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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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U.S., Nigerian Forces Eliminate ISIS Second-in-Command in Joint Operation

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U.S., Nigerian Forces Eliminate ISIS Second-in-Command in Joint Operation

By: Zagazola Makama

The United States has announced the elimination of Abu-Bilal al-Minuki, described as the second-in-command of the global Islamic State terrorist network, during a joint counterterrorism operation conducted with Nigerian security forces.

In a statement issued on Friday, Donald Trump said American forces, working alongside the Nigerian Armed Forces, carried out what he described as a “meticulously planned and very complex mission” targeting the terrorist leader.

According to Trump, Abu-Bilal al-Minuki had been operating from Africa and was considered one of the most active terrorist figures globally.

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump said.

He stated that the operation was enabled through intelligence sources that tracked the activities and movements of the ISIS commander.

Trump added that the removal of al-Minuki would significantly weaken the global operations of the terrorist group and reduce its capability to coordinate attacks, including plots targeting American interests.

He also thanked the Nigerian government for its cooperation and partnership in the operation.

“With his removal, ISIS’s global operation is greatly diminished. Thank you to the Government of Nigeria for your partnership on this operation,” he said.

Neither the U.S. nor Nigerian authorities immediately disclosed the exact location or operational details surrounding the mission.

The development marks one of the most significant counterterrorism operations involving U.S. and Nigerian forces in recent years against transnational terrorist elements linked to the Islamic State network.

U.S., Nigerian Forces Eliminate ISIS Second-in-Command in Joint Operation

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Cuba Blames U.S. Sanctions for Deepening Energy Crisis, Responds Cautiously to Reported $100m Aid Offer

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Cuba Blames U.S. Sanctions for Deepening Energy Crisis, Responds Cautiously to Reported $100m Aid Offer

By: Michael Mike

The government of Cuba has intensified accusations against the United States over the island’s worsening electricity and economic crisis, while cautiously welcoming reports of a proposed $100 million American aid package amid growing humanitarian concerns.

In separate statements issued this week, Cuban President Miguel Díaz-Canel and government officials argued that the country’s severe power shortages, fuel scarcity, and economic hardship are direct consequences of decades-long U.S. sanctions and what Havana described as an increasingly aggressive “energy blockade.”

The latest developments come as Cuba experiences one of its most difficult periods in recent years, marked by prolonged blackouts, shortages of food and medicine, rising inflation, and mounting public frustration.

Díaz-Canel said the situation affecting Cuba’s National Power System had become “especially tense,” with authorities forecasting a deficit of more than 2,000 megawatts during peak evening demand.

According to the Cuban leader, fuel shortages alone were responsible for preventing the generation of at least 1,100 megawatts of electricity, significantly worsening blackouts across the country.

He accused Washington of deliberately obstructing fuel supplies to Cuba by threatening sanctions and punitive measures against countries and companies willing to trade with Havana.

“This dramatic worsening has a single cause: the genocidal energy blockade that the U.S. has imposed on our country,” Díaz-Canel declared.

The Cuban president argued that recent improvements in electricity supply during April demonstrated the direct relationship between fuel imports and power generation capacity.

He noted that the arrival of a single fuel tanker — out of the eight Cuba reportedly requires monthly — temporarily reduced electricity deficits and mitigated blackouts, though outages did not disappear entirely.

Díaz-Canel further accused sections of the U.S. media and political establishment of attempting to portray Cuba’s economic crisis as solely the result of government mismanagement while ignoring the impact of sanctions and economic restrictions.

According to him, neither the decades-old U.S. embargo nor the additional sanctions imposed during the administration of former President Donald Trump had succeeded in overthrowing the Cuban Revolution.

He alleged that more recent executive measures targeting fuel supplies, foreign trade, and investment in Cuba were specifically designed to increase suffering among ordinary citizens and provoke unrest against the government.

Despite the criticism, Havana has also reacted cautiously to reports that the United States Department of State had formally proposed an aid package valued at $100 million for Cuba.

In a separate government statement, Cuban authorities said it remained unclear whether the proposed assistance would come in the form of direct financial support or material aid such as fuel, food, or medicine.

The Cuban government said it was prepared to consider foreign aid offered in good faith and expressed openness to working with the Catholic Church in implementing humanitarian support efforts.

“We are willing to hear the details of the offer and how it would be implemented,” the statement said, while warning against any attempt to use humanitarian assistance for political leverage.

Havana maintained that the most meaningful support Washington could provide would be the easing of economic, commercial, financial, and energy restrictions imposed on the island.

Cuban officials argued that sanctions had intensified “as never before” in recent months, severely affecting nearly every sector of the economy and worsening living conditions for millions of citizens.

The latest exchange reflects the complicated and often confrontational relationship between Havana and Washington, which has remained strained for more than six decades despite intermittent attempts at diplomatic rapprochement.

While Cuba insists that U.S. sanctions are the central driver of its current crisis, critics of the Cuban government continue to point to structural inefficiencies, state control of the economy, and policy failures as major contributors to the country’s prolonged economic difficulties.

Nevertheless, the apparent willingness of both sides to discuss humanitarian assistance suggests a potentially significant, though cautious, opening for limited engagement amid escalating hardship on the island.

Cuba Blames U.S. Sanctions for Deepening Energy Crisis, Responds Cautiously to Reported $100m Aid Offer

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Troops Arrest Suspected Gunrunner in Taraba State

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Troops Arrest Suspected Gunrunner in Taraba State

By: Zagazola Makama

Troops of Operation Whirl Stroke (OPWS), in collaboration with Defence Intelligence Agency operatives and local vigilantes, have arrested a suspected gunrunner in Ardo-Kola Local Government Area of Taraba State.

Security sources said the arrest was made at about 7:45 a.m. on May 13 during an intelligence-led operation at Iware community in the area.

The suspect was reportedly apprehended following credible intelligence linking him to arms trafficking activities within the Amaseyo general area.

Preliminary interrogation revealed that the suspect was allegedly involved in illegal arms dealing, prompting his immediate arrest by the joint security team.

The suspect is currently in custody and undergoing further investigation, while security agencies say efforts are ongoing to dismantle arms trafficking networks operating within the state and surrounding areas.

Troops Arrest Suspected Gunrunner in Taraba State

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