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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
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NHRC Calls for Reforms in Correctional Centres, Cites Systemic Bias

NHRC Calls for Reforms in Correctional Centres, Cites Systemic Bias
By: Michael Mike
The Executive Secretary of the National Human Rights Commission (NHRC), Dr. Tony Ojukwu has called on stakeholders to reflect on the values that Nelson Mandela embodied, including justice, dignity, equality, and compassion, as the world commemorates World Mandela Day.
Dr. Ojukwu made this call in a statement on the eve of the commemoration, noting that Mandela’s legacy serves as a powerful reminder of the need to promote and protect human rights, particularly in Nigeria’s correctional centers.
According to him, the current state of Nigeria’s correctional centres, which are overcrowded, under-resourced, and lack basic sanitation and healthcare, reflects a failure of infrastructure, justice, and humanity.
He lamented that thousands of citizens are held in pre-trial detention for years due to poverty and lack of access to justice, while the rich have greater access to quality legal defense and bail, perpetuating systemic bias.
The NHRC Executive Secretary urged the Nigerian government, judicial authorities, private sector, and civil society to prioritize comprehensive reforms in detention facilities and correctional centers, including improving conditions, investing in alternatives to pre-trial detention, ensuring speedy trials, and upholding the rights of inmates.
Ojukwu emphasized the need to tackle the root causes of incarceration, such as poverty, unemployment, and lack of access to justice, in order to build a society that values the dignity and human rights of all individuals, regardless of their socio-economic status.
Nelson Mandela Day is celebrated annually on the 18th of July.
NHRC Calls for Reforms in Correctional Centres, Cites Systemic Bias
News
Ondo State Government Signs MOU with Backbone Infrastructure for 500,000 BPD Oil Refinery

Ondo State Government Signs MOU with Backbone Infrastructure for 500,000 BPD Oil Refinery
By: Michael Mike
The Ondo State Government has signed a Memorandum of Understanding (MOU) with Backbone Infrastructure Limited for the establishment of a 500,000 barrels per day oil refinery and development of free trade zone in Igbotiri, Ilaje Local Government Area of the state.
The signing ceremony took place at the Governor’s office in Akure.
The Secretary to the State Government, Dr. Taiwo Fasoranti represented the Governor, Dr. Lucky Aiyedatiwa at the ceremony.
He described the proposed investment as timely and strategic, assuring the investors of a peaceful and business-friendly environment.
He emphasized that the project would boost the state’s economy, create meaningful job opportunities, and reduce crime.
In his remarks on behalf of Backbone Infrastructure, the Vice President, Legal & Corporate services, Barrister Wale Adekola expressed appreciation to the Ondo State Government for the opportunity to partner in the infrastructure development of the State and assured of his company’s commitment to ensure successful delivery of the two projects.
Similarly, the Managing Director / Chief Executive of Backbone Infrastructure Nigeria Limited, Engr. Henry Owonka, revealed that the two projects would be accompanied by basic infrastructure such as roads, terminal storage tanks, and other facilities that will change the landscape of the State.
According to the MOU breakdown on the Refinery, Backbone Infrastructure Limited will hold 65% equity, while the Ondo State Government will hold 20% and the Nigerian National Petroleum Corporation Limited (NNPCL) will hold 15% stake.
Meanwhile, the investors have expressed confidence in the leadership and vision of the Aiyedatiwa-led administration, citing the clarity of purpose and support they have received as the reason for choosing Ondo State as their investment destination.
The state government equally pledged its support for the project, which is expected to transform the state’s economy and create jobs.
Present at the signing of the MOU were the Secretary to the State Government, Dr. Taiwo Fasoranti. Attorney General and commissioner for Justice, Kayode Ajulo, SAN , the ONDIPA Team while the Backbone team was led by Dr. Steve Dike, a member of the Board of Directors representing the Chairman, Senator Ken Nnamani, Managing Director/CEO Engr. Henry Owonka, the Vice President, Legal & Corporate Services, other members of the management team from the Backbone infrastructure limited among other top government functionaries.
Ondo State Government Signs MOU with Backbone Infrastructure for 500,000 BPD Oil Refinery
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Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47 rifles, thousands of ammunition

Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47 rifles, thousands of ammunition
By: Zagazola Makama
Operatives of the Force Intelligence Department–Intelligence Response Team (FID–IRT) have arrested two notorious arms traffickers and recovered a cache of deadly weapons in Abinsi town, Guma Local Government Area of Benue State.
Sources from the Benue State Police Command confirmed the development Thursday, describing the arrest as a major breakthrough in ongoing efforts to curb the proliferation of illegal arms fueling insecurity in the North-Central region.
According to the sources, the suspects led by one Adikwu Ikwulono, a known illegal arms dealer were apprehended on Wednesday following credible intelligence.
Recovered from the suspects were one rocket launcher, five AK-47 rifles, and thousands of rounds of 7.62mm live ammunition.
Police say preliminary investigations revealed that the arms were being assembled for delivery to a gang of armed herders and bandits operating around the Benue–Nasarawa border, with plans to launch coordinated attacks on several communities in Benue State.
“The suspects are currently undergoing intensive interrogation with the FID, while efforts are ongoing to apprehend other members of the arms-smuggling syndicate,” the police sources said.
Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47 rifles, thousands of ammunition
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