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VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

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VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

By: Our Reporter

Vice President Kashim Shettima has inaugurated the Supervisory Board of the Debt Management Office (DMO) as part of efforts by the Federal Government to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Speaking during the Meeting of the Board on Wednesday at the Presidential Villa, the Vice President who is also Chairman of the Board charged the members to come up with a more strategic approach to public debt management.

He noted that Nigeria must continue to use public debt as a vehicle for the development of critical infrastructure and tool for economic growth and poverty reduction.

“With prudent management, debt can be transformed into an asset for economic growth and poverty reduction. Our goal must be to formulate policies, regulations, and guidelines for the DMO, with a view to achieving long-term debt sustainability for our country,” the VP stated.

VP Shettima explained that this approach aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, which prioritizes fiscal discipline, economic stability, and sustainable development.

He stressed that borrowing, when applied prudently, could serve as a catalyst for economic growth rather than a financial liability.

“As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction. However, recent realities in our economy call for stronger coordination between our fiscal and monetary policies,” he said.

The Vice President commended President Bola Ahmed Tinubu for his economic reforms, acknowledging the President’s dogged efforts towards reforming the Nigerian economy.

He also praised the Minister of Finance and Coordinating Minister of the Economy and the DMO leadership for their untiring efforts in the day-to-day management of the nation’s sovereign debt portfolio.

“I want to commend the dedication of our leader, President Bola Ahmed Tinubu, GCFR, in his dogged efforts towards reforming our economy. I applaud the Honourable Minister of Finance and the Coordinating Minister of the Economy, and the DMO Management, for their untiring efforts in the day-to-day management of our sovereign debt portfolio,” he said.

The Vice President also noted Nigeria’s recent success in the global financial market on the issuance of a $2.2 billion double-tranche Eurobond, which he described as a testament to investor confidence in the country.

“I also use this opportunity to congratulate them and other members of the Nigerian delegation for a successful outing in the recent $2.2 billion double-tranche Eurobond issuance. The over-subscription rate of the bonds showed an impressive appetite for our country’s sovereign instruments in the global capital market.

Other members of the Board are Minister of Finance and Coordinating Minister for the Economy, Wale Edun (Vice Chairman); Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (member); Special Adviser to the President on Economic Matters, Dr. Tope Fasua (member); Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso (member); Accountant-General of the Federation (OAGF), Dr. Oluwatoyin Sakirat Madein (member), and Director-General of the Debt Management Office, Patience Oniha (Secretary).

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Petrobras Eyes Return To Nigeria’s Oil Sector, Targets Deepwater Acreage

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Petrobras Eyes Return To Nigeria’s Oil Sector, Targets Deepwater Acreage

** As VP Shettima mobilises ministers to capitalise on Brazil’s hosting of BRICS, G20, COP30

By: Our Reporter

Petrobras, the state oil company of Brazil, is seeking to re-enter Nigeria’s oil sector, with a specific interest in frontier deepwater acreage.

As the economic reforms of the administration of President Bola Ahmed Tinubu take root, the company, which had previously wound down its operations in Nigeria at the Agbami Field, is now actively engaging with Nigerian authorities as part of broader efforts to revitalise bilateral cooperation ahead of the 2025 Nigeria-Brazil Strategic Dialogue Mechanism (SDM).

This was part of the discussions on Wednesday during the interministerial review meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, to coordinate Nigeria’s preparations for the second session of the SDM scheduled for June 2025.

Speaking at the meeting, VP Shettima said, “The presence of six ministers and the Solicitor-General of the federation in this review meeting ahead of the second session of the Nigeria-Brazil Strategic Dialogue Mechanism shows the importance we have attached to our relationship with Brazil.

“We have not maximally capitalised on the fraternity between us and Brazil, but it is better late than never. The upcoming SDM presents an opportunity to execute sector-specific Memoranda of Understanding (MOUs) and unlock investment flows.”

The Vice President particularly noted that 2025 represents a critical moment of interface with Brazil, emphasising that the convergence of international events provides Nigeria a unique opportunity to advance its interests on the global stage.

