Nigeria’s total domestic debt service reached ₦1.707 trillion in the second quarter of 2025 (April–June), according to new data published by the Debt Management Office (DMO).

The figures reveal that the government spent ₦1.686 trillion on interest payments across various domestic debt instruments and ₦20.14 billion on principal repayments, bringing total domestic debt servicing to ₦1,707,087,151,475.90 within the three-month period.

Debt servicing peaked in April 2025, when the country spent ₦805.31 billion, before declining to ₦423.10 billion in May and slightly rising again to ₦478.67 billion in June.

According to the DMO, the bulk of Nigeria’s domestic debt service was directed toward Federal Government Bonds (FGN Bonds) and Nigerian Treasury Bills (NTBs), a reflection of the government’s continued dependence on domestic borrowing to finance budgetary shortfalls.

The DMO also reported that Nigeria’s total domestic debt stock had climbed to ₦76.59 trillion as of mid-2025, underscoring the increasing cost of managing public debt.

Further analysis of the data shows that Nigerian Treasury Bills (NTBs) accounted for ₦537.9 billion in servicing costs for the quarter, with ₦254.12 billion spent in April, ₦169.39 billion in May, and ₦114.39 billion in June. Payments on FGN Bonds were the largest component, totaling ₦1.074 trillion, comprising ₦502.66 billion in April, ₦252.54 billion in May, and ₦318.84 billion in June.

The FGN Savings Bond (FGNSB), targeted at retail investors, required ₦3.19 billion in debt service, with consistent monthly payments between ₦930 million and ₦1.17 billion. Servicing of FGN Sukuk bonds, which comply with Islamic finance principles, totaled ₦70.72 billion, driven primarily by a ₦43.26 billion payment in June and ₦27.45 billion in April.

Additionally, Nigeria paid ₦1.08 billion in June to service its Green Bonds, which are linked to environmental sustainability projects. The DMO data also revealed that ₦20.14 billion was disbursed as principal repayment on Naira-denominated Promissory Notes, while no payments were recorded on foreign currency promissory notes during the period.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

President Bola Tinubu has approved the presidential pardon of Nigerian nationalist, Herbert Macaulay, late Major-General, Mamman Vatsa, and former lawmaker, Farouk Lawan, alongside 14 others, following the endorsement of the National Council of State.

It was reports that the decision was announced in Abuja on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, who said the move was aimed at decongesting prisons and advancing restorative justice.

Macaulay, widely regarded as the father of Nigerian nationalism, was posthumously pardoned decades after his 1913 conviction by colonial authorities, which barred him from public office. He died in 1946, but the stain of the sentence had remained on record.

Similarly, Vatsa, a poet and member of the Supreme Military Council executed in 1986 under General Ibrahim Babangida for alleged coup plotting, was pardoned nearly four decades after his controversial death.

The President also pardoned Farouk Lawan, a former House of Representatives member jailed for bribery, as well as Anastasia Daniel Nwaobia, Hussaini Umar, and Ayinla Saadu Alanamu, who were described as having shown “sufficient remorse” and readiness to reintegrate into society.

In addition, Nweke Francis Chibueze, serving a life term for cocaine trafficking, and Nwogu Peters, who had spent 12 years of a 17-year fraud sentence, were freed under the clemency.

Overall, the Council approved presidential mercy for 82 inmates, reduced the sentences of 65 others, and commuted seven death sentences to life imprisonment.

Ogoni Nine And Ogoni Four Honoured

In a symbolic gesture, Tinubu granted formal pardons to the Ogoni Nine, led by environmental activist Ken Saro-Wiwa, who were executed in 1995 under General Sani Abacha’s regime.

Posthumous national honours were also awarded to the Ogoni Four, Albert Badey, Edward Kobani, Samuel Orage, and Theophilus Orage, recognised for their activism in the Niger Delta struggle.

The clemency followed the report of the Presidential Advisory Committee on the Prerogative of Mercy (PACPM), chaired by the Attorney-General of the Federation, Lateef Fagbemi (SAN).

Other members included Akinlolu Olujinmi, Alkasum Abba, Nike Sidikat Ijaiya, Augustine Utsaha, and Onwusoro Maduka (secretary), alongside representatives of the police, correctional service, National Human Rights Commission, NSCIA, and CAN.

