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WAAPAC 2025: Economic Reforms Bringing Stability, as West Africa Faces Fiscal Pressures – Edun+PHOTOS
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…Speaker Abbas raise alarm over N149.4trn debt profile
By Gloria Ikibah
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has highlighted the growing fiscal pressures across West Africa, noting challenges such as high debt servicing costs, limited revenues, and increasing public spending demands.
Speaking at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC) in Abuja, Edun said Nigeria is charting a different course through bold economic reforms that are beginning to show results.
He explained that these reforms, introduced under President Bola Ahmed Tinubu, are making Nigeria’s debt more sustainable, restoring investor confidence, and helping to reverse negative economic trends.
Edun stressed that the government’s focus is on putting Nigeria back on a sustainable growth path, while also encouraging stronger parliamentary oversight of public debt across the region.
“Nigeria is turning the corner. The reforms are delivering measurable impact in terms of investor confidence, reduced spending on fuel imports, greater energy self-sufficiency, and value addition in our economy.
“Nigeria’s debt service-to-revenue ratio has dropped to about 60 percent in 2024, while the debt-to-GDP ratio stands at 38.8 percent, which he described as a comfortable level compared to global benchmarks.
“Revenues grew by 34.7 percent in the first half of 2025 compared with the same period last year, expanding fiscal space for investment in priority sectors”, he said.
Edun credited the gains to tough but necessary policy choices such as the removal of fuel subsidies, liberalization of the exchange rate, and the roll-out of a comprehensive tax reform programme aimed at boosting efficiency, simplifying compliance, and raising Nigeria’s tax-to-GDP ratio over time.
He further explained that these reforms are essential for creating a predictable macroeconomic environment that encourages private investment, which accounts for about 90 percent of economic activity.
“Government’s role is to act as a catalyst, not to crowd out the private sector. With the right fiscal discipline, we can unlock opportunities and ensure inclusive growth that lifts millions out of poverty,” he said.
On Nigeria’s fiscal direction, the minister outlined priorities including debt transparency, growth-enhancing borrowing, domestic revenue mobilisation, and prudent budgeting within the limits set by the Fiscal Responsibility Act.
He said the government is committed to project-linked borrowing that yields direct returns and avoids reliance on money-printing or unsustainable financing.
Edun also drew attention to global headwinds, such as shrinking development aid, reduced world trade, and rising international interest rates, that have made fiscal management more difficult for developing economies.
He said these challenges underscore the need for African countries to be more self-reliant by embracing reforms, technology, and digitization to strengthen revenue generation.
Crucially, the minister emphasised that parliamentary oversight is central to maintaining fiscal discipline.
He urged lawmakers to hold governments accountable for borrowing and spending decisions, insisting that transparency and accountability must underpin every fiscal framework.
“A sound fiscal framework is not just the responsibility of the executive; it demands partnership, leadership, and rigorous oversight from parliamentarians such as you, especially public accounts and finance committees,” Edun said.
He described Nigeria’s fiscal trajectory as a turning point, with reforms providing the foundation for stability, competitiveness, and inclusive growth.
However, he stressed that prudent borrowing, transparent reporting, and effective oversight must be sustained to secure prosperity for future generations.
In his remarks, the President of the Nigerian Senate, Senator Godswill Akpabio charged West African countries to strengthen constitutional backing for public accounts and finance committees in order to guarantee transparency, accountability, and sustainability in public debt management.
Represented by Senator Osita Izunaso, he said unchecked debt can mortgage the future of citizens and undermine democracy across the sub-region.
He described parliamentary oversight as indispensable to fiscal stability, noting that when debt is well managed, it serves as a strategic instrument for financing infrastructure, growth, and sustainable development.
“Public debt, when properly managed, is a strategic instrument for financing growth, infrastructure, and sustainable development. However, when left unchecked or shrouded in opacity, it becomes a burden that mortgages the future of our citizens. This is why parliamentary oversight is indispensable,” he said.
Akpabio therefore urged all WAAPAC member nations to provide legislative or constitutional authority for such committees, as he said this would guarantee their independence and effectiveness in protecting public resources.
“The Nigerian experience has shown that when parliamentary committees are empowered by law, transparency is deepened, fiscal responsibility is strengthened, and democracy is enriched,” he said.
He stressed that Africa’s progress depends on building strong institutions rather than relying on strong individuals, adding that collective responsibility must take precedence over personal ambition.
