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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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Crime

NDLEA intercepts cocaine in Saudi-bound religious books

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NDLEA intercepts cocaine in Saudi-bound religious books

By: Michael Mike

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted a shipment of cocaine concealed in 20 sets of religious books going to Saudi Arabia.

The spokesman of the anti-narcotics agency, Femi Babafemi in a statement on Sunday said the cocaine consignment consisting of 20 parcels with a total weight of 500 grammes and buried in the pages of the religious books was uncovered at a courier company in Lagos last Tuesday when NDLEA officers of the Directorate of Operations and General Investigation (DOGI) were searching through export cargos going to Saudi Arabia at the logistics firm.

Babafemi said at another courier company same day, NDLEA officers intercepted five parcels of Loud, a strong strain of cannabis weighing 2.8 kilogrammes hidden in a carton coming from the United States of America.

In Kano, a 22-year-old alleged supplier of illicit substances to bandits, Muhammad Mohammed, has been arrested by NDLEA operatives on patrol along Bichi – Kano road while heading to Katsina with 277 ampoules of pentazocine injection tied to his thigh and private part with Sellotape.

He was intercepted on Sunday 13th April, while another suspect, Mohammed Abdulrahman Abdulaziz, 43, was nabbed same day at Research Rimin Kebe area of Nasarawa, Kano with 68 blocks of skunk, a strain of cannabis, weighing 30 kilogrammes.

He said not less than 557.2 kilogrammes of skunk, 5.6 kilogrammes of methamphetamine and 29.8 grammes of heroin were recovered from a house along Major General Isaiah Alllison Street, Opolo, Yenagoa, Bayelsa state where four suspects were arrested when NDLEA operatives raided the premises last Wednesday

Babafemi said the four suspects arrested during the raid include: Sarimiye Suwa, 46; Roland Prosper, 34; Sarimiye Tare, 45; and Fidelis Ugbesla, 46, while a total of 1,100 kilogrammes of skunk were recovered from a delivery van with the driver, Ismail Abdullahi arrested in Surulere area of Lagos last Thursday.

In Kaduna, NDLEA operatives last Friday raided the hideout of a suspect, Ike Ani, 30, in Zaria, where no fewer than 31,950 pills of tramadol 225mg and diazepam were recovered, and in Kebbi, along Bagudo road on the same day a vehicle loaded with bags of charcoal coming from Malabil, Benin Republic was intercepted, when the vehicle was search, 97 kilogrammes of skunk concealed in the sacks of charcoal was recovered.

. Three suspects: Abubakar Ibrahim, 50; Mustapha Aliyu, 32; and Bashar Lawali, 28, were arrested in connection with the seizure.

A 48-year-old Okafor Marcel was nabbed with 11.5 kilogrammes skunk at Abatete, Anambra state while NDLEA operatives in Osogbo, Osun state last Tuesday arrested Ajala Mercy, 27, with 43 litres of skushi, a mixture of black currant, cannabis and opioids recovered from her room at Dada estate, Halleluyah area of the state capital.

Babafemi said two cannabis farms in Egbeta forest, Ovia North East LGA, Edo state were raided by NDLEA operatives who destroyed 3,717.8625 kilogrammes of the psychoactive plant on 1.487145 hectares and recovered 136.5 kilogrammes of processed cannabis.

At the Tincan seaport in Lagos, a suspect Basorun Kayode, 40, who has been at large for two years was arrested by NDLEA officers in connection with the seizure of 107 kilogrammes Loud imported from Canada in 2023, while another suspect, Dauda Yakubu who distributes illicit drugs within the seaport community was arrested by a team of operatives last Monday.

The spokesman said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA commands equally continued across the country in the past week.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd) while commending the officers and men of DOGI, Kano, Lagos, Kaduna, Kebbi, Osun, Zone 13, Edo and Tin-can commands of the agency for the arrests and seizures of the past week, equally praised their counterparts in all the commands across the country for ensuring a fair balance between their drug supply reduction and drug demand reduction efforts.

NDLEA intercepts cocaine in Saudi-bound religious books

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Fire Guts Water Board IDP Camp in Monguno, Borno

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Fire Guts Water Board IDP Camp in Monguno, Borno

By: Zagazola Makama

A devastating fire broke out at the Water Board IDP Camp in Monguno Local Government Area (LGA) on April 19, 2025, destroying approximately one hundred thatch and makeshift houses.

Eye witnesses said that the fire started at around 1040hrs and rapidly spread across the settlement, burning household items, foodstuffs, and other valuable properties to ashes.

The cause of the fire is yet to be determined, and the value of the property destroyed is still being assessed.

Humanitarian officials were immediately deployed to the scene to maintain crowd control and prevent looting, while firefighters, alongside camp residents, worked tirelessly to extinguish the flames.
Fortunately, no casualties or loss of life were reported.

Fire Guts Water Board IDP Camp in Monguno, Borno

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Terrorists Snatch Vehicle in Monguno, Borno

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Terrorists Snatch Vehicle in Monguno, Borno

By: Zagazola Makama

Armed assailants suspected to be members of ISWAP/Boko Haram attacked and snatched a vehicle in Monguno Local Government Area (LGA) on April 18, 2025, at about 1400hrs.

Saleh Haun, a resident of the Water Board IDP Camp in Monguno, reported that while he was at the Gumnari Bush Area in Monguno, four armed gunmen, riding on two motorcycles, accosted him.

The assailants, at gunpoint, seized his white Toyota Land Cruiser, before fleeing with the vehicle to an unknown location.

A Military Forward Operating Base (FOB) has been alerted, and efforts are underway to to track the assailant and recover the stolen vehicle.

Terrorists Snatch Vehicle in Monguno, Borno

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