33 States, FCT Repay N1.85trn Domestic Debt as FG Clears $3.26bn IMF Loan

The Federal Government has announced that 33 states and the Federal Capital Territory (FCT) have significantly reduced their domestic debt profiles, repaying a combined total of N1.85 trillion between June 2023 and December 2024. This was revealed in the May 16, 2025 edition of The Explainer, a weekly publication of the National Orientation Agency (NOA), which detailed the nation’s debt reduction progress. According to the report, the 36 states and the FCT had a domestic debt stock of N1.66 trillion in December 2014, rising to N5 trillion by June 2023. However, aggressive fiscal reforms under the Tinubu administration, particularly the removal of fuel subsidy and naira floatation, helped unlock increased revenue flows to the states. The publication noted that state and local governments shared N6.16 trillion in FAAC allocations in 2023—a 28.6% increase from the N4.79 trillion received in 2022. In 2024, allocations soared further to N9.58 trillion, enabling record debt repayments. Top-performing states in debt reduction include: However, Niger, Enugu, and Rivers States were the only ones that increased their debt burden during the period. Rivers topped this list, adding N138.89 billion in new domestic debt. The Federal Government also made strides in reducing external debt, paying off its entire $3.264 billion obligation to the International Monetary Fund (IMF) within 18 months. By Q2 2025, the outstanding balance of $800.23 million—as of December 2024—was cleared, marking the full repayment. Other federal debt repayments include: In total, domestic debt servicing reached N8.81 trillion over the 18-month period. As a result, Nigeria’s total public debt stock dropped from $113.42 billion in June 2023 to $94.22 billion by December 2024. The NOA praised the Tinubu administration’s fiscal discipline and transparency in public finance management, describing the developments as a “landmark turnaround” in Nigeria’s debt sustainability trajectory.

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Trump Demands Investigation into Kamala Harris Over Celebrity-Backed Campaign Events

Former President Donald Trump has called for a “major investigation” into former Vice President Kamala Harris, alleging that her presidential campaign may have broken the law by paying prominent celebrities to perform at rallies and publicly endorse her Trump criticized Harris for what he described as an overreliance on star power during her campaign events in the run-up to the November election. He specifically named global icons such as Bruce Springsteen, Beyoncé, Oprah Winfrey, and U2’s Bono, all of whom were involved in high-profile appearances supporting Harris. “These campaign spectacles weren’t just political rallies — they were paid performances by world-class entertainers,” Trump claimed. “It raises serious legal and ethical questions that must be investigated.” The former president did not provide specific evidence to support his claims, but his demand for an inquiry has sparked fresh controversy as the political landscape heats up ahead of the 2026 midterm elections. As of now, neither Harris nor representatives from her campaign have publicly responded to the allegations. Legal experts note that federal election law allows for celebrity endorsements, but any financial arrangements must comply with campaign finance rules. Further developments are expected as pressure mounts on election oversight bodies to clarify the legality of such campaign practices.

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EFCC Arrests 120 Suspected Internet Fraudsters in Lagos

Operatives of the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) have arrested 120 suspected internet fraudsters in a major crackdown across various locations in Lagos State. The suspects—comprising 95 males and 25 females—were apprehended on Monday, May 19, 2025, following credible intelligence and extensive surveillance operations carried out by the anti-graft agency. According to a statement by the EFCC, the coordinated sting operation led to the recovery of 26 exotic vehicles, high-end jewelry, smartphones, laptops, and several incriminating documents linked to cybercrime activities. All suspects are currently in custody and undergoing further investigation. The EFCC noted that they will be formally arraigned in court upon the conclusion of the ongoing probe. The commission reiterated its commitment to eradicating internet fraud and urged the public to continue providing useful information to aid its mission.

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China’s Industrial Output and Retail Sales Slow Amid US Trade Tensions But Economy Shows Resilience