The Senate President assured the gathering that Nigeria remains committed to working with regional and international partners to strengthen parliamentary institutions, promote fiscal responsibility, and safeguard nations from the risks of unsustainable debt.
Speaker of the Nigerian House of Representatives, Rt. Hon. Abbas Tajudeen, warned that Nigeria’s debt profile has reached a critical level, urging parliaments across West Africa to strengthen oversight of public borrowing to safeguard the future of their citizens.
Represented by the House Leader, Rep. Julius Ihonvbhere, Speaker Abbas disclosed that Nigeria’s total public debt stood at ₦149.39 trillion (about US$97 billion) in the first quarter of 2025, up from ₦121.7 trillion the previous year.
He noted that the country’s debt-to-GDP ratio has climbed to 52 percent, far above the statutory ceiling of 40 percent set by law.
“This breach of our debt limit signals the strain on fiscal sustainability. It highlights the urgent need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed,” he said.
The Speaker warned that across Africa, debt has become a structural crisis, with several countries spending more on servicing loans than on healthcare and other essential services.
He highlighted the structure of Africa’s debt, noting that 35 percent is owed to Western private lenders, 39 percent to multilateral institutions like the IMF and World Bank, 13 percent to bilateral creditors, and 12 percent to China.
Abbas said Nigeria is committed to championing the establishment of a West African Parliamentary Debt Oversight Framework under WAAPAC to harmonize debt reporting, create regional standards for transparency, and empower legislatures with timely data for effective scrutiny.
He said Nigeria would support a capacity-building programme for Public Accounts and Finance Committees across the region, equipping them with modern tools for debt sustainability analysis and fiscal risk assessment.
“Our oversight must also be people-driven. Major borrowing proposals should be subject to public hearings, and simplified debt reports must be made available to the public. Citizens have the right to know, and we have the duty to inform,” he stated.
The Speaker stressed that borrowing should be targeted at infrastructure, health, education, and job-creating industries, warning that “reckless debt that fuels consumption or corruption must be exposed and rejected.”
Chairman of the House of Representatives Committee on Public Accounts, Rep. Bamidele Salam, disclosed that the committee recovered over ₦200 billion in lost revenues for the federal government within the last one year.
Salam said the recoveries were part of a series of reforms to strengthen fiscal accountability in Nigeria.
He described the gathering, which Nigeria is hosting for the first time since WAAPAC’s creation in 2009, as timely, given the rising debt burden across Africa.
He said: “While it is widely accepted that public debt remains a vital instrument for financing development, especially in emerging economies, it must remain sustainable, transparent and justifiable. Effective parliamentary oversight is indispensable to ensuring that debt accumulation does not become a pathway to fiscal crisis or an intergenerational problem”.
Highlighting milestones recorded by the Public Accounts Committee, the lawmaker said the committee had, for the first time since Nigeria’s return to democracy in 1999, completed reports that were considered and adopted by the House.
He also noted that the House had passed the long-awaited Audit Bill, which is now before the Senate.
“We look forward very earnestly to its passage so that this important bill can be transmitted to the President for assent and remove Nigeria from the list of countries without a legal framework for its Supreme Audit Institution,” he added.
Salam also disclosed that the committee had embarked on digitalising its hearings and internal operations to enhance transparency and efficiency.
It had also launched PAC Magazine to provide the public, development partners, and stakeholders with timely reports of its findings and recommendations.
He expressed optimism that the conference would strengthen regional cooperation, promote accountability, and advance the cause of development-driven governance across West Africa.
The WAAPAC President, Hon. MP Issouf Traure, urged African countries to work together for the good of the continent.
He commended President Bola Tinubu for his efforts at reviving the Nigerian economy .
News
How I delivered ten pregnant women while in captivity, nurse reveals
A nurse who recently regained her freedom after nearly six months in captivity has narratted the severe conditions endured by the abducted women and children, saying she helped 10 pregnant women give birth without gloves or proper medical equipment.
Amirah Salihu was among the victims abducted during the February 3 attack on Woro and Nuku communities in Kaiama Local Government Area of Kwara State.
Salihu, who is the daughter of the chief of Woro community, disclosed her experience during an interview on Channels Television’s Politics Today.
She said the captives faced acute food shortages and were forced to sleep in exposed locations, including near a river, where they were frequently drenched by rainfall.
