reply. It neither stooped low to attack him nor went into defense like an administration trying to make excuses. It offered him some appreciation for having enough time on his hands to write the government a letter then proceeded to educate him on the strides of this administration. Most notably, it sent a clear message to Obasanjo – your letter is noted and discarded as irrelevant. A more indirect but highly publicized message being, Obasanjo is irrelevant to this administration, hence incapable of influencing it. He got the message and decided to bid his time till the elections where he felt he has retaliated by offering his support to Buhari’s major opponent, Atiku Abubakar.

Obasanjo’s support of Atiku has however further exposed him as a two-faced caricature, posing as a political dynamite when he is only a desperado laying claim to an imaginary throne of power which is to rule over the country. His desperation is buttressed by how swiftly he changed his position for no apparent reason. He has spent well over a decade placing Atiku Abubakar as the God of Corruption and below is a brief summary of some of his documented words on the aspiring president, Atiku Abubakar:

2003 "I regret picking Atiku Abubakar as my vice".
2004 " I can no longer work with Atiku, his integrity is in question ".
2005 " Atiku cannot be trusted ".
2006 " Atiku cannot escape justice over corruption cases "
2007 "Do not vote Atiku he is corrupt".
2008 " Atiku is a corrupt leader".
2009 "Nigerians can never forgive Atiku".
2010 " Atiku is not an option to leadership in Nigeria ".
2011 " I have never seen a leader as greedy as Atiku ".
2012 " Nigerians should pray for leaders imbued with integrity not Atiku ".
2013 "Atiku should apologize to Nigerians over his political sins".
2014 No political party with the aspiration to assume leadership should think of Atiku".
2015 "Nigeria has grown beyond a corrupt leader like Atiku".
2016 " I will never reconcile with Atiku ".
2017 " I never knew Atiku was this corrupt " "I can never be on the same page with Atiku. God forbid!".
2018 January to August " God will not forgive me if I support Atiku ".
2018 August " Atiku has the capacity to save Nigeria's economy from collapse".

What changed in August 2018 for Olusegun Obasanjo that did not change all those years? A more understandable presumption would be that Atiku and Obasanjo have struck a deal which would enable Obasanjo to resume his interference and manipulation of political affairs and give him the freedom to engage in corrupt practices/deals without questioning. It can only explain the sudden change of heart for Obasanjo, who has spent 15 years telling Nigerians how Atiku is so corrupt that God will not forgive him if he should foist Atiku on us. At this point, what would you think of Chief Olusegun Obasanjo?