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Developing Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG 

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World Bank Group has said that developing countries paid out $741 billion more in principal and interest on their external debt than they received in new financing between 2022 and 2024, the largest gap in at least 50 years. This is according to the World Bank’s latest International Debt Report released in Washington today. The report said “Still, most countries gained some breathing room on their debt last year as interest rates peaked and bond markets opened up again. That enabled many countries to stave off the risk of default by restructuring their debt. 

“In all, developing countries restructured $90 billion in external debt in 2024, more than any time since 2010. Bond investors, meanwhile, pumped in $80 billion more in new financing than they received in principal repayments and interest. This helped several complete multi-billion-dollar bond issuances. However, the funds came at a high price—interest rates hovered around 10%, about double those before 2020.

“Global financial conditions might be improving, but developing countries should not deceive themselves: they are not out of danger,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics. “Their debt build-up is continuing, sometimes in new and pernicious ways. Policymakers everywhere should make the most of the breathing room that exists today to put their fiscal houses in order—instead of rushing back into external debt markets.”  In 2024, the combined external debt of low- and middle-income countries hit an all-time high of $8.9 trillion—with a record $1.2 trillion owed by the 78 mainly low-income countries eligible to borrow from the World Bank’s International Development Association (IDA), the new report shows. The average interest rate that developing economies will pay to their official creditors on their newly contracted public debt in 2024 stood at a 24-year high. The average paid to private creditors was at a 17-year high.

In all, these nations paid a record $415 billion in interest alone, resources that could have gone to schooling, primary healthcare, and essential infrastructure. For instance, an average of one out of every two people in the most highly indebted countries was unable to afford the minimum daily diet necessary for long-term health.  Low-cost financing became harder to obtain, except from multilateral development banks such as the World Bank, which was the single-largest provider of financing for IDA-eligible countries. In 2024, the World Bank provided a record $18.3 billion more in new financing to IDA-eligible countries than it received in principal and interest payments. It also provided a record $7.5 billion in grants to these countries.

“Official bilateral creditors—mainly governments and government-related entities—retreated after participating in a wave of restructurings that cut the long-term external debt of some countries by as much as 70 percent. In 2024, bilateral creditors took in $8.8 billion more in principal and interest than they disbursed in new financing for developing countries. With options for low-cost financing dwindling, many developing countries turned to domestic creditors—local commercial banks and financial institutions. Of 86 countries for which domestic-debt data are available, more than half saw their domestic government debt grow faster than external government debt.

“The rising tendency of many developing countries to tap domestic sources for their financing needs reflects an important policy accomplishment,” said Haishan Fu, the World Bank Group’s Chief Statistician and Director of its Development Data Group. “It shows their local capital markets are evolving. But heavy domestic borrowing can spur domestic banks to load up on government bonds when they should be lending to the local private sector. Domestic debt also comes with shorter maturities, which can raise the cost of refinancing. Governments should be careful not to overdo it.” The report also offers troubling new insights into how high debt levels have affected the daily lives of people in developing countries. It finds that among the 22 most highly indebted countries—those whose external debt stock exceeds 200% of export revenue—an average of 56% of the population is unable to afford the minimum daily diet necessary for long-term health. Eighteen of these countries are IDA-eligible countries, where nearly two-thirds of the population cannot afford the necessary diet.

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Customs seizes multi million-naira petroleum products in Adamawa

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The Nigeria Customs Service under ‘Operation Whirlwind’ has seized petroleum products worth N181.6 million in eight weeks between the Nigeria and Cameroon borders.

ACG Kolapo Oladeji, national coordinator of Operation Whirlwind, disclosed this at a news conference on Thursday in Yola. Mr Oladeji said the seizures were made across various smuggling flashpoints in Adamawa in 55 separate operations.

“This operation is geared towards energy and food security to foster economic growth in line with the core mandates of the President of the Federal Republic of Nigeria, Bola Tinubu. In line with these mandates, the Operation Whirlwind Zone ‘D’ had repositioned all its machinery across the area of its responsibilities and ensured that the border became airtight,” he said.

