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Fitch Projects Nigeria’s External Debt Service to Hit $5.2bn in 2025

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Fitch Projects Nigeria’s External Debt Service to Hit $5.2bn in 2025

Nigeria’s external debt service is projected to rise to $5.2 billion in 2025, reflecting mounting pressure on public finances despite ongoing economic reforms, Fitch Ratings has said.

 

The credit rating agency made this known in its latest rating action commentary released on Friday, where it upgraded Nigeria’s long-term foreign-currency issuer default rating from ‘B-’ to ‘B’, with a stable outlook.

 

According to Fitch, the country’s external debt service obligations will increase from $4.7 billion in 2024 to $5.2 billion in 2025. This includes $4.5 billion in amortisation payments and a $1.1 billion Eurobond repayment due in November 2025.

 

“Government external debt service is moderate but expected to rise to $5.2bn in 2025 (with $4.5bn of amortisations, including a $1.1bn Eurobond repayment due in November 2025), from $4.7bn in 2024, and fall to $3.5bn in 2026,” Fitch stated.

 

The agency also cited a minor delay in the payment of a Eurobond coupon due on March 28, 2025, describing it as a reflection of persistent challenges in public financial management.

 

While Nigeria’s debt service remains within manageable levels, Fitch warned that rising interest costs, weak revenue performance, and constrained fiscal space remain key vulnerabilities.

 

General government debt is projected to remain stable at around 51% of GDP in 2025 and 2026. However, Fitch flagged concerns about the country’s low revenue base and high debt servicing costs.

 

“We expect general government revenue-to-GDP to rise but to remain structurally low (averaging 13.3 per cent in 2025–2026), largely accounting for a high general government interest/revenue ratio, above 30 per cent, with federal government interest/revenue ratio of nearly 50 per cent,” the agency said.

 

Fitch noted that Nigeria’s gross external reserves climbed to $41 billion at the end of 2024 but later declined to $38 billion due to debt servicing. Still, reserves are expected to average five months of current external payments over the medium term—above the median for similarly rated economies.

 

The agency added that recent policy reforms have supported improved foreign exchange inflows and greater monetary stability. Inflation is projected to average 22% in 2025.

 

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CARICOM Condemns Israeli Strike on Qatar, Demands Respect for International Law

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CARICOM Condemns Israeli Strike on Qatar, Demands Respect for International Law

 

The Caribbean Community (CARICOM) has condemned in strong terms the recent Israeli strike on residential premises in Doha, Qatar, describing it as a blatant violation of international law and an assault on Qatar’s sovereignty and territorial integrity.

 

In a statement issued on Thursday, CARICOM expressed concern that the attack came at a time when Qatar was playing a critical mediatory role in ceasefire negotiations in Gaza.

 

“With this reckless action, Israel has directly undermined these vital diplomatic efforts, demonstrating a profound disregard for international norms,” the regional bloc declared.

 

The organisation urged all parties to exercise restraint and redouble efforts to pursue peace through dialogue and negotiation, rather than escalating hostilities.

 

CARICOM also reiterated its consistent position, calling for an immediate and unconditional ceasefire, unhindered humanitarian access to Gaza, and the safe return of all hostages.

 

It further reaffirmed its opposition to violence against civilians and its unwavering commitment to a two-state solution as the only path to a just and lasting peace in the Middle East.

 

“CARICOM stands in full solidarity with the State of Qatar and reaffirms its commitment to working with the international community to de-escalate tensions and forge a durable peace that meets the legitimate aspirations for security and stability of all peoples in the region,” the statement added.

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Tensions Deepen as South Sudan’s Kiir Suspends Machar, Slams Treason Charges 

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Tensions Deepen as South Sudan’s Kiir Suspends Machar, Slams Treason Charges 

 

South Sudan’s fragile unity government lurched into crisis on Thursday after President Salva Kiir suspended his deputy, First Vice President Riek Machar, hours after the Justice Ministry formally charged him with treason, murder, and crimes against humanity.

 

Justice Minister Joseph Geng announced that Machar, Petroleum Minister Puot Kang Chol, and 20 others had been indicted over their alleged role in directing the White Army militia to attack federal forces in Nasir, a northeastern town, earlier this year.

