NEWS
Mixed Fortunes for NRC As Debt Spikes, Revenue Dwindles
It’s a bag of mixed fortunes for the Nigerian Railway Corporation (NRC) with debt servicing spiking while revenue has been dwindling over the years.
The Debt Management Office (DMO) disclosed in its external debt service payment report that the Federal Government dole out $548.67m for NRC related loans between 2016 and 2022.
Calculated at the official Central Bank of Nigeria (CBN) exchange rate of N448.55 per dollar, this would amount to N246.11bn.
It was gathered that from January to December 2016, NRC loans maintenance took $19.99m, with the Nigeria Railway Modernisation Project taking $11.37m, while the Nigeria Abuja Light Rail Project cost $8.26m.
However, in 2017, NRC debt servicing costs stood at $21.53m, with $12.14m expended on the Nigeria Railway Modernisation Project, while $9.39m went to the Nigeria Abuja Light Rail Project.
In the same vein, a total of $63.92m went to NRC debt-servicing from January to December 2018.
In that period, the Nigeria Railway Modernisation Project (Idu-Kaduna Section) cost $50.81m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $2.82m, while $10.92m was expended on the Nigeria Abuja Light Rail Project.
NRC loan servicing cost $74.25m in 2019.
The expense is detailed thus, the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $49.91m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $12.68m and the Nigeria Abuja Light Rail Project, $11.66m.
In the year 2020, it cost Nigeria $121m to service NRC related debts.
The DMO report captured it thus, the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $48.97m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $21.28m and the Nigeria Abuja Light Rail Project, $50.75m.
However, 12 months after, the cost had risen by $3m to $122.92m which was spend on NRC related loan servicing for 2021.
The expense went thus, the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $47.96m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $24.08m and the Nigeria Abuja Light Rail Project, $50.88m.
In the case of 2022, the DMO has released figures up to Q3 as at Wednesday.
As at Q1, 2022, a total of $61.73m was spent on maintaining NRC related loans, made up of the Nigeria Railway Modernisation Project (Idu-Kaduna Section), $23.58m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $13.60m and the Nigeria Abuja Light Rail Project, $24.55m.
The DMO report was silent on NRC’s debt servicing for Q2, 2022.
And by Q3, 2022, it stated that a total of $63.33m was spent on servicing railway debts, on the following basis.
The Nigeria Railway Modernisation Project (Idu-Kaduna Section), $23.41m, the Nigeria Railway Modernisation Project (Lagos-Ibadan Section), $14.95m, and the Nigeria Abuja Light Rail Project, $24.39m.
While the cost of maintaining the NRC related debts are mounting up, the revenue is dwindling.
Recall that Managing Director, NRC, Fidet Okhiria, recently disclosed that the Federal Government lost about N113m due to the non-operation of trains at the Abuja-Kaduna railway following the unfortunate kidnapping incident that took over eight months resolve.
NEWS
JUST IN: Ex-Delta Governor Emmanuel Uduaghan Is Dead
Former Delta State Governor, Dr Emmanuel Uduaghan, has reportedly died, according to sources said to be close to his family.
The sources confirmed the development on Monday, October 19, 2026, although details surrounding the circumstances of his death remained unclear as of the time of filing this report.
“Uduaghan is no more; he is dead,” one of the sources reportedly said.
SEE ALSO: Document reveals Akpoti-Uduaghan demanded N10b damages from husband before marriage, firm reacts
The reported death comes months after claims that the former governor had died circulated on social media before being dismissed by his media aide, Henry Unini.
In June, reports of Uduaghan’s alleged death spread across Facebook and WhatsApp, prompting Unini to publicly debunk the claims and assure the public that the former governor was alive.
“I can tell you for a fact that Dr. Emmanuel Uduaghan is alive,” Unini said at the time.
“Frankly, I don’t know where the writer got his information from. The death of someone is not something you take and write about casually,” he added.
Unini acknowledged at the time that Uduaghan had been experiencing health challenges but maintained that he was receiving medical attention.
“It is now common knowledge that Dr. Emmanuel Uduaghan has been sick, but he is receiving proper medical care,” the media aide said.
He also stated that the former governor was recuperating, assuring the public that there was no immediate cause for concern.
“There is no cause for alarm whatsoever,” Unini said.
The media aide thanked friends, well-wishers and residents of Delta State who contacted the family to verify the former governor’s condition. He also urged the public to avoid spreading unverified information.
“The rumour was uncalled for,” he said while addressing the earlier reports.
As of the time of filing this report, further details about the circumstances surrounding Uduaghan’s reported death had yet to emerge.
NEWS
Delta Begins ₦5bn Empowerment Scheme for 100,000 Beneficiaries
The Delta State Government has commenced a ₦5 billion grassroots empowerment programme targeting 100,000 small-scale business owners and other beneficiaries across the state’s 500 wards.
The initiative, announced on Monday, will see each beneficiary receive ₦50,000 to support small businesses, strengthen household finances and stimulate economic activities across the state.
SEE ALSO: Two Arrested as Delta Police Uncover Cache of Illegal Weapons
The Executive Assistant to the Governor on Public Enlightenment (Projects and Policies), Mr Olisa Ifeajika, disclosed this while speaking with journalists in Asaba.
Ifeajika explained that the programme was designed to complement the state government’s investments in critical infrastructure with direct financial assistance to residents.
According to him, Governor Sheriff Oborevwori directed local government councillors to facilitate the distribution of the funds, with each of the 500 wards expected to reach at least 200 beneficiaries.
He added that the initiative reflects the administration’s commitment to improving livelihoods and expanding economic opportunities for Deltans, in line with the people-centred objectives of the MORE Agenda.
NEWS
Alausa Hails Dangote Foundation’s Plan to Give Four Million Students IPO Shares
The Minister of Education, Dr Maruf Tunji Alausa, has commended Alhaji Aliko Dangote and the Aliko Dangote Foundation for plans to acquire Initial Public Offering (IPO) shares of Dangote Refinery on behalf of eligible Nigerian tertiary institution students.
Alausa described the initiative as an innovative approach to promoting financial literacy, youth empowerment and wealth creation among young Nigerians.
According to a press release issued by the Federal Ministry of Education on Monday, October 19, 2026, the initiative is expected to benefit up to four million students aged 18 and above, with each eligible student expected to receive 10 IPO shares without requiring prior investment or share purchase.
The minister said the programme would expose students to capital markets, responsible investing and long-term financial planning, preparing them for greater economic participation and financial independence.
He noted that the initiative aligns with the Nigeria Education Sector Renewal Initiative (NESRI) and President Bola Ahmed Tinubu’s Renewed Hope Agenda by connecting education with enterprise, human capital development and inclusive economic growth.
According to Alausa, the initiative reflects the importance of partnerships between the education sector and private organisations in equipping young Nigerians with the knowledge and skills needed to participate in the economy.
He said the Federal Ministry of Education remained committed to strengthening private-sector partnerships to improve educational quality, relevance, equity and efficiency while preparing learners for a changing economy.
While appreciating the foundation’s contribution to youth development, the minister clarified that the ministry’s commendation was based on the initiative’s educational and developmental value.
He stressed that the ministry’s position “does not constitute an endorsement of any particular investment decision.”
Alausa also encouraged other corporate organisations to support similar initiatives that promote financial awareness, economic productivity and entrepreneurship among young Nigerians.
He urged businesses to support NESRI and the Renewed Hope Agenda in building a financially informed and economically productive generation.






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