Business

Nigeria’s Debt Hits N28. 63tr

Published

6 years ago

July 10, 2020

Nigeria’s total debt portfolio stands at N28.63trillion as at 31st March 2020, the National Bureau of Statistics has disclosed it.

Its website report titled “Nigeria domestic and foreign debt first quarter 2020,” said in the period under review, the country’s domestic debt hits N18. 64 trillion, representing 65.11 percent of the entire debt profile.

NBS said: “Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total public debt portfolio stood at N28.63trn.

“Further disaggregation of Nigeria’s total public debt showed that N9.99trn or 34.89% of the debt was
external while N18.64trn or 65.11% of the debt was domestic.

“N18.64trn or 65.11% of the debt was domestic. Nigerian States and Federal Debt Stock data as at 31st March 2020 reflected that the country’s total
public debt portfolio stood at N28.63trn.”

According to the report, States and FCT domestic debt was put at N4.11trillion with Lagos state accounting for 10.8 percent of the total domestic debt stock while Yobe State has the least debt stock in this category with a contribution of 0.7 percent.

The Bureau explained the highlights of Nigerian Domestic and Foreign Debt – Q4 2019.

It contained the Domestic Debt Stock for 28 States: Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, and the Domestic Debt Stock Figures for six States: Anambra, Borno, Kano, Kebbi, Lagos and Zamfara were as at December 31, 2019.

The report also announced the Domestic Debt Stock Figures for Rivers State were as at December 30, 2018
Jigawa, Kaduna, Kogi, Kwara, Nasarawa, Niger, Ogun, Ondo, Osun, Oyo, Plateau, Sokoto, Taraba, Yobe and the FCT as at March 31, 2020.

NBS said the report explained the Domestic Debt Stock Figures for Katsina State were as at June 30, 2019

(Credit The Nation.)

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Agriculture

PULA, Leadway Assurance Disburse ₦396 Million to Climate-Affected Farmers, Strengthen Food Security Efforts

Published

3 weeks ago

April 24, 2026

The Gleamer

In a major intervention to shield smallholder farmers from climate shocks, agri-insurtech firm PULA has spearheaded the disbursement of ₦396,697,672 in insurance claims to over 40,000 farmers impacted during the 2025 wet season.

The payout, executed in partnership with Leadway Assurance and supported by the Presidential Food Systems Coordinating Unit (PFSCU), covered farmers across Taraba, Borno, Kaduna, and Plateau States who suffered climate-related losses.

The initiative was made possible in part by Bayer Foundation, whose $450,000 premium subsidy support in 2025 wet season helped lower the cost of insurance for thousands of vulnerable smallholders in 8 states, with 4 states receiving payouts. The Foundation is set to scale up its contribution to match the growing aspirations of state governments.

Speaking at the cheque presentation ceremony in Abuja during the 2025 Wet Season Insurance Claims Payout under the National Agribusiness Planning Mechanism (NAPM), PULA’s Nigeria Country Director, Dr. Michael Enahoro, said the initiative goes beyond compensation, insisting that it’s about securing Nigeria’s food systems.

“Our focus is not just on payouts but on increasing food production. We must continue to support farmers who work tirelessly under harsh conditions to feed the nation,” Dr. Enahoro said. He called for stronger policies that directly impact farmers and reaffirmed PULA’s commitment to expanding agricultural insurance as a tool for resilience.

PULA’s data-driven approach to climate risk was key to identifying affected farmers and triggering payments. The company worked with Leadway Assurance to underwrite the risk, while PFSCU aligned the program with the national food security agenda. State governments also supported grassroots enrollment.

Gboyega Lesi, MD/CEO of Leadway Assurance, described the payout as “a reinforcement of a safety net that protects the hard work of thousands of farmers,” adding that “through climate insurance, we ensure that a bad season does not translate into total loss of livelihood.” He commended PULA’s technology and field structure for making rapid, transparent payouts possible.

Ayoola Fatona, Global Head of Agric Solutions at Leadway Assurance, noted that the 2025 wet season brought significant climate variability and yield fluctuations. “The true value of insurance lies in claims payment, especially in challenging periods. Our data-driven partnership with PULA helped mitigate losses,” he said.

Looking ahead, PULA and Leadway Assurance plan to scale coverage to 73,000 farmers in the 2026 farming season, deepening penetration of climate insurance across Nigeria’s food-producing belts.

Commissioners from the beneficiary states commended PULA and Leadway Assurance for de-risking agriculture, restoring farmers’ confidence, and building a more resilient agricultural sector

State-by-state breakdown of claims facilitated by PULA: