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BREAKING: Nigeria’s Debt To GDP Ratio Crosses 50% For The First Time

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Nigeria’s debt-to-GDP ratio crossed 50% for the first time ever last week after the Debt Management Office published the country’s latest public debt figures. According to the DMO, Nigeria now has a public debt portfolio of N121 trillion, consisting of domestic debt of N65.6 trillion and a foreign debt portfolio of $42.1 billion (which converts to N56 trillion when converted to Naira)….Read The Full Story Here ▶

As of December 2023, Nigeria’s total gross domestic product (GDP) was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This suggests that the country’s debt-to-GDP ratio is now above 50% for the first time.

Nigeria’s latest Debt to GDP

In the first quarter of 2024, Nigeria recorded a nominal GDP of N58.5 trillion, up from N51.2 trillion in the corresponding period in 2023.

  • However, in the second and third quarters of 2023, the nominal GDP figures were N52.1 trillion and N60.6 trillion, respectively.
  • The fourth quarter GDP rose to N65.9 trillion, making the trailing four-quarters GDP total N237.5 trillion.
  • Based on the 2023 GDP figure of N229.9 trillion, Nigeria’s debt-to-GDP ratio is 52.9%, marking the first time the country has reached such a high debt-to-GDP figure.
  • Using the trailing four-quarter GDP figure of N237.5 trillion, the country’s debt-to-GDP ratio also stands at 51.2%

Why this matters: Nigeria has often viewed its ‘low’ debt-to-GDP ratio as a sign of the country’s economic resilience, suggesting there was more room to expand its borrowing capacity. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

  • For example, as of 2023, Ghana had a debt-to-GDP ratio of about 84.9%, while South Africa’s ratio stood at 72.2%. Kenya and Egypt had ratios of 70.1% and 95.8%, respectively.
  • While these countries have significantly higher debt-to-GDP ratios compared to Nigeria, the challenge has always been Nigeria’s ability to meet its debt service obligations due to its high debt service-to-revenue ratio.
  • Now, with Nigeria’s debt-to-GDP ratio surpassing 50% and continuing to rise, the country has limited room to further expand its borrowing capacity while grappling with current economic challenges.

Nigeria’s rising debt profile

Nigeria’s debt profile has risen over the last 8 years as the country faced a string of fiscal challenges brought about by low crude oil proceeds amid rising budgetary expenditure.

  • For example, under the Buhari administration, public debt rose from N12.6 trillion in 2015 to N97.3 trillion in 2023. Between December 2023 and March 2024, public debt in Naira terms have risen by as much as N24.3 trilion.
  • However, the Debt Management Office (DMO) explained the increase noting that the N24.33 trillion increase in the total debt was a result of a combination of fresh borrowing and naira devaluation. 
  • The DMO further clarified that Nigeria’s fresh borrowing was N7.71 trillion in the first quarter of 2024.
  • The fresh borrowing includes N2.81 trillion as part of the new domestic borrowing of N6.06 trillion provided in the 2024 Appropriation Act and N4.90 trillion as part of the securitization of the N7.3 trillion Ways and Means Advances approved by the National Assembly. 

Global ratings agency, Moody’s also stated that Nigeria’s interest spending on debt might consume up to 36% of the federal government’s revenue in 2024.  

According to the firm, the hawkish monetary policy stance of the CBN has pushed interest rates for local borrowing by the federal government from an average of 12.8% in 2023 to around 19% in the first five months of 2024. 

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IN-THE-NEWS

Biden Walks Away Without Taking Any Questions About New Orleans Terror Attack After Remarks at Camp David (Video) –

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Joe Biden addressed the nation from Camp David, the presidential retreat in Catoctin Mountain Park in Maryland on Wednesday evening following a terrorist attack that left at least 15 people dead in New Orleans.

At least 15 people were killed, 35 injured after a terrorist identified as 42-year-old Shamsud Din Jabbar plowed through a crowd in New Orleans during the New Year’s Eve celebration.

