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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 Gunrunner in Taraba State
By: Zagazola Makama
Troops of Operation Whirl Stroke (OPWS), in collaboration with Defence Intelligence Agency operatives and local vigilantes, have arrested a suspected gunrunner in Ardo-Kola Local Government Area of Taraba State.
Security sources said the arrest was made at about 7:45 a.m. on May 13 during an intelligence-led operation at Iware community in the area.
The suspect was reportedly apprehended following credible intelligence linking him to arms trafficking activities within the Amaseyo general area.
Preliminary interrogation revealed that the suspect was allegedly involved in illegal arms dealing, prompting his immediate arrest by the joint security team.
The suspect is currently in custody and undergoing further investigation, while security agencies say efforts are ongoing to dismantle arms trafficking networks operating within the state and surrounding areas.
Troops Arrest Suspected Gunrunner in Taraba State
Troops Rescue Kidnap Victim During Patrol in Kogi
By: Zagazola Makama
Troops of the Nigerian Army under Operation MESA have rescued a kidnap victim abandoned by suspected terrorists along the Obajana–Jakura–Tajimi axis in Lokoja Local Government Area of Kogi State.
Security sources said the rescue operation was carried out at about 9:00 a.m. on May 13 by troops of 12 Brigade during a fighting patrol along the old Obajana–Jakura–Tajimi road.
According to the report, the troops discovered the victim after suspected kidnappers abandoned him while fleeing from the advancing security personnel.
The rescued victim was subsequently reunited with his family after the operation.
Security patrols and clearance operations have continued along the route and adjoining communities as part of ongoing efforts to combat kidnapping and other criminal activities in the area.
Troops Neutralise Terrorist During Operation Savannah Shield in Niger State
By: Zagazola Makama
Troops of the Nigerian Army under Operation Savannah Shield have neutralised a suspected terrorist during an offensive operation in Borgu Local Government Area of Niger State.
Security sources said the operation was conducted at about 2:45 p.m. on May 13 by troops of 221 Battalion alongside personnel of CSIB XVI deployed at the Forward Operating Base (FOB) Babanna.
The troops reportedly carried out the offensive raid on Masaka Village following intelligence on terrorist activities within the area.
During the operation, the troops made contact with the suspected terrorists, leading to an exchange of fire.
According to the report, one of the fleeing terrorists accidentally triggered an Improvised Explosive Device (IED), which detonated and resulted in his death.
Troops subsequently recovered one magazine loaded with 12 rounds of 7.62mm special ammunition from the scene.
Security forces have continued exploitation and clearance operations in the area aimed at dismantling terrorist hideouts and preventing further attacks within the operational environment.
Troops Neutralise Terrorist During Operation Savannah Shield in Niger State
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