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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
NUT suspends strike, directs Oyo teachers to resume Thursday
The Nigeria Union of Teachers (NUT) has suspended its industrial action across public primary and secondary schools in Oyo State, directing members to resume work on Thursday, July 2, 2026.
The decision followed fresh engagements with the Oyo State government and assurances on measures to improve security after the abduction of teachers and learners in Oriire Local Government Area.
In a statement jointly signed by the Oyo State Chairman of the union, Comrade Hassan Ajibola Fatai, and the State Secretary, Comrade Olukayode Salami, the union said the suspension was approved by its national leadership after reviewing the prevailing security situation and considering appeals by the state government and other stakeholders.
According to the statement, the strike, which was declared in protest against the kidnapping of teachers and students in the Oriire Local Government Area, was suspended in the interest of teachers, learners, and the general public.
“The Nigeria Union of Teachers hereby directs all public primary and secondary school teachers in Oyo State to resume official duties on Thursday, July 2, 2026,” the statement read.
The union said the state government had assured it of sustained efforts to secure the safe release of the abducted victims while strengthening security around schools and vulnerable communities across the state.
It noted that the government had committed to intensified rescue operations for the abducted teachers and learners, the establishment of a well-equipped Joint Security Task Force to patrol vulnerable schools and access roads, continuous engagement with affected families, psychosocial support and rehabilitation for rescued victims, and payment of gratuities and other entitlements to the families of deceased teachers.
Other commitments, according to the union, include strengthening the Safe School Initiative through public sensitisation and improved early warning systems, enhancing emergency response mechanisms, dismantling criminal hideouts, upgrading school infrastructure, tackling illegal mining and open grazing in forest reserves, improving community intelligence gathering, ensuring the speedy prosecution of criminal suspects, improving the welfare of security personnel, and deploying technology to improve school security.
The union commended its members for their discipline and solidarity throughout the industrial action while also appreciating the support of the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS) and the Association of Primary School Head Teachers of Nigeria (AOPSHON).
“We sincerely appreciate all our members, ANCOPSS, AOPSHON, and other stakeholders for their discipline, solidarity, and unwavering support during this period. Your cooperation has once again demonstrated our collective commitment to the welfare and safety of teachers and learners,” the statement added.
While directing teachers to return to the classroom, the union urged members to remain vigilant and report any security threats to the appropriate authorities.
“We urge all teachers to remain vigilant, law-abiding and promptly report any suspicious activities or security threats within their schools and communities to the relevant authorities. Together, we can build safer schools for our children and educators,” it stated.
The union reaffirmed its commitment to protecting the welfare and security of teachers, saying it would continue to engage the government until all outstanding concerns regarding the safety of teachers and learners are fully addressed.
“Our resolve to safeguard the lives, welfare and dignity of teachers remains unwavering. We shall continue constructive engagement with the government until every concern relating to the security of our members and learners is adequately addressed,” the statement said.
News
Citizen Patience and Collaborative Efforts: A Pathway to Greatness for Tinubu’s Government, By Hajia Hansatu Zannah*
Nation-building is never the sole responsibility of government; it is a shared endeavor that requires the active participation, patience, and collaboration of citizens. In Nigeria today, President Bola Ahmed Tinubu’s administration faces the daunting task of steering the country toward economic stability, social cohesion, and sustainable development. While policies and reforms are critical, their success ultimately depends on the willingness of citizens to remain patient and supportive during the often difficult process of implementation.
Transformational leadership demands bold decisions—structural reforms, economic adjustments, and institutional restructuring—that may not yield immediate results. In such circumstances, patience becomes a vital national asset. By resisting the urge for instant gratification and allowing time for reforms to mature, Nigerians can help create an environment where government initiatives are given the opportunity to succeed.
Every nation, regardless of its stage of development, grapples with challenges—economic struggles, political transitions, social tensions, and infrastructural gaps. These realities test the resilience of both leaders and citizens. In moments of strain, the attitude of the people toward their country becomes a powerful determinant of progress. Constructive criticism is healthy and necessary for accountability, but outright condemnation and vitriolic attacks against one’s nation can be deeply counterproductive.
Words shape perception, and perception influences reality. When citizens consistently speak negatively about their country, they reinforce hopelessness and despair. This weakens national morale and discourages foreign investors, partners, and allies who rely on the confidence of citizens as a measure of stability. By contrast, balanced and solution-oriented dialogue strengthens Nigeria’s image and inspires collective action.
Collaboration, however, goes beyond compliance—it requires active engagement. Citizens can contribute meaningfully to nation-building by supporting reforms through constructive dialogue rather than resistance, participating in civic duties such as voting, community service, and public consultations. These actions serve as catalysts for greater national progress. At the same time, holding leaders accountable in a respectful and lawful manner is essential. While harsh and divisive criticism may be insidious, patriotism calls for promoting unity across ethnic, religious, and political divides to strengthen national cohesion.
If citizens embrace patience and collaboration, Tinubu’s government stands a better chance of achieving greatness. Economic reforms can stabilize markets, infrastructural projects can transform communities, and social policies can uplift vulnerable populations. Greatness, in this context, is not merely about political success but about building a Nigeria where prosperity, justice, and peace are attainable for all.
Citizens are not passive observers; they are active participants in governance. By engaging in respectful dialogue, supporting reforms, and holding leaders accountable through lawful means, they contribute to the nation’s growth. Patriotism does not mean blind loyalty—it means believing in the possibility of progress and working toward it.
A nation is like a family; disagreements are inevitable, but condemnation destroys trust. Citizens must rise above destructive criticism and embrace constructive engagement. By doing so, they preserve the dignity of their country and create an atmosphere where greatness can flourish. The path to national transformation lies not in tearing down but in building up—through patience, collaboration, and unwavering belief in Nigeria’s future.
The greatness of any government is measured not only by the vision of its leaders but also by the resilience and cooperation of its people. For Tinubu’s administration, citizen patience and collaborative effort are indispensable. Together, government and citizens can write a new chapter in Nigeria’s history—one defined by progress, unity, and enduring impact.
*Hajia Hansatu Zannah is a distinguished member of the Governing Council of the African Union Agenda 2063 and Ambassador Plenipotentiary. She is also the widow of the late Zannah Umar Mustapha, former Deputy Governor of Borno State.*
News
CBN revokes licences of 46 Microfinance Banks over failure to satisfy regulatory requirements
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operation.
The decision takes effect from Wednesday, July 1, 2026, according to a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali. The apex bank said the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the CBN Governor, Olayemi Cardoso.
According to the CBN, the affected institutions lost their licences after failing to satisfy the conditions required to remain licensed financial institutions.
The bank explained that the revocation was based on one or more regulatory infractions, including insufficient assets to meet liabilities, shutting down operations without obtaining CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months after receiving a licence, and failure to maintain the minimum capital requirements without impairment from accumulated losses.
The CBN described the move as part of its ongoing efforts to strengthen the nation’s financial system and ensure that all licensed financial institutions operate in compliance with existing laws and prudential regulations.
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory measures where necessary to sustain public confidence in Nigeria’s banking sector.
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