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Tinubu’s Non-Oil Revenue Drive Key to Responsible Debt Management – Speaker Abbas

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…advocate stronger oversight to align with Renewed Hope Agenda for sustainable growth

By Gloria Ikibah

The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has said President Bola Ahmed Tinubu is working diligently to tackle Nigeria’s public debt by strengthening non-oil revenue generation.

Delivering his keynote address at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja on Monday , the Speaker represented by the House Leader, Prof. Julius Ihonvbere stressed that debt, if responsibly managed, can be a driver of economic growth and national development.

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“Public debt, when prudently handled, can serve as a tool for prosperity. But left unchecked, it becomes a burden that weakens economic stability and endangers the future of coming generations,” Abbas urged.

The conference is organised by the House Public Accounts Committee with the backing of WAAPAC and international development partners, with the theme: ‘Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.’

In a statement issued by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, the Speaker clarified that his remarks were not a call to reject borrowing outright, but rather an appeal for responsible debt management. He stressed that loans must be channelled into projects and services that deliver measurable value to Nigerians.

This position, he noted, is consistent with President Tinubu’s Renewed Hope Agenda, which underscores fiscal discipline, prudent use of resources, and investment in critical areas such as infrastructure, education, renewable energy, and social welfare.

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Only last week, President Tinubu announced that Nigeria had already achieved its 2025 revenue target ahead of schedule, reaching the benchmark by August. He further stated that the administration’s push for non-oil revenues had significantly reduced the need for borrowing to fund the national budget.

“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August,” the president said.

At the WAAPAC event, the Speaker emphasised the “need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”

He added, “When we examine the sources of Africa’s external financing, it becomes clear that the weight of debt on our continent is shaped by whom we borrow from and on what terms. Today, Western private lenders hold about 35 percent of Africa’s government debt through banks, asset managers, and oil traders.

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“Multilateral institutions, such as the World Bank and the IMF, account for another 39 percent, while bilateral loans from other governments comprise 13 percent. Chinese creditors, despite much of the public debate, hold only 12 percent.

“To place this in sharper focus, in 2019, bondholders alone represented 27 percent of Africa’s external debt, making them the single largest creditor group, ahead of China at 13 percent.”

Speaker Abbas stated that if Africa is to grow stronger, the countries must not only negotiate fairer terms of borrowing but also rethink their dependence on external finance.

“We must channel more energy into mobilising domestic resources, fostering intra-African trade, and creating financial instruments that serve the continent’s own development priorities. Only then can we move from vulnerability to resilience, and from dependency to true economic sovereignty,” he said.

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The Speaker stated that the conference could not have come at a more opportune time, “as our nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing.”

He also noted that the theme “speaks directly to the urgency of safeguarding our financial future,” stressing that it “goes to the very heart of democratic governance and sustainable development.”

Speaker Abbas said, “Therefore, oversight of public debt is a democratic duty and a moral responsibility of the legislature. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens.

While noting that the implications of this debt structure are far-reaching, the Speaker said a “significant share of our national revenues is tied to debt servicing rather than being invested in the things our people need most: roads, schools, hospitals, and innovation.”

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He added that the high cost of commercial loans, coupled with the burden of repayment in foreign currencies, leaves many African economies vulnerable to market shocks. “This narrows fiscal space, constrains domestic policy choices, and slows the pace of sustainable development,” he said.

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Obi’s TV interview exposed lack of policy depth — presidential aide

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Senior Special Assistant to the President on Public Engagement, Frederick Nwabufo, on Monday criticised the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, describing his recent television interview as further evidence of what he called the opposition leader’s lack of policy depth and understanding of governance.

Reacting in a post on his verified X handle, @FredrickNwabufo, to Obi’s appearance on Channels Television on Sunday night, Nwabufo said the interview showed the NDC candidate had failed to articulate any concrete alternative policy direction.

“Peter Obi’s interview shows him again to be vacant of deep thought, understanding of governance, and taken up by syrupy rhetoric. He still has no plan, no alternative, and no policy plank, beyond a mouthful of sentimental nothings”, he said.

The presidential aide also faulted Obi’s claim that he would unite Nigeria, arguing that the opposition candidate failed to explain how he intended to achieve that objective.

