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Breaking: Nigeria’s total debt stock rises to N24.9tr, says DMO

Published

5 years ago

July 10, 2019

Nigeria’s total debt has increased by 2.3% to N24.947 Trillion (US$ 81.274 Billion) as of March 31, 2019.

The Debt Management Office (DMO) released the figure Wednesday morning noting “the Total Public Debt grew marginally by 2.30% when compared to the figure of N24.387 Trillion (US$ 79.437 Billion) as at December 31, 2018.”

The increase of N560.009 Billion in the Total Public Debt in Q1 2019, the DMO said: “was accounted for largely by Domestic Debt which grew by N458.363 Billion.”

Increases, the DMO added were recorded “in the Domestic Debt Stock of the FGN, States and the FCT.”

External Debt also increased by N101.646 Billion during the same period.

The nation’s debt manager also stated that “in relation to the Debt Management Strategy, the Ratio of Domestic to External Debt stood at 68.49% to 31.51% at the end of March 2019.”

The DMO assured that the Total Public Debt to GDP Ratio stood at 19.03% is within the 25% Debt Limit imposed by the Government.

Details shortly…

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FG to Harness the Digital Economy to Empower Youth

Published

2 days ago

April 17, 2024

The Gleamer

Joel Ajayi

The Honourable Minister of State for Youth Development, Mr Ayodele Olawande has disclosed that the Federal Government is making efforts to harness the potentials of the digital economy in empowering the youth and creating sustainable jobs.

He made this disclosure in Abuja when he received the participants of the Senior Executive Course 46, 2024 of the National Institute of Policy and Strategic Studies, (NIPSS), Kuru, Jos, Plateau State who were on study tour to the Ministry.

Mr Olawande said over 50% of the population below the age of 30 have a significant demographic advantage in the digital age.

“Our youths are tech-savvy, innovative and eager to contribute to the country’s economic growth. However, they face numerous challenges including limited access to quality education, skills training and job opportunities.

The digital economy offers a unique opportunity for Nigeria to leapfrog traditional development challenges. With the rise of e-commerce, digital payments and remote work”. “Our youths can assess global markets, skills training and job opportunities like never before,” he added.

According to the Minister, challenges hindering the growth of the digital economy in Nigeria must be addressed.
He explained that to overcome the challenges, the Ministry has implemented initiatives such as digital skills training programs for youths, focusing on areas like software development, data analytics and digital marketing especially in the NYSC.

This, he disclosed is alongside partnering with Galaxy Back Bone to improve infrastructure, Internet connectivity and alternative electricity supply as well as funding opportunities such as grants, loans and venture capital for startups of small businesses with launching of the National Youth Investment Fund.

The Honourable Minister who hinted that the Ministry’ s goal is to create an ecosystem that supports entrepreneurship and employment opportunities for youth stated: ” We recognise that sustainable job creation is critical to Nigeria ‘s economic growth and stability”

”I urge you all to join us in this journey to harness the potential of the digital economy for youth empowerment and sustainable job creation in Nigeria.”, he added.

Mr Olawande further said that the opportunities and challenges underscore the need for a collaborative effort from all stakeholders to harness the potential of the digital economy for sustainable development.

The Minister who observed that there is a gap between the Government and the young people expressed his heartfelt desire for the Youths of the nation to feel the Government. He opined that the country has the most intelligent youths in the world.

Earlier, the leader of the delegation from NIPSS, Barrister Nima Salman Mann, mni said they are in the Ministry to research, proffer solutions, recommendations and strategies to help Government chart its course for the the year, with the theme : ‘Digital Economy, Youth Empowerment and Sustainable Job Creation in Nigeria: Issues, Challenges and Opportunities’.

.She also added that Ministry of Youth Development is very germane to this year’s theme .” We are with the Ministry of Youth to listen to what you are doing to help the youth, how you are doing it, strategic plans and way forward as well as how we can use the digital economy to chart the goal for sustainable job creation,” she concluded.

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