Nigeria’s states have raised ₦791.2 billion through the issuance of bonds over the last 40 years to carry out infrastructural development projects or service loans. According to SEC data, the now defunct Bendel State was the first to secure ₦20 million on behalf of the Bendel State Loan Stock in 1978 for housing estate development. Of the current states, Lagos leads the way with a total of ₦290.090 billion in bond issuances, the largest being a ₦87.5 billion government bond – Series 2 under the ₦167.5 billion debt issuance programme of 2013 for maturity in 2020.
Over the last few months, there has been a rise in attacks by the Boko Haram terrorist group in the North East. More worrying is that in some cases, these attacks have been successful, with Boko Haram overwhelming security forces and taking captives in the process. Many of these attacks are suicide attacks targeted at Maiduguri with the University of Maiduguri coming under a serious and concerted threat perhaps for the first time. This has led the authorities to dig a two metre trench around the school. This has led to a lot of talk about a resurgence of Boko Haram.
The Boko Haram insurgency entered its seventh year at the beginning of 2016, and a number of important factors have had a substantial effect on developments on this front. In May 2015, Muhammadu Buhari was sworn in as President of Nigeria on an electoral platform that included taking a tougher stance on security issues. Before the elections, a troop surge belatedly approved by the Goodluck Jonathan administration led to marked improvements on the ground in Nigeria’s North East.
SBM Intelligence curated attacks and fatalities from those attacks in three categories of security challenges in 2016.
Boko Haram Insurgency
The pastoral conflict, involving cattle rustling and attacks by Fulani herdsmen
Niger Delta Oil Militancy The key findings were as follows:
Kaduna State is currently enmeshed in a humanitarian crisis. The southern part of the state has become the epicentre of deadly violence, most of it inflicted by herdsmen on farming communities. This is situated within two wider contexts:
Attacks by Fulani herdsmen on farming communities, and reprisals, particularly in the North Central region. Further into the past, the epicentre was Plateau State (mainly the Barkin Ladi area), then Nasarawa State, and finally Benue State.