According to law enforcement, Jabbar did not work alone and was part of a larger network of terrorists…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

Earlier Wednesday Joe Biden stopped to chat with reporters as he departed Wilmington, Delaware for Camp David on Wednesday for another vacation.

He provided an absolutely worthless statement on the terrorist attack

“You all got my statement. I’ll have more to say in next hour about what’s going on in New Orleans…I’ve spoken to every member of the agencies, from CIA to national security team to FBI and NSC…anger and frustration,” Biden said.

WATCH:

https://twitter.com/HowardMortman/status/1874497608758231145?t=YuQCmcwKKHI8pmAs8ZVmZA&s=19

On Wednesday evening, Biden’s handlers shot him up with his latest meth cocktail and pushed out in front of a camera to address the nation READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

Biden slurred through prepared remarks.

“Hours before, he posted videos on social media indicating that he is inspired by ISIS, expressing a desire to kill,” Biden said.

WATCH:

https://twitter.com/EricLDaugh/status/1874607215832936940?t=rFMzrMBZyaDjmnmxvr3Xuw&s=19

Biden didn’t take any questions about the terror attack. He shuffled away from the lectern and disappeared.

WATCH:

https://twitter.com/EricLDaugh/status/1874607915795189940?t=rPhPr7FW8QPw-1zIUHoMRQ&s=19

 

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Biden Announces Liz Cheney to Receive Presidential Citizens Medal, The Reason Will Shock You –

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President Joe Biden will formally announce recipients of the Presidential Thursday at 5 PM, and one name on the list is sure to raise eyebrows: Liz Cheney. The former Republican member of Congress — and vocal critic of President-elect Donald Trump — is among the 20 names in a statement released early Thursday morning.

The Presidential Citizens Medal is awarded to citizens of the United States of America who have performed exemplary deeds of service for their country or their fellow citizens. President Biden believes these Americans are bonded by their common decency and commitment to serving others. The country is better because of their dedication and sacrifice…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

The White House statement lauds Cheney: “Throughout two decades in public service, including as a Congresswoman for Wyoming and Vice Chair of the Committee on the January 6 attack, Liz Cheney has raised her voice—and reached across the aisle—to defend our Nation and the ideals we stand for: Freedom. Dignity. And decency. Her integrity and intrepidness remind us all what is possible if we work together.”

The awards will be presented at the White House on January 2, 2025. The following individuals will be awarded the Presidential Citizens Medal:

Mary L. Bonauto — Attorney and activist Mary Bonauto first fought to legalize same-sex marriage in Vermont, Massachusetts, Connecticut, and Maine before arguing before the Supreme Court in Obergefell v. Hodges, which established marriage equality as the law of the land. Her efforts made millions of families whole and forged a more perfect Union.

Bill Bradley — Raised in small-town Missouri, Bill Bradley showed a dedication to basketball that would define his courage, discipline, and selflessness. A two-time NBA Champion and Hall-of-Fame New York Knick, he served three terms as a United States Senator from New Jersey and was a candidate for president, advancing tax reform, water rights, civil rights, and more, while still today seeking to deepen our common humanity with humility and heart.

Frank K. Butler, Jr. — As a pioneering innovator, Navy Seal, and leader in dive medicine, Dr. Frank Butler introduced Tactical Combat Casualty Care to the medical world that set new standards for tourniquet use not only for injuries in war, but injuries across daily civilian life. He has transformed battlefield trauma care for the United States military and saved countless lives.

Elizabeth L. Cheney — Throughout two decades in public service, including as a Congresswoman for Wyoming and Vice Chair of the Committee on the January 6 attack, Liz Cheney has raised her voice—and reached across the aisle—to defend our Nation and the ideals we stand for: Freedom. Dignity. And decency. Her integrity and intrepidness remind us all what is possible if we work together.

