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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).

VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

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Bomb explodes inside mosque in Maiduguri market, worshippers killed

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Bomb explodes inside mosque in Maiduguri market, worshippers killed

By: Zagazola Makama

Several worshippers were killed on Tuesday after an explosive device detonated inside a mosque at Gamborun Market in Maiduguri, the Borno State capital.

The explosion occurred while worshippers were gathered for prayers, causing panic and chaos within the busy market area.

Eyewitnesses said the blast ripped through part of the mosque, killing some worshippers instantly and leaving others with varying degrees of injuries.

Traders and residents in the area were seen fleeing the scene as thick smoke billowed from the mosque, while others attempted to assist victims before emergency responders arrived.

Security operatives cordoned off the area shortly after the incident to prevent further casualties and to allow for preliminary assessment of the situation.

As of the time of filing this report, the exact number of casualties had not been officially confirmed.

Bomb explodes inside mosque in Maiduguri market, worshippers killed

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Igbo Association Raises Alarm Over Abuja–South East Highways, Seeks Urgent Federal Action

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Igbo Association Raises Alarm Over Abuja–South East Highways, Seeks Urgent Federal Action

By: Michael Mike

Igbo residents in the Federal Capital Territory (FCT), Abuja have expressed worries about the worsening condition of major highways linking Abuja to the South East, warning that continued neglect has turned the roads into serious safety hazards for commuters and businesses.

In a statement released on Tuesday, the Igbo Community Association in the Federal Capital Territory (ICA FCT) said the poor state of the road network had persisted for decades, despite repeated appeals for rehabilitation.

The group in a statement signed by the association’s President General, Engr. Ikenna Ellis-Ezenekwe, and Secretary General, Mazi Emmanuel Chinwoke Onah,

noted that large sections of the highways are riddled with potholes, failed portions and weak security presence, making travel dangerous and discouraging economic activities between the North Central and South East regions.

The group argued that the situation reflects long-standing infrastructure neglect and an uneven distribution of national resources, adding that the dilapidated roads have become attractive routes for criminal operations, including armed robbery and kidnappings.

According to ICA FCT, the impact of the bad roads goes beyond transportation challenges, contributing to youth frustration, reduced commercial exchanges and a growing sense of exclusion among people of the South East. The association urged the Federal Government to declare an emergency on the affected corridors and begin immediate reconstruction to ensure the safety of travelers, particularly during the festive season.

The association also called on lawmakers from the South East and the Minister of Works to take responsibility for restoring the roads to acceptable standards, stressing that infrastructure development is critical to national cohesion and economic growth.

Warning of political consequences, the group said communities in the South East would hold their representatives accountable if tangible progress is not recorded before the 2027 general elections. It added that voters would be mobilized to oppose the re-election of lawmakers perceived to have failed in addressing the issue.

Reaffirming its commitment to the welfare of Igbo people, the ICA FCT said it would continue to advocate for improved infrastructure, enhanced security and equitable development across all regions of the country.
End

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Yuletide: NEMA flags off emergency rescue operation in Gombe

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Yuletide: NEMA flags off emergency rescue operation in Gombe

The National Emergency Management Agency (NEMA), Gombe State, in collaboration with the Federal Road Safety Corps (FRSC) has inaugurated Operation Eagle Eye, to ensure rapid response during the festive periods.

While declaring the operation open in Gombe on Wednesday, the state’s Head of Operations, Mrs. Ummuna Ahmed, said that the initiative was in view of increased road and human activities during the festive season.

Ahmed said that the operation was a strategic initiative designed to enhance timely rescue operations towards saving lives in the event of road traffic crashes, fire outbreaks, and other emergencies.

She reaffirmed NEMA’s commitment to protecting lives and property through effective coordination, early response mechanisms, and the strategic deployment of Search and Rescue personnel.

She appealed to motorists and other road users, to observe traffic regulations, drive responsibly, and cooperate with emergency responders to minimise preventable incidents.

“As part of the operation, NEMA Search and Rescue teams have been strategically deployed along major routes linking Gombe State to neighbouring states.

“These include the Gombe–Bauchi, Gombe–Yola, Gombe–Maiduguri, and Gombe–Kano corridors.

“The routes were identified based on their high traffic volume and strategic importance, with emergency personnel and assets, positioned to ensure swift intervention and life saving support whenever the need arises,” she said.

Ahmed urged members of the public to promptly report emergencies through appropriate channels to enable timely response.

She expressed NEMA’s readiness to respond promptly to emergencies, in collaboration with relevant stakeholders to ensure the success of Operation Eagle Eye.

On his part, the Sector Commander of FRSC in the state, Mr Samson Kaura, said that motorists would be sensitised on the need to observe traffic rules and regulations during and after the yuletide celebration.

Kaura said that the collaboration with NEMA was to ensure quick response to emergencies towards saving lives and property in cases of crash.

The News Agency of Nigeria (NAN) reports that following the inauguration, two emergency incidents were recorded at the Bauchi road axis of Gombe State, involving a total of seven casualties.

No deaths were however recorded.

The victims were promptly rescued and evacuated to the Federal Teaching Hospital, Gombe, for medical attention. recorded.

Yuletide: NEMA flags off emergency rescue operation in Gombe

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