According to her, the abductors often gave them little food, with guinea corn, salt and seasoning sometimes serving as their only meal.
The nurse said her professional training became crucial when some of the women went into labour during their captivity.
She explained that she assisted about 10 pregnant women to deliver their babies despite the absence of gloves and other essential medical supplies.
She said, “When the pregnant women started going into labour, I had to assist them. I helped about 10 women deliver their babies, even though I had no gloves or proper equipment.
“It was difficult, but I had to do what I could to help them survive and deliver safely.”
Salihu added that the abductors eventually discovered she was a nurse and attempted to persuade her to remain with them because of her medical knowledge.
She said she rejected the proposal because her priority was to regain her freedom and return to her family.
The rescued victim also recalled the killing of two of her brothers during the attack, alleging that the assailants targeted her family because of her father’s opposition to their activities in the community.
She said her father had previously resisted attempts by the attackers to gain access to Woro and had sought military intervention to protect the residents.
According to her, the attackers struck when the soldiers were no longer present in the community.
She said her father had previously resisted attempts by the attackers to gain access to Woro and had sought military intervention to protect the residents.
According to her, the attackers struck when the soldiers were no longer present in the community.
Salihu further said the abductors justified their actions by claiming they wanted residents to abandon Nigeria’s democratic system and follow their interpretation of religious laws.
However, when asked about sexual violence during the period, she said she was not aware of any rape or sexual assault among the captives.
The victims were part of the 176 women and children abducted during the February 3 attack on Woro and neighbouring Nuku.
They were released on Wednesday after spending almost six months with their abductors. The Kwara State Government later disclosed that 13 children had died in captivity, while 12 others were yet to return.
Kwara State Governor, AbdulRahman AbdulRazaq, received the freed victims in Ilorin and commiserated with families who lost loved ones.
He subsequently visited a hospital where 14 rescued victims were undergoing treatment, including three women who delivered babies while in captivity.
Foreign
STRATEGIC AUTONOMY: NIGERIA’S DOCTRINE FOR SELF-DETERMINATION IN A MULTIPOLAR WORLD
In an era defined by geopolitical competition, trade wars, sanctions regimes, and shifting alliances, one phrase has migrated from European policy papers to the heart of African diplomacy: “Strategic Autonomy”.
For Nigeria, this is not a new experiment in isolation, nor is it a nostalgic return to Cold War non-alignment. As I outlined in a recent address from the Ministry of Foreign Affairs in Abuja, it is something far more direct and more urgent.
Strategic autonomy is alignment to Nigerian national interest. Once you are clear in what constitutes your national interest, you align with those interests regardless of which party is at the receiving end. That is the foundation. I am aware of scholarly publications that was recently put together by the Nigerian Institute of International Affairs on the subject.
While the Ministry prepares the full concept note charting new fronts in a multi polar world, let me share the preliminary framework guiding Nigeria’s foreign policy under President Bola Ahmed Tinubu.
Our goal is simple: to ensure that Nigeria, and by extension Africa, is not an object of geopolitics, but a subject that defines its own future.
What Strategic Autonomy means for Nigeria and Africa
Strategic autonomy is often misunderstood as withdrawal. It is the opposite. It is engagement on our terms. Today, Nigerian Foreign Policy has shifted. Gone is the era of reactive alignment. The Tinubu 4Ds agenda is anchored on strategies that are clearly designed to bring succor to Nigerians. The deliberate pursuit of Nigeria’s national interest across economic, security, technological, and diplomatic domains, without being locked into any single bloc. Nigeria’s strategic autonomy rests on 5 pillars in a world of continuous alignment. Together, they form the blueprint for how Nigeria engages a world that is no longer unipolar, but contested, transactional, and opportunity-rich.
NATIONAL INTEREST, NIGERIA FIRST
Alignment to Nigerian national interest is the guiding rule. For Nigeria, Foreign Policy begins at home. Every treaty, partnership, and diplomatic gesture is measured against one question: does it deliver jobs, infrastructure, security, defence and dignity for Nigerians?
This principle was tested in the enforcement of the One China Policy. When diplomatic lines were blurred, the Ministry acted decisively: relocating trade missions from Abuja to Lagos, Nigeria’s commercial hub, and reaffirming that Nigeria speaks with one voice. There is no room for diplomatic blunder in Nigeria. The message is clear: Nigeria will be a partner, not a pawn. Strategic autonomy means clarity of position first, and flexibility in tactics second.