The committee, inaugurated by SGF George Akume in January 2025, reviewed 294 applications and interviewed 175 inmates. Its recommendations were guided by criteria such as old age, terminal illness, long sentences, good conduct, and rehabilitation.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Fresh revelations have shown that former Minister of Innovation, Science and Technology, Uche Nnaji, was compelled to resign following allegations of certificate forgery hanging over him.

Presidential aides told Saturday Punch that President Bola Tinubu personally invited Nnaji to the Presidential Villa, where he was directed to tender his resignation in the wake of the scandal.

Nnaji’s ordeal began after an investigation by Premium Times alleged that he forged both his Bachelor of Science degree and National Youth Service Corps (NYSC) certificate.

The report revealed that while the former minister claimed to have graduated from the University of Nigeria, Nsukka (UNN) in 1985, the university denied issuing him a certificate.

In a Freedom of Information request, UNN was asked to release Nnaji’s academic records. Responding in a letter dated October 2, 2025, Vice-Chancellor Prof Simon Ortuanya stated that the university did not award Nnaji the degree he claimed, as he never completed his studies.

In a desperate attempt to shield his records, Nnaji approached the Federal High Court, Abuja, with an ex parte motion marked FHC/ABJ/CS/1909/2025, seeking to restrain UNN from releasing or tampering with his academic files.

However, Justice Hausa Yilwa dismissed the application on September 22. Court filings also revealed that Nnaji himself admitted he had not collected his degree certificate—contradicting the certificate he earlier submitted during his Senate screening in 2023.

‘My Resignation Is Not Admission Of Guilt’

Following the damning revelations, Nnaji announced his resignation on Monday. In a statement, he said his decision was taken after “deep reflection and consultations” to protect his integrity and prevent distractions to the Federal Government’s Renewed Hope Agenda.

“These unfounded allegations and media distortions have not only caused personal distress but have also begun to distract from the vital work of the ministry and the Renewed Hope Agenda of Mr President,” he said.

He stressed that stepping down was not an admission of guilt but “a principled decision to respect the sanctity of due process and ongoing judicial proceedings.”

The ex-minister, who joined Tinubu’s cabinet in August 2023, said his reputation was built over five decades of “hard work, honour, and service to humanity.”

How President Tinubu Called For His Resignation

Meanwhile, a credible source in the Presidency told Saturday PUNCH that the ex-minister was forced to resign.

He said, “The President invited him over to the Villa and asked him to resign. He was not threatened with a sack; the President didn’t have to do that because he appointed him, and he could ask him to resign. So, Nnaji had no option but to do that.”

When asked whether the President would take action against the Department of State Services for allowing Nnaji’s alleged certificate forgery to slip through the vetting process, the source said, “We cannot place the blame solely on the DSS. What about the Senate that screened him? They were also expected to scrutinise the certificates he presented.”

Another senior presidential aide noted that Nnaji had to resign to save the government from further embarrassment.

He said, “The President asked him (Nnaji) to resign. Of course, he had become an embarrassment and a distraction to the government and the longer you drag it, the more damaging it becomes. Some ministers and presidential aides felt that the earlier the President offloaded him (Nnaji), the better. He was becoming a liability to the government. It is not an allegation that can be swept under the carpet, so the best thing was for him to leave. Give him a soft landing, so the President told him to resign.”

He accused UNN of complicity for allowing the matter to drag on for so long.

The university’s registrar, Celine Nnebedum, had told People’s Gazette on December 21, 2023, that Nnaji had graduated. Nnebedum recanted the claim in May and October 2025.

“It took that long (for Nnaji’s resignation) because the university wrote a letter that he (Nnaji) graduated; they claimed that he graduated, but they are now saying that he did not graduate,” the source added.

He also exonerated the DSS, arguing that the university might have misled the security agency.

“I know that the DSS has the resources to do a good job and they have always done a good job, maybe this one slipped or maybe they got the letter from the school that he graduated from there,” he said.

A DSS official, who spoke on condition of anonymity, said people blaming the security agency did not know what played out behind the scenes.

The source insisted that the agency played its role with due diligence.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM