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Fitch Projects Nigeria’s External Debt Service to Hit $5.2bn in 2025
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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NEWS
Melania Trump blasts ‘lies’ linking her to Epstein
US First Lady Melania Trump made a surprise statement on Thursday denying any knowledge of Jeffrey Epstein’s abuse, or that she herself was a victim of the convicted sex offender.
The 55-year-old’s rare on-camera remarks at the White House came out of the blue, in an extraordinary intervention in a scandal that has long haunted her husband President Donald Trump.
“The lies linking me with the disgraceful Jeffrey Epstein need to end today,” she said. “The individuals lying about me are devoid of ethical standards, humility and respect.”
It was not clear why the Slovenian-born former model decided to give the public statement, and she did not detail any specific allegations about her and the late, convicted sex offender.
Melania and Donald Trump had previously been photographed with Epstein, but she said that she had met her husband independently two years prior to meeting Epstein.
“I am not Epstein’s victim. Epstein did not introduce me to Donald Trump,” Melania Trump said.
She said “fake images and statements about Epstein and me” had been circulating on social media “for years now. Be cautious about what you believe: these images and stories are completely false.”
The first lady also urged Congress to hold a public hearing for survivors of Epstein’s abuse to “give these victims their opportunity to testify under oath.”
But some Epstein survivors and their families, including the brother of Epstein’s main accuser Virginia Giuffre, called the speech a “deflection of responsibility.”
“First Lady Melania Trump is now shifting the burden onto survivors under political conditions that protect those with power” including “the Trump Administration, which has still not fully complied with the Epstein Files Transparency Act,” according to a joint statement posted on social media.
Two of Epstein’s accusers, sisters Maria and Annie Farmer told US media in a separate statement: “We can’t speak for other survivors, but what we want is accountability, transparency and justice.”
The sisters called for the release of “the remaining records held by the Department of Justice including my complete FBI records from 1996.”
Epstein died in federal custody in 2019 while awaiting trial on sex trafficking charges involving minors, but the scandal has repeatedly overshadowed Trump’s second presidency.
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Politics
President Bola Tinubu has called on Nigerians and political actors to embrace peaceful politics and strictly adhere to the Electoral Act as the country prepares for another electoral cycle.
In his 2026 Easter message, the President reaffirmed his administration’s commitment to decisively tackle terrorism and banditry through strengthened local initiatives and international partnerships.
Tinubu acknowledged the nation’s lingering security challenges, while commending the efforts of the Armed Forces. He assured citizens that his government was deploying adequate resources and forging strategic alliances with foreign partners to address the threats.
He also referenced his recent visit to Jos, where he commiserated with victims of violence and reassured residents of improved security across the country. The President stressed the importance of unity and collective responsibility, noting that no meaningful development could take place in an atmosphere of fear and instability. He said, “No nation can thrive where fear prevails, and no progress can be sustained
without peace,” urging Nigerians to support lawful efforts and reject forces threatening the nation’s stability.
On the economy, Tinubu defended ongoing reforms, admitting their short-term impact on citizens but insisting they were necessary for long-term growth and prosperity. He expressed optimism that key economic indicators showed Nigeria was on the right path, describing the current phase as a transition
towards a more stable and prosperous future.
Tinubu further urged political stakeholders to act with maturity and responsibility, adding that democracy thrives in an environment defined by restraint, accountability, and informed participation.
The President, therefore, wished Nigerians a Happy Easter, thanked them for their continued support, and pledged his administration’s commitment to justify the confidence reposed in it.
#politics #Tinubu #reforms #terrorism #electoralact
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CARICOM Scribe Barnett to Speak at Caribbean Energy Week
CARICOM Scribe Barnett to Speak at Caribbean Energy Week
The Secretary-General of the Caribbean Community, Carla Barnett, is set to participate in the 2026 edition of Caribbean Energy Week scheduled to hold in Paramaribo, Suriname.
Barnett is expected to join heads of government, ministers responsible for energy and environment, as well as industry leaders at the high-level forum taking place from March 30 to April 1. She will deliver remarks on the opening day of the event.
Organisers of Caribbean Energy Week 2026 said the forum would bring together stakeholders across hydrocarbons, renewable power, mining and carbon credits to showcase investment-ready projects and deepen regional collaboration.
They noted that the event would serve as a platform to forge strategic partnerships and accelerate investment flows into the Caribbean’s energy sector.
The organisers added that the multinational gathering is also designed to strengthen the region’s ongoing energy transition by harnessing synergies in logistics, technology and partnerships, including engagement with African stakeholders.
Caribbean Energy Week is spearheaded by Energy Capital Power in collaboration with other strategic partners.
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