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Tinubu’s Govt Reduces Nigeria’s Debt Servicing Burden From 96% to 67%
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By Kayode Sanni-Arewa
The Deputy Speaker of the House of Representatives, Benjamin Kalu, has revealed that President Bola Tinubu has reduced the debt servicing burden from 96% of the 2023 revenue to 67%
The lawmaker disclosed this on Sunday while speaking at the recently concluded Inter-Parliamentary Union (IPU) and United Nations General Assembly (UNGA) 2025 Parliamentary Hearing in New York, United States, themed “Scaling Up Action for the Sustainable Development Goals: Finance, Institutions, and Politics.”
He asserted that the achievement is a testament to the country’s commitment to sustainable development and debt management.
According to him, the significant reduction has created fiscal space for investments in critical sectors such as health, education, and infrastructure, which are essential for achieving the Sustainable Development Goals (SDGs).
He said, “Nigeria faces a dual crisis: soaring public debt (₦97.34 trillion/$108 billion as of 2024) and constrained fiscal space for SDG investments.
Key issues include debt servicing burden: 96% of 2023 revenue was spent on debt servicing, crowding out health, education, and infrastructure budgets, but the President Tinubu administration significantly reduced this debt servicing to budget ratio to 67%.
“Credit Rating Challenges: Biased methodologies by global CRAs (e.g., S&P, Moody’s) inflate borrowing costs, costing Nigeria an estimated $1.5 billion annually in excess interest.
SDG Trade-offs: Debt pressures delay critical projects like renewable energy grids and universal healthcare, jeopardising Nigeria’s 2030 Agenda commitments. The National Assembly is currently reviewing the Fiscal Responsibility Act to enforce debt ceilings and transparency.
“The House of Representatives, through my office, is actively working on reforms to leverage philanthropy and impact investing for SDG-aligned debt management.
“Strengthening Parliamentary Oversight of Government Debt. Guiding Question: How can parliaments strengthen oversight of government debt?
“To achieve this reduction, we have implemented several measures, including strengthening parliamentary oversight, regulating the financial sector, and promoting innovative financing solutions.
“We are committed to continuing on this path and ensuring that our debt management practices are transparent, accountable, and aligned with our development goals.”
Hon. Kalu also explained that Nigeria’s debt reduction efforts have been driven by its commitment to the SDGs, which aim to end poverty, protect the planet, and ensure peace and prosperity for all.
News
JAMB unveils new system, permits candidates to upload their O’Level results from homes
The Joint Admissions and Matriculation Board (JAMB) has unveiled a new system allowing candidates to upload their O’Level results from the comfort of their homes, while the Board verifies the results directly with the relevant examination bodies.
Acting Director, Public Affairs and Protocol, JAMB, Dr Fabian Benjamin, who announced this in a statement on Monday, said the initiative, which begins with the West African Examinations Council (WAEC), is aimed at making the process of O’Level result verification and upload easier, faster, safer and more convenient for candidates.
According to him, under the new arrangement, candidates would no longer need to visit Computer-Based Test (CBT) centres solely for the purpose of uploading their O’Level results, noting that JAMB would verify their results directly against records held by the issuing examination bodies before the results are uploaded to their profiles.
Benjamin said the initiative was part of the Board’s renewed commitment to deploying technology to improve service delivery and reduce unnecessary visits to CBT centres, queues and manual processes.
He added that the new system would also address challenges associated with manual O’Level result uploads, including misplaced or mixed-up paper results, submission of unverified or fraudulent results, as well as errors in the manual entry of subjects and grades.
The Board explained that the integration of its e-Facility platform with examination bodies would enable candidates’ results to be verified directly against the records of the issuing bodies before being downloaded into their JAMB profiles.
The JAMB spokesperson explained that to use the service, candidates are required to first obtain a Result Verification Code, adding that they are to visit buyresultsverificationcode.ng, enter their National Identification Number (NIN) and verify it, after which they will select the number of sittings and the relevant examination body or bodies.
“Candidates will then provide their email address and GSM number, make payment through the available payment options and enter their examination details, including examination number, series and year.
“After successful verification, candidates will obtain a Verification Code. The second stage involves sending ‘VERIFY’ followed by the Verification Code to 55019 or 66019.
“The result will then be uploaded and the candidate will receive a notification. Candidates with two sittings will subsequently be directed to their profiles on JAMB’s e-Facility platform, where they will select 2026 UTME O’Level Upload.
“They will enter their Verification Code, after which their two verified results will be displayed. Candidates are required to select a minimum of five and a maximum of nine subjects, ensuring that no subject is selected more than once, before clicking ‘Apply the O’Level Results’ to complete the process,” the Board stated.
Benjamin further stated that the verification service would provide candidates with a convenient alternative, particularly during periods of high patronage and network challenges at CBT centres.
According to him, the initiative reflects the commitment of the Board’s sixth Registrar, Prof Segun Aina, to building a more customer-oriented and technology-driven service delivery system.
He added that the Board would continue to deploy technology and collaborate with relevant examination and government agencies to make its services simpler, safer and more accessible to candidates. (Nigerian Tribune)
News
Eid El Maulud: Akpabio Felicitates Muslims, Seeks Prayers For Peace, Unity
The President of the Senate, Senator Godswill Akpabio, has felicitated the Muslim Ummah in Nigeria and across the world on the occasion of Eid el Maulud, the celebration of the birth of Prophet Muhammad (SAW).
In a congratulatory message through his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, Senator Akpabio described the life and teachings of the Holy Prophet as a timeless example of compassion, tolerance, humility, and service to humanity.
“As we commemorate this sacred day, I urge our Muslim brothers and sisters to reflect on the virtues of the Prophet and to offer special prayers for peace, unity, and progress in our dear country, Nigeria,” the President of the Senate said.
He noted that Nigeria’s strength lies in its diversity, and called on all citizens to embrace love, forgiveness, and mutual respect regardless of faith or ethnicity.
“In these times, our nation needs the prayers of all religious leaders and faithful. Let us use this period to pray for our leaders, for security, economic prosperity, and for the unity that binds us together as one people under God,” he added.
Senator Akpabio reaffirmed the commitment of the 10th Senate under his leadership to promote legislation and policies that protect religious freedom, foster national cohesion, and improve the welfare of all Nigerians.
He felicitated President Bola Ahmed Tinubu, GCFR and Vice President Kashim Shettima, and wished the Muslim community a peaceful and joyous Eid el Maulud celebration.
News
SAD! Nigerian popular General Overseer is dead
Pastor Adamson Aromaegbe, the founder and General Overseer of Rock Word Church and Dominion International, has died.
Aromaegbe, who was based in Port Harcourt, Rivers State, reportedly died on Friday, August 21, 2026.
His death was confirmed by the leadership of the church in a statement released on Sunday.
The statement was signed by Rev. Nnamdy Echezona and shared through the ministry’s official Facebook page.
The church described the late pastor as a respected Christian leader who dedicated his life to preaching the gospel and building the ministry.
His work as a preacher, teacher, mentor and church leader reportedly influenced many people within and outside his ministry.
Following the announcement, the church called on members, friends and other supporters to pray for Aromaegbe’s family as they come to terms with his death.
Prayers were also requested for the church and members of the wider Dominion International family.
The church said arrangements for the late pastor’s funeral and other activities to mark his death would be announced later.
Aromaegbe’s death has left members of Rock Word Church and Dominion International mourning the loss of a leader who had spent years working in Christian ministry.
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