Nigeria has experienced a dramatic N57.3 trillion increase in its public debt within the first 18 months of President Bola Tinubu's administration, according to recent Debt Management Office data.

Total public debt rose from N87.38 trillion in June 2023 to N144.67 trillion by December 2024, representing a 65.6% surge since Tinubu took office on May 29, 2023.

Exchange Rate Impact

While the naira value of debt has skyrocketed, the total debt in dollar terms actually decreased by 17%, from $113.42 billion to $94.23 billion. This apparent reduction stems from the naira's steep depreciation, falling from N770.38 to approximately N1,535 per dollar during this period.

Debt Composition Changes

External debt grew significantly, rising from N33.25 trillion to N70.29 trillion, while domestic debt increased from N54.13 trillion to N74.38 trillion. This shift has altered the structural balance of Nigeria's debt portfolio, with external debt now accounting for nearly 49% of total debt, up from 38% in June 2023.

Federal Government Borrowing

The Federal Government remains responsible for over 90% of the country's total debt, with its obligations climbing from N78.21 trillion to N133.33 trillion. Domestic debt alone surged by N22.1 trillion (45.7%), reaching N70.41 trillion by December 2024.

A significant portion of this increase resulted from converting the N22.7 trillion Ways and Means Advances from the Central Bank into tradable bonds—a move approved shortly after Tinubu took office.

Changing Debt Instruments

FGN Bonds remain the dominant instrument in the domestic debt portfolio, standing at N55.44 trillion and accounting for 78.7% of domestic debt. Treasury Bills nearly tripled to N12.35 trillion, indicating increased reliance on short-term borrowing.

External Debt Growth

In dollar terms, external debt grew moderately from $43.16 billion to $45.78 billion, a 6.1% increase. Multilateral institutions remain the largest source of external funding, providing nearly 49% of the total. The World Bank's International Development Association increased its exposure from $14.03 billion to $16.56 billion.

Amid worsening insecurity across Nigeria, the 19 Northern governors and traditional rulers have called for accelerated measures to tackle rising banditry, kidnapping, and terrorism, including the immediate establishment of state police.

The leaders made the demand in a six-point communiqué issued after an emergency meeting of the Northern Governors’ Forum (NGF) and the Northern States Traditional Rulers Council on Saturday in Kaduna.

Growing Insecurity Sparks Regional Alarm

The meeting came as violent attacks escalate across Northern Nigeria, with recent mass abductions in schools, frequent highway kidnappings, and deadly raids on rural communities. The governors acknowledged that existing security measures have failed to curb the crisis, necessitating urgent regional collaboration.

“The Forum commends President Bola Tinubu for his efforts but insists that more decisive action is needed to protect lives and property,” the communiqué stated.

Key Resolutions to Tackle Security Crisis

1. State Police Push – The leaders reiterated strong support for state police, urging the National Assembly to fast-track legislation for its creation.

2. Increased Funding for Security Agencies – The Forum resolved to collaborate with the Nigerian Governors’ Forum to boost financial and logistical support for federal security forces.

3. Inter-State Security Coordination – A joint border surveillance system will be established to monitor criminal movements across Northern states.

4. Local Security Initiatives – Governors pledged to strengthen community-based security efforts, including vigilante groups, while ensuring proper oversight.

Traditional Rulers Back Decentralized Policing

The involvement of traditional rulers in the meeting underscored the severity of the security breakdown. Many monarchs have become targets of attacks, with some killed or abducted by armed gangs.

“We can no longer rely solely on federal forces. States must have their own policing structures to respond swiftly to threats,” said a senior traditional leader who attended the meeting.

Tinubu Under Pressure as Crisis Deepens

While the Forum praised Tinubu’s infrastructure projects in the North, the call for state police highlights growing frustration over the federal government’s inability to stem the violence. Analysts say the President faces mounting pressure to either endorse constitutional amendments for state policing or risk further erosion of public confidence.

Next Steps

The Northern governors plan to present their resolutions to the National Economic Council and engage with federal lawmakers to push for legal reforms.

