Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021.

Speaking when she appeared before the senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020.

According to the Debt Management Office, the total public debt stock, which comprises the debt stock of the three tiers of government, stood at N31.009 trillion at the end of June 2020.

“The total public debt stock comprising the External and Homes debts of the Federal and state governments and the federal capital territory stood at N31.01 trillion (USD85.90 billion) as at June 30, 2020,” she said.

“It is projected, based on existing approval, to rise to N32.51 trillion by December 31, 2020, and N38.68 trillion by December 31, 2021.”

The International Monetary Fund estimated that Nigeria’s debt to gross domestic product (GDP) ratio stood at 29 percent in 2019; including Asset Management Corporation of Nigeria (AMCON) debt and power sector financing.

The federal government spent 97.5 percent of its January to May 2020 revenue on debt servicing.

During the five-month period, N1.58 trillion was spent on debt servicing; representing 97.5 percent of the N1.62 trillion revenue generated.

The minister attributed the various abandoned road projects in the country to poor funds releases caused by dwindling revenue.

“I am one person that feels that we should just take one major road in one geopolitical zone and finish it.

“We were not able to do that because of the processes in which appropriation is made both at the executive as well as the legislative arms of government.

“Truly, if we are able to just take one or two projects at a time and complete it before going to the next one, it will be better.

“You will see a road that costs, maybe N5 billion, and you will see a provision for N100 million, N200 million or 300 million.

“Of course the project will never finish. After two years, the contractor comes back and asks for variation, and the amount keeps growing.

“I wish that we get to a point when we sit down as government and agree that let us select a few projects, finish them in 2020, and then in 2021, we select the next.

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“So that on a geopolitical basis, those selections are done as a collective process.”

Ahmed assured that legacy projects like the Lagos-Ibadan highway, 2nd Niger Bridge, East-West road, and Abuja-Kaduna-Kano road, are ongoing due to availability of funds.

Members of the Islamic Movement in Nigeria on Tuesday took to the streets of Abuja, Nigeria's capital, to protest against French President, Emmanuel Macron, over an offensive publication on Prophet Muhammad by a citizen of the European country.

Members of the sect in large numbers marched
from Nitel Junction to Wuse Market and set the
French flag ablaze, leading to pandemonium in
the city.

Secretary of the Academic Forum of the movement, Abdullahi Musa, said the rally was
aimed at condemning the action of French
President over the derogatory publication.

He said, "We set the French flag on fire in
reaction to the attack on Islam and Muslims by
the President of France, Emmanuel Macron,
since the heinous crime of publishing cartoons of the Prophet by the magazine Charlie Hebdo."

The protest terminated at Wuse Market and
forced vehicle owners to use alternative routes.

As at the time of this report, there were no security agents on the ground.

Recall that the Federal Capital Territory Administration had last Friday deployed anti-
riot policemen and water canons to the National
Mosque in anticipation of a protest by members
of IMN.

Speaking at a public lecture to commemorate the 50th anniversary of Arewa House, held in Kaduna on Saturday, the governor maintained that restructuring the country is in the best interest of ensuring sustainable development.

El-Rufai, who cited the 2018 recommendations of the APC committee on restructuring, noted that there was a need to reorganise the country’s constitutional framework in order to give states more control over certain resources.

The focus of the APC committee, which was set up in 2017 and chaired by el-Rufai, was to establish the party’s position on restructuring in line with ensuring that all Nigerians benefit from true federalism.

Under the proposed restructured framework, el-Rufai explained that states would have more control over the police, oil and gas resources, minerals, correctional facilities, stamp duties, registration of business names, among others.

“I am not aware of any significant constituency that is against the idea that states should exercise consequential powers, assume more responsibilities and control resources to enable them deliver better outcomes for those they govern. This will empower state governments to cease passing the buck to the president and the federal government when most of the problems our citizens face daily as a nation are, and can be solved by improved and focused governance at the states’ levels,” he said.

“It is time to make this sort of well-defined restructuring work, for the benefit of the peoples of this country.