“This year is our moment of interface with Brazil. Brazil is hosting so many global events this year, from the BRICS Summit to the G20 Summit and COP30. This convergence of events provides us with a unique opportunity to advance our interests on the global stage,” the Vice President said.

VP Shettima commended the ministers for their passion and aggression in pursuing Nigeria’s national interest, noting that “there is a sea change in our attitude, disposition, and commitment.”

Earlier, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, confirmed ongoing engagements with Petrobras, saying, “Apart from Ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria. Petrobras is no longer active in Nigeria, but they are very keen on coming back to Nigeria. They said they want frontier acreage in deep waters.”

The Foreign Affairs Minister further reported that Brazil’s preparations for the dialogue are well advanced, with both government agencies and private sector players being actively engaged by the Brazilian Vice President.

The Ministry of Foreign Affairs, which is coordinating the interministerial working groups, has compiled at least 12 draft MOUs pending approval from the Ministry of Justice. These cover areas such as energy, health, culture, and agriculture.

Also, Minister of Art, Culture, Tourism, and Creative Economy, Hannatu Musawa, emphasised the historical and ancestral connections between Nigeria and Brazil, noting that a significant percentage of Brazilians trace their roots to Nigeria.

“We must not only preserve this relationship but deepen it. We’ve finalised MOUs with the Nigerian Film Corporation on audiovisual co-productions, the National Gallery of Arts for joint exhibitions, and the Centre for Black and African Arts and Civilisation ahead of FESTAC at 50 next year,” Musawa said.

On agriculture, Minister of Agriculture, Senator Abubakar Kyari, outlined completed MOUs focused on research collaborations: “We have finalised MOUs that focus on research in three areas of soybean value chain development, cassava research and technology transfer and agro-forestry systems, which promote integrated crop and livestock models and erosion control and climate adaptation,” he said.

The minister noted that these efforts build on the previously signed Green Imperative Project (GIP) agreement between Nigeria and Brazil.

Also, Coordinating Minister of Health and Social Welfare, Professor Muhammad Pate, pointed to Brazil’s achievements in universal health coverage as a model for Nigeria.

He said, “There are important opportunities for us in several areas in our efforts to achieve universal health coverage and primary health care between Nigeria and Brazil- they have done a lot that we can learn from them. There is the aspect of knowledge sharing and workforce, and human capital training in specialised areas.

“We see potential for collaboration in pharmaceutical research, local drug manufacturing, and workforce training. Brazil’s experience in addressing tropical and sub-tropical diseases makes it an ideal partner for joint research and development.”

Other ministers present at the meeting included the Minister of Livestock Development, Idi Mukhtar Maiha and the Minister of Environment, Balarabe Lawal.

Petrobras Eyes Return To Nigeria’s Oil Sector, Targets Deepwater Acreage

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ECOWAS Court Dismisses Discrimination Claim in Recruitment Case

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ECOWAS Court Dismisses Discrimination Claim in Recruitment Case

By: Michael Mike

The ECOWAS Court of Justice on 13 May 2025 delivered its judgment in the matter of Mariame Kone-Toure v. ECOWAS Commission (Application No. ECW/CCJ/APP/32/24 ruling against the Applicant, who had challenged the fairness of the recruitment process for the position of Head of Administration and Human Resources Division (P5) at the Court. The Court dismissed the applicant’s claims of discrimination in a recruitment process as unsubstantiated.

Case Background
The Applicant, Mariame Kone-Toure, a staff member of the ECOWAS Court of Justice, challenged the recruitment process for the position of Head of Administration and Human Resources Division (P5) at the Court. Having served in an acting capacity since February 2023, she applied for the post when it was advertised in May 2023. Following the interview conducted in January 2024, Ms. Amie Savage was appointed to the position in October 2024.

Ms. Kone-Toure alleged that the selection process violated principles of fairness and non-discrimination as outlined in the ECOWAS Staff Regulations. She argued that although she was one of the top candidates, the Management Succession Committee only recommended one candidate—Ms. Savage—unlike similar recruitments in other ECOWAS institutions, where multiple top candidates were recommended.