At least 23 persons have been killed in a series of coordinated attacks across four Local Government Areas (LGAs) of Benue State.

Daily Trust reports that the affected LGAs include: Guma, Logo, Ukum, and Kwande.

Residents told our correspondent that the latest wave of attacks has forced many to flee their communities, as the attacks had become to frequent.

The witnesses said that nine people were killed in Logo LGA, eight in Ukum, while Guma and Kwande LGAs each recorded three deaths, bringing the total to 23 fatalities.

Speaking to journalists in Makurdi on Saturday, Ray Anumve, an indigene of Kwande LGA, said the attacks in his locality were perpetrated by armed herdsmen and suspected Jukun militants who stormed several communities in the Turan area on Friday, May 9, 2025.

“Coordinated brutal attacks were carried out by armed herdsmen and suspected Jukun-speaking assailants across multiple locations in Turan, Kwande LGA, resulting in deaths, injuries, and displacement.

“The attackers spoke both Fulfulde and Jukun languages,” Anumve said.

He specifically mentioned that the Mbaav Clan in Mbadura Council Ward, near the Tse Yande compound and Gusa crossing by River Katsina-Ala, came under attack as the assailants crossed the river and ambushed farmers returning from their fields.

Anumve further explained that one of the victims, a farmer identified as Agwei, was killed on the spot, while his brother and son sustained serious injuries and are currently receiving treatment at a clinic in Jato-Aka.

The indigene, who is founder of the Ray Anumve Foundation, also disclosed that the attackers struck Anwase in the Mkomon area, Mbaikyor Council Ward, where one Iortsor was killed.

He said in a separate incident at Waya in Yaav Council Ward, a motorcycle rider was shot in the stomach, causing his intestines to protrude and that he is currently receiving medical attention at a clinic in Jato-Aka.

According to him, the affected areas have been under frequent assault, with armed invaders reportedly seizing motorcycles from local riders, adding that an earlier attack on the Ikurav-Ya Clan, specifically at Tyuav and Usambe Sha Hua in Liev I Ward, left multiple people dead and properties destroyed.

Anumve noted however that, casualty figures and the extent of property damage are still being compiled by locals and community leaders.

In Ukum LGA, a separate source confirmed that nine persons had been officially declared dead, but noted that more bodies were being discovered in the bush following attacks attributed to armed herdsmen.

The Ukum attack reportedly occurred on the morning of Saturday, May 10, 2025, in Jootar town.

Those killed in the Jootar attack were identified as Jonathan Ordooga, Aondogu Torse, Cheater Torse, Yagba Torse, Tersugh Mbaaiiga, Terhemen Emmanuel, Henenshima Apirgwa, and Orfega Atuku.

Meanwhile, locals said tension has mounted in Guma LGA, where residents fear an impending attack.

A youth identified as Paul told journalists that militias suspected to be armed herdsmen have allegedly mobilised from hideouts in neighborhood state, with plans to invade Yelewata community in Nyiev Council Ward.

Paul said the tension escalated after a youth from the community was attacked with a machete on May 8, and that the victim is currently receiving treatment at a government hospital in Makurdi.

Yelewata is a border town between Guma LGA in Benue State and Giza Development Area of Nasarawa State.

A resident of Guma, who spoke under condition of anonymity due to fear of reprisal, also confirmed that the LGA has been experiencing near-daily attacks.

He said that on May 9, three persons were killed in Ukpiam, Mababai Council Ward, while Umenger in Mbadwem Council Ward was attacked the following day, May 10.

However, he noted that reports on casualties from the Umenger incident were yet to be confirmed just as a woman identified as Helen Nenge from Mbawa Mbanyiar kindred was also attacked on Friday at 4pm, wounded and the sum of N6000 collected from her.

The State Commissioner for Information, Matthew Abo, an indigene of Ukum, confirmed to journalists in Makurdi that that eight farmers were killed on Saturday morning in his home LGA while on their way to the farm.

Abo however could not ascertain those responsible for that latest killing as according to him, apart from armed invasions, there had also been communal crisis in Jootar between the Tiv and Jukun.

