Nigeria’s public debt stock increases to N87.38trn in Q2 2023 – NBS


Nigeria’s public debt stock increased from N49.85 trillion (108.30 billion dollars ) in the first quarter of 2023 to N87.38 trillion (113.42 billion dollars ) in the second quarter of 2023.

The National Bureau of Statistics (NBS) said this on Friday in its Nigerian Domestic and Foreign Debt Report for Q2 2023 released in Abuja.

The report said Nigeria’s public debt stock which included external and domestic debt, grew by 75.27 per cent in Q2 of 2023

It said that External debt stood at N33.25 trillion (43.16 billion dollars) in Q2 2023, while domestic debt was N54.13 trillion (70.26billion dollars).

“However, the share of external debt to total public debt stood at 38.05 per cent in Q2 2023, while domestic debt was recorded at 61.95 per cent.’’

In a breakdown by states, the bureau said that Lagos State recorded the highest domestic debt of N996.44 billion in Q2 2023, followed by Delta at N465.40 billion.

The report showed Jigawa recorded the lowest domestic debt at N43.13 billion, followed by Kebbi at N60.94 billion.

In addition, it stated that Lagos state recorded the highest external debt with 1.26 billion dollars , followed by Kaduna state with 569.38 million dollars.

“Borno recorded the lowest external debt with 18.75 million dollars , followed by Taraba with 21.92 million dollars,” the NBS stated.(NAN)

NAFDAC alerts Nigerians on Crusader Soap containing mercury, arrests syndicate

The National Agency for Food and Drug Administration and Control (NAFDAC) on Friday said it has arrested a syndicate who specialises in importing banned crusader soaps containing mercury into the country.

Prof. Mojisola Adeyeye, Director-General, NAFDAC, who disclosed this to newsmen in Lagos said that the syndicate used forged customs documents to import the product into the country.

According to Adeyeye, the importation of the soap into the country was banned by NAFDAC years ago because it contains mercury.

She said: “In the course of its regulatory activities, the investigation and enforcement (I&E) Directorate of NAFDAC has discovered a syndicate that specialises in importing banned crusader soaps containing mercury.

“The syndicate used forged customs documents to import the product into the country and further investigation through the ports show that the banned crusader soap was imported seven times in 2021 alone.

“Each consignment is not less than three containers with 4,500 cartons of the soap.

“These products have found their way into various supermarkets and cosmetic shops with unsuspecting members of the public patronising them.

“Acting on intelligence, our investigation and enforcement team in August 2023 busted a warehouse in Trade Fair Market, which was filled with the banned imported soaps.

” Three trailer-load of imported crusader medicated soap and mekako soap totaling 4,000 cartons by 12 packs by 12 tablet soap were evacuated from the warehouse, while some suspects were arrested in connection with the case.

“The street value of the evacuated products is approximately one billion Naira.”

She explained that the successful busting of the warehouse came after three failed attempts, as the cartel used their informants continuously to relocate the consignment of soaps to different locations in Lagos to prevent the discovery.

According to her, one Chief Peter Obih, the prime suspect, during interrogation claimed to have bought the franchise of the product from a company and presented an expired NAFDAC certificate that was issued for local manufacture of the product after the ban in Nigeria.

Adeyeye noted that not one bar of the soap had been manufactured in Nigeria since the purported registration in 2013.

“The suspect claims to have just secured a contract manufacturing agreement with a local manufacturer but they are yet to commence production.

” The sample of the product was taken to our laboratory for analysis and were found to contain heavy metals identified as mercury.

“The crusader soap is falsely labelled made in England to deceive Nigerians while actual source is India.

“This is an outright violation of NAFDAC Acts and a contravention of the agency’s regulations, including the cosmetic products (prohibition of bleaching agents) regulations 2019.

Adeyeye said that the presence of mercury in cosmetics was of global concern, because of the established and documented health hazards it poses to human health and to the environment.

She said the arrested suspects would be charged to court while a manhunt is currently being intensified to arrest other fleeing members of this syndicate.

The director-general, however, advised Nigerians not to patronise imported soaps and detergents, including mercury containing cosmetics, and to report all infractions to the nearest NAFDAC office. (NAN)