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“Obi claimed he would unite Nigeria, but failed to explain how beyond the tired refrain of his cooks and ADC being northerners”, Nwabufo said, adding that “his utterances, actions, and those of his followers have but deepened the chasm”.

According to him, national cohesion is built on “inclusive governance, economic integration, and equitable citizenship”, stressing that “the balancing forces of national cohesion are governance and the economy”.

He argued that strengthening national unity requires governments to ensure that “public resources are delivered to all citizens regardless of faith, ethnicity, or social standing and that the government is fair and just to all”.

Nwabufo said President Bola Tinubu had demonstrated those principles by ensuring that “the six geopolitical zones are equal beneficiaries of its programmes, initiatives, and projects, and indeed, all the accruals of governance”.

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He further cited the administration’s appointments into public offices, saying, “He appointed young professionals from diverse backgrounds at an unprecedented scale. For the first time in the evolution of Nigeria, young people are superintending strategic sectors of government”.

The presidential spokesman also defended the President’s approach to national leadership, saying Tinubu had addressed concerns over the composition of the nation’s service chiefs while maintaining a unifying posture.

“There was a time, not so long ago, when the ethnic composition of the service chiefs was often a sore point for controversy, but in his true form as an architect of unity, balancing competence and patriotism, the President put an end to the concerns with wisdom”, he said.

He added that “President Tinubu, by his body language and extempore utterances, has maintained a nationalist and unifying position, bringing all together, and not given to divisive rhetoric. He has continued on the unifier’s path, stitching the national fabric, building a more cohesive nation and forging a shared future for us all”.

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Responding to Obi’s criticism of the Renewed Hope Agenda, Nwabufo said the opposition candidate had failed to acknowledge what he described as visible gains from the administration’s reforms.

“Obi needs to get off the high of his rabid movement. The unmistakable trail of Renewed Hope shimmers across all villages, towns, cities, and local government areas in all six geopolitical zones”, he said.

He disclosed that members of the Presidential Communications Team had toured the country’s six geopolitical zones “to see things for themselves, feel the pulse of Nigerians, and conduit feedback to the government”.

Nwabufo added that the administration had documented evidence of economic improvements and transformative programmes, including the Nigerian Education Loan Fund (NELFUND) and interventions by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

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“If Obi cares, there’s a digital binder full of reports of Nigeria’s economic turnaround under the current administration, inclusive of many transformative projects, policies, and programmes, such as NELFUND, that are impacting Nigerians at the critical cellular level”, he said.

He concluded that “under Renewed Hope, that hardworking young trader in Amatutu village in Agulu, Anambra can now get support for his small business through SMEDAN, and that brilliant child in Mopa Muro can go to university through NELFUND without the constraints of finance. This is simply Renewed Hope manifest”.

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Lagos varsity unions issue seven-day ultimatum, threaten indefinite strike

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Workers’ unions across Lagos State-owned universities have given the Lagos State Government a seven-day ultimatum to address their outstanding demands or face an indefinite strike.

The unions also called on the state government to immediately implement the Federal Government’s agreements with the Academic Staff Union of Universities (ASUU), Senior Staff Association of Nigerian Universities (SSANU) and National Association of Academic Technologists (NAAT), which they said took effect from January 1, 2026.

They further demanded the release of funds for the payment of the N50,000 palliative promised to staff on May 1, 2026, warning that failure to meet their demands within the stipulated period would trigger an indefinite industrial action.

The ultimatum was announced on Monday at a joint press conference organised by the Joint Action Committee (JAC) of Lagos State-owned universities at the Lagos State University (LASU), Ojo campus.

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The briefing was attended by representatives of ASUU, the Non-Academic Staff Union (NASU), SSANU and NAAT, who urged the government to take urgent steps to avert a disruption of academic activities across the state-owned institutions.

The affected institutions are Lagos State University (LASU), Lagos State University of Science and Technology (LASUSTECH), Lagos State University of Education (LASUED) and Lagos State University College of Medicine (LASUCOM).