China’s industrial output and retail sales posted slower growth in April, reflecting mounting pressure from ongoing trade tensions with the United States. Despite the dip, analysts say the Chinese economy is demonstrating surprising resilience. According to data released Monday by China’s National Bureau of Statistics, industrial production grew 6.1% year-on-year in April—down from a 7.7% increase in March. Retail sales also slowed, rising 5.1% compared to 5.9% the previous month, and falling short of expectations. Forecasts had predicted weaker results, with Reuters projecting a 5.5% growth in factory output and Bloomberg forecasting 5.7%. Fixed-asset investment, which includes spending on infrastructure and property, rose 4% year-on-year, while the unemployment rate edged down slightly from 5.2% to 5.1%. The figures come after China’s economy grew 5.4% in the first quarter of the year, exceeding many analysts’ forecasts and fueling optimism about the country’s ability to weather external economic shocks, particularly U.S. tariffs. In a statement, the National Bureau of Statistics said the economy continued to show “new and positive development momentum,” thanks to Beijing’s targeted economic policies. However, it cautioned that “many unstable and uncertain factors” remain in the global environment, and emphasized the need for further efforts to consolidate the recovery. The data follows last week’s trade breakthrough between Washington and Beijing, where both sides agreed to sharply reduce tariffs for 90 days. Under the deal, the U.S. cut tariffs on Chinese goods from 145% to 30%, while China lowered its duties from 125% to 10%. Despite this temporary relief, concerns linger over the long-term impact of tariffs on global supply chains. “The risk is that tariffs remain in place for a long time, and eventually, we see production offshored,” said Lynn Song, chief economist for Greater China at ING. “But amid tariff unpredictability—not just for China but across the world—few companies will be rushing to commit resources to set up offshore manufacturing facilities.” “This could mean that a decent portion of China’s manufacturing and exports will be less impacted than originally feared,” Song added. The figures underscore the balancing act facing Chinese policymakers as they seek to stimulate domestic demand while navigating an increasingly uncertain global trade environment.

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Governor Zulum Presents ₦30 Million Cheque to Family of Fallen Military Hero

Borno State Governor, Babagana Umara Zulum, has presented a cheque of ₦30 million to the family of the late Lieutenant Colonel Thomas Ebisingha Alari, in a moving gesture that underscores the values of sacrifice, duty, and national gratitude. The presentation, which took place in Maiduguri, serves as a poignant reminder of the courage and selflessness of Nigeria’s fallen heroes, particularly those who have paid the ultimate price in the fight against terrorism. Governor Zulum praised the late officer’s bravery and dedication, emphasizing that the gesture was not just about financial support, but a demonstration of the state’s deep appreciation for those who defend the nation’s peace and security. “This is not just a cheque. It is a symbol of our collective gratitude and a message that the sacrifices made by our gallant soldiers will never be forgotten,” the governor said. The governor reiterated his administration’s commitment to supporting the families of military personnel who have lost their lives in active service, noting that true leadership must include compassion and acknowledgment of those who safeguard the nation. Such acts of recognition, Governor Zulum said, not only provide comfort to grieving families but also inspire continued patriotism and hope among serving officers and citizens alike. “The families of our fallen heroes deserve more than just words—they deserve action that honors their sacrifice and gives them a sense of dignity,” he added. Lieutenant Colonel Alari was celebrated for his outstanding service and leadership in counterterrorism operations in the North-East before his untimely death in the line of duty.

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China Eyes Electric Vehicle Factories in Nigeria as Part of Strategic Mining Partnership

The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasized the importance of deepening collaboration between China and Nigeria, particularly through the establishment of electric vehicle (EV) factories to harness Nigeria’s vast solid mineral resources. Ambassador Dunhai made this call during a courtesy visit to the Minister of Solid Minerals Development, Dr. Dele Alake, in Abuja. During the visit, he highlighted the potential for Nigeria’s industrial growth through enhanced bilateral ties, particularly in mining and manufacturing. A statement released by the Minister’s Special Assistant on Media, Segun Tomori, on Sunday confirmed that China is planning to set up EV manufacturing plants in Nigeria as part of its broader strategy to support African industrialization. “Nigeria is a great country blessed with tremendous natural resources,” Ambassador Dunhai said. “China places Nigeria at a strategic position in its foreign policy.” Recalling the recent meeting between Presidents Bola Tinubu and Xi Jinping during Tinubu’s state visit to China, the ambassador noted that both leaders had agreed to elevate bilateral ties to a comprehensive strategic partnership. This, he said, would open new avenues for cooperation. In response, Minister Alake reaffirmed Nigeria’s openness to genuine foreign investments, particularly those that support local value addition within the mining sector. “For years, our minerals have been exported raw to fuel foreign industrialisation. That must change,” Alake said. “We now prioritise local processing to drive Nigeria’s development. For instance, with the abundance of lithium, we want to see local manufacturing of electric vehicles and batteries.” Ambassador Dunhai welcomed the policy direction, stating that Chinese firms are already significantly involved in Nigeria’s mining sector. He confirmed that plans are in motion to establish electric vehicle factories and other industrial ventures in the country, aligning with President Tinubu’s economic diversification agenda. He also assured that Chinese companies operating in Nigeria are regularly reminded to abide by local laws, uphold environmental and safety standards, and fulfil their corporate social responsibilities. “The Chinese government has zero tolerance for illegal mining and is committed to working with Nigerian authorities to bring offenders to justice,” he stated. Minister Alake, while appreciating the longstanding diplomatic ties between the two countries, expressed concern over a few rogue operators tarnishing China’s image, citing a recent viral video of a Chinese national allegedly bribing local security agents. “We have taken action against illegal operators, including some Chinese nationals. While isolated, such incidents undermine the good work of many compliant Chinese firms,” he said. The minister also praised the efforts of the newly established Mining Marshals, who are tackling illegal mining across the country. He noted that the initiative has significantly improved compliance and regulatory adherence among mining stakeholders.

