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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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Suspected bandit arrested in Niger over ammunition and cattle rustling

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Suspected bandit arrested in Niger over ammunition and cattle rustling

By: Zagazola Makama

A suspected bandit and ammunition runner, Haruna Usman Dan-Mazuru, has been arrested in Gawu-Babangiga, Niger State, over links to cattle rustling and illegal arms dealings.

Sources said the suspect, who hails from Jela village in Birnin-Magaji Local Government Area of Zamfara state but resides in Karmo, FCT, Abuja, was apprehended on Feb. 23 at about 4:30 p.m. on reasonable suspicion.

According to the sources , the suspect admitted to acting as a courier for one Musa (Snu) of Dajin-Mailayi in Birnin-Magaji, a known kidnapper and cattle rustler, to deliver live ammunition to Alhaji Hassan, currently at large in Awala area of Lambata, Gurara LGA.

Investigators recovered a protective vest containing 99 charms from the suspect. Efforts are ongoing to locate Alhaji Hassan and recover the ammunition.

The case is under active investigation.

Suspected bandit arrested in Niger over ammunition and cattle rustling

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Nasarawa councillor abducted along Doma–Yelwa road

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Nasarawa councillor abducted along Doma–Yelwa road

By: Zagazola Makama

A serving councillor representing Doka Ward in Doma Local Government Area of Nasarawa State, Muhammad Onumenya, has been abducted.

He was reportedly kidnapped on Feb. 23 at about 7:35 p.m. along the Doma–Yelwa Village Road while travelling within the area.

Following the report, a patrol team, alongside members of vigilante groups and local hunters, was mobilised to comb the surrounding bushes in search of the victim.

As of the time of filing this report, no trace of the councillor had been found.

Search operations are ongoing by the security agencies with efforts being intensified to secure his safe return and identify those responsible for the abduction.

Residents have been urged to remain vigilant and provide useful information that could aid the rescue efforts.

Nasarawa councillor abducted along Doma–Yelwa road

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AS KANO SINGER MARKET TRADERS APPRECIATE FG: VP Shettima Restates Government’s Resolve To Prevent Recurrence Of Infernos In Kano Markets

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AS KANO SINGER MARKET TRADERS APPRECIATE FG: VP Shettima Restates Government’s Resolve To Prevent Recurrence Of Infernos In Kano Markets

Says President Tinubu has directed relevant agencies to take proactive fire safety measures

By: Our Reporter

The Vice President, Senator Kashim Shettima, has restated Federal Government’s resolve to work with the Kano State government and relevant government agencies to prevent the recurrence of fire outbreak in markets across the state.

He disclosed that all necessary documentation has been made by the Federal Ministry of Humanitarian Affairs to release the N5 billion pledge made by President Bola Ahmed Tinubu to support traders and other victims of the inferno that razed several sections of the popular Kano Singer Market, resulting in significant economic losses, including goods and business capital valued at billions of Naira.

Senator Shettima gave the assurance on Wednesday in Abuja when a delegation of the Association of Kano Business Community, led by its President, Alhaji Sabiu Bako, paid him a thank you visit in his office at the Presidential Villa, Abuja.

He assured the delegation that President Tinubu has the people of Kano at heart, saying the N5 billion approved by the President as immediate relief for victims of the inferno was based on result of the preliminary assessment of the damages caused by the fire outbreak.

He said, “Be rest assured that President Bola Ahmed Tinubu has you in heart. When the incident happened, he immediately directed me to proceed to Kano and sympathise with victims of the inferno. In fact, he gave the blanket cheque to make a recommendation on the support we should give to the government and people of Kano.

“And the N5 billion approved by the President was based on the outcome of your preliminary assessment of the damages; otherwise, if the level of damage was up to N20 billion, I am absolutely certain that the President would have approved that amount. The donations of this nature are handled by the ministry of Humanitarian Affairs.”

The Vice President however called for transparency in the management of the funds, saying “the disbursement and utilisation of the funds must be transparently done for posterity.”

He also informed the delegation that the President has directed that proactive measures should be taken by the relevant Federal Government agencies, in collaboration with the Kano State government, to prevent any reoccurrence of such fire outbreaks in the state.

“Government intends to engage your association to also introduce fire safety measures to prevent the reoccurrence of such incidence to safeguard the lives and properties of our people. The reoccurrence of fire of such magnitude can only be mitigated by taking proactive measures,” he stated.

Acknowledging the challenges facing Kano as one of the nation’s industrial hubs, VP Shettima noted that, while Nigeria’s economy has been recalibrated and is on a sound footing, the nation is on a path to sustained growth.

He said with the economy back on track, government is poised to address the state’s industrial challenges, citing the the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, designed to deliver natural gas to Northern Nigeria, including a major 1,350 MW Independent Power Plant (IPP) in Kano, which is already at 80% completion stage, and aims to revitalize industries and boost power supply in the state.

“We know the challenges of Kano. Most of the industries in Kano are now in a state of comatose. The few that are existing are on life support because they are generating their own power. But the AKK will soon see the light of the day. It is the most expensive infrastructure project in this country.

“With the AKK, I believe Kano will bounce back to life again because power is sine qua non for any industrial take-off. Kano used to have as many as a thousand industries, and they will be revived,” the VP assured the delegation.

Earlier in his remarks, the President of the Association, Alhaji Sabiu Bako, appealed to the Federal Government to consider the establishment of a special loan facility that is interest-free for the affected traders with a structured repayment period of up to ten years.

In addition, he urged continued federal assistance in rebuilding critical infrastructure within the market to ensure improved safety standards and prevent future occurrences.

He said such gestures will not merely restore businesses alone but will also restore dignity, rebuild confidence, and revive the economic fortunes of the victims as well as the economy of the entire state.

He stated: “Kano’s business community is resilient. Our traders are industrious men and women who ask not for handouts, but for a bridge back to productivity. With structured support and sustained collaboration Singa Market will rise again, stronger, safer, and more vibrant than ever.

“On behalf of the Kano Business Community, I express our profound gratitude and reaffirm our commitment to partnering with the Federal Government in rebuilding and strengthening our economy.”

Alhaji Sabiu expressed gratitude for the donations by the Federal Government and the Progressive Governors Forum, noting that their “swift action helped contain further damage and offered immediate relief.”

Expressing the association’s gratitude to President Tinubu, he continued: “We are profoundly grateful to His Excellency, President Bola Ahmed Tinubu, GCFR, for his decisive intervention and compassion. The President’s action in dispatching a high-powered delegation led by you to commiserate with the government and people of Kano State brought comfort to our grieving community.

“The donation of N5 billion to the affected traders has provided immediate succour and renewed hope among our people. This gesture of solidarity reflects the unity of purpose that defines our nation in times of crisis.”

AS KANO SINGER MARKET TRADERS APPRECIATE FG: VP Shettima Restates Government’s Resolve To Prevent Recurrence Of Infernos In Kano Markets

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