Latest news with #DMO
Zawya
3 days ago
- Business
- Zawya
$21.5bln loan request is Nigeria's external borrowing plan for 2024–2026, FG clarifies
The Federal Government has clarified that Tuesday's $21.5 billion communication by President Bola Tinubu to the National Assembly was a formal request for consideration and approval of the 2024–2026 External Borrowing Rolling Plan, which includes the State Governments. It explained that a borrowing plan does not amount to taking a $21.5 billion loan but only shows a plan of what can be borrowed and where the loans will come from for specific projects that are important to the Federal and State governments, including what will be borrowed by the Federal Government in 2025. Additionally, the Federal Government noted that the proposed Borrowing Rolling Plan is an essential component of the Medium Term Expenditure Framework (MTEF), in accordance with both the Fiscal Responsibility Act 2007 and the Debt Management Office (DMO) Act 2003. According to Government, the Plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc. In a statement on Wednesday, Mohammed Manga, Director, Information and Public Relations in the Federal Ministry of Finance, said by adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad hoc or reactive borrowing practices. 'This strategic method enhances Nigeria's ability to implement effective fiscal policies and mobilize development resources. The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the annual budget. 'In 2025, the external borrowing component is US $1.23 billion, and it has not yet been drawn. This is planned for H2 2025. 'Also, the plan is for both Federal and several State governments across numerous geopolitical zones including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States. 'Importantly, it should be noted that the Borrowing Rolling Plan does not equate to an automatic increase in the nation's debt burden. The nature of the rolling plan means that borrowings are split over the period of the projects. 'For example, a large proportion of projects in the 2024–2026 rolling plan have multi-year drawdowns of between 5 to 7 years, which are project-tied loans. These projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, and rail and road infrastructure,' Manga stated. He informed that the majority of the proposed borrowing will be sourced from Nigeria's development partners, including the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank, as these institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria's development objectives sustainably. The government reiterated that the debt service-to-revenue ratio has started decreasing from its peak of over 90 percent in 2023, and it has ended the distortionary and inflationary ways and means. It highlighted that there are significant revenue expectations from the Nigerian National Petroleum Company Limited (NNPCL), and technology-enabled monitoring and collection of surpluses from Government Owned Enterprises (GOE) and revenue-generating ministries, departments, and agencies, including legacy outstanding dues. 'Having achieved a fair degree of macroeconomic stabilization, the overarching goal of the Federal Government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth. 'Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture. These investments will lay the groundwork for long-term economic diversification and encourage private sector participation. 'Our debt strategy is therefore guided not solely by the size of our obligations, but by the utility, sustainability, and economic returns of the borrowing. Ensuring that all borrowed funds are efficiently utilized and directed toward growth-enhancing projects remains a top priority,' the Government further explained. Manga underlined that the government remains committed to keeping borrowing within manageable and sustainable limits in accordance with the DMO Debt Sustainability Framework.
Zawya
4 days ago
- Business
- Zawya
Nigeria: FG's $188mln Sukuk attracts over $1.3bln in record-breaking subscription
The Series VII Sovereign Sukuk through which the Debt Management Office (DMO) offered N300 billion on behalf of the Federal Government of Nigeria (FGN), recorded an unprecedented subscription level of over N2.205 trillion. This represents an excess of 735 per cent of subscriptions. The Debt Management Office (DMO) described this as clear evidence of the huge investor appetite for the ethical instrument introduced by the DMO in 2017 as an innovative strategy to expand the nation's investor base and provide opportunities for all Nigerians to participate in the activities of the capital market. An analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers and others. The DMO said like the previous series, funds realized from the Issuance will be used by the FGN to construct new roads and rehabilitate existing ones, as well as build bridges in the six geo-political zones of the country and the Federal Capital Territory (FCT). It added that the raising of funds through Sukuk to finance infrastructure projects aligns with Mr. President's Renewed Hope Agenda of which infrastructure development is a key pillar. The management stressed that the DMO remains committed to providing safe and liquid investment products to the public and supporting the FGN's development plans.
Time of India
6 days ago
- Health
- Time of India
68-yr-old man falls into coma after surgery
T'puram: Police began probe into a 68-year-old Vattiyoorkavu native going into a coma stage allegedly after undergoing a surgery at SP Fort Hospital in Enchakkal. The relatives of Nandakumar filed a complaint with Vanchiyoor police, against the neurosurgeon for medical negligence. A case was registered on Sunday under BNS Section 125 for a negligent act that endangers human life or affects the personal safety. Nandakumar was admitted to the hospital on May 16 with age-related illnesses and the doctors found a haemorrhage in the brain during scanning. A surgery was recommended and the very next day he underwent the procedure. The relatives alleged in the complaint that he faded into a coma soon after the surgery and that there was a serious lapse by the doctors who performed the surgery. "A case has been registered. Medical negligence probes must be conducted by a DSP-ranked officer," police said. Since the case is in connection with medical negligence, police has to depend on report of a medical board or DMO to proceed further. TNN
The Hindu
7 days ago
- Health
- The Hindu
Health dept. calls for joint efforts to contain dengue fever in Kozhikode
With Kozhikode district reporting an average of around 500 fever cases and at least two dozen dengue fever cases every day, the Health department has called for joint efforts to contain its spread. The officials say that the South West monsoon has strengthened, and steps should be taken to avoid the breeding of Aedes mosquitoes that spread dengue fever. Stagnation of water should not be allowed on the premises of houses. The District Medical Officer (DMO) has sought the cooperation of residents' associations and other organisations to take up steps to reduce the source of the infection. Muscle pain, fever, headache, pain behind the eyes, body fatigue, rashes on the body, among others, are some of the major symptoms of dengue fever. Continuous vomiting, stomach pain, black stools, and sudden loss of breath are signs that the infection is getting serious. The infected are supposed to take complete rest and consume lots of liquids. They should cover themselves with mosquito nets while sleeping or resting.