Court Findings
On jurisdiction, the Court affirmed its competence to hear the matter under Article 9(1)(f) of the 2005 Amended Protocol. On admissibility, the Court held that the Applicant had exhausted available internal remedies by appealing to the President of the ECOWAS Commission.

On the merits, the Court examined allegations of discrimination under Article 4(1) and the principle of equitable geographical distribution under Article 9(2)(f) of the ECOWAS Staff Regulations. It found that the Applicant failed to provide sufficient, verifiable evidence of differential treatment in similar circumstances. The Court noted that while she referenced practices in other institutions, she did not present the names or scores of the candidates allegedly favored, preventing a meaningful comparative analysis.

On the claim regarding geographical distribution, the Court ruled that the principle applies only among equally qualified candidates and does not override the requirement of merit-based selection.

The Court accepted the Respondent’s argument that Ms. Savage was deemed the most qualified candidate for the position.

Court Decision
The Court dismissed all claims made by the Applicant, concluding that:
The recruitment process complied with the ECOWAS Staff Regulations.
No evidence of discrimination or procedural irregularity was established.
The Applicant’s non-selection was not a violation of her rights.

Judicial Panel
The judgment was rendered by a panel comprising:
Hon. Justice Sengu Mohamed Koroma (Presiding Judge)
Hon. Justice Dupe Atoki(Judge Rapporteur)
Hon. Justice Gberi-Bè Ouattara (Member)

ECOWAS Court Dismisses Discrimination Claim in Recruitment Case

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Seme Border Generates N847 million into Government Coffers in April, 2025

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Seme Border Generates N847 million into Government Coffers in April, 2025

By: Michael Mike

Over N847 million has been generated into the federal government coffers at the Seme (the Nigeria-Benin) border by the Nigeria Customs Service in April, 2025 alone

Addressing a press conference on Wednesday, the Comptroller of Customs,
Seme Area Command, Dr. Ben Oramalugo said: “Seme Area Command, through commitment and professionalism, generated a total revenue of Eight Hundred and Forty-Seven Million, Fifty-Eight Thousand, Eight Hundred and Seventy-Nine Naira, Thirty Kobo (₦847,058,879.30k) for the month of April 2025 alone. This achievement reflects our sustained efforts at ensuring that all revenue leakages are blocked, and every legitimate kobo due to the Federal Government is collected without compromise.”

He added that: “In line with the Federal Government’s agenda on economic diversification through non-oil exports, the Command facilitated the movement of Two Thousand and Twenty Nine (2,029) trucks, equivalent to over Eight Eight metric tonnes (88,036.15) of made-in-Nigeria goods. These exports had a Free On Board (FOB) value of Sixteen Billion, Nine Hundred Million, Nine Hundred and Eighty Seven Thousand, Three Hundred and Thirty One Naira and Ten Kobo (₦16,900,987,331.10k) only. While the National Export Supervision Scheme (NESS) fees stood at Eighty Four Million, Five Hundred and Four Thousand, Nine Hundred and Ninety Six Naira and Sixty Six Kobo (₦84,504,936.66k) only.”

He noted that: “This underscores our role as a critical trade enabler and contributor to national economic growth through efficient border management and support to local manufacturers.

He warned the general public on the activities of fraudsters who impersonate officers of the Seme Area Command, claiming to auction or sell vehicles. He said: “These scammers often operate via social media and other informal platforms. The Command dissociates itself from any such illegal activity.”

He added that: “Please note that the Nigeria Customs Service does not sell or auction seized items via WhatsApp groups, Facebook pages, or any unverified platforms. Only follow verified social media handles bearing the official blue tick or any communication directly from the Nigeria Customs Service.”

He said: “We remain fully committed to our mandate of revenue generation, trade facilitation, and suppression of smuggling. We shall not be deterred by mischief-makers or their propaganda. The Command will continue to work diligently in the interest of national economic development and security.

“Additionally, we appeal to parents and guardians residing in border communities to counsel their wards and youths to refrain from engaging in smuggling activities and to avoid being used as instruments to obstruct law enforcement officers in the discharge of their legitimate duties.”

Seme Border Generates N847 million into Government Coffers in April, 2025

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