He warned the smugglers to stop such acts and solicited the continued support and cooperation of all stakeholders in the state’s socioeconomic development. “We will ensure that the supply chains of these economic wreckers are truncated in accordance with enabling laws. This fight has no doubt helped in transforming the nation’s economy and strengthening the security of our borders,” he said.

He further said that the seized petroleum products would be auctioned to the public. Abidemi Adewumi-Aluko, assistant legal adviser of the attorney general of the federation, described the auction as a symbol of reclaiming resources to ensure that the benefit of petroleum remained in Nigeria. She said that such offences attracted life imprisonment because they threatened national security. NAN

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Chevron to join Nigeria oil licence auction, plans rig deployment in 2026

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Chevron said on Friday it will participate in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in Africa’s top energy producer.
Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act, PIA.

“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting the upstream regulator. Nigeria’s licensing rounds are part of efforts to attract investment and boost output after years of underinvestment. The 2025 round will offer 50 fields through a digital platform, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said. TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.

Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets. Swartz added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector. Reuters

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Don’t patronise touts, immigration personnel available 24/7—CGIS

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Comptroller General of the Nigeria Immigration Service NIS, Kemi Nandap, on Friday urged Nigerians to shun touts and middlemen when applying for passports or other immigration services, insisting that the Service operates round-the-clock channels to assist citizens directly and transparently.

Nandap made the call in Abuja while delivering the keynote address at the fourth-quarter Nationwide Sensitization Campaign against corruption and for improved service delivery.

The campaign, themed “Innovating for Transparency and Efficiency: Strengthening Service Delivery and Combating Corruption Through Reforms,” highlights the NIS’ ongoing efforts to modernize its operations and eliminate corrupt practices.

Addressing participants, the Immigration chief said the era of relying on agents or informal handlers should be over, as the Service has put in place fully digital, citizen-focused systems that allow applicants initiate and track their processes from the comfort of their homes.

She stressed that the NIS has functional 24-hour call lines, an active call centre, constantly monitored emails and social-media channels, all designed to ensure citizens are attended to promptly and without intermediaries.

“You don’t have to go to a tout, you don’t have to go to an agent. You can sit in the comfort of your home and apply for most of our facilities. Once you avoid putting yourself at the mercy of someone, you stay in control of your application and can always reach us at any time”, she stated. 

Nandap noted that recent reforms, including automated passport application processes, biometric-based verification, expanded digital architecture and streamlined service-centre operations, have significantly reduced delays, improved transparency and minimised opportunities for extortion.

She explained that passport processing timelines have improved across multiple commands following the rollout of automated scheduling and digital communication platforms.

The Comptroller General also emphasized that transparency remains the foundation of effective immigration management.

She highlighted enhanced internal audits, stricter enforcement of ethical codes and redesigned workflows as key elements of the NIS’ anti-corruption strategy.

With digital payments and automated checkpoints reducing cash interactions, she said the Service is committed to stamping out malpractice at all levels.

Nandap further disclosed that the NIS has deepened collaboration with sister agencies, civil-society groups, international partners and the diplomatic community to align operations with global border-management standards.

These partnerships, she said, are helping to harmonise processes, promote accountability and support ongoing reforms.

She appealed to citizens to familiarise themselves with official procedures, follow approved channels and use the Service’s feedback platforms—including suggestion boxes, hotlines and online desks—to report challenges or offer recommendations. “We are here for Nigerians. Tell us how to serve you better,” she said.

The Immigration CG also paid tribute to officers who lost their lives in the line of duty in Mogolu, Tuga, Tula and Niger State, calling their deaths a painful reminder of the risks faced daily by immigration personnel.

She urged Nigerians and officers alike to embrace positive change, adding that sustainable reform depends on individual commitment and collective responsibility. “The change we want starts with each and every one of us,” she said.

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