Speaking on behalf of the unions, Chairman of ASUU-LASU, Prof. Ibrahim Bakare, said Governor Babajide Sanwo-Olu had announced on May 1, 2026, that all Lagos State workers would receive a N50,000 palliative, adding that the official communication from government indicated that tertiary institutions were included in the arrangement.

According to him, while workers in the Lagos State Civil Service received the payment, staff of the state-owned universities were excluded despite repeated engagements with university management and government officials.

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Bakare said the unions had written to and held consultations with the offices of the governor, deputy governor, commissioners for Tertiary Education and Establishments and Training, the Head of Service, the Speaker of the Lagos State House of Assembly, the Accountant-General and relevant permanent secretaries in an effort to resolve the matter.

He, however, expressed disappointment over what he described as an unsatisfactory response from the government, noting that a letter received by the unions was vague and failed to provide a clear commitment towards implementing the governor’s promise.

“We explored every peaceful and reasonable avenue available to us because we believe in dialogue. Unfortunately, our members have become exhausted and can no longer continue to wait while other categories of public servants have received the payment,” he said.

Bakare disclosed that after consultations across the affected institutions, the unions resolved to issue a seven-day ultimatum to enable the government process the necessary approvals and release the funds.

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He warned that failure to meet the demand before the expiration of the ultimatum would compel the unions to determine their next line of action, including embarking on industrial action.

“We pray industrial action does not happen, but if we are pushed to that point, we will have no other option. We cannot continue to allow our members to suffer under the current economic realities,” he said.

Bakare said Lagos had accumulated seven months of outstanding liabilities under the Federal Government agreements, despite assurances previously given by the Deputy Governor,  Obafemi Hamzat that future federal agreements would be implemented promptly to avoid a backlog of arrears.

He noted that several state-owned universities in Ekiti and Osun states had already implemented the agreements, describing Lagos State’s delay as surprising for a state regarded as one of the country’s most developed.

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The unions also renewed calls for the fulfilment of other welfare commitments, including the release of staff buses promised by Sanwo-Olu and the resolution of the outstanding 20 per cent salary-related issue discussed during previous negotiations with the government.

Also speaking, Chairman of NASU-LASU, Comrade Obafemi Sanni, said the unions were forced to issue the ultimatum because of what he described as the government’s lackadaisical attitude towards implementing agreements affecting workers in tertiary institutions.

He maintained that if the government failed to act before the ultimatum expires, the unions would have no alternative but to embark on an indefinite industrial action.

The unions said they remain committed to dialogue but insisted that the welfare of workers must receive urgent attention to sustain industrial harmony across Lagos State-owned universities. Union representatives from other universities appealed to the state  to accede to their demands,noting that many of their members were dying.

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Kidnappers demand N200m to free abducted Kebbi High Court Judge

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Kidnappers holding Kebbi State High Court Judge, Justice Faruku Hassan Bunza, have demanded a N200 million ransom from his family for his release, as security operatives intensify efforts to rescue him.

Kebbi State Commissioner of Police, Umar Muhammad Hadejia, disclosed the ransom demand while briefing journalists on Monday in Birnin Kebbi.

He said the police received intelligence on the demand after launching a swift response to the judge’s abduction, which occurred in the early hours of Sunday at his residence along Zogirma Road in Bunza.

According to Hadejia, the Command has deployed a combined team of police operatives to comb suspected escape routes used by the kidnappers in a bid to rescue the judge unharmed and apprehend those responsible.

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He added that multiple checkpoints had been mounted along strategic routes believed to have been used by the abductors to prevent their escape.

The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of the judge and the arrest of the kidnappers.

Hadejia also confirmed the killing of a suspected kidnapper, Abdulaziz Dogo, and the arrest of another suspect, Ibrahim Abdulwahab, both residents of Ilesha in Kwara State, over the abduction of former Kebbi State Deputy Speaker, Muhammad Samaila Bagudo, on October 31, 2025.

He advised residents, particularly government officials, to avoid travelling late at night, warning that such journeys expose them to attacks by bandits and kidnappers.

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The commissioner said the judge’s family informed the police that he frequently travelled at night despite repeated warnings.

He added that the family also reported that the kidnappers had contacted a registrar of the High Court in Abuja regarding negotiations over the N200 million ransom.

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