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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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KACRAN Condemns School Kidnappings

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KACRAN Condemns School Kidnappings

…Appeals for Immediate Release of Students

By: Michael Mike

The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has condemned the recent tragic kidnapping of secondary school students in Kebbi and Niger States.

The group in a statement signed by its National President, Khalil Bello named Ted that the issue has become a major national concern, highlighted by the decision of President Bola Tinubu to cancel his scheduled trip to South Africa for the G20 Economic Summit to focus on the crisis at home.

Bello said: “The most regrettable aspect of this deeply disturbing incident is that it targets innocent secondary school students. These are children who have left their parents for the first time to attend boarding school, pursuing an education that is vital for the future development of their states, Nigeria, and the world.

“Furthermore, we must consider the lasting emotional and psychological trauma being inflicted upon these young victims. The suffering of their parents and relatives, who are enduring days of uncertainty, hunger, and heartbreak, is a grave humanitarian crisis that threatens their health and overall well-being.”

He addd that: “The Federal Government’s subsequent directive to close over 40 Federal secondary schools across the country, along with closures ordered by the Niger and Katsina State governments, represents a significant educational setback. This is particularly alarming for the Northern region, which is already struggling with a high rate of out-of-school children. KACRAN is profoundly concerned that the perpetrators of this unholy act are now turning their unlawful attacks on vulnerable children who deserve the highest levels of protection.

“The aforementioned incident, which prevented our visionary President from attending the G20 meeting—an event of crucial importance to Nigeria’s global image—is a painful economic and reputational loss for the nation. KACRAN highly appreciates the serious concern and sympathy Mr. President has demonstrated towards the victims and their families.

“At this juncture, KACRAN reiterates its strong condemnation of all acts of violence in the country, especially the unacceptable kidnapping of innocent students. We passionately appeal to the kidnappers to fear the Almighty God and contemplate the day of judgment. As an act of clemency, sympathy for the victims and their families, and for the restoration of our national pride, we urge them to kindly and immediately release these poor students and return them safely to their parents. Nothing is gained from the suffering of small children and their poor families.”

KACRAN called on all Nigerians, regardless of tribe, religion, political affiliation, or region, to reject all forms of violence. “We must embrace one another as one beloved family and unite to firmly develop an indivisible Nigeria, ensuring that our children and grandchildren inherit a better country.

“Finally, while once more commending President Bola Ahmed Tinubu for his government’s sincerity and total commitment to securing the immediate release of these students, we respectfully request him, as a caring father to all, to accept and urgently implement KACRAN’s comprehensive proposal on how to easily resolve insecurity problems in the North-West and North-Central regions within six months.”

KACRAN Condemns School Kidnappings

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G20 Summit: President Tinubu Demands Equity In Global Mineral Trade, AI Governance

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G20 Summit: President Tinubu Demands Equity In Global Mineral Trade, AI Governance

** Says wealth of critical minerals must translate into shared prosperity in Africa

** Seeks fair handling of global financial flows, recurring debt crises

** Urges world leaders to take bold steps in reforming international financial architecture

By: Our Reporter

President Bola Ahmed Tinubu has called for a global framework that benefits communities hosting critical minerals in Nigeria and Africa, ensuring value addition at the source.

This is coming just as Nigeria also backed the creation of global ethical standards for Artificial Intelligence (AI), aimed at accelerating development across the world.

President Tinubu made the call at the Third Session of the 2025 Group of 20 (G20) Leaders’ Summit, held at the Johannesburg Expo Centre, South Africa, themed “A Fair and Just Future for All: Critical Minerals, Decent Work, Artificial Intelligence.”

The President, who was represented by Vice President Kashim Shettima, highlighted that for Nigeria and Africa, critical minerals are more than natural deposits, as they hold the promise of industrial transformation for the continent.

The Nigerian leader stressed that while the possession of resources alone does not guarantee prosperity, relevant authorities and stakeholders must ensure that the extraction and trade of critical minerals are governed by fairness, transparency, and accountability.

President Tinubu emphasised that such responsible extraction and trade are necessary to ensure that the wealth generated from hosting communities translates into shared progress.

He said: “Nigeria calls for a global framework that promotes value addition at the source, supports local beneficiation, and ensures that communities hosting these resources are not left behind.

The issue before us reaches far beyond the narrow arithmetic of economics and speaks to the moral character of the world we aspire to build.”

The Nigerian leader further stated that as the world advances through green and digital transitions, progress must remain people-centred.

“Decent work is the anchor that makes these transitions fair, inclusive, and sustainable. It is the foundation of development that ensures every person has the opportunity to contribute, thrive, and share in national prosperity,” he added.