ECONOMIC DIVERSIFICATION
AfCFTA + global partnerships like China’s zero-tariff access. Nigeria is done with aid-for-diplomacy. The new model is trade-for-growth. Under President Bola Ahmed Tinubu’s Renewed Hope Agenda, Nigeria is leveraging two levers simultaneously:
1. Continental integration through the African Continental Free Trade Area, to build regional value chains.
2. Global partnerships that open markets. China’s zero-tariff policy for eligible Nigerian exports is a case in point, creating new pathways for agriculture, manufacturing, and solid minerals to reach 1.4 billion consumers.
From the Lagos-Calabar coastal transport system to industrial parks in Ogun and Lekki, Chinese, European, and Gulf investments are being steered toward productive sectors. The goal is not dependency, but diversification: more partners, more markets, more Nigerian-made exports.
SECURITY SOVEREIGNTY
African-led, but open to any partner that delivers results. Nigeria’s security doctrine is rooted in the principle that Africans must lead African solutions. ECOWAS, the AU, and regional counter-terrorism frameworks remain central.
But strategic autonomy also means pragmatism. On terrorism, maritime security in the Gulf of Guinea, and cyber threats, Nigeria is open to cooperation with any partner, East or West that brings intelligence, technology, and capacity without conditions that undermine sovereignty. The benchmark is simple: results for Nigerian communities. Partnerships are judged not by ideology, but by impact on the ground.
TECHNOLOGICAL AGENCY
Build, don’t just buy. Lead in AI and digital infrastructure. The 21st century will be won on data, chips, and talent. Nigeria refuses to be only a consumer. This is the essence of Minister Bosun Tijjani’s reforms in our digital ecosystem. Through partnerships in 5G, fiber optics, and smart cities, Nigeria is negotiating technology transfer, not just procurement. Engagement with the World Artificial Intelligence Organization and related partnerships signal intent: to move from adoption to authorship.
The aim is to build domestic capacity in AI, fintech, and digital governance, so that Nigerian developers, not just foreign vendors, shape the platforms used daily by 200 million Nigerians. Technological agency is sovereignty in the digital age.
DIPLOMATIC FLEXIBILITY
Engage all major powers without being locked into one camp. In a multipolar world, alignment is a choice made per issue, not per decade. Nigeria maintains a Comprehensive Strategic Partnership with China on infrastructure and more. It deepens trade and security ties with the US and EU. It expands South-South cooperation with India, Brazil, and the Gulf. It leads on the continent through AfCFTA and AU reform.
This is not non-alignment. It is multi-alignment: engaging all, belonging to none, and extracting maximum value for Nigeria from each relationship. Strategic autonomy is alignment to Nigerian national interests. Nigeria’s 5 Pillars offer more than a foreign policy. They offer a template for mid-sized and emerging powers navigating great power competition. It is a policy of conviction without rigidity. Of partnership without dependence. Of ambition without illusion.
Nigeria will continue to deepen partnerships that deliver infrastructure, jobs, and technology, but always on Nigerian terms. In 2026, the measure of sovereignty is not who you oppose. It is what you are able to build.
We can no longer afford an economy built only on exporting raw materials to one market and importing finished goods from another. The African Continental Free Trade Area gives us the platform to build regional value chains. At the same time, we must diversify globally. This is why we welcome China’s decision to grant zero-tariff treatment to 53 African countries, while we simultaneously deepen trade with the EU, the US, the Gulf, and our neighbors in ECOWAS. No single partner can meet all our development needs, and we will not be dependent on any one.
The primary duty of any government is the protection of its citizens. That principle must guide our security partnerships. African-led solutions through the AU and ECOWAS remain our first choice. But we will not outsource our judgment. We greatly appreciate the US but if any country says he can help me to wipe out terrorism in Nigeria in the next two weeks, will I say because I’m friend to the US I will not agree? No,”. The safety of Nigerians comes first. Strategic autonomy means we evaluate every security offer by one metric: does it deliver peace, security and stability for our people?
