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Tinubu’s Govt Reduces Nigeria’s Debt Servicing Burden From 96% to 67%

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
Nigeria Felicitates with South Africa on 31st Freedom Day Anniversary

By Gloria Ikibah
Nigeria has congratulated South Africa on the celebration of its 31st Freedom Day anniversary, marking more than three decades since the end of apartheid rule.
This was contained in a statement issued by the Ministry of Foreign Affairs, on Sunday in Abuja, the Minister, Ambassador Yusuf Maitama Tuggar, extended warm greetings to his South African counterpart, His Excellency Ronald Lamola, Minister of International Relations and Cooperation.
Ambassador Tuggar described the day as a reminder of the historic victory of democracy over apartheid and a celebration of the resilient and unified spirit that continues to shape South Africa’s journey.
“Nigeria and South Africa share a profound bond forged through decades of solidarity in the liberation struggle. As we reflect on this milestone, we recall Nigeria’s unwavering support for the anti-apartheid movement, including diplomatic, material, and moral contributions that underscored our commitment to justice and the ethos of pan-Africanism,” the statement read.
Highlighting the strong bilateral ties between the two countries, Tuggar emphasized the shared responsibility Nigeria and South Africa have in promoting peace, security, and inclusive development across the African continent.
He noted that as Africa’s two largest economies and democracies, there is a need to strengthen collaboration in areas such as trade and investment through the African Continental Free Trade Area (AfCFTA), as well as cultural exchanges and youth empowerment.
“Therefore, on this Freedom Day, we stand with South Africa in honouring the sacrifices of heroes like Walter Sisulu, Nelson Mandela, Govan Mbeki, Thabo Mbeki and recommit to working together to realize the vision of a prosperous, peaceful, and united Africa,” he added.
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Enugu Reps caucus backs concessioning of Enugu airport

The Enugu Caucus in the House of Representatives has thrown its weight behind the Federal Government’s plan to concession the Akanu Ibiam International Airport, Enugu, describing it as a potential catalyst for the Southeast economy.
The caucus commended the Federal Government for the initiative and urged it to hasten the process to enable the people of the Southeast and the nation to benefit from it in earnest.
It also called on the people of the region to support the concession as the only way to guarantee sustainable investment to fully develop the airport into a truly international facility.
News
Vatican: Conclave to elect a new pope will start on May 7

Cardinals will meet next month in a secret conclave to elect the next pope, the Vatican has said.
The closed-door meeting will start inside the Sistine Chapel on 7 May and will involve some 135 cardinals from across the world.
It follows the death of Pope Francis who died at the age of 88 on Easter Monday and whose funeral was held on Saturday.
There is no timescale as to how long it will take to elect the next pope, but the previous two conclaves, held in 2005 and 2013, lasted just two days.
Vatican spokesman Matteo Bruni said cardinals will take part in a solemn mass at St Peter’s Basilica, after which those eligible to vote will gather in the Sistine Chapel for the secretive ballot.
Once they enter the Sistine Chapel, cardinals must have no communication with the outside world until a new Pope is elected.
There is only one round of voting on the first afternoon of the conclave, but the cardinals will vote up to four times every day afterwards.
A new pope requires a two-thirds majority – and that can take time.
Each cardinal casts his vote on a simple card that says, in Latin: “I elect as Supreme Pontiff” to which they add the name of their chosen candidate.
If the conclave completes its third day without reaching a decision, the cardinals may pause for a day of prayer.
Outside the Sistine Chapel the world will be watching for the smoke from the chimney.
If the smoke is black, there will be another round of voting. White smoke signals that a new pope has been chosen.
On Saturday, politicians and royalty joined thousands of mourners as Pope Francis’ funeral was held in St Peter’s Square.
Hymns played out on giant speakers, occasionally drowned out by the sound of helicopters flying overhead, before 91-year-old Cardinal Giovanni Battista Re gave a homily on the pope’s legacy.
After a ceremony, huge crowds lined the streets of Rome to watch as the Pope’s coffin was carried in a procession to his final resting place, Santa Maria Maggiore Basilica.
Authorities said 140,000 people had lined the streets, clapping and waving as the hearse – a repurposed white popemobile – crossed the Tiber river and drove past some of Rome’s most recognisable sights: the Colosseum, the Forum and the Altare della Patria national monument on Piazza Venezia.
On Sunday images of Pope Francis’s tomb at the church were released showing a single white rose lying on the stone that bears the name he was known by during his pontificate, below a crucifix illuminated by a single spotlight.
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