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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 arrest suspected terrorist, recover rifle in Zamfara
By: Zagazola Makama
Troops of Operation FANSAN YAMMA have arrested a suspected terrorist and recovered an AK-47 rifle during a routine patrol in Gusau Local Government Area of Zamfara State.
Security sources said the arrest was made on April 3 at about 11:30 a.m. by troops of 1 Brigade Combat Team deployed at Forward Operating Base (FOB) Kurya.
The suspect was apprehended at Tungan Haki village and found in possession of one AK-47 rifle mounted with a magazine containing 13 rounds of 7.62mm special ammunition.
The sources disclosed that the suspect and the recovered weapon are currently in custody for further investigation and necessary action.
They added that troops have continued to intensify patrols and surveillance operations across the area to curb criminal activities.
Troops arrest suspected terrorist, recover rifle in Zamfara
IED explosion injures two security personnel during patrol in Anambra
By: Zagazola Makama
Two security personnel have been injured following the detonation of an improvised explosive device (IED) during a fighting patrol in Ihiala Local Government Area of Anambra State.
Security sources said the incident occurred on April 3 at about 12:30 p.m. when troops of Sector 5, Operation UDO KA, deployed at Forward Operating Base (FOB) Lilu, conducted a patrol alongside Nigeria Police personnel.
It was gathered that the team sighted the IED within the Lilu general area and attempted to destroy it.
However, the explosive device detonated during the process, injuring an Explosive Ordnance Disposal (EOD) personnel and a police officer.
The injured personnel were immediately administered first aid at the scene before being referred to a medical facility for further treatment.
Authorities said the situation has been brought under control, while operations continue in the area to ensure safety and prevent further incidents.
IED explosion injures two security personnel during patrol in Anambra
Troops neutralise two terrorists, destroy hideouts in Plateau clearance operations
By: Zagazola Makama
Troops of Operation Enduring Peace (OPEP), under Operation Wutan Daji, have neutralised two suspected terrorists and destroyed several hideouts during clearance operations in Wase Local Government Area of Plateau.
Security sources said the operations were carried out in conjunction with local vigilantes across Babangida, Adua and Bokayi villages within the Dutsen Zaki forest.
It was gathered that troops made contact with the terrorists along the Babangida–Adua road, leading to a gun battle in which two of the suspects were neutralised, while others fled with possible gunshot wounds.
No casualties were recorded among the troops, and all equipment was accounted for.
During the operation, troops recovered one locally fabricated gun, a belt containing 105 rounds of 7.62mm PKT ammunition, 30 rounds of 7.62mm special ammunition and a cutlass.
In a related development, troops of CSI Battalion XIV, in collaboration with 332 Artillery Regiment and vigilantes, conducted further clearance and raid operations in Dadin-Kowa and Dada villages.
The operation involved 47 soldiers and four vigilantes, supported with motorcycles, gun trucks, a Mine-Resistant Ambush Protected (MRAP) vehicle and an artillery gun.
The troops established a gun position and carried out fire missions on suspected terrorist locations in Madam Forest to deny them freedom of action.
Subsequent raid operations in Dadin-Kowa village led to the destruction of suspected terrorist hideouts, although no contact was made with the fleeing elements.
Troops neutralise two terrorists, destroy hideouts in Plateau clearance operations
Troops arrest suspected terrorist, recover rifle in Zamfara
Troops recover suspected rustled cattle in Plateau
Troops neutralise kidnapper, rescue victim in Enugu
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