Debt Management Office said on Tuesday that Nigeria’s total public debt stock increased to N41.60tn in the first quarter of 2022 from N39.56tn as of December 2021. This shows an increase of N2.04tn within a period of three months. The public debt stock covers the total domestic and external debt of the Federal Government, state governments and the Federal Capital Territory. This was disclosed in a statement on Tuesday on the DMO’s website. It read in part, “The total public debt stock as at March 31, 2022, was N41.60tn or $100.07bn, according to the Debt Management Office. “The amount represents…

Ukrainian forces struggled to hold their ground in bloody street-to-street fighting in the eastern frontline city of Sievierodonetsk as President Volodymyr Zelenskiy said the situation was difficult, also pledging to retake Russia's gains. The days-long battle for the industrial city has emerged as pivotal, with Russia focusing its offensive might in the hope of achieving one of its stated aims - to fully capture surrounding Luhansk province on behalf of Russian-speaking separatists. "We have to achieve a full deoccupation of our entire territory," Zelenskiy said by video link at an event hosted by Britain's Financial Times newspaper on Tuesday. Asked…

President Volodymyr Zelenskiy said Ukrainian troops were engaged in fierce street fighting with Russian soldiers in the industrial city of Sievierodonetsk, a pivotal battle in the Kremlin's attempt to control the eastern Donbas region. "Our heroes do not give up positions in Sievierodonetsk. In the city, fierce street fighting continues," Zelenskiy said in his nightly video address on Monday. "And the Ukrainian Donbas stands, stands strong," he added referring to the region where Sievierodonetsk is located. It was unclear which side had the upper hand, with "the situation changing from hour to hour", Oleksandr Stryuk, head of administration in Sievierodonetsk,…

Following the perennial power outages currently being experienced across the country; findings have shown that 20 gas power plants are currently under-performing, leading to power generation dropping below 2,000MW. Nigeria has 23 power generating plants with 11,165MW capacity connected to the national grid. These plants are managed by generation companies (GenCos), independent power providers, and Niger Delta Holding Company. Out of the 23, two are hydro plants. Independent investigations by The PUNCH showed that the gas plants are currently either generating below expectations, shut down due to lack of gas, or undergoing maintenance. Investigations further showed that the affected plants…