Christopher J. Dodd — Chris Dodd has served our Nation with distinction for more than 50 years as a United States Congressman, Senator, respected lawyer, and diplomat. From advancing childcare, to reforming our financial markets, to fostering partnerships across the Western Hemisphere—he has stood watch over America as a beacon to the world.

Diane Carlson Evans —After serving as an Army nurse during the Vietnam War, Diane Carlson Evans founded the Vietnam Women’s Memorial Foundation to ensure female service members received the recognition they deserve—one of our Nation’s most sacred obligations. Her duty and devotion embody the very best of who we are as Americans.

Joseph L. Galloway (posthumous) — From Vietnam to the Persian Gulf, Joe Galloway spent decades sharing first-hand accounts of horror, humanity, and heroism in battle. Known as the soldier’s reporter and the soldier’s friend, he embedded with American troops, rescued wounded soldiers under fire, and became the only civilian awarded a Bronze Star for combat valor by the United States Army as one of the most respected war correspondents of his era.

Nancy Landon Kassebaum — The first woman to represent Kansas, Nancy Kassebaum was a force in the United States Senate. From supporting a woman’s right to choose to reforming health care, she stood up for what she believed in even if it meant standing alone, and she reached across the aisle to do what she believed was right.

Ted Kaufman — For decades, including as a United States Senator from Delaware, Ted Kaufman has served the Nation with honesty and integrity. A master of the Senate who championed everyday Americans and public servants, he’s been at the forefront of consequential debates about the courts, the financial system, and more. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

Carolyn McCarthy — As a nurse, Carolyn McCarthy had an instinct to heal and serve. When her husband and son were shot on a local commuter train, she became an advocate so persuasive that she was recruited to run for Congress. She served 18 years, championing gun safety measures including improved background checks, as a citizen legislator devoted to protecting our Nation’s welfare.

Louis Lorenzo Redding (posthumous) — A groundbreaking civil rights advocate, Louis was the first Black attorney admitted to the bar in Delaware, where he argued against segregation in the seminal cases of Bulah v. Gebhart and Belton v. Gebhart—laying the legal framework for Brown v. Board of Education. A towering figure and a generous mentor, he opened doors of equity and opportunity for all Americans.

Bobby Sager — A Boston native, Bobby Sager travels the world as a photographer and philanthropist grounded in family and empathy, wielding his camera and influence to connect with people in war-torn countries, capture their hope and humanity, and inspire others to take action and see a fuller portrait of the planet we all share.

Collins J. Seitz (posthumous) —As a state judge in Delaware, Judge Seitz became the first judge in America to integrate a white public school, dismantling the doctrine of “separate but equal” with exacting detail and reverence for the equal protection clause of the 14th Amendment of our Constitution. His brave ruling tore down walls of separation to help us see each other as fellow Americans.

Eleanor Smeal — From leading massive protests and galvanizing women’s votes in the 1970s to steering progress for equal pay and helping the Violence Against Women Act become law, Ellie Smeal forced the Nation to not only include women in political discourse but to value them as power brokers and equals. Her strategic vision over more than 40 years embodies the American pursuit to create a fairer, more just world.

Bennie G. Thompson — Born and raised in a segregated Mississippi, as a college student inspired by the Civil Rights movement, Bennie Thompson volunteered on campaigns and registered southern Black voters. That call to serve eventually led him to Congress, where he chaired the House January 6th Committee—at the forefront of defending the rule of law with unwavering integrity and a steadfast commitment to truth.

Mitsuye Endo Tsutsumi (posthumous) — In a shameful chapter in our Nation’s history, Mitsuye Endo was incarcerated alongside more than 120,000 Japanese Americans. Undaunted, she challenged the injustice and reached the Supreme Court. Her resolve allowed thousands of Japanese Americans to return home and rebuild their lives, reminding us that we are a Nation that stands for freedom for all.