 

Thirteen of those charged remain at large.

 

“The evidence gathered shows the White Army operated under the command structure of Machar’s faction, the SPLM/A-in Opposition,” Geng declared.

 

He stressed that while international partners had shown concern, the matter was now before the courts, warning against external pressure.

 

By evening, state radio carried Kiir’s decree suspending both Machar and Kang Chol from office, a decision that escalates the long-running power struggle between the two men.

 

Kiir and Machar—once battlefield rivals during South Sudan’s 2013–2018 civil war that claimed an estimated 400,000 lives—have shared power uneasily since the 2018 peace deal brokered regional stability. But mistrust and periodic clashes have continued to haunt the coalition.

 

Machar has been under house arrest since March, following the Nasir incident in which scores were killed.

 

Western governments and human rights groups have warned that his detention and now treason charges could derail peace and plunge the country back into conflict.

 

Local civil society groups were quick to caution against politically driven justice.

 

Activist Edmund Yakani said: “This matter must be handled by a competent court of law, not a kangaroo court. Otherwise, it will inflame the very tensions we are trying to avoid.”

 

International observers fear the indictment could split Machar’s SPLM/A-IO faction, with loyalists threatening to abandon the peace process.

 

Diplomats privately warned that the developments risk undoing years of fragile reconciliation efforts in the world’s youngest country.

 

For Kiir, the move may consolidate authority in the short term. But with elections looming next year and the opposition fractured, the treason charges against Machar could yet reshape South Sudan’s volatile political landscape.

 

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Saudi Frees Three Nigerian Pilgrims Detained Over Alleged Drug Trafficking

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Saudi Frees Three Nigerian Pilgrims Detained Over Alleged Drug Trafficking

 

Saudi Arabian authorities have released three Nigerian pilgrims earlier detained in Jeddah on allegations of drug trafficking, following weeks of intense diplomatic and security interventions by the Federal Government.

 

The Chairman of the National Drug Law Enforcement Agency, NDLEA, Brig.-Gen. Buba Marwa (retd.), disclosed this at a press briefing on Wednesday in Abuja.

 

He was represented by the agency’s Director of Media and Advocacy, Femi Babafemi.

 

Marwa identified the pilgrims as Mrs. Maryam Abdullahi, Mrs. Bahijja Abdullahi and Mr. Abdulhamid Saddieq, who regained freedom after spending four weeks in Saudi custody.

 

He explained that the development followed sustained engagement with the General Directorate of Narcotics Control (GDNC) in Saudi Arabia, backed by President Bola Tinubu’s directive that no Nigerian should suffer unjustly abroad.

 

According to him, the interventions enjoyed the active support of the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN); Minister of Foreign Affairs, Amb. Yusuf Tuggar; Minister of Aviation and Aerospace Development, Festus Keyamo (SAN); and the National Security Adviser, Nuhu Ribadu.

 

The NDLEA boss revealed that investigations showed a drug syndicate at the Malam Aminu Kano International Airport, Kano, had tagged illicit drug-laden bags with the names of unsuspecting pilgrims on an Ethiopian Airlines flight ET940 from Kano to Jeddah on August 6, 2025.

 

He said the probe, triggered by petitions from the families of the detainees, led to the arrest of the mastermind, 55-year-old Mohammed Ali Abubakar, also known as Bello Karama, along with three accomplices: airline staff identified as Celestina Yayock, Abdulbasit Sagagi and Jazuli Kabir.

 

“Armed with the outcome of our investigation, charges filed against the syndicate members, and other evidence to establish the innocence of the pilgrims, we engaged Saudi authorities at multiple levels,” Marwa said.

 

He disclosed that one of the pilgrims was released on September 14, while the remaining two regained their freedom the following day.

 

Marwa commended the Saudi GDNC for honoring the Memorandum of Understanding on cooperation with Nigeria, noting that the outcome reaffirmed President Tinubu’s commitment to protecting citizens abroad.

 

“The biggest support for our efforts came from President Tinubu, who is committed to ensuring that Nigerians receive their deserved respect and fair treatment across the world. This outcome demonstrates that no Nigerian will be unjustly punished for crimes they did not commit anywhere in the world,” he added.

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