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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
News
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
By: Zagazola Makama
Troops have rescued an official of the Independent National Electoral Commission (INEC) and arrested three suspects following a reported kidnapping and disruption of election-related activities in Yakurr Local Government Area of Cross River State.
Security sources disclosed that the incident occurred at about 11:15 p.m. on May 22 when two groups of suspected kidnappers stormed the venue of ADC primary elections at Wummy Hotel, Ekori community.
According to the sources, one of the groups abducted the INEC returning officer, forced him into a vehicle, and compelled him to transfer ₦70,000 before fleeing the scene.
The second group, operating on a motorcycle, reportedly carted away ballot boxes from the venue.
Following intelligence on the incident, troops in Yakurr Local Government Area laid an ambush on the fleeing suspects, successfully intercepting the vehicle and rescuing the kidnapped INEC official.
Three suspects were arrested during the operation, while one armed suspect reportedly escaped into nearby bush with a pistol, a mobile phone, ATM card, travelling bag and other election materials.
The rescued official, arrested suspects and recovered vehicle are currently in military custody for further investigation and action.
Security forces have intensified efforts to track down the fleeing suspects and recover the stolen electoral materials.
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
By: Zagazola Makama
Troops of 103 Battalion, in collaboration with the Nigeria Police Force, have raided a suspected cultists’ hideout in Achi town, Oji River Local Government Area of Enugu State, arresting three suspects and recovering items believed to be linked to criminal activities.
Security sources disclosed that the operation was carried out at about 4:30 a.m. on May 23 following credible intelligence on the activities of suspected cultists and other criminal elements operating in the area.
According to the sources, the troops stormed a residential building suspected to be used as a hideout by the criminal group.
During the raid, three suspects were apprehended, while items recovered include eight motorcycles and two buckets of locally made gunpowder.
The suspects and recovered items were subsequently handed over to the Nigeria Police Force for further investigation and necessary action.
Security authorities have continued to intensify joint operations in Enugu State and surrounding areas to curb cult-related activities and other forms of violent crime.
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
Troops Launch Manhunt for Berom Militia After Attack on Cattle in Plateau Community
By: Zagazola Makama
Troops of Sector 4 Operation Enduring Peace have launched efforts to track down Berom Militia following an attack on cattle in Barkin Ladi Local Government Area of Plateau State.
Security sources disclosed that the troops responded to a distress report at about 5:12 p.m. on May 23 concerning an attack on cattle belonging to a local herder identified as Alhaji Tambari at Gassa village.
According to the sources, the cattle were grazing in the area when the attackers struck and fled before the arrival of security personnel.
Upon reaching the scene, troops discovered that one cow had been shot dead during the incident.
The Berom militia were said to have escaped from the area before security operatives arrived.
Troops have since intensified efforts to identify and apprehend those responsible for the attack while patrols have been heightened within the community and surrounding areas to prevent further incidents.
Security authorities reiterated the commitment of Operation Enduring Peace to protecting lives and property and maintaining peace in communities across Plateau State.
Troops Launch Manhunt for Berom Militia After Attack on Cattle in Plateau Community
Troops Rescue INEC Official, Arrest Suspects After Election-Related Kidnapping Attempt in Cross River
Troops Raid Suspected Cultists’ Hideout, Arrest Three in Enugu State
Troops Launch Manhunt for Berom Militia After Attack on Cattle in Plateau Community
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