Thomas J. Vallely — A United States Marine during the Vietnam War, Thomas Vallely has never given up on peace. Over the course of five decades, he has brought Vietnam and the United States together—establishing Fulbright University Vietnam, fostering greater economic and cultural exchange, and overcoming the perils of the past to seize the promise of the future. His service remains a symbol of American leadership in the world.

Frances M. Visco — As president of the National Breast Cancer Coalition, Fran Visco has fought tirelessly and fearlessly to increase Federal funding for breast cancer research, early detection education, and access to women’s healthcare. As a breast cancer survivor, she turned pain into purpose, changed the landscape of breast cancer advocacy, and has become a powerful symbol of hope for the Nation.

Paula S. Wallace —A lifelong educator and trailblazer of the arts, Paula Wallace dreamt of a school that would transform how we think about professional education. By establishing the esteemed Savannah College of Art and Design and serving as its president, she has guided thousands of students into creative industries.

Evan Wolfson —By leading the marriage equality movement, Evan Wolfson helped millions of people in all 50 states win the fundamental right to love, marry, and be themselves. For 32 years, starting with a visionary law school thesis, Evan Wolfson worked with singular focus and untiring optimism to change not just the law, but society—pioneering a political playbook for change and sharing its lessons, even now, with countless causes worldwide.

 

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‘Historical Context Can Be Tricky’ –

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Vice President-elect JD Vance promoted Elon Musk’s recent op-ed in support of Germany’s far-right Alternative for Germany (AfD) party. Vance shared the op-ed on Thursday and wrote, “I’m not endorsing a party in the German elections, as it’s not my country and we hope to have good relations with all Germans. But this is an interesting piece.”

“Also interesting; American media slanders AfD as Nazi-lite, But AfD is most popular in the same areas of Germany that were most resistant to the Nazis,” Vance added. Vance’s claim was quickly shot down by German journalist James Jackson who shared electoral maps from 1932 and 2024 showing that regional overlap for the AfD and the Nazi party in northeastern Germany…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

https://twitter.com/derJamesJackson/status/1874895472726569038?t=3Uny-1Nr-JG3vENhNMQu6g&s=19

The German Ambassador to the US, Andreas Michaelis, also refuted Vance’s claim, replying, “Interesting observation, Senator JD Vance. Historical context can be tricky – while some areas you are referring to resisted the Nazi party early on, others did not, or later became strongholds of the regime. Germany’s history reminds us how important it is to challenge extremism in all its forms.”

https://twitter.com/GermanyinUSA/status/1874923587557286171?t=vj_DqTZ3OsCWoKvN9nc9cg&s=19

Musk stirred controversy last month when he endorsed the party, which has long been controversial both across Europe and in the U.S. Musk wrote on his X platform that “only the AfD can save Germany.” The AfD is polling strongly in Germany’s upcoming election, but is seen as unlikely to be voted into a position to govern the country as the other parties have vowed not to work with them. Germany publicly accused Musk earlier in the week of trying to influence its elections

Sen. Chris Murphy (D-CT) addressed Musk’s support for the AfD in late December on CNN, “Yeah. I mean, this is not normal. So AfD is essentially the neo-Nazi party in Germany. They exist to try to rehabilitate the image of the Nazi party. And they have all sorts of very dangerous ideas about ridding Germany of anyone who is not naturally born in that country. They are an extremist group,” Murphy replied, adding: READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

And it is just extraordinary that maybe the most important advisor to the president of the United States, somebody that has been, you know, parading around the halls of Congress as a key advisor to the president, is endorsing a neo-Nazi party inside Germany.

Germany’s DW news agency describes the party’s platform as one that “insists on the primacy of “traditional” German culture and rejects Islam as a part of German society. It also questions the notion that climate change is man-made, wants to uphold family values and opposes diversity and gender issues. The AfD wants to limit NATO’s operational area to the territory of its member states and replace the EU with a new organization.”

DW also noted, “The AfD has a powerful extremist section which the domestic intelligence service is keeping tabs on.”

 

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