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NNPC Raises Petrol Price to N955 in Abuja, N915 in Lagos

World Bank: SERAP tells NNPCL to Account for Missing N500BN

Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPCL) Limited “to account for and explain the whereabouts of the missing N500 billion, which the NNPCL failed to remit to the Federation Account, between October 2024 and December 2024, as revealed by the World Bank.” SERAP urged Mr Ojulari “to identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.” SERAP also urged Mr Ojulari “to invite the EFCC and ICPC to investigate the spending and whereabouts of the N500 billion, and to ensure the full recovery and remittance of the money to the Federation Account without further delay. The World Bank had last week disclosed that out of the N1.1trn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. The International Monetary Fund (IMF) also recently called for the subsidy removal savings to be transferred to the national budget. In the Freedom of Information request dated 17 May 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 [as amended]’” SERAP said, “The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.” According to SERAP, “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 [as amended]” The letter, read in part: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country. “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest. “The missing oil revenue reflects a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability. “The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth. “SERAP notes that the Supreme Court in a groundbreaking judgment recently declared that the Freedom of Information Act ‘is applicable and applies to the public records in the Federation’, including those kept by the NNPCL. “SERAP is concerned that the Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL. “The allegations have undermined economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities. “The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s obligations under the UN Convention against Corruption. “Despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators. “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations. “According to our information, the World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for. “The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so. “SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power. “Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution. “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. “These commitments ought to be fully upheld and respected. “Explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators. “The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country. “The missing oil revenue has further damaged the already precarious economy and contributed to very high levels of deficit spending by the government. “Had the NNPCL accounted for and remitted the alleged missing N500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services. “Without the full recovery and remittance of the missing N500 billion of oil revenue, the dire economic situation may worsen and Nigerians will continue to…

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Kidnappers Kill Ondo APC Chairman Despite N5m Ransom Payment, Police Launch Manhunt

The All Progressives Congress (APC) chairman for Ward 5 in Ifon, Ose Local Government Area of Ondo State, Nelson Adepoyigi, has been killed by his abductors despite a ransom payment of ₦5 million. Adepoyigi was kidnapped on Monday night near his residence along the Ifon/Owo road. Initially, the kidnappers demanded ₦100 million, which was later negotiated down by the victim’s family. However, in a shocking twist, the two men sent to deliver the ransom—Bayode Loco and Isimeri—were also abducted, and a fresh demand of ₦30 million was made for all three. On Sunday, the Chairman of Ose Local Government, Clement Kolapo Ojo, confirmed Adepoyigi’s death in captivity. In a statement by his spokesperson, Oluwaseun Ogunniyi, Ojo revealed that the two ransom bearers had been released to deliver the tragic news. He described the killing as “deeply saddening and utterly painful,” offering condolences to Adepoyigi’s family and political associates, and called for urgent federal intervention to curb the surge in insecurity in the state. Ojo condemned the rising spate of kidnappings and violent crimes plaguing Ose and neighbouring communities. He noted that the attack follows other recent abduction attempts, including one involving a resident who narrowly escaped being kidnapped at his doorstep. “This pattern of brazen abductions confirms that insecurity has taken a dangerous and intolerable dimension,” he warned. Ondo State Commissioner of Police, Wilfred Afolabi, confirmed that the command’s tactical team has launched a manhunt in the Ifon forests to verify Adepoyigi’s death and pursue the kidnappers. “Our men are combing the area to smoke out the captors,” Afolabi said, promising that further updates would be provided as the investigation unfolds.

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