Lagbaja decries drug abuse among soldiers fighting terrorists

The Debt Management Office, DMO, says that the Federal Government has made robust budgetary provisions to offset Nigeria’s foreign and local debt. DAILY POST gathered that in the Federal Government’s 2025 budget currently before the National Assembly, President Bola Tinubu’s administration plans to spend N16. 327 trillion on its debt obligations, out of the proposed
Budget 2025: Nigerian Govt provided enough for debt servicing — DMO

The Debt Management Office, DMO, says that the Federal Government has made robust budgetary provisions to offset Nigeria’s foreign and local debt.

DAILY POST gathered that in the Federal Government’s 2025 budget currently before the National Assembly, President Bola Tinubu’s administration plans to spend N16. 327 trillion on its debt obligations, out of the proposed expenditure of N49.7 trillion.

DMO, in a statement, said Nigeria’s debt management strategy conforms with relevant legislation, regulations, and international standards.

The agency further stated that the country had always consistently serviced its external and domestic debts, making its security a delight to investors at home and abroad.

According to DMO, the recent successful issuance of $2.2 billion Eurobonds on the international capital markets, which received subscriptions exceeding $9billion, was a demonstration of investor confidence in the nation’s instruments.

“Nigeria attracted a wide range of investors from multiple jurisdictions, including the UK, North America, Europe, Asia, the Middle East, and participation from Nigerian investors.

“It is an expression of continued investor confidence in the country’s sound macro-economic policy framework and prudent fiscal and monetary management.

“The transaction attracted a peak orderbook of more than nine billion dollars. This underscores the strong support for the transaction across geography and investor class.

“In addition, one of the landmark achievements of the Eurobond is that it opened up opportunities for banks and other corporate entities in the Eurobond market,” it said.

According to the agency, the growing interest in Federal Government bonds, Sukuk bonds, and other federal government securities reflected the country’s adherence to best practices in debt management.

The agency assured stakeholders that sufficient provisions had been made in the current Medium-Term Expenditure Framework, MTEF, running between 2025-2027 and annual budgets to meet the country’s debt service obligations.

DMO stressed that the Federal Government’s borrowing has helped deepen the domestic capital market, which has become very attractive to both local and foreign investors of various status.

Recall that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the successful issuance of the Eurobonds as demonstration of increasing confidence in the government’s ongoing efforts to stabilise the economy, to be able to take its place in global socio-economic development.

“The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets,” Edun had said.

In his comment following the last successful $2.2 billion Eurobond outing, the governor of the Central Bank of Nigeria, CBN, Yemi Cardoso, said the outcome reflected growing investor confidence and the resilience of Nigeria’s credit.

Budget 2025: Nigerian Govt provided enough for debt servicing — DMO

A six-hour standoff between South Korean investigators and security forces loyal to suspended President Yoon Suk Yeol ended on Friday without an arrest, as authorities abandoned their attempt to detain the impeached leader. Dozens of police vans surrounded Yoon’s residence early Friday, with a 150-member arrest team from the Corruption Investigation Office, CIO, attempting to
Attempt to arrest South Korean President suspended after dramatic standoff

A six-hour standoff between South Korean investigators and security forces loyal to suspended President Yoon Suk Yeol ended on Friday without an arrest, as authorities abandoned their attempt to detain the impeached leader.

Dozens of police vans surrounded Yoon’s residence early Friday, with a 150-member arrest team from the Corruption Investigation Office, CIO, attempting to enforce a court-issued warrant.

However, they were met with resistance from Yoon’s security detail and a military unit tasked with protecting Seoul.

The confrontation began at 8:00amam local time, 11:00 PM GMT, with investigators initially gaining partial access to the compound. However, they were blocked by Yoon’s security service which formed a barricade with personnel and vehicles.

At one point, physical confrontations reportedly occurred between the two groups. As the situation escalated, the CIO cited concerns for the safety of their team and halted the arrest operation.

“We’ve determined that the arrest is practically impossible,” a CIO spokesperson stated. They criticized Yoon’s refusal to cooperate with the legal process as “deeply regrettable” and indicated that the next steps would be reviewed.

Pro-Yoon demonstrators, who had been camped outside the residence for days, erupted in celebration when the arrest was suspended, chanting, “We won!”

Meanwhile, opposition figures, including Park Chan-dae, floor leader of the Democratic Party, condemned Yoon’s actions.

“He has failed to uphold his promise to take responsibility,” Park said, urging the CIO to attempt the arrest again.

Yoon is under investigation for abuse of power and inciting insurrection following his declaration of martial law in early December. The move, though quickly overturned, led to a parliamentary vote on December 14 to impeach him.

If arrested, Yoon would become the first sitting president in South Korea’s history to face such an action. His impeachment has plunged the nation into political chaos, with acting President Han Duck-soo also impeached in late December for allegedly obstructing the impeachment process.

The current warrant for Yoon’s arrest expires on January 6, leaving a narrow window for a renewed attempt. Alternatively, investigators may seek a fresh warrant or pursue other legal actions.

