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VP Shettima Says Nigeria Must Transform Debt Into Economic Asset
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).
VP Shettima Says Nigeria Must Transform Debt Into Economic Asset
Troops Rescue Kidnap Victim in Edo During Search Operation
By: Zagazola Makama
Troops of Operation MESA, in collaboration with the Nigeria Police, local vigilantes and hunters, have rescued a kidnapped civilian in Esan North-East Local Government Area of Edo State.
Security sources said the troops, deployed at Forward Operating Base (FOB) Udomi, responded to credible intelligence at about 9:00 a.m. on April 21 regarding the abduction of a civilian in the Amendokhian general area.
The troops immediately launched a search-and-rescue operation and successfully secured the release of the victim.
The victim has since been reunited with family members, while efforts are ongoing to track down and apprehend the perpetrators.
Troops Rescue Kidnap Victim in Edo During Search Operation
Troops Rescue Kidnap Victim in Benue
By: Zagazola Makama
Troops of Sector 1, Operation WHIRL STROKE (OPWS), have rescued a kidnapped victim following a swift response to a suspected terrorist attack in Katsina-Ala Local Government Area of Benue State.
Security sources disclosed that the troops, deployed at Abaji, acted on a report at about 1:45 p.m. on April 21 regarding an attack at Tumataa community.
On arrival, the troops engaged the suspected terrorists in a gun duel, forcing them to abandon the victim and flee the scene.
The victim was successfully rescued and has since been reunited with family members.
The sources added that troops are sustaining operations in the area to track down the fleeing suspects and prevent further attacks.
Troops Rescue Kidnap Victim in Benue
Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau
By: Zagazola Makama
Troops have arrested two suspected illegal arms manufacturers during a raid on a criminal hideout in Langtang North Local Government Area of Plateau State.
Security sources disclosed that the operation was carried out at about 5:00 p.m. on April 22 at Gwandanu Village, following credible intelligence on illicit arms production in the area.
According to the sources, the suspects were apprehended while actively engaged in the fabrication of weapons.
Items recovered during the operation include two AK-47 rifles, one G3 rifle, two generating sets, a welding machine, a drilling machine, a hand filer and a toolbox, among other items.
The suspects are currently in military custody pending further investigation.
The sources added that troops have intensified efforts to mop up illegally fabricated arms in the general area as part of ongoing operations to curb criminal activities and enhance security in the state.
Troops Arrest Illegal Arms Manufacturers, Recover Weapons in Plateau
Troops Repel Multiple Terrorist Attacks, Rescue 15 Kidnap Victims in Borno
Troops Rescue Kidnap Victim in Edo During Search Operation
Troops Rescue Kidnap Victim in Benue
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