Epoch Times
7 days ago
- Business
- Epoch Times
Aussies Warned Electricity Prices Could Increase: NSW Bills Set to Rise About 9 Percent
Residents and business owners are being warned to expect electricity prices across three states amid the Labor government's push for more renewable energy. On May 26, the Australian Energy Regulator (AER) released the 2025-26 Default Market Offer (DMO) for energy prices for New South Wales (NSW), South East Queensland, and South Australia. The DMO is the maximum price that retailers can charge electricity customers on contracts, and serves as a benchmark for comparing market offers. Under the new DMO prices ( For example, a resident customer who uses around 3,900 kilowatt-hours of electricity a year in Ausgrid's distribution network will need to pay $1,965 (US$1282) from July 1, 2025, up from $1,810 previously–an 8.5 percent rise. Meanwhile, the price hikes in the two other regions are smaller, with residents and businesses being warned of increases between 3.7 percent and 0.8 percent in SE Queensland, and 3.2 percent and 3.5 percent in South Australia, respectively. Related Stories 5/25/2025 5/21/2025 AER Chair Clare Savage said it was a difficult decision for the agency to raise the DMO prices amid the current cost of living crisis. 'We know this is not welcome news for consumers in the current cost-of-living environment,' 'As noted in our draft determination, sustained pressures across almost all components of the DMO have driven these price rises.' The new DMO price increases come as the Labor has introduced some measures to reduce the cost of living burden for Australians, including a $150 What is Causing Price Increases? According to the AER, the latest price increases have been driven by the sharp rise in retail and network costs. While retail costs make up a relatively small portion of the DMO, they recorded the largest increase among all cost components—rising 35.4 percent, compared to 8.3 percent in the previous period. The AER report said this increase was due to growing costs reported by retailers, including bad and doubtful debts, the implementation of smart meters, and the cost of acquiring and retaining customers. Regarding network costs, the AER cited market factors such as higher inflation and interest rates that are compelling operators to charge higher fees. Other contributing factors include spending to improve network resilience to address climate change-related risks, integration of consumer energy resources (including rooftop solar, batteries and electric vehicles), and cyber security. High voltage electricity transmission towers in Newcastle, Australia, on April 14, the significant increase in DMO prices, Savage told consumers that they were unlikely to pay that much. 'While the DMO protects consumers on standing offers that can't or don't engage in the market, as of this month, 90 percent to 95 percent of competitive market offers are below the current DMO price,' she said. 'On average, the lowest offers across DMO regions are between 18 percent and 27 percent cheaper.' The AER chair also advised consumers to actively look for better deals and contact their suppliers if they have difficulties. 'I strongly encourage all consumers to avoid staying on an old or uncompetitive plan. Contact your retailer to see if you can get a better offer or shop around. At least every 100 days, your retailer must tell you on the front page of your bill if they can offer you a better deal,' she said. 'You can also compare available plans in the market by visiting our free and independent website–Energy Made Easy– Energy Minister Calls for More Renewables While Energy Minister Chris Bowen acknowledged the increases, he noted that it was 'encouraging news' as the price hike was not as high as previously anticipated in March. The minister also said it was the reason why the Labor government decided to extend the recent energy bill relief for a further six months. 'It's clear energy bills for Australians remain too high, and we're providing help for people doing it tough as we deliver longer-term reform,' In a statement on May 13, Bowen said that more renewable energy projects were needed to ensure 'cheaper energy' could flow into the grid and help lower electricity bills. 'The Albanese government's plan is the only one which is providing bill relief now and supported by experts to deliver a clean, cheap, reliable and resilient energy system into the future,' Minister for Climate Change Chris Bowen speaks to the media during a press conference at Parliament House in Canberra, Australia, on March 19, 2024. AAP Image/Mick Tsikas Labor's Energy Policies Have Failed: Opposition Meanwhile, opposition Liberal energy spokesperson, Ted O'Brien, said the latest DMO figures confirmed what Australians already knew–Labor's energy policies were struggling. He also stated that Australian families and businesses were being 'crushed' by the policy. 'Three years ago, [Prime Minister] Anthony Albanese and Chris Bowen promised cheaper power bills,' 'Instead, they've delivered among some of the highest electricity prices in the world. 'Everywhere you look, Labor's policies are failing. Labor is struggling to keep the lights, can't get offshore wind projects off the ground, gas supply is on a knife edge, and they can't even deliver own their reckless emissions targets.'
