Fitch, a global rating agency, has projected that Nigeria’s external debt service bill will increase to $5.2 billion this year.

According to the Debt Management Office (DMO), Nigeria’s external debt service was $1.07 billion as at December 2024.

In its rating commentary on Nigeria, published on April 11, the credit rating firm said the service bill would rise further in 2025.

“Government external debt service is moderate but expected to rise to USD5.2 billion in 2025 (with USD4.5 billion of amortisations, including a USD1.1 billion Eurobond repayment due in November 2025), from USD4.7 billion in 2024, and fall to USD3.5 billion in 2026,” Fitch said.

According to the firm, there was a minor delay in paying a coupon due on March 28 on Nigeria’s sovereign $4 billion eurobond, highlighting public finance management challenges.

Fitch also predicted that general government debt would remain at about 51 percent of gross domestic product (GDP) in 2025 and 2026.

“We expect GG debt/GDP to decline marginally in 2025-2026, to 51%, in line with our ‘B’ median due to strong nominal GDP growth,” Fitch said.

“Nigeria’s public debt has a fairly long average maturity of 10.9 years, and over half is local-currency denominated (‘B’ median of 37%).”

The agency also projected that government revenue/GDP will rise, but remain structurally low — averaging 13.3 percent in 2025-2026.

Fitch said the upswing will largely account for a high government “interest/revenue ratio, above 30% (‘B’ median 13.2%), with Federal government (FG) interest/FG revenue ratio, nearly 50%”.

“Banks’ ample liquidity and strong demand for government securities should support domestic financing capacity,” the agency said.

Fitch had upgraded Nigeria’s credit rating from negative to stable.

The Cable

The Federal Government has announced Friday, April 18, and Monday, April 21, as public holidays in observance of Good Friday and Easter Monday.

The declaration was made by the Minister of Interior, Olubunmi Tunji-Ojo, in a statement issued on Wednesday by the ministry’s Permanent Secretary, Magdalene Ajani.

Tunji-Ojo extended his felicitations to Christians nationwide, urging them to reflect on the significance of Easter, which embodies the virtues of love, sacrifice, and redemption exemplified by Jesus Christ’s death and resurrection.

He called on Nigerians to use the occasion to pray for the nation’s peace, unity, and sustained progress. Additionally, the minister encouraged citizens to demonstrate compassion and goodwill by supporting one another through acts of kindness and generosity.

Tunji-Ojo wished Christians a joyous Easter celebration and conveyed warm holiday wishes to all Nigerians.

Gunmen reportedly stormed a prayer session  at a remote mountain site in the Egbola area, along Agbaja Road in Lokoja Local Government Area of Kogi State and abducted an unspecified number of the worshipers.

The incident is said to have occurred on Friday during  a night vigil on the mountain.

A woman identified as Mary Adams Gure was said to have been rescued  by men of the state vigilante services who got wind of the incident and mobilized to the scene and confronted the gunmen in a gun duel.

According to the source, their  attackers stormed the prayer ground, firing sporadically to instil fear before forcefully whisking the worshippers into the  bush.

The rescued woman was said to have escaped amidst chaos.

“The vigilantes were  mobilized quickly in response to the attack; and in the process, Gure was rescued . A search-and-rescue operation is ongoing to locate the remaining abducted faithful.

“Gure managed to escape and later found safety, thanks to the swift intervention of local vigilante members who were alerted and got to the scene of the incident on time,” the vigilante source said.

The state Police Public Relations Officer (PPRO), William Aya, did not respond to calls and messages sent to him on the incident.

Daily Trust

Plateau State Governor Caleb Mutfwang has called for communal self-defense following a wave of deadly attacks by suspected armed herders, which have left over 100 people dead in Bassa Local Government Area in recent weeks.

The latest assault occurred early Monday in Zike and Kimakpa communities of Kwall District, Irigwe Chiefdom, where gunmen killed at least 50 people and razed homes. Governor Mutfwang, who visited the affected areas on Tuesday, lamented that insecurity has stifled development in the state.

"We invested heavily in security technology upon assuming office, yet terrorism and insurgency continue to slow our progress," Mutfwang said. "Our people can’t farm or pursue livelihoods in fear. We must break this cycle of violence."

While pledging support for security agencies, the governor emphasized that communities must take an active role in their own protection. "Security agencies alone cannot solve this. We’ve reached a point where every community must defend itself—but within the law," he stated, urging youths to organize responsibly.

His remarks align with recent calls by the Director-General of the Department of State Security (DSS), Tosin Ajayi, who stressed that communities must establish a "first line of defense" against rising insecurity.

