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Macron faces huge challenge as France’s public-sector debt surpasses €3trn
France’s President, Emmanuel Macron is facing huge domestic leadership challenge as the country’s public-sector debt topped three trillion euros ($3.25 trillion) for the first time ever.
According to official statistics released Friday which presented data for the first three months of 2023.
Following a massive surge of borrowing to cushion the impact of the coronavirus and cost-of-living crises, the debt level reached 112.5 per cent of annual GDP at 3.01 trillion euros by the end of March, far above the European Union’s target of 60 per cent.
On Tuesday, March 28, the National Institute of Statistics and Economic Studies (INSEE), stated that government debt stood at €2,95 trillion at the end of last year, 111.6% of gross domestic product, only down slightly from the third quarter.
On the back of a continued upturn in tax revenue boosted by inflation, the 2022 deficit was slightly better than expected, at 4.7% of GDP, when the government was targeting 5%.
“INSEE’s figures for 2022 confirm that French growth is holding up well, so is our tax revenue, particularly corporate income tax,” said Bruno Le Maire, France’s economy minister. “Our strategy remains the same: Improve France’s growth to reduce debt and control spending.”
On the question of whether a public debt close to the €3 trillion mark could cause alarm in the context of generalized debt addiction, Frédéric Dabi, a director general with polling institute IFOP, said-“In our November 2022 barometer, reducing public debt came at the bottom priorities of those surveyed, only ahead of the fight against Covid and the European Union,”
The hundreds of billions of euros poured in the wake of the Covid-19 pandemic, and then inflation, have “shown that we can live with debt,” Dabi said, adding that “The macroeconomic argument did not work this time to justify the pension reform whereas it was very present when the [retirement] age was raised to 62 in 2010.”
Myesom Wike, the Minister of the Federal Capital Territory, FCT, has sacked the Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service, FCT-IRS, Mr Michael Ango, of his duties.
The announcement was contained in a statement late Friday by the minister’s Senior Special Assistant on Public Communications and Social Media, Lere Olayinka.
The statement added that the decision takes immediate effect.
Olayinka said the minister directed the most senior official of the FCT-IRS to immediately assume leadership of the agency
“The Minister of the Federal Capital Territory, Nyesom Wike, has sacked the Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service, Mr Michael Ango,” he stated.
He added that “the most senior official of the FCT-IRS has been directed to take over the running of the revenue agency with immediate effect.”
The statement did not provide reasons for the removal.
15 members of the Rivers State House of Assembly, led by Speaker Martin Amaewhule, have left the Peoples Democratic Party, PDP, for the All Progressives Congress, APC.
Amaewhule disclosed the lawmakers’ decision during Friday’s plenary, attributing their defection to what he called a “clear division” within the PDP.
“Distinguished colleagues, very happily, let me announce that your Speaker has decided, and has indeed written to my ward chairman of my decision, to leave the PDP. APC is my new party,” Amaewhule said.
Amaewhule’s Deputy, Dumle Maol, is one of the 16 lawmakers that joined APC as well.
All the lawmakers, who have jumped ship, are core loyalists of the Minister of the Federal Capital Territory, FCT, Chief Nyesom Wike.
The Central Bank of Nigeria,has rolled out a new framework ito expedite handling of fraud accusations and refund victims.
Customers must report suspected fraudulent transactions within 72 hours under this draft guideline, and financial institutions have 16 working days to look into the matter and repay money.
The action comes in the wake of a dramatic increase in banking sector fraud.
According to data from the Financial Institutions Training Center, losses in the first quarter of 2025 increased to ₦3.29 billion, a startling 603 percent increase over the previous year. In the same time frame, reported cases also increased to 12,347.
The November 26, 2025, proposed regulations seek to improve bank accountability, expedite reimbursements, and boost prevention.
Director of the Financial Policy and Regulation Department Rita Sike signed the circular, which describes stricter regulations intended to prevent fraud before it occurs.
The apex bank’s ongoing fight against financial fraud has advanced with the adoption of this guidance. To enhance cooperation between operators, it established the Nigeria Electronic Fraud Forum in 2011.
It directed banks to establish specialized fraud bureaus four years later. By requiring BVN or NIN for account opening, it reinforced Know Your Customer checks in 2023.
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