CIO’s inability to enforce the warrant points to broader tensions between South Korea’s anti-corruption agency and other government entities, raising questions about the agency’s effectiveness in holding high-ranking officials accountable.

Meanwhile, prosecutors have charged military officials, including Army Chief Park An-su and Special Forces Commander Kwak Jong-geun, for their roles in supporting the martial law declaration. Both are set to face trial while in custody.

South Korea remains deeply divided over Yoon’s leadership and the fallout from his actions. Protests and counter-protests have escalated, reiterating the political instability gripping the nation.

Attempt to arrest South Korean President suspended after dramatic standoff

Business owners and residents of Calabar-Itu Road, Uyo, Akwa Ibom State and its environs are counting their losses as the road remains closed to traffic for over five months. Recall that the Commissioner for Works and Fire Service, Professor Eno Ibanga on May, 2024 announced a temporary closure of Calabar-Itu Highway by Park Road intersection
Akwa Ibom: Business owners, commuters count losses as Calabar-Itu Road remain closed

Business owners and residents of Calabar-Itu Road, Uyo, Akwa Ibom State and its environs are counting their losses as the road remains closed to traffic for over five months.

Recall that the Commissioner for Works and Fire Service, Professor Eno Ibanga on May, 2024 announced a temporary closure of Calabar-Itu Highway by Park Road intersection and Calabar-Itu dual carriageway by Mandela Street intersection to enable the deep excavation work involved in the ongoing construction of 0.97km underground drainage system at Tabernacle Road.

The drainage aimed to evacuate water from Ikot Ekpene Road and its environs was expected to be completed within one month.

Unfortunately, it has lasted for over five months with no completion date in sight.

This has raised a lot of concerns from residents who complained of worsened flooding whenever it rains and the deplorable state of alternative routes.

They wondered why the state government was not proactive enough to fix the alternative roads before blocking the Calabar/Itu highway.

Bar owners, supermarket owners and other traders around the area also lamented that Calabar Itu which was once a beehive of activity is now a ghost town as no commercial activity is happening there and some people have been compelled to park out of the area.

Recounting his loss, a supermarket owner along the road, who identified himself as Golden said most of the goods he had in the shop expired because of low patronage as motorists who were his greatest customers now used alternative routes to their destinations.

According to him, “my business has almost folded up since this road was closed.

“Most of my serious customers are motorists who would just park their vehicles and do a lot of shopping. For over five months, such a thing never happened. I have lost most of them.

“The worst part is that some of my goods have passed their expiry dates; I had to auction quite a lot of them before the expiration, with the attendant loss.”

Also, a beer parlour owner along the road lamented how his business has been grounded following the road closure.

“Since you came here, have you seen any other person come in?

“This is to tell you that people are not coming as they used to. I feel reluctant to cook pepper soup because on three different occasions that I cooked, I couldn’t sell up to half of it and I ran at a loss. I’m getting tired of the whole thing because getting a new shop is not even easy,” he lamented.

Apart from the economic and social hazard the closure had caused the people, those in the adjoining streets have complained of the high impact of flooding.

Gideon, a resident of Tabernacle Road, lamented how floods would enter people’s poultry farms and houses, drown their fowls and destroy their electronics and other valuable properties.

He said, “forget about what the government is saying on the radio and on the pages of newspapers.

“I’m not exaggerating, some people have relocated, while some vacated their residence to live with friends and families temporarily in other safe places.

“There was a time flood carried the corpse of one man who was kept for embalmment by his son and everyone ran away. I wonder why the government is still dragging its feet to do something about this area. It’s terrible.”

DAILY POST reports that the alternative routes used by commuters, such as Ikpa road, Uyo village road, Ikot Usoro, Nelson Mandela, Enen Mkprong, among others which were a bit motorable have become deplorable and almost impassable following the heavy traffic by heavy duty vehicles, mini-buses and other private vehicles.

On their part, residents expressed dismay in the contractor handling the project, decrying the slow pace of work and lack of capacity to handle a project of such magnitude.

“The people handling the project are unnecessarily slow. If they are not serious, why don’t the government give it to more serious firms?” One of the aggrieved residents, who simply identified himself as Ubong queried.

Government Reacts

The Commissioner for Works, Prof Eno Ibanga in a press conference in Uyo appealed to the public to be more patient, assuring that the project would be completed by December as promised by the contractor.

He said the contractor had gone 11 metres deep below the ground before the torrential rainfall in the state that had slowed down the project.

Eno disclosed that the state government had injected N4.54 billion on 11 emergency intervention ARISE projects in which Tabernacle underground drainage was inclusive.

His words, “We’ve heard a lot about Tabernacle Road. When his Excellency, Gov Umo Eno assumed office, that was one of the first projects he flagged off.

“The greater part of the work needed deep excavation and from the professional advice, we are 11 metres deep below the ground, but was unfortunately slowed down because of the perennial rainfall.

“The contractor has assured us that by December we will open that road with the assumption that the situation we have with the rains will abate.”

However, two weeks after the commissioner’s pronouncement, nothing much seems to be happening at the site.

Akwa Ibom: Business owners, commuters count losses as Calabar-Itu Road remain closed