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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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UNIFEMGA Urges Positive Mindset, National Unity as Key to Nigeria’s Growth

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UNIFEMGA Urges Positive Mindset, National Unity as Key to Nigeria’s Growth

By: Michael Mike

Members of the Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA) have called on Nigerians to embrace positive thinking, patriotism and collective responsibility as essential ingredients for national transformation and sustainable development.

The association made the call in a communiqué issued at the end of its 2026 Annual National Re-union held at Obafemi Awolowo University, Ile-Ife, Osun State, between May 8 and May 10.

The conference, themed “The Potential Within Nigeria: Positive Mindset and Communication for Success,” brought together Muslim professionals, academics, business leaders and alumni from across the country to deliberate on issues affecting national development, education, governance and economic growth.

The communiqué, signed by the National President of the association, Mohamed Buari, and the National Secretary, Sefiu Ikudaisi, stressed that Nigeria possesses abundant human and material resources capable of transforming the country into a global economic and political force if citizens adopt the right mindset and attitudes.

According to the association, negative narratives, disunity and poor value orientation have continued to undermine the country’s enormous potential.

It noted that Islam encourages development, innovation and the pursuit of knowledge capable of improving the quality of life, provided such advancements remain within the ethical boundaries prescribed by the religion.

The conference commenced with a special Jumat service at the OAU Central Mosque of Unity and a courtesy visit to the Vice-Chancellor of the university, Adebayo Simeon Bamire, and other principal officers of the institution.

During the visit, discussions centred on issues of mutual interest, with the university management reportedly commending the association for its contributions to the growth and development of the institution.

A major highlight of the reunion was the presentation of scholarships worth N14.6 million to 140 students of the university as part of the association’s welfare and educational support programme.

UNIFEMGA disclosed that since the introduction of the scholarship initiative in the 2009/2010 academic session, it has disbursed over N103.4 million to 1,148 students of the institution.

The association also launched a N200 million endowment fund targeted at supporting widows and orphans of members under its welfare scheme.

The event featured a networking dinner sponsored by the Chairman of the Board of Trustees of the association, Rafiu Ebiti, focusing on value-driven entrepreneurship and investment opportunities.

The reunion lecture was delivered by the Director-General of the National Orientation Agency, Lanre Issa-Onilu, while the Managing Director and Chief Executive Officer of Matrix Energy Group, Abdulkabir Adisa Aliu, chaired the occasion.

Also in attendance were representatives of the Osun State Government, including Governor Ademola Adeleke, represented by his Senior Special Assistant on Religious Affairs, Bello Adeniyi, as well as the Pro-Chancellor of the university, Adejare Bello.

The association expressed concern over the growing challenges confronting tertiary education in Nigeria, including brain drain, obsolete learning equipment, unstable academic calendars and outdated curricula.

It urged the government to urgently address the problems and transform the current “japa” trend into an opportunity for “brain gain” capable of enhancing national productivity and innovation.

UNIFEMGA further called for stronger collaboration between universities and the private sector to ensure sustainable research, innovation and technological advancement.

On the economy, the association urged governments at all levels to create an enabling business environment through improved electricity supply, infrastructure development and investment in human capital.

It also stressed the need to tackle unemployment, warning that many jobless youths are vulnerable to manipulation by individuals promoting violence and instability.

The association said that a positive national mindset remains the foundation for building a prosperous and united Nigeria, urging citizens to embrace values that promote peace, productivity, discipline and national cohesion.

UNIFEMGA Urges Positive Mindset, National Unity as Key to Nigeria’s Growth

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NSITF Restoring Hope to Injured Nigerian Workers Through Compensation Scheme — Faleye

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NSITF Restoring Hope to Injured Nigerian Workers Through Compensation Scheme — Faleye

By: Michael Mike

The Nigeria Social Insurance Trust Fund (NSITF) has intensified efforts to restore dignity, confidence and economic relevance to Nigerian workers injured in the line of duty through its Employees’ Compensation Scheme (ECS), with the Managing Director and Chief Executive Officer of the Fund, Oluwaseun Faleye, declaring that no worker should be abandoned after suffering workplace accidents.

Faleye made the declaration in Abuja during the presentation of prosthetic limbs to 10 beneficiaries under the Fund’s rehabilitation and reintegration programme, describing the intervention as a practical demonstration of government’s commitment to social protection and workers’ welfare.

Represented by the General Manager, Claims and Compensation, Mrs. Nkiru Ogunnike, the NSITF boss said the scheme has continued to serve as a lifeline for workers whose lives were disrupted by industrial accidents, occupational diseases and other work-related hazards.

