- The Senate--the upper chamber in Nigeria’s bicameral legislation, has estimated Nigeria’s present external and local debts at N6.02 trillion. It made this known yesterday; it however, said the country is in danger of going bankrupt. Chairman, Committee on Local and Foreign Debts, Senator Ehigie Uzamere, disclosed this during the committee’s inauguration by the Deputy Senate President. Providing a breakdown of the debt structure, Senator Ehigie Uzamere gave the external debt asat $5.398 billion which translates to 2.76 per cent of the Gross Domestic Product (GDP) while the local debt is N5.210 trillion, representing 17.53 per cent of the GDP. The senator said, in spite…

- The hottest topic currently being debated in Nigeria's is the issue of the planned removal of fuel subsidy by the Federal Government. What is fuel subsidy? A fossil fuel subsidy may be defined as any government action that lowers the cost of fossil fuel energy production, raises the price received by energy producers or lowers the price paid by energy consumers. Nigerian leaders have often excited the polity by declaring that the subsidy on fuel is becoming too much of a burden and therefore is due for removal. This argument has been employed by successive governments. Erstwhile President Olusegun Obasanjo had, during his regime, increased the price of fuel for up to a number of five…