President Tinubu disclosed that Nigeria, through the Renewed Hope Agenda, is investing in future-ready skills by empowering Nigerian youths through digital literacy, vocational training, and entrepreneurship.

For a fair and just future, President Tinubu urged G20 leaders to deepen collaboration on technology transfer, capacity building, and inclusive investments that prioritise human dignity over profit alone.

On artificial intelligence, which has immense potential to accelerate development globally, the President said the task before G20 leaders, development partners, and governments is to ensure that AI remains a servant of humanity, not a force that reshapes society at the expense of those it ought to uplift.

According to the Nigerian President: “Nigeria supports the creation of global ethical standards for AI that uphold safety, transparency, and equity,” the President said, adding, “We must ensure that AI becomes a tool of empowerment, not exclusion; of job creation, not displacement.”

To harness AI’s job creation and empowerment potential, the President called for deliberate partnerships between developed and developing nations, between the public and private sectors, and between innovation and inclusion.

“The G20 must therefore address systemic bias and foster sustained multilateral dialogue to ensure that the benefits of AI are shared equitably and its risks responsibly managed,” he added.

The President noted that within a broader vision of shared responsibility and global stewardship, critical minerals, decent work, and artificial intelligence are bound by a single calling, which is to shape an economy that uplifts rather than excludes; an economy that measures its strength not only by growth but by the dignity it affords every human being.

He urged the G20 leaders and partners to build a future where Africa is not merely a supplier of raw materials, but a continent of value creation, innovation, and dignity in work.

Similarly, President Tinubu has asked world leaders to come up with a more equitable and responsive system to manage global financial flows and sincerely address the recurring debt crises in a manner that meets the needs of all nations.

This, he said, had become necessary because many developing countries still grapple with systemic barriers restraining economic growth, as well as weakening trade and limiting financial inclusivity.

The Nigerian leader, who is represented at the global event by his deputy, Vice President Shettima, regretted that the multilateral frameworks, currently being relied on, no longer reflect the complexities of the present world, as the were “built in an era far removed from” the present challenges,

In his statement delivered on his behalf by VP Shettima, the Nigerian President pointed out that this year’s theme of the summit, bordering on “inclusive and sustainable economic growth, trade, financing for development and the debt burden, speaks to the realities of developing nations.”

Demanding a fair deal for Africa and other developing countries of the world, he stated: “For trade to be truly inclusive, the G20 must take bold and deliberate steps towards reforming the international financial architecture and the global institutions that sustain it.

“Only a more equitable and more responsive system can manage global financial flows with fairness, address recurring debt crises with sincerity and meet the needs of all nations, especially those in the Global South who have too often stood at the margins of global opportunity.”

President Tinubu said it would be difficult for Africa to realise a positive paradigm shift “in its development trajectory without a collective resolve of the G20,”

He noted that the continent cannot rise on the wings of aspiration alone without confronting the persistent regional challenges confronting it, particularly “the urgent need for sustainable financing to ensure the effective implementation of our developmental priorities.”

The Nigerian leader observed that rising debt burdens have continued “to drag economies back into cycles of fragility,” transforming “local difficulties into global vulnerabilities.”

Accordingly, he implored the G20 to place debt sustainability and the responsible utilisation of critical minerals at the heart of its agenda for inclusive development.

“The G20 must, in adopting the Leaders’ Declaration, take with utmost seriousness the responsibility to advance policies that drive sustainable growth, promote financial inclusion and confront emerging risks,” he added.

G20 Summit: President Tinubu Demands Equity In Global Mineral Trade, AI Governance

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Three killed as hoodlums attack hunters, burn huts in Adamawa community

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Three killed as hoodlums attack hunters, burn huts in Adamawa community

By: Zagazola Makama

Three persons have been killed after armed hoodlums launched attacks on hunters and residents in Song Local Government Area of Adamawa State, authorities confirmed on Friday.

Sources told Zagazola Makama that the incident began at about 3:20 p.m. when local hunters from Barkin Sajo, under the Miyetti Allah hunters association, pursued suspected cattle rustlers into the Mayo Suno forest.

According to the source, a gun duel ensued between the hunters and the hoodlums, resulting in the death of one of the hunters, identified as Buji Alhaji, 40.

He explained that the attackers later moved to Maigero village, where they set seven thatched huts in the local market ablaze before shooting and killing two residents: Alhaji Haruna and Iliya Dabba.

He said security operatives visited the scene and evacuated the bodies to the Cottage Hospital, Song.

The sources added that efforts were ongoing to track down the perpetrators, while the police Criminal Investigation Department (CID) had been assigned to conduct a discreet investigation into the incident.
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