In a multipolar world, we must talk to everyone and be forced to choose no one. This is not duplicity. It is maturity. We have demonstrated this in recent weeks. We condemned Afrophobic attacks in South Africa because the dignity of Nigerians abroad is non-negotiable. We pushed the agenda at the recent ECOWAS Summit in Freetown Sierra Leone where President Tinubu’s voice was clear and unambiguous. At the same time, we are preserving and strengthening the Nigeria-South Africa strategic partnership because both countries benefit from trade, investment, and regional leadership. That is strategic autonomy in practice.
The 4D Agenda meets a fragmenting World
The global shifts make this doctrine necessary today. Today, we have multipolarity. The unipolar moment has passed. Power is diffused across Washington, Beijing, Brussels, New Delhi, Riyadh, and other capitals. Under President Tinubu’s 4D Foreign Policy Agenda: Demography, Development, Diaspora and Democracy — Nigeria’s diplomacy is calibrated to one question: what does this mean for Nigerian citizens? Ideological blocs are secondary to results.
Africa has 60% of the world’s youngest population. By 2050, one in four people on earth will be African. Nigeria will be the third most populated country in the world by 2050. We cannot allow our future to be scripted by others. We must define our own development model, centered on jobs, skills, and innovation. In this context, some analysts have described our approach as “pragmatism devoid of doctrine.” I disagree.
“I don’t agree with that kind of characterization. Everything foreign policy is about national interest,”. What we are doing is giving that age-old principle a modern name and structure. We are drawing from our own history. As one of my lecturers at the University used to say, “ non-alignment is alignment to your national interest.” That remains true. Doctrine without delivery is rhetoric. For strategic autonomy to produce tangible benefits, Africa must take deliberate steps.
We must fully implement AfCFTA to unlock a $3.4 trillion single market. That means reducing tariffs, harmonizing standards, and building cross-border infrastructure. We must invest heavily in energy and infrastructure. No factory runs without power. No trade happens without roads, rail, and ports. Strategic autonomy requires industrial power.
Africa must speak with one voice in global forums — at the UN, G20, and WTO. Africa’s 54 countries carry more weight together than separately. It is time to protect and deepen democratic institutions. Autonomy should never be confused with authoritarianism. The legitimacy of our choices comes from the consent of our people.
Let me be clear. Strategic autonomy is not about turning our backs on partners. It is about choosing partners freely. It is the right to trade with anyone, learn from everyone, and be dominated by no one. The world is fragmenting into blocs. Africa’s best option is not to join a bloc, but to become a bloc ourselves — economically integrated, politically coherent, and diplomatically confident.
Written by Ambassador Sola Enikanolaiye,
Minister of State for Foreign Affairs, Federal Republic of Nigeria
News
Bode George Still Angry Over His Failed PDP National Chairmanship Bid, No Regret Stopping Him – Wike
The Federal Capital Territory (FCT) Minister, Nyesom Wike, has said that he had no regret Stopping Peoples Democratic Party (PDP) former Deputy National Chairman, Chief Bode George, from becoming the party National Chairman, saying; “his anger is because we didn’t allow him to be PDP National Chairman and no regret doing so.”
In a statement on Saturday, by his Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, the FCT Minister said the political frustration of Bode George has further been compounded by the emergence of Deji Doherty, a personality he does not want to see as the one in charge of the party in Lagos State.
“He wanted to be PDP National Chairman, and was carrying on like the position was his birthright. We stopped him because it was the turn of the South-South. Since then, he has not stopped being angry.
“As a sitting governor, I visited his house in Maitama, Abuja, to appease him after the national convention, his wife attempted to walk me out, but for the intervention of former governor of Ondo state, Olusegun Mimiko,” the minister said.
He described Bode George as a failed politician, who despite all the privileges and power has not won anything for the PDP in Lagos State since 1999, adding that “We have managed him even though we know that he has no value. But as it is, since he wants to keep dancing naked in the market place of politics, we can’t but allow him.”
The Minister reiterated that leadership of a political party is not by name, title or being a founding father. Rather, it is about what you are able to bring to the table in terms of winning elections, and in this regard, Bode George is a complete disaster.
“Even his Unit 001 in Ward E2, Evans Street, Lagos Island, he has never won for the PDP. In 2019 Presidential election, APC had 84 votes while PDP had 40. In the 2023 elections, he transferred his voter’s card to Eti Osa, PDP had four votes in his polling unit,” Wike said.
Wike said since it appeared that he (Bode George) is not busy, he will continue to make his likes busy by creating reason for them to jump from one television station to the other.
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