Police spokesperson for Benue command, Catherine Anene, had yet to respond to calls or messages put through her telephone for confirmation of the incidents.

Daily Trust

Hamas says it will release Israeli-American hostage Edan Alexander

Israeli-American hostage Edan Alexander will soon be released in Gaza, a senior Hamas official told Reuters on Sunday, a move key Arab mediators Qatar and Egypt described as an encouraging step towards a return to ceasefire talks in the war-torn enclave.

The senior Hamas official did not specify a time for the release of Alexander, a 21-year-old soldier in the Israeli Army who was born and raised in New Jersey, but a source familiar with the matter told Reuters it would likely happen on Tuesday.

Freeing Alexander, believed to be the last surviving American hostage held by the militant Palestinian group, is part of efforts to reach a ceasefire agreement and allow humanitarian aid to enter Gaza, Hamas said.

U.S. President Donald Trump will visit the Middle East this week. His special envoy Adam Boehler said news of Alexander's release was a positive step forward.

"We would also ask that Hamas release the bodies of four other Americans that were taken," Boehler added.

In a post on Truth Social, Trump said he was grateful to all those involved.

"This was a step taken in good faith towards the United States and the efforts of the mediators — Qatar and Egypt — to put an end to this very brutal war and return ALL living hostages and remains to their loved ones," Trump said.

Israel launched a military campaign in Gaza in retaliation for a Hamas attack on October 7, 2023, that killed 1,200 people, according to Israeli tallies, and saw 251 taken hostage into Gaza in the deadliest day for Israel in its history.

The campaign has killed more than 52,800 Palestinians, according to local health authorities, and has devastated the Gaza Strip, leaving its 2.3 million population depending on aid supplies that have been dwindling rapidly since Israel imposed a blockade in March.

In a joint statement, Qatar and Egypt said Hamas' agreement to free Alexander was an "encouraging" step towards the warring parties returning to Gaza ceasefire talks, which have stalled since March.

The two countries said they would pursue their efforts, along with the United States, to improve the conditions in Gaza, reaching out for a permanent ceasefire and end to the war.

Exiled Gaza Hamas chief Khalil al-Hayya said efforts to facilitate Alexander's release have been jointly carried out by Qatar, Egypt and Turkey.

"The movement affirms its readiness to immediately start intensive negotiations and make serious efforts to reach a final agreement to end the war, exchange prisoners in an agreed-upon manner," Hayya said.

Direct four-way talks that led to the release were held between officials from the U.S., Qatar, Egypt and Hamas, a source briefed on the negotiations told Reuters.

The U.S. had previously held discussions with Hamas on securing the release of U.S. hostages held in Gaza.

Israeli media reported on Sunday that Prime Minister Benjamin Netanyahu told a closed session of the Foreign Affairs and Defense Committee that Hamas could soon release Alexander as a goodwill gesture towards Trump.

The prime minister's office said the U.S. told Israel that Hamas' freeing of Alexander would lead to negotiations for the release of more hostages. Israel's policy is that negotiations will be conducted under fire with a continued commitment to achieving all war objectives, it added in a statement.

Hamas had released 38 hostages under a ceasefire that began on January 19. In March, Israel's military resumed its ground and aerial offensive on Gaza, abandoning the ceasefire after Hamas rejected proposals to extend the truce without ending the war.

Israeli officials said that offensive will continue until the remaining 59 hostages are freed and Gaza is demilitarized. Hamas insists it will free hostages only as part of a deal to end the war and has rejected demands to lay down its arms.

Israel, which is in control of around a third of Gaza's territory, said in May it will expand its Gaza offensive.

A U.S. State Department spokesperson said Hamas bore sole responsibility for the war as well as for the resumption of hostilities.

Reuters

Anambra North senatorial constituency comprises seven local government areas (LGAs). These are: Anambra East, Anambra West, Anyamelum, Ogbaru, Onitsha North, Onitsha South, and Oyi. The contest to represent it in the election to the senate in 2007 turned out to be memorable for all the wrong reasons. Voting in the election occurred on 28 April 2007. At the end of the contest, the Independent National Electoral Commission (INEC) returned Joy Emordi, the incumbent senator and candidate of the ruling Peoples’ Democratic Party (PDP), as the winner.

