By Adedapo Adesanya

The Labour Party presidential candidate in the 2023 general elections, Mr Peter Obi, has expressed deep concern over Nigeria’s rapidly escalating debt profile, warning it could reach N200 trillion by the end of the year.

In a statement on his X handle, Mr Obi lamented that the country’s fiscal trajectory could compromise future generations and worsen living conditions for millions of citizens.

His warning comes one week after the Senate approved a fresh wave of borrowing for the country.

According to Mr Obi, the latest approvals include $21 billion, €2.2 billion, and ¥15 billion in new external loans for the 2025–2026 fiscal cycle, in addition to a N750.98 billion domestic bond issuance and a €65 million grant.

These measures, he said, bring the nation’s total public debt to approximately N187 trillion, with projections suggesting it could exceed N200 trillion by year-end.

“With an already existing public debt of about N149.39 trillion as at the first quarter of 2025, adding the approved loans of about N37.2 trillion brings our current total debt to about N187 trillion, with concerns that our debt might likely be over N200 trillion by the end of 2025,” he said.

“We are accumulating exponential levels of unsustainable debt with little or nothing to show for it in critical areas such as education, healthcare, electricity generation, and security,” Mr Obi stated.

He said Nigeria’s pre-rebased GDP stood at N269.2 trillion (around $180 billion), meaning total borrowing now represents nearly 70 per cent of the previous GDP. Even after the recent GDP rebasing, which revised the figure upward to N372.8 trillion (approximately $243.7 billion), Nigeria’s debt-to-GDP ratio now hovers at 50.16 per cent, making it the highest in its history.

He emphasised that while Nigeria reported a year-on-year debt increase of N27.72 trillion and a quarter-on-quarter rise of N4.72 trillion, key development metrics remain stagnant or deteriorating.

Mr Obi warned that Nigeria continues to lag on basic infrastructure with roughly 135,000 kilometres of Nigeria’s 195,000 km road network remaining unpaved, adding that electricity supply has stagnated below 5,000 megawatts for a population of over 200 million.

He also cited alarming statistics on poverty and malnutrition, noting that 133 million Nigerians—around 63% of the population—are now classified as multi-dimensionally poor.

He called attention to a report from Médecins Sans Frontières (MSF), also known as Doctors Without Borders, that disclosed the deaths of 652 children in Northern Nigeria due to malnutrition, singling out Katsina State as one of the most affected.

“This is a country blessed with enormous resources, yet nobody should go to bed hungry,” he said. “A persistent deficiency in leadership has thrown the majority of our citizens into increasing poverty.”

He stressed that borrowing is not inherently detrimental if targeted at productive, high-impact investments with transparent and measurable outcomes. However, he accused the current administration of fiscal irresponsibility.

“This pattern of borrowing without accountability and transformational impact is simply mortgaging the future of our children,” he stated. “The government should show minimum consideration for the future of young and unborn Nigerians.”

He appealed for economic reform, urging the government to cut wasteful spending, block revenue leakages, and prioritise investments in human capital.

“It is time to stop this fiscal indiscipline. We must build a New Nigeria, where leadership is responsible, development is people-centred, and every kobo borrowed or spent delivers measurable impact,” he quipped.

By Adedapo Adesanya

The Securities and Exchange Commission (SEC) has rejected the resolutions reached at the Annual General Meeting (AGM) of the Tourist Company of Nigeria (TCN) Plc, held on July 25, 2025, saying it does not recognise the meeting.

The regulator raised the rejection in a statement published on its website titled Corporate Governance Crises in the Tourist Company of Nigeria (TCN) Plc on Monday, noting that the gathering was convened by the majority shareholders despite being suspended by the commission.

“The Securities and Exchange Commission (the Commission) has keenly followed recent disturbing developments in The Tourist Company of Nigeria Plc (TCN), championed by some majority shareholders in the company.

“These developments include purportedly proceeding with an Annual General Meeting which was suspended by the Commission, and passing resolutions altering the Board composition by purportedly removing SEC appointed members of the Board and the Board Secretary without recourse to the Commission,” the statement wrote in part.

Business Post reports that some approvals must be granted by SEC to public companies before they hold their meetings.

The commission, pursuant to its core mandate under the Investments and Securities Act, 2025, said it had taken regulatory steps including appointing two Interim Independent Directors into the Board of TCN Plc to ensure its survival as a going concern, and to protect the interest of all shareholders, especially those whose holdings cannot give them access to the Management and control of the company.

“The recent steps taken by the majority shareholders are poised to thwart the gains already made by the said regulatory intervention, which had brought stability into the company and returned its shares to positive values.

“The Commission, by this notice, informs the general public and all stakeholders that TCN Plc remains under the Commission’s regulatory involvement. The Commission does not recognise the purported Annual General Meeting (AGM) of TCN Plc of July 25, 2025, held in clear disregard of an express directive from the Commission and in contravention of extant laws governing such meetings.

“The Commission shall accordingly discountenance any resolution passed in the said meeting until all legacy issues are fully resolved.”

SEC added that the Board of TCN Plc remained as constituted prior to the purported AGM, and the SEC-appointed independent directors would remain on the Board of TCN Plc to ensure good governance, stability, the protection of minority investors, and to ultimately maintain an orderly and fair market.

“The Commission remains a law-abiding agency and would accordingly use all legal machinery at its disposal to uphold its regulatory mandate of investor protection and ensure market discipline.

“All stakeholders and the investing public should be guided accordingly,” it noted.

By Adedapo Adesanya

It was a positive start to the week for the NASD Over-the-Counter (OTC) Securities Exchange as it extended its upward run by 1.40 per cent on Monday, July 28.

This happened despite the activity level closing lower as the volume of trades went down by 73.2 per cent to 386,754 units from the 1.4 million units traded in the previous trading session, the value of transactions depreciated by 15.4 per cent to N30.0 million from the N35.5 million executed last Friday, and the number of deal decreased by 27.5 per cent to 50 deals from the 69 deals carried in the preceding trading day.

According to data, Okitipupa Plc ended the day as the most traded stock by value on a year-to-date basis with 154.0 million units worth N4.9 billion, followed by Air Liquide Plc with 507.2 million units valued at N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 42.7 million units sold for N1.8 billion.

Similarly, Industrial and General Insurance (IGI) closed the session as the most traded stock by volume on a year-to-date basis with 1.1 billion units traded for N354.4 million, trailed by Impresit Bakolori Plc with 536.9 million units sold for N524.8 million, and Air Liquide Plc with 507.2 million units valued at N4.2 billion.

The bourse finished with two price losers and price gainers led by Central Securities Clearing System (CSCS) Plc, which added N4.93 to its value to sell at N54.40 per share compared with the previous N49.47 per share and Food Concepts Plc, which grew by 30 Kobo to N3.35 per unit from N3.05 per unit.

But, FrieslandCampina Wamco Nigeria Plc lost N1.38 to settle at N72.46 per share versus N73.84 per share, and NASD Plc declined by 30 Kobo to N32.95 per unit from N33.25 per unit.

When trading activities ended for the day, the market capitalisation improved by N29.76 billion to N2.157 trillion from N2.127 trillion, and the NASD Unlisted Security Index (NSI) appreciated by 50.83 points to 3,684.61 points from 3,633.79 points.