The governor’s stance echoes past appeals, including those by former Army Chief Theophilus Danjuma, but remains contentious. Critics warn that arming civilians could escalate violence, particularly in conflict-prone states like Niger, Benue, Taraba, and Kaduna, where clashes over land, grazing rights, and ethno-religious tensions persist.

Mutfwang vowed to prosecute the attackers and thanked President Bola Tinubu for federal support, even as survivors pleaded for stronger intervention to end the bloodshed.

Hamas armed wing says it lost contact with group holding Israeli-US hostage Alexander

The armed wing of Hamas said on Tuesday it had lost contact with a group of militants holding Israeli-American hostage Edan Alexander in the Gaza Strip.

Abu Ubaida, the armed wing's spokesperson, said on the Telegram that it lost contact after the Israeli army attacked the place where the militants were holding Alexander, who is a New Jersey native and a 21-year-old soldier in the Israeli army.

Abu Ubaida did not say where in Gaza Alexander was purportedly held. The armed wing later released a video warning hostages families that their "children will return in black coffins with their bodies torn apart from shrapnel from your army".

Hamas has previously blamed Israel for the deaths of hostages held in Gaza, including as a direct result of military operations, while also acknowledging on at least one occasion that a hostage was killed by a guard. It said the guard had acted against instructions.

There was no immediate response from the Israeli military to a request for comment on the Hamas statement about Alexander.

President Donald Trump's special envoy Steve Witkoff told reporters at the White House in March that gaining the release of Alexander, believed to be the last living American hostage held by Hamas in Gaza, was a "top priority for us".

The Tikva Forum, a group representing some family members of those held in Gaza, had said earlier on Tuesday that Alexander was among up to 10 hostages who could be released by Hamas if a new ceasefire was reached, citing a conversation a day earlier between Prime Minister Benjamin Netanyahu and the mother of another hostage. There was no immediate comment on that from Netanyahu's office.

On Saturday Hamas released a video purportedly showing Alexander, who has been held in Gaza since he was captured by Palestinian militants on October 7, 2023.

The release of Alexander was at the centre of earlier talks held between Hamas leaders and U.S. hostage negotiator Adam Boehler last month.

Hamas 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 say 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.

Reuters

RUSSIAN PERSPECTIVE

Zelensky fires Sumy head after Russian strike

Vladimir Zelensky’s office announced on Tuesday that it has fired the head of Ukraine’s Sumy Regional Military Administration, Vladimir Artyukh. The move follows accusations that Artyukh organized a military awards ceremony that was targeted in a Russian missile strike.

On Monday, the Russian Defense Ministry confirmed that it carried out a precision strike the previous day on a gathering of Ukrainian command staff in the border city of Sumy. Two Iskander-M missiles were used in the attack on Sunday, it said, adding that over 60 senior Ukrainian servicemen were killed in the strike.

The local Ukrainian authorities have claimed that the attack targeted a military awards ceremony for the 117th Territorial Defense Brigade. Officials reported that the strike resulted in 35 civilian deaths and 129 others injured. 

Several Ukrainian officials, including the mayor of Konotop, Artyom Semenikhin, have since called for the prosecution of Artyukh, accusing him of being directly responsible for the casualties by “organizing an awards ceremony”despite warnings not to do so.

Artyukh has effectively confirmed that the ceremony took place on the day of the attack but denied responsibility for the event, telling public broadcaster Suspilne that he “was invited” but did not organize it. 

Nevertheless, Zelensky signed a decree on Tuesday removing Artyukh from his post. Taras Melnychuk, the cabinet’s representative in parliament, confirmed the move in a post on Telegram on Tuesday and announced that the government has decided on a replacement.

Moscow has stressed that it does not attack civilian infrastructure in Ukraine. Kremlin spokesman Dmitry Peskov stated that the Russian military only strikes “military-related targets.” Russian officials have accused Kiev, however, of deliberately hosting military events in civilian areas. 

Following the Sumy attack, Russian Foreign Minister Sergey Lavrov said the facility targeted in Sunday’s strike was hosting both Ukrainian and NATO officers, and claimed they were posing as mercenaries. 

Lavrov went on to say that Kiev routinely flouts international law by placing military facilities and weapons in or near civilian infrastructure, and that there have been “a million” examples of this. 

Sumy is a regional capital and frontline city of over 250,000 people, located 25km from the border with Russia. It has become a focal point of Ukraine’s retreat from Russia’s Kursk Region following its failed incursion.

WESTERN PERSPECTIVE

Britain sends Ukraine second part of $3 billion war loan

Britain sent Ukraine 752 million pounds ($990 million) to buy air defences and artillery on Monday, part of a broader $50 billion international loan programme backed by frozen Russian assets, Britain's government said.

"The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine," finance minister Rachel Reeves said.

