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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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Zamfara: Troops neutralise terrorist, recover arms in Shinkafi LGA

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Zamfara: Troops neutralise terrorist, recover arms in Shinkafi LGA

By Zagazola Makama

Troops of the 1 Brigade of the Nigerian Army operating under Operation FANSAN YANMA have neutralised a suspected terrorist and recovered arms during an offensive operation in Shinkafi LGA.

Security sources told Zagazola Makama that the operation was carried out on March 13 by troops of CT 5, who launched a deliberate clearance mission targeting terrorist camps located at Tubali and Zangon Danmaka.

The sources said the operation followed credible intelligence on the presence of armed bandits and other criminal elements using the locations as operational hideouts.

During the operation at Tubali, troops made contact with the suspected terrorists and engaged them in a brief gun battle, forcing the criminals to flee into nearby forested areas.

“During the engagement, one terrorist was neutralised, while others escaped with possible gunshot wounds,” the source said.

Following the encounter, troops conducted exploitation of the area and recovered one AK-47 rifle, a magazine containing two rounds of 7.62mm special ammunition, and a motorcycle believed to belong to the fleeing terrorists.

The recovered items were secured by the troops while further search operations were carried out around the camp to ensure that no other threats remained in the vicinity.

The sources added that when troops advanced to Zangon Danmaka, no contact was made with terrorists as the suspects were believed to have fled the area ahead of the troop arrival.

However, troops maintained dominance in the general area while conducting further patrols and surveillance operations aimed at preventing the terrorists from regrouping.

Zamfara: Troops neutralise terrorist, recover arms in Shinkafi LGA

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Troops arrest suspected ISWAP spy in Kanama, Yobe

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Troops arrest suspected ISWAP spy in Kanama, Yobe

By Zagazola Makama

Troops of 159 Battalion in collaboration with members of the Civilian Joint Task Force have arrested a suspected spy linked to terrorists operating in the North-East in Kanamma Yobe state.

Security sources told Zagazola Makama that the suspect, identified as Malam Fantami, a native of Dikwa was apprehended during a security operation by troops deployed in the area.

The sources said the suspect was intercepted following credible intelligence indicating that he might be working as an informant for terrorists affiliated with the ISWAP.

According to the sources, items recovered from the suspect at the time of his arrest included a mobile phone, a smart watch, prayer beads, a motorcycle key, and a cash sum of ₦7,000.

Preliminary examination of the suspect’s mobile phone by security personnel reportedly revealed several suspicious materials, including photographs of motorcycles, large sums of cash, AK-47 rifles and other items believed to be linked to terrorist activities.

“The discovery of these materials has raised serious suspicion about the suspect’s role as a possible logistics informant or intelligence asset for insurgent elements operating in the region,” the source said.

The suspect is currently in military custody, where he is undergoing further interrogation to determine the extent of his involvement with terrorist networks and to identify possible collaborators.

The military high command said the arrest forms part of ongoing counter-terrorism efforts by troops in the North-East aimed at dismantling the intelligence and logistics networks that support insurgent operations.

Kanama, located in Yunusari Local Government Area of Yobe State near the border with Niger Republic, has remained an important corridor frequently exploited by insurgent groups for movement and supply activities.

Troops arrest suspected ISWAP spy in Kanama, Yobe

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Troops repel ISWAP attack in Bita, Borno

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Troops repel ISWAP attack in Bita, Borno

By: Zagazola Makama

Troops of Operation HADIN KAI successfully repelled an attack by terrorists suspected to be members of ISWAP in Bita area of Borno state following a fierce overnight encounter.

Security sources said the attack began at about 1:09 a.m. on Saturday, when the insurgents launched a coordinated assault on troops of the 26 Task Force Brigade deployed in the Bita axis.

According to the sources, the terrorists attempted to overwhelm the troops’ position but were met with stiff resistance from the soldiers who engaged them in a sustained gun battle.

“In a decisive and coordinated operation, gallant troops of Operation Hadin Kai launched a simultaneous land and air assault on terrorist positions in Bita in the early hours of today,” the source said.

The coordinated response involved ground troops engaging the insurgents while aerial support conducted precision strikes and surveillance over the battlefield, forcing the attackers to retreat.

The intense engagement compelled the terrorists to withdraw towards their enclaves after suffering heavy pressure from the combined land and air assault.

Following the withdrawal of the insurgents, troops immediately commenced exploitation operations to pursue fleeing elements of the terrorist group and prevent them from regrouping.

Troops repel ISWAP attack in Bita, Borno

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