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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
Modern market: I’ve fulfilled campaign promises to Ngalda community – Buni
Modern market: I’ve fulfilled campaign promises to Ngalda community – Buni
Gov. Mai Mala Buni of Yobe State, Tuesday, said he has fulfilled his campaign promises to the good people of Ngalda community in Fika Local Government Area of the state following the inauguration of the newly reconstructed modern market in the community.
Buni stated that this in Ngalda community during the inauguration of the ultra modern market reconstructed by his administration to boost economic activities, create jobs for youths as well as boost the revenue of the state.
He stated that the facility which was completed in 10 months has all the modern equipment that any modern market ought to have to serve the economic requirement for businesses and trade to thrive seamlessly.
He said that by inaugurating the facility, he had fulfilled the campaign promises made to the good people of Ngalda to reconstruct the market, equip it with modern facilities as well as address the challenge of poor drainage resulting in perennial flooding in the community.
The inauguration of Ngalda Modern Market and concrete drainage is part of our legacy projects in fulfilment of our (campaign) promises to the good people of Ngalda and its environs.
This project has 272 shops of different sizes, administrative block, mosque, refuse collection point, parameter fence, pavement, drainage, boreholes, fire service station, police outpost, microfinance bank, and a 2.98 kilometer drainage is being constructed to tackle the perennial flooding being experienced in the town.’
Buni said that the market is one of the most thriving markets in the state that enjoyed patronage from across the country with the huge turnover that contributed to the state’s economy.
According to him, the new modern market will further increase economic activities in the area, creates job and income generation to the people and also promote post insurgency economic recovery programme of his administration.
He urged the people to take ownership of the market by ensuring its cleanliness for maximum benefits and good utilisation of the facility for the government to have value for the money expended on the project.
He further urged the market authorities to take all necessary steps to prevent leakages in the revenue collection drive and ensure that all revenue generated are remitted to government coffers to be used as part of funds to strengthen development in the state.
He thanked President Bola Tinubu for his support to Yobe State that had enabled the state to execute projects for the benefit of the people.
In conclusion, Buni, named the new Ngalda market after Gov Inuwa Yahaya of Gombe State, saying that the market would now be called Muhammadu Inuwa Yahaya Modern Market.’’ In his remarks, Yahaya thanked Buni for executing alegacy and well constructed project’’, noting that the market would impact the economy of Yobe and Gombe States and Nigeria at large.
In his remarks, Hon. Kaigama Umar Yunusari, the Yobe State Commissioner of Commerce, Industry, Tourism, and Solid Minerals said that the state government under Buni’s leadership, since 2019, had established nine ultra modern markets across the state with six completed while three were ongoing.
Yunusari while commending Gov. Buni for the initiative aimed at boosting economic activities, job and wealth creation for the people, stated that the modern markets have become a model for other states.
Modern market: I’ve fulfilled campaign promises to Ngalda community – Buni
News
Security forced arrested three over illegal arms dealings in Bauchi
Security forced arrested three over illegal arms dealings in Bauchi
By: Zagazola Makama
Three men have been arrested for allegedly engaging in illegal weapons dealings in Bauchi State, security sources said.
The suspects, identified as Peter Pama and Saleh Monday, both of Iburu, and Sunday Makama of Kasuwan Magani, were apprehended on Feb. 17 following intelligence on illicit arms activities.
Zagazola gathered that one locally fabricated AK-47 rifle and one fabricated pump-action gun from the suspects.
Investigations into the case are ongoing as security agencies work to determine the full extent of the arms network.
Security forced arrested three over illegal arms dealings in Bauchi
News
Joint troops repel bandit attack in Katsina, neutralise two and recover motorcycle
Joint troops repel bandit attack in Katsina, neutralise two and recover motorcycle
By: Zagazola Makama
Joint troops of Operation FANSAN YANMA have repelled an armed bandit attack in Gida Soda Village, Katsina State, neutralising two attackers and recovering a motorcycle, security sources said.

The incident reportedly occurred at about 12:45 a.m. on Feb. 17 when suspected bandits stormed the village. Troops, acting promptly in coordination with local police and Civil Watch Patrol Teams, engaged the attackers in an intense gunfight, forcing the criminals to flee.

During the operation, two of the bandits were neutralised, and a Boxer-brand motorcycle belonging to the group was recovered.
Tragically, one resident, Hassana Muhammad, 30, was reportedly fatally shot during the attack. She was rushed to Dansoda Hospital, where she was pronounced dead by medical personnel.
Sources said efforts to track fleeing bandits and secure the area are ongoing.
Joint troops repel bandit attack in Katsina, neutralise two and recover motorcycle
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