The Group of Seven advanced economies agreed an outline lending package in October 2024 - before the election of Donald Trump as president changed the United States' approachto the conflict - and Reeves and her Ukrainian counterpart Serhiy Marchenko finalised details of Britain's contribution in March.

Pressured by the United States' increased reluctance to provide security in Europe, Britain's government announced in February that it would raise defence spending from about 2.3% of national income to 2.5% by 2027 and 3% some time after 2029.

Monday's payment to Ukraine is the second of three instalments totalling 2.26 billion pounds. The first was on March 6 and the final part will be paid next year.

Defence minister John Healey said Britain would give Ukraine 4.5 billion pounds of support this year and that the funds would be used to purchase air defences, artillery and spare parts for vehicles and other equipment.

Other British aid includes help by its defence ministry to procure radar systems, anti-tank mines and hundreds of thousands of drones.

On Sunday two Russian ballistic missiles hit the centre of the northern Ukrainian city of Sumy. Kyiv said the attack killed 34 people and wounded 117.

Russia's defence ministry said it had targeted a gathering of Ukrainian commanding officers in the city.

British Prime Minister Keir Starmer said he was appalled by the attack.

Support in Britain for Ukraine's military operations remains high across the public and most major political parties.

RT/Reuters

When Bola Tinubu stood on the podium and declared the infamous words, “Subsidy is gone,” many Nigerians hoped it was the beginning of a new era—an era of reform, accountability, and renewal. Instead, nearly two years later, we are reeling under one of the most devastating periods in Nigeria’s democratic history. What was promised as a pathway to economic rebirth has become a blueprint for national suffering.

Let’s call it what it is: Tinubu’s leadership is inefficient, disconnected, and dangerously close to igniting a socio-economic collapse.

The Economy: From Reform to Ruin

To be fair, Nigeria’s economic troubles didn’t start with Tinubu. But under his watch, they’ve worsened at a breathtaking pace. His flagship policies—fuel subsidy removal and exchange rate unification—were introduced with zero social cushioning, no transition framework, and no clarity on how the poor would survive the fallout.

Today, the price of fuel has more than tripled. Transportation costs have gone through the roof. Inflation is galloping at levels not seen in decades. The naira has been battered, and with it, the dreams of millions who can no longer afford a bag of rice or pay school fees.

Yes, reforms were necessary. But there’s a thin line between bravery and recklessness. Tinubu’s economic decisions, while lauded by the IMF and World Bank, have crushed the everyday Nigerian. Is it really reform if it only serves the elite and foreign investors while leaving the masses in starvation?

Governance in the Shadows

Worse still is the perception that this administration is not only incompetent but also indifferent. At a time when citizens are tightening their belts, Tinubu formed the largest cabinet in Nigeria’s history—48 ministers. That’s not just tone-deaf; it’s insulting.

Meanwhile, corruption scandals are resurfacing with disturbing frequency, with little to no accountability. State institutions are weakened, democratic checks are ignored, and the average Nigerian is expected to “endure” for the sake of “long-term gains.”

How long must we endure? When over 130 million Nigerians are multi-dimensionally poor, when youth unemployment is driving an exodus of our best talents, when hospitals are underfunded and insecurity remains rampant—what future are we really building?

The Growing Storm

What we’re witnessing is a dangerous unraveling. Labor unions are restive. Protests are flaring. Desperation is rising. People are angry, hungry, and losing hope. If this administration doesn’t change course—and fast—it risks pushing Nigeria toward the brink of mass unrest.

Let’s be clear: this is not just an economic crisis. It’s a leadership crisis.

Tinubu promised renewed hope. What he’s delivering is widespread hardship wrapped in elite rhetoric. His administration’s refusal to listen, consult, or adapt has created a governance vacuum. In its place, we now see growing disillusionment, mistrust, and fear for what lies ahead.

The Path Forward

It’s not too late to change course—but time is running out.

The President must immediately roll out targeted economic reliefs, restructure his cabinet, invest in local production, and restore confidence in public institutions. He must remember that he governs not for boardrooms in Washington or Davos, but for the street vendors in Kano, the students in Ibadan, and the jobless graduates in Enugu.

Nigeria cannot afford another year of this kind of leadership. We’ve been here before—and the consequences were disastrous.

We are, quite literally, running out of time.

** Okoroafor is a social accountability advocate and a political commentator focused on governance, accountability, and social justice in West Africa.

For some people, the expression “You have as many hours in the day as Beyoncé” could be inspiring. For me, it’s anxiety-inducing. Probably because it makes clear that lots of those unfinished to-do’s on my list could get done if I only used my time wisely. 

In his new book “Meditations for Mortals,” former journalist and time management researcher Oliver Burkeman explores how we can accept our limitations in life and still be productive. 

