According to former President Olusegun Obasanjo, Nigeria’s growing debt load is a serious issue for both the current and upcoming generations.

Obasanjo revealed this during the recent “Boiling Point Arena” Zoom interactive session.

By the conclusion of the second quarter of 2024, Nigeria’s debt had increased by N12.6 trillion in just three months, to N134.3 trillion ($91.3bn).

According to former President Olusegun Obasanjo, Nigeria’s growing debt load is a serious issue for both the current and upcoming generations.

Obasanjo revealed this during the recent “Boiling Point Arena” Zoom interactive session.

By the conclusion of the second quarter of 2024, Nigeria’s debt had increased by N12.6 trillion in just three months, to N134.3 trillion ($91.3bn).

Compared to the N121.7 trillion recorded in the first quarter of this year, this represents a 10.35% growth.

“Yes, I was able to secure debt forgiveness for the nation prior to my departure from office,” Obasanjo responded, “but our current debt profile is a problem for both this generation and the next.”

Obasanjo pointed to South Korea and Singapore as instances of countries whose advancements were founded on integrity-driven and merit-based leadership.

He believes that fighting corruption from the top is the most effective strategy.

“Top-down approaches are the most effective way to combat corruption. Merit-based appointments are made by South Korean presidents, and this has become the nation’s tradition,” he stated.

Among nations whose residents received U.S. citizenship through military naturalization between 2020 and 2024, Nigeria came in at number four.

Over 52,000 military service men from various nations were naturalized by the US throughout the reviewed period.

U.S. Citizenship and Immigration Services data released Monday showed that 3,270 military members born in Nigeria were granted U.S. citizenship, second only to those born in the Philippines (5,630), Jamaica (5,420), and Mexico (3,670).

“Service members born in the Philippines, Jamaica, Mexico, Nigeria, and Ghana — the top five countries of birth among those naturalised — comprised over 38% of the naturalizations since FY 2020.

According to the data analysis, “an additional 16% of military naturalizations from FY 2020 to FY 2024 were from the next five countries of birth — Haiti, China, Cameroon, Vietnam, and South Korea.”

According to the data, during the last five years, there has been a steady growth in the number of Nigerian service members who have obtained U.S. citizenship.

340 in 2020, 630 the following year, 680 in 2022, 690 in 2023, and 930 in 2024 were the highest numbers.

Of all military naturalizations during this time, the Army made up 60%, followed by the Marine Corps (6.6%), Navy (20.4%), and Air Force (10.6%). The Coast Guard employed less than one percent of naturalized service personnel.

“From FY 2020 to FY 2024, over two-thirds (60%) of all military naturalizations were Army service members, including National Guard and Reserves. Coast Guard service men made up less than one percent. According to the study, the Marine Corps made up 6.6%, the Air Force 10.6%, and the Navy 20.4%.

When they became naturalized, half of the service personnel were between the ages of 22 and 30.

When they became naturalized, half of all service personnel were between the ages of 22 and 30. Between FY 2020 and FY 2024, the median age of all service personnel who became naturalized was 27. Nearly 5% were over 40, and over 17% were under 21 years old, according to the data.

In terms of gender distribution, men made up 73% of the naturalized service personnel.

73% of the service members who were naturalized between FY 2020 and FY 2024 were men. Over time, the percentage of female service members climbed little, the research continued.

It can use the approximately $24 billion in loans and grants the World Bank has announced for some of the world’s poorest countries to create a record $100 billion in total spending power.

Ajay Banga, president of the World Bank Group, signed a statement on Thursday stating that donor nations had pledged $23.7 billion to replenish the International Development Association (IDA), the organization’s concessional lending arm.

Compared to the approximately $23.5 billion committed during the previous fundraising cycle three years ago, this year’s contribution represents a minor gain.
We have traversed a very difficult global environment over the past year, one characterized by economic instability, mounting debt, climate shocks, and an unrelenting demand for human progress. But in the midst of these difficulties, something extraordinary has happened: a team effort motivated by the conviction that we can and must do better for the most vulnerable people on the planet.