He stressed that the Employees’ Compensation Scheme was not designed merely to pay compensation, but to restore injured workers physically, emotionally and psychologically so they could reintegrate into society with renewed confidence.

According to him, many workplace accidents leave victims permanently altered, with some battling emotional trauma, social stigma and uncertainty about their future livelihoods.

“For many Nigerian workers, a single workplace incident can permanently alter the course of their lives. Through the intervention of the NSITF as administrators of the ECS, affected workers are given a second chance to rebuild their lives and regain independence,” he said.

Faleye cited the case of Daniel Etim, a staff member of the University of Uyo Printing Press, whose arm was amputated after it became trapped in an industrial machine during routine work in May 2024.

He explained that the NSITF not only covered Daniel’s medical expenses under the Employees’ Compensation Scheme but also provided him with a prosthetic arm to aid his rehabilitation and restore his functionality.

“Beyond the payment of medical bills, the Fund extended further rehabilitative support by providing him with a prosthetic arm, reaffirming its commitment not only to compensation but also to restoring dignity, confidence and functionality to injured workers,” he stated.

Faleye also recounted the experience of Festus Okpara, an employee of Tower Aluminium Laos, who lost his hand in a workplace accident in 2015 and endured years of emotional distress and social discomfort.

According to him, the provision of a silicone prosthetic hand by the NSITF has helped Okpara regain confidence and interact freely in public once again.

“Beyond the trauma of the accident itself was the constant public attention, the quizzical looks and the pitying stares that made social interactions difficult. The intervention of the NSITF has helped restore his sense of inclusion and self-worth,” he added.

One of the beneficiaries, Festus Okpara, expressed appreciation to the Fund for what he described as life-changing support.

“I thank NSITF for coming all this way to help. At least with this, I can go out in public and feel free. NSITF has reduced the level of trauma,” he said.

The latest intervention is part of the ongoing rehabilitation and reintegration programme of the NSITF, under which 78 beneficiaries have recently been fitted with artificial limbs.

The Employees’ Compensation Scheme was established under the Employees’ Compensation Act of 2010 to provide compensation for workers who suffer injuries, disabilities, diseases or death arising from workplace activities.

The scheme, funded through employer contributions, was introduced to replace the defunct Workmen’s Compensation Act and broaden social protection for Nigerian workers in both the public and private sectors.

Over the years, labour stakeholders have repeatedly raised concerns over poor workplace safety standards in several sectors of the economy, especially manufacturing, construction and heavy industry, where industrial accidents remain prevalent.

Analysts say the increasing intervention of the NSITF in rehabilitation and compensation is gradually strengthening confidence in Nigeria’s social insurance system and drawing attention to the need for stricter enforcement of occupational safety measures across workplaces.

For many beneficiaries, however, the interventions represent something deeper than compensation — a restoration of hope after tragedy.

NSITF Restoring Hope to Injured Nigerian Workers Through Compensation Scheme — Faleye

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Troops eliminates several ISWAP Attackers in failed attempt on Gonori, Recover Weapons in Borno

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Troops eliminates several ISWAP Attackers in failed attempt on Gonori, Recover Weapons in Borno

By: Zagazola Makama

Troops of Operation Hadin Kai (OPHK) have repelled a late-night attack by suspected ISWAP terrorists on the Forward Operating Base of the 120 Task Force Battalion in Gonori, Borno State.

Military authorities said the failed attack occurred between late Saturday, May 9, and the early hours of Sunday, May 10, 2026, under Sector 2 of the North-East counter-insurgency operation.

The terrorists were said to have advanced toward the location from the Mandunari axis at about midnight but were detected early by troops on ambush positions.

Security sources disclosed that troops immediately launched a coordinated spoiling attack, forcing the insurgents into a heavy exchange of fire before air support from the Air Component of Operation Hadin Kai and the Nigerian Army Aviation joined the operation.

The combined air-land assault reportedly inflicted heavy casualties on the fleeing terrorists, while troops successfully defended the camp without any breach or loss of equipment.

Exploitation of the general area after the encounter reportedly revealed blood trails, body parts and several terrorist corpses within the vicinity, indicating significant casualties among the attackers.

Troops also recovered one General Purpose Machine Gun (GPMG), two PKT machine guns, five AK-47 rifles, belts of assorted ammunition and other items abandoned by the insurgents.

Military authorities confirmed that some soldiers sustained injuries during the encounter but were stable and receiving medical attention.

They added that exploitation and pursuit operations were ongoing to track fleeing terrorists and consolidate gains recorded during the operation.

The military said the latest failed attack further demonstrated the operational readiness of troops and the continued pressure being mounted against terrorist groups across the North-East theatre.

Troops eliminates several ISWAP Attackers in failed attempt on Gonori, Recover Weapons in Borno

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