Connect with us

News

VP Shettima Says Nigeria Must Transform Debt Into Economic Asset

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

SOJA Condemns Alleged Abduction of Teachers, Students in Oyo, Demands Urgent Rescue Efforts

Published

on

SOJA Condemns Alleged Abduction of Teachers, Students in Oyo, Demands Urgent Rescue Efforts

By: Michael Mike

A human rights organisation, Speak Out for Justice Advocacy Ltd./Gte. (SOJA), has condemned the reported abduction of teachers and students in Oriire Local Government Area of Oyo State, describing the incident and the alleged killing of a teacher, Mr. Michael Oyedokun, as “a case too many.”

In a statement issued on Thursday, the group expressed deep concern over reports that armed attackers abducted teachers and students from schools within the council area around May 15, 2026, while Mr. Oyedokun, a Mathematics teacher at Community High School, Ahoro-Esiele, was reportedly killed during the incident.

The organisation said several victims were still believed to be in captivity awaiting rescue.

SOJA, led by its Founder and Executive Director, Hameed Ajibola Jimoh, commiserated with the affected families and communities, warning that repeated attacks on schools and civilians across parts of the country were becoming alarming.

According to the advocacy group, the incident, if confirmed, raises serious constitutional and human rights concerns under both Nigerian law and international treaties to which Nigeria is a signatory.

Citing Section 14(2)(b) of the 1999 Constitution, SOJA stressed that “the security and welfare of the people shall be the primary purpose of government,” while Sections 33, 34 and 35 guarantee the rights to life, dignity and personal liberty.

The group also referenced Nigeria’s obligations under several international and regional legal frameworks, including the United Nations-backed International Covenant on Civil and Political Rights (ICCPR), the Convention on the Rights of the Child (CRC), the African Charter on Human and Peoples’ Rights (ACHPR), and the African Charter on the Rights and Welfare of the Child (ACRWC).

SOJA argued that the obligations imposed by these instruments go beyond symbolic commitments, requiring authorities to take practical and preventive steps to protect lives, especially those of vulnerable groups such as school children and teachers.

“The implication of these obligations in the present circumstances is that government responsibility extends beyond merely reacting after tragic events occur,” the statement said.

The organisation acknowledged reports that security agencies had intensified rescue operations and investigations, but maintained that recurring attacks on schools demanded more decisive and proactive measures.

“This is a case too many,” the statement added.

SOJA therefore called for the immediate intensification of lawful rescue efforts for those still in captivity, a thorough investigation into the incident, prosecution of perpetrators, strengthened security around schools and vulnerable communities, and adequate support for affected victims and families.

The group further urged the government to undertake a comprehensive review of strategies aimed at preventing future attacks on educational institutions.

“Teachers should not become targets. Schools should not become zones of fear. Children should not bear the burden of insecurity,” the organisation stated.

SOJA Condemns Alleged Abduction of Teachers, Students in Oyo, Demands Urgent Rescue Efforts

Continue Reading

News

Troops recover suspected stolen motorcycle in Plateau

Published

on

Troops recover suspected stolen motorcycle in Plateau

By: Zagazola Makama

Troops of Sector 6, Operation Enduring Peace have recovered a suspected stolen motorcycle following a pursuit of suspected motorcycle snatchers in Riyom Local Government Area of Plateau.

Security sources disclosed that the incident occurred at about 6:30 p.m. on May 21 along the Bachi-Banghai road after troops received reports on the activities of suspected motorcycle snatchers in the area.

The sources said the troops immediately mobilised and pursued the suspects, who abandoned the motorcycle and fled upon sighting the security personnel.

According to the sources, the recovered motorcycle has been secured, while efforts were ongoing to identify the rightful owner and apprehend the fleeing suspects.

The military said the operation formed part of sustained efforts to combat criminal activities and enhance security across Plateau.

Troops recover suspected stolen motorcycle in Plateau

Continue Reading

News

Troops launch rescue operation after abduction in Plateau

Published

on

Troops launch rescue operation after abduction in Plateau

By: Zagazola Makama

Troops of Sector 1, Operation Enduring Peace have launched a rescue operation following the abduction of a resident in Bassa Local Government Area of Plateau.

Security sources disclosed that the incident occurred at about 11:00 p.m. on May 21 when gunmen reportedly abducted Mr Eze Emeka from his residence at Agingi village.

The sources said troops swiftly responded to the distress report and commenced rescue operations in collaboration with other security agencies.

According to the sources, efforts were ongoing to track down the kidnappers and secure the safe release of the victim.

The military assured residents that security forces were intensifying operations to curb criminal activities in the area.

Troops launch rescue operation after abduction in Plateau

Continue Reading

Trending

Verified by MonsterInsights