“When you give up the unwinnable struggle to do everything, that’s when you can start pouring your finite time and attention into a handful of things that truly count,” he writes.

One of his strategies that resonated with me is to “do things daily-ish.” Steadily working toward a goal is great, but sometimes we can get hyper fixated on unrealistic schedules. 

Any time I vow to do something daily, I get so stressed about sticking to that plan and forget what the actual goal is. If I miss a day, I am inclined to give up altogether. It’s smarter, Burkeman writes, to commit to doing something a few times a week, or “daily-ish.” 

“Deep down, you know that doing something twice per week doesn’t qualify as dailyish, while five times per week does,” Burkeman writes. “In busy periods, three or four times per week might get to count. So you’re still putting some pressure on yourself.”

Being honest about how much time you can devote to something makes you more likely to accomplish it. “The point isn’t to spend your life serving rules,” Burkeman writes. “The point is for the rules to serve life.” 

Even if Beyoncé is able to follow through on daily to-do’s, I know my limitations. Hopefully by committing to doing tasks daily-ish, I can finally cross some of them off my list.

CNBC

Nigeria has officially submitted its ECOWAS schedule of tariff offers to the African Continental Free Trade Area (AfCFTA) secretariat, marking a significant step in the country's participation in continental trade integration.

The newly gazetted trade commitment establishes zero-duty access for 90 percent of goods traded within Africa, a move that provides clarity and certainty for businesses engaging in cross-border commerce throughout the continent.

Industry, Trade and Investment Minister Jumoke Oduwole announced the development Monday on social media, confirming that Nigeria submitted the signed ECOWAS tariff offer during the AfCFTA ministerial meeting in Kinshasa.

"As Nigeria commences its implementation review of five years of AfCFTA, we have been reflective on the journey so far," Oduwole stated. "Nigerian entrepreneurs are more than ready to take on the challenge to move across borders—and we celebrate that feat by supporting them as a government."

The minister emphasized the agreement's substantial economic implications, noting that it opens access to a market of 1.4 billion people valued at $3.4 trillion—the world's largest free trade area. This represents a crucial opportunity for Nigerian businesses, particularly small and medium enterprises led by youth and women, to expand internationally and generate foreign exchange revenue.

"We continue to harness and keep value within our continent to ensure prosperity for African people. It's a partnership. Everybody has something to gain," she added.

With this submission, Nigeria becomes the 23rd AfCFTA member state to officially gazette its provisional schedule of tariff concessions, further strengthening the implementation of the continental trade framework.​​​​​​​​​​​​​​​​

Power Generation Companies (GenCos) have threatened to shut down operations over a N4 trillion debt owed by the federal government, raising fears of a nationwide blackout.

In a statement by Sani Bello, a retired colonel and Chairman of the Board of Trustees of the GenCos, the companies cited severe liquidity challenges in Nigeria’s electricity sector, worsened by unpaid invoices, lack of firm contracts, and an unstable market structure.

Mounting Financial Strain

GenCos stated that despite expanding operations, they have been sidelined in payment settlements, forcing them to bear the brunt of the sector’s cash crisis. The situation has been compounded by:

- Unpaid invoices totaling N4 trillion (N2 trillion for 2024 and N1.9 trillion in legacy debts).

- Low revenue collection in 2024 (below 30%), with 2025 projections looking equally bleak.

- High operational costs, including forex scarcity, corporate taxes, concession fees, and regulatory compliance burdens.

The companies also expressed disappointment over stalled financial interventions, such as the World Bank’s Power Sector Recovery Programme (PSRP), due to other market players failing to meet key performance targets.

Calls for Immediate Action

GenCos demanded:

1. Urgent payment plans to clear outstanding debts.

2. Priority payment under the sector’s waterfall structure to ensure full settlement of their invoices.

3. A sustainable financing plan to address market shortfalls and stabilize the sector.

Sector-Wide Crisis Deepens

Nigeria’s power sector is grappling with massive debts from the government, consumers, and distribution companies (DisCos). GenCos also lose 35% of revenue due to technical and commercial inefficiencies, leading to underpayment to gas and hydro plants, which supply 85% and 25% of the nation’s electricity, respectively.

An industry expert warned that if GenCos proceed with a shutdown, the country could face total darkness. “The government only pays 40% of invoices—no business can survive that,” the source said, urging urgent negotiations.

Government Response

The Minister of Power’s office acknowledged the debt, attributing it partly to subsidy obligations and legacy debts predating the current administration.

“The Minister is engaging the Finance Ministry to expedite payments,” said Bolaji Tunji, Special Adviser on Media. “We recognize the severity of this issue and are working to resolve it.”