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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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Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno

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Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno

By: Zagazola Makama

The Air Component of Operation Hadin Kai has neutralised over 50 suspected Boko Haram/ISWAP terrorists following precision air strikes on their withdrawal routes after a failed attack on Ngoshe in Gwoza Local Government Area of Borno.

Sources told Zagazola Makama that the officer said the terrorists had, at about 7:30 p.m. on March 3, launched a coordinated assault on artillery positions in Ngoshe, a community located about 12 kilometres from Pulka and 31 kilometres from Gwoza town.

“The insurgents attempted to overrun the artillery positions in a surprise evening attack. Troops on ground responded effectively but conducted a tactical withdrawal under intense fire to preserve personnel and equipment while reinforcements were being mobilised,” he said.

The sources explained that the insurgents had adopted a hit-and-withdraw tactic, abandoning the scene before reinforcement troops fully secured the area.

The sources added that additional troops were immediately deployed, while surveillance platforms tracked the fleeing terrorists along identified withdrawal corridors.

“Upon receipt of real-time intelligence from ground troops, the surveillance aircraft were scrambled to engage the terrorists on their egress routes. The terrorists were sighted moving in clusters in both locations.

“Precision bombardment was conducted on confirmed target clusters and movement trails. Battle Damage Assessment indicates that over 50 terrorists were neutralised in two separate strike runs,” the officer said.

“The air-ground synergy under Operation Hadin Kai ensured that although the terrorists attempted to escape into forested enclaves, they were decisively engaged from the air.

“The strikes also disrupted their logistics and mobility capability within the Ngoshe–Pulka corridor,” he said.

The sources further stated that clearance and area domination operations were ongoing to forestall any regrouping attempts by the insurgents.

He noted that the Ngoshe–Gwoza axis remains a historically volatile corridor due to intermittent activities of Boko Haram and ISWAP remnants exploiting difficult terrain and proximity to cross-border forest zones.

“Operation Hadin Kai remains resolute in sustaining offensive pressure. The message is clear any attempt to attack our positions will attract overwhelming and coordinated firepower,” he said.

He assured residents of Gwoza and surrounding communities of the military’s commitment to protecting lives, supporting resettlement efforts, and consolidating gains recorded in the ongoing counter-insurgency campaign in Borno.

Military Air precision bombardment neutralises over 50 terrorists after attack on Ngoshe in Borno

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Two arrested over alleged child trafficking in Cross River

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Two arrested over alleged child trafficking in Cross River

By; Zagazola Makama

Two suspected child traffickers have been arrested by the Police in Oboho Ito community, Odukpani Local Government Area of Cross River, following a foiled attempt to allegedly sell a one-month-old baby.

Security sources told Zagazola Makama that the suspects were apprehended on March 2 after youths of the community intercepted them based on a tip-off.

According to the source, the mother of the baby, Favour Effiong, reported that on March 1, one Happiness Etim Udoh, allegedly persuaded her to bring her one-month-old child under the pretext of taking her to receive financial assistance for the upkeep of the baby.

“On suspicion, the mother informed her landlord, and community youths laid ambush for the suspect,” the source said.

Udoh was subsequently arrested alongside an alleged accomplice, Ekpo Inyang, said to have no fixed address.

Police say preliminary investigation revealed that the suspects allegedly planned to snatch and sell the baby to a woman in Abuja.

The source further disclosed that during interrogation, the suspects allegedly confessed to previously selling a child for N200,000 to a buyer in Abuja.

It was also alleged that arrangements had been made to hand over the one-month-old baby to a relative of one of the suspects in Abuja, who was reportedly pretending to be pregnant.

The baby was safely recovered and handed back to the mother.

Police said investigation into the matter had commenced, while efforts were ongoing to identify and apprehend other members of the suspected trafficking network.

They reiterated commitment to tackling child trafficking and protecting vulnerable children across the state.

Two arrested over alleged child trafficking in Cross River

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Troops of Operation HADIN KAI repel ISWAP attack in Damasak, three residents shot

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Troops of Operation HADIN KAI repel ISWAP attack in Damasak, three residents shot

By: Zagazola Makama

Troops of Operation HADIN KAI, in collaboration with Civilian Joint Task Force (CJTF)/Hunters Group, successfully repelled an attack by suspected ISWAP terrorists in Damasak town, Nganzai Local Government Area.

According to sources, the assailants invaded the town around 10:30 p.m., opening sporadic gunfire that sent residents fleeing in panic.

“Three civilians, Goni Dauda, 25, of Zanna Umarti Ward; Modu Ya’asham, 32, of Gajiram Town; and Asinamai David, 25, of Bula Kara, Gubio Town, were fatally hit by stray bullets, while Kellu Bukar, 40, an IDP camp resident, sustained a chest wound and is currently receiving treatment at General Hospital Damasak.

The troops stormed the scene and engaged the terrorists in a heavy gun battle forcing them to flee with bullets wounds.

The troops later visited the scene and evacuated the victims.

The corpses of Goni Dauda and Modu Ya’asham were released to their families for burial according to Islamic rites, while Asinamai David was buried according to Christian rites.

Security forces confirmed that normalcy has returned to the town, and monitoring continues to prevent further incidents.

Troops of Operation HADIN KAI repel ISWAP attack in Damasak, three residents shot

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