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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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Troops arrest suspected ISWAP informant in Gombi, Adamawa

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Troops arrest suspected ISWAP informant in Gombi, Adamawa

By: Zagazola Makama

Troops of the Joint Task Force (JTF) Operation HADIN KAI, in conjunction with Civilian Hunters and the Vigilante Group of Nigeria, have arrested a suspected informant of the Islamic State West Africa Province (ISWAP) and Boko Haram Terrorists (BHT) in Gombi.

The suspect, identified as Abdullahi Umar, 25, a native of Gwoza, was apprehended on March 23 following credible intelligence on the presence of ISWAP elements within the 232 Battalion Tactical Area of Responsibility.

Preliminary investigations revealed that Umar was tasked with conducting reconnaissance along routes leading to the 232 Battalion general area and military structures, with the aim of identifying suitable entry points for future attacks.

The suspect also confessed to involvement in the recent attack on troops in Ngoshe.

Umar is currently in the custody of troops for further investigation and necessary action

Troops arrest suspected ISWAP informant in Gombi, Adamawa

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Over 930, 000 persons benefit from ACReSAL Projects in Gombe

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Over 930, 000 persons benefit from ACReSAL Projects in Gombe

Mr Mohammed Fawu, the Gombe State Commissioner of Water, Environment and Forest Resources, has stated that no fewer than 930,162 persons across the state have benefitted from the implementation of the World-Bank-funded Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) Project in the state within the past three years

Fawu stated this in Gombe on Monday while declaring open a four-day training of enumerators for ACReSAL Third Party Assessment.

Fawu stated that Gombe State has within the three years received disbursements amounting to $27.51 million for the implementation of the project which had impacted positively on the lives of residents.

He said that the projects so far implemented have contributed to combating land degradation, erosion, and climate change while improving on the lives of persons living around communities were projects were executed.

“Gombe State has advanced a wide range of landscape and community-level interventions, including: establishment of 313 hectares of woodlot plantation.

“Upgrading of Kanawa Forest into a biosphere resort and botanical garden, indigenous tree plantations and roadside shelterbelts spanning 110 kilometres.

“Canalization of Balanga Dam irrigation channels covering 6,329 hectares provision of 250 wash boreholes to support irrigation farming.

“ At the community level, we have distributed clean cook stoves to 3,000 households, provided rainwater harvesting facilities to 1,000 households and institutions, and supplied drought-tolerant seeds to 10,000 farmers.

“Solar-powered irrigation schemes, borehole drilling, and Community Revolving Fund activities are ongoing, supporting agro-processing, livestock, and farm enterprise development,” he said.

He added that ACReSAL has strengthened smart agricultural practices through the establishment a farm centre dedicated to training and research.

Fawu commended the partnership between the Gombe State government and World Bank, which he said has impacted several sectors while improving the livelihoods of residents of Gombe State.

On his part, Dr Sani Jauro, the Gombe State ACReSAL Project coordinator said that no fewer than 220 enumerators drawn from the 19 Northern States and the Federal Capital Territory were being trained.

Jauro said that the third-party assessment would ensure unbiased review of the projects so far implemented by ACReSAL from independent party.

He said the assessment was part of the procedure of ACReSAL project implementation meant to review the progress and challenges of the projects by enumerators who are not involved in the day-to-day running of ACReSAL projects.

Jauro urged the enumerators to carry out their jobs with fairness and be just in their report, adding that “the credibility of the exercise lies on your shoulder.”

On her part, the World Bank Task Team Leader, Dr. Joy Agene who was represented by Mr Joseph Abang, Operations Officer with World Bank said the assessment would unravel what has changed since the commencement of the implementation of the project.

Agene urged the enumerators to be steadfast and report accurately in line with the essence of the exercise.

Over 930, 000 persons benefit from ACReSAL Projects in Gombe

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Police repel attack during attempt to arrest suspected bandit leader, one killed in Kano

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Police repel attack during attempt to arrest suspected bandit leader, one killed in Kano

By; Zagazola Makama

The Police Command in Kano State has repelled an attack on its personnel during an operation to arrest a suspected bandit leader in Bichi Local Government Area.

Security sources told Zagazola Makama that the incident occurred at about 6:30 p.m. on March 22, following a distress call from Tudun Wulli Outpost.

According to the sources, a team of the Anti-Kidnapping Squad, led by ASP Abubakar Musa, acted on credible intelligence and trailed a suspected bandit leader identified as Muhammad, also known as “Senator” or “Kirchi,” who had reportedly visited Tudun Wulli village for Sallah celebrations.

“The suspect was sighted in possession of an AK-47 rifle, but upon attempt to apprehend him, he fled into a crowd,” the source said.

The situation escalated when a mob allegedly attacked the police team with stones and other dangerous weapons, injuring ASP Lawali Hamidu and damaging the windscreen of a patrol vehicle.

“In the process of tactical withdrawal, four persons sustained gunshot injuries and were rushed to General Hospital, Bichi, for treatment,” the source added.

One of the victims, identified as Halima Saidu, was later confirmed dead by a medical doctor, while the others are responding to treatment.

The police personnel involved in the operation were safely evacuated, and additional security deployments have been made to the area to forestall further breakdown of law and order.

The command said the situation has been brought under control, adding that investigations are ongoing, while efforts are being intensified to apprehend the fleeing suspect.

Police repel attack during attempt to arrest suspected bandit leader, one killed in Kano

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