“The report of our APC true federalism committee puts in one place the recommendations, and the legislative amendments to give life to a restructured polity. I therefore call on our federal legislators and the national assembly ad hoc committee on constitutional review to take advantage of our report and initiate the constitutional and legislative amendments in either a piece-meal or comprehensive manner without further delay.

“We, therefore, have no excuse not to seize this moment and do the heavy lifting for our country and our people. It is in our hands to make the structures, laws and constitutional arrangements in our country conducive to modern governance that will ensure our nation thrives in the 21st century.”

One of the 1,993 inmates who escaped during the jailbreaks at Oko and Benin prisons in Edo state has been arrested for murder.

TheCable had reported how the inmates fled the prisons during the crisis that trailed the #EndSARS crisis.

While parading 126 suspected criminals on Wednesday, Babatunde Kokumo, Edo commissioner of police, said 10 of the suspects were the inmates who escaped earlier.

He said the inmates immediately returned to crime and were re-arrested by the police.

“We have commenced actions against the criminal elements. It will interest you to know that 10 of the criminal elements who escaped from Oko Correctional Centre on Airport Road, Benin and the Correctional Centre on Sapele Road, Benin were also arrested,” he said.

“One of them, after having escaped from Oko correctional centre, ran back to his village on the same day, to kill the person who stood as a prosecution witness in the case that took him to the correctional centre. He has been arrested and he is among the suspects.

“Another group of three escapees from the correctional centre in Benin also went ahead to snatch a Lexus Sport Utility Vehicle (SUV). Three of them met at the correctional centre and they were caught by the police.

“A set of two escapees equally stole a Toyota Camry car. They also met at the correctional centre. They were arrested by Okada Division of Edo State Police Command. We have a total of ten escapees.

“The guns were also recovered from the criminal elements.”

He assured the people of the state that the police “have the capacity to provide adequate security for their lives and property”

” We are leaving no stone unturned to ensure that there is total safety. Edo residents should go about their lawful businesses without fear of being molested and without fear of criminals coming to wreck violent attacks,” he said.

The commissioner also said five AK-47 rifles; two locally-made exhibit guns; one locally-made gun; one Lexus 330 SUV with registration number KWL 205 AZ; one Toyota Camry saloon car with registration number LSD 231 GD; two bags of 50kg and one bag of 25kg rice and 24 crates of assorted drinks were recovered.

Obasanjo spoke when he visited Adeyeye Ogunwusi, Ooni of Ife, at his palace in Ile-Ife, Osun state, on Monday.

He described the #EndSARS protest as the product of an extensive agitation by the Nigerian youth.

He said the youths are clamouring for a better life and there are several ways the government can show it understands their plights by making things easier for them.

“More than 65 percent of our population is under within the ages of 18 and 30; they are not only struggling to acquire education, they are also aspiring for the best that life can offer them,” Obasanjo said.

“Some of them didn’t even get educated, while those who are educated are getting frustrated because of lack of opportunities. We must realize that the lid on the boiling steam would have to be removed.

“But, I believe that there are windows of opportunity which the government can explore to show that it cares about the people’s welfare, especially the youth, as the father of the country and particularly, as the father of the youth.

“Fortunately, the president has children and he knows how youths behave. I believe that the opportunities can still be taken to let the youth know that he, as a father, understands their plight and that his government understands their plight and he is ready to make life better for them.”

On his part, Ogunwusi described the protests as a clear message by the Nigerian youths to the government, particularly on the coordinated manner in which the protests were being organised.

He urged the youths to suspend the protests and give the government the chance to fully attend to their demands.

“If you look at the #EndSARS protest, you will see that our youths have what it takes to rule the country,” he said

“Since day one, they have shown leadership, accountability, and a huge sense of responsibility which have sent a clear message to the government.

“Every day at 11:50 pm, they displayed their financial update, and to me, I’m highly amazed by their sense of accountability.

“As a youth leader myself, I am proud that we all have communicated our ideas and it is heartwarming that we have been heard.

“Dear youths, it is time to retreat so as to prevent those with ulterior motives from hijacking the peaceful message of peace.

“The whole world is aware of our peaceful conduct and we must not let some bad elements tarnish this enviable integrity.

“Once again, I wish to urge our youths to stop the protest, for now, and give peace a chance. This will prevent the government from using force.”