We are pleased to present the outcome of that endeavor today. The 21st replenishment of the International Development Association (IDA) has raised $24 billion in donor contributions, the result of months of collaboration, negotiation, and steadfast dedication from our donor community.

“This $24 billion will result in a total of $100 billion in affordable financing—the greatest replenishment in IDA’s history—thanks to its special leveraging strategy. The statement partially stated, “This is made possible by donor generosity as well as the work we have done to better optimize our balance sheet, take on more risk, and increase our leverage capacity.”

On October 20, 2024, on the third day of a severe power outage in Havana, people wait in line outside a store for food. – Hurricane Oscar made landfall in the eastern Cuban town of Baracoa as the island was getting ready for its third night of a blackout, which the authorities tried in vain to end. (Image courtesy of AFP/YAMIL LAGE)

The 78 nations “that need it most” will receive the funding, which will be used to support infrastructure, health, education, and climate resilience; stabilize economies, generate employment, and “build the foundation for a better future; and empower nations to navigate an uncertain world and unlock their full potential.”

 

Work at the Port Harcourt Refining Company’s second 150,000 barrels per day plant in Rivers State is now underway, and the Presidency has promised that it will soon be operational.
PHRC features two refineries: a 150,000 bpd plant and a 60,000 bpd facility.

In his statement titled “Putting to Rest Rumors about Port Harcourt Refinery Complex: Our Fact-Finding Mission,” Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, urged Nigerians to disregard unfavorable discussions regarding the recently restored historic Port Harcourt 60, 000 barrels per day refinery.

He said that although the refinery is not operating at full capacity right now, it is operating at 70% installed capacity and has plans to boost production soon.
“On Wednesday, I was a member of a fact-finding team that went to the Port Harcourt Refining Complex, which produces 60,000 barrels per day. I’ll now present our results.

Our goal was to confirm the rumors that were going around regarding the refinery’s condition, and I’m happy to say that we were happy with what we observed.

“Under the direction of Ibrahim Onoja, Managing Director of the refinery, our team explored the entire complex, including the loading bay, computerized control room, and all areas in between.

“We asked pointed questions and received satisfactory answers, dispelling our doubts and misconceptions. Nigerians must ignore naysayers and false information about the refinery’s operations.

Although it isn’t operating at full capacity right now, it is operating at 70% installed capacity, and there are plans to boost production soon. In addition, despite assertions that it does not have enough crude to refine, the refinery regularly receives supply of petroleum.

We verified during our tour that the refinery manufactures gasoline, diesel, LPG, kerosene, and low-pour fuel oil, among other petroleum products.

The latter is combined with additional ingredients to create the gasoline that we use in our vehicles. We even put product samples to the test. The refinery is now a contemporary establishment thanks to a recent renovation.

“We saw upgraded and replaced parts, including part of the 300km new pipelines. Some parts the company had not changed in 27 years have been replaced with new ones, bringing the refinery up to 21st-century standards.

“The revamping work has indeed brought the refinery back to life. What was once a 20th-century refinery has been transformed into a state-of-the-art facility.

“We also visited the co-located second Port Harcourt refinery, commissioned in 1989. Workers were busy dismantling old, rusty parts and replacing them with new ones.

“Although officials declined to provide a timeline for its completion, there was an air of confidence that it would soon be operational, joining its 60,000 barrels a day counterpart. My curiosity has been satisfied.

“I commend NNPC Limited and the refinery team for reviving this dead asset, which was on the verge of becoming a museum piece.  Our fact-finding mission has buried the various doubts and lies about the Port Harcourt Refinery Complex.”

The update and clarification follow the controversy surrounding the revival of the 60, 000 barrels per day old Port Harcourt refinery.

Last month, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), announced that the new refinery would be operational by the middle of 2025.