In the race for the party ticket which preceded the election, Emordi beat out the challenge of a little-known member of the House of Representatives, Ubanese Alphonsus Igbeke. Having lost the contest for the party ticket, however, Ubanese promptly defected to the opposition All Nigeria Peoples Party (ANPP), which granted him the ticket to fly its flag in the contest for the election to the senate in Anambra North.

Following the announcement of the election results by the INEC, five of the losing candidates headed to the election petition tribunal to challenge the announcement of Emordi as winner. They included Jessie Balonwu of the Labour Party, and Ubanese of the ANPP. An essential complaint was that there was no lawful voting in Anyamelum and Onitsha South LGAs. If their complaint was upheld, the logic would have necessitated a re-run. Over one year after the conclusion of the election, on 14 June 2008, the tribunal dismissed the petitions, and affirmed Joy Emordi as duly elected.

The losing candidates appealed.

Jessie Balonwu’s appeal was the first to be decided. On February 10, 2009, a Court of Appeal panel comprising three Justices of Appeal – Victor Omage, Ladan Tsamiya and Olukayode Ariwoola – found that there was no evidence in support of the claim that there were no elections in the two LGAs. The court of appeal, therefore, affirmed the decision of the election petition tribunal. At the time, appeals concerning elections to the senate ended in the court of appeal.

Like the other losing candidates, Ubanese lost his case at the election petition tribunal. Like them, he also appealed. Nearly three years after the election, on March 24, 2010, another panel of the court of appeal, this time comprising Amiru Sanusi (who was not on the earlier panel) as well as Ladam Tsamiya and Olukayode Ariwoola – both of whom had decided Jessie Balonwu’s case nearly a year earlier – nullified the election of Joy Emordi, declared Ubanese the winner of the election and ordered INEC to issue a certificate in his favour affirming his victory.

Six years after that judgment, the National Judicial Council (NJC) sacked Ladan Tsamiya as a judge in connection with judicial corruption in another election case from neighbouring Abia state.

Returning to the Anambra North senatorial contest from 2007, Emordi applied to the supreme court for a review of the two ostensibly conflicting decisions of the court of appeal but the court struck out her case, holding that it did not have jurisdiction to hear her. With one year left to run on the tenure and armed with the judgment of the court of appeal, Ubanese ousted Joy Emordi from the senate in May 2010 to become the senator for Anambra North. Once there, he promptly defected back to the ruling PDP from the ranks of the ANPP.

That was not the first time that Ubanese would be returnee as legislator by the votes of judges alone. His first tour of duty as a legislator in the House of Representatives in 2003 was made possible also by judicial decision.

He was not the only one to be selected in this manner in 2003. In the contest for the Anambra South seat for the senate, the court of appeal in Enugu manufactured victory for Ugochukwu Uba – who was not a candidate in the election. Ugochukwu Uba’s younger brother, Andy, was a very influential presidential confidante at the time.

2010 was not the last time that Ubanese’s entire electorate would comprise members of the Nigerian judiciary. ThisDay newspaper famously described him as “the serial senator who never wins an election”.

In 2011, another high court in Abuja also issued an order requiring the INEC to return Ubanese yet again as Senator for Anambra North after the election had been concluded and a winner declared. The order was stupefying because only an election petition tribunal could issue it.

This time, the Attorney-General of the Federation had Ubanese arraigned before the Federal High Court in Abuja on charges of forging and altering the outcome of the party primaries that he lost, misrepresenting to the High Court in Abuja that he had in fact emerged as the winner.

Ubanese was ultimately unsuccessful in returning to the Senate in 2011 but had pioneered an electoral business model that would prove both lucrative for all involved and resilient beyond his wildest imagining.

Ubanese showed judges how a joint enterprise with politicians could prove effective in making both sides influential, wealthy and powerful while at the same time sidelining the voters from the constitutive enterprise of deciding who controls their destinies. This guarantees that elections no longer end in the polling units. Instead, what we call elections only pare down the candidates who are required thereafter to proceed to court units, where the ultimate selection is determined by judges who alone have the right to vote. The cost of entry into this stage is prohibitive. Only the truly moneyed dare to show up.

The constitution may have anointed the people as the electorate but, in Nigeria, the winners and losers in elections are now decided by a judicial selectorate who do not feel themselves beholden to anything that the constitutional electorate may wish, seek, or say.

According to a former national vice-chairman of the ruling All Progressives Congress (APC), Salihu Lukman, “citizens can vote but winners are decided in the courtroom by conclaves of judges.” Former president, Goodluck Jonathan, acknowledged in Asaba, capital of Delta state in June 2024 that Nigerian judges increasingly “declare who doesn’t win the election that they are winners.”

Selectorate Theory explains how elites access and retain power. It distinguishes between three categories of actors for this purpose. Interchangeables notionally have a role but hardly fit the part. Influentials sometimes may do so. But the focus is on a small category of “Essentials” who decide nearly everything. The clever power seeker focuses on doing a deal with the Essentials at the expense of the Influentials and the Interchangeables.

In Nigeria, the judges have made themselves the indispensable Essentials in winning power and retaining it. The people have become very expendable Interchangeables. The national exchequer, meant for the people, now goes to financing the fancies of these electoral Essentials in order to protect the joint enterprise with the politicians. This is all done under ruse of law which, it is claimed, is indispensable to democracy.

The “ownership” of judicial figures has thus become an essential political accessory in Nigeria. Every ambitious politician knows that they need to own some judges or at least one. This political business model is a deeply Nigerian variant on Selectorate Theory which is now taking firm root across Africa. For this export, we must thank Ubanese Igbeke and the Uba brothers of Uga in Anambra state.

This week, publishers Narrative Landscape will be releasing, The Selectorate, my book which tells the story of how Nigerian judges toppled the people. It is a story that has been long in the making.

** A lawyer and a teacher, Odinkalu can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

Mark C. Crowley

Uncertainty has become a defining feature of life today, a reality that challenges workplace leaders to adapt rapidly, make decisions with limited information, and foster stability amid constant and sometimes highly erratic change.

At the same time, this uncertainty directly affects employees, making it incumbent upon leaders to provide the support and direction their teams need to successfully navigate an unpredictable world with both resilience and clarity.

It goes without saying that the role of a leader has grown increasingly more complex, requiring us to instill stability, foster adaptability, and maintain focus without being overwhelmed by the relentless pace of change.

In just the past month in America, we’ve witnessed the introduction, removal, and reintroduction of tariffs, massively disrupted supply chains, a whipsawing stock market (putting everyone’s retirement savings at risk), major companies mandating a return to office work, and the emergence of artificial intelligence technologies—innovations sparking equal parts excitement and fear as they reshape industries and raise questions about job security and the future of work.

It’s a lot for all of us to deal with.

Through my own leadership experience, I’ve learned that it’s absolutely pointless to try to control chaos—and far wiser to coach teams on how to thrive in spite of it. The following are five strategies I’ve used over the course of my career that workplace leaders can adopt to help their people negotiate complexity and perform at their best—regardless of what turbulence the universe throws our way:

1.   BE A RATIONAL OPTIMIST

In today’s world, it’s all too easy for pessimism to seep into our consciousness and negatively shape how we interact with those we lead. Being an abject pessimist, however, is entirely at odds with effective leadership, as it curtails productivity, stifles creativity, narrows perspective, and stands in the way of meaningful progress.

Yet, while pessimism can directly undermine progress, leaning too far into optimism also carries its own risks. Effective leadership requires striking a balance—offering hope and inspiration while remaining realistic about the challenges ahead.

In his book Same as Ever: A Guide to What Never Changes, New York Times bestselling author Morgan Housel makes this exact point by urging leaders to be “rational optimists.” He emphasizes that our role as leaders is to imbue a deep belief in people that difficult challenges can indeed be overcome, while also being very honest about the strong likelihood that they’ll face setbacks, surprises, and disappointments along the way.

When people know to expect a rough road ahead, choosing hope over despair naturally opens the door to opportunities and more creative solutions.

2.   FOSTER TEAM CONNECTION AND BELONGING

When teams face uncertain times, the belief that “everyone is in this together” is a powerful force for fostering unity, sustaining morale, and motivating employees to collaborate and support each other to overcome major challenges. This is why leaders who prioritize team connection create environments where individuals feel secure enough to navigate difficulties together.

The goal is to cultivate a team culture where no one feels isolated and everyone is inspired to have each other’s back—truly embodying the spirit of “all for one and one for all.” Recent research shows that feelings of belonging are the glue that holds teams together, as well as being the cornerstone of employee well-being.

For leaders, creating this sense of belonging requires nurturing deeper relationships with our employees and learning their concerns. It’s also about fostering an environment where differences are celebrated, inclusion is more than a buzzword, and every voice carries weight. Togetherness can be a great source of strength.

3.   PROACTIVELY BUILD TEAM RESILIENCE

Long before crises or unexpected setbacks arise, leaders must not only remind employees that risk is an inherent aspect of every business. They must equip them to respond emotionally, to even the smallest hurdles, with confidence and resilience. As Nassim Taleb, the author of bestselling books on randomness and complexity, wisely advises, leaders should “prioritize preparation over prediction,” focusing on flexibility and readiness rather than relying on forecasts that are often uncertain or incomplete.

One way to achieve this is by regularly engaging employees in “what if” discussions—posing questions like, “How would we respond if this situation happened?” Additionally, empowering teams to collaboratively brainstorm solutions to everyday challenges on their own will help build their adaptability and creativity muscles, so they are ready when needed.

Finally, workplace leaders must cultivate their own self-mastery during challenging times. Learning how to maintain composure, reframe setbacks as opportunities, and display optimism in the worst of times is a collective skill set that demands diligent effort and commitment to develop. In the end, leaders must model the behavior they’ll expect from their team.

4.   INFLUENCE THROUGH STORIES, LESS THROUGH DATA

In Same as Ever, Morgan Housel clarifies that humans are wired for stories, not spreadsheets. Highlighting how storytelling creates clarity and sparks action, he explains, “We don’t think in terms of odds and probabilities; we think in terms of narratives.” Unlike raw data or abstract concepts, stories resonate deeply because they are inherently relatable and emotionally engaging.

Imagine a CEO who’s suddenly faced with a market downturn. Instead of bombarding employees with forecasts and financial metrics, telling stories about times in the past when their company was faced with great difficulties—and triumphed—is a transformative way of framing the current challenge as being equally surmountable.

According to Housel, “We live in a world where people are bored, impatient, emotional and need complicated things distilled into easy-to-grasp scenes.” So, craft stories that make the unknown feel conquerable, and watch them resonate with your teams.

5.   SET REASONABLE EXPECTATIONS

When unforeseen disruptions occur, projects often veer off schedule, and teams fall behind on critical targets. These setbacks are pivotal moments for leadership, as the urge to quickly regain momentum can place employees in an untenable position, feeling as if they’re fighting against the universe.

In these circumstances, wise leaders display patience and avoid placing undue pressure on their teams by setting unrealistic goals. Instead, they emphasize that while external factors may be uncontrollable, effort is always within their influence—even in the absence of guarantees. In the 1970s, Disney’s stock dropped 70%. Walt Disney responded by setting modest internal goals, assuring employees that he believed the company would recover through steady, determined action. His measured approach proved to foster resilience across the organization.

NAVIGATING ROUGH SEAS

In times of turbulence, the teams that will thrive are those who work cohesively, maintain an optimistic yet pragmatic outlook (acknowledging that big challenges may not have simple solutions, but can be conquered), and are trained to pivot rather than freeze when circumstances seem most dire. And, while we might wish for life to be easier and our objectives more readily attainable, we should also always remember that “a smooth sea never made a skilled sailor.”

Fast Company