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Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes

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In an effort to reduce Nigeria’s debt burden and stabilize the economy, President Bola Tinubu announced on Monday that the country’s debt service-to-revenue ratio has fallen from 97 to 65 percent over the 17 months since he took office.

Speaking at the swearing-in ceremony for seven new ministers at the State House, Abuja, Tinubu emphasized the government’s progress in stabilizing the economy despite challenging conditions.

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“For us, it was a challenge when the nation was servicing its debt with 97 percent of its revenue. It was nothing but the edge of the cliff,” Tinubu said.

“But today, I can report to you that we have brought that down to 65 percent, and we have never defaulted in meeting all obligations, both foreign and domestic.”

His remarks follow Afreximbank’s recent projection that Nigeria’s debt service-to-revenue ratio could reach 110.4 percent by 2024.

Afreximbank’s 2024 Nigeria Country Brief warned of a troubling upward trend in debt servicing, which could see the ratio surge from 33.8 percent in 2017 to a projected 110.4 percent next year.

However, with continued reforms, the report suggested the ratio might decline to 62.6 percent by 2025.

In the first nine months of 2023, debt servicing consumed 66.9 percent (₦5.79 trillion) of Nigeria’s total revenue, a slight improvement from 99.3 percent (₦4.23 trillion) during the same period in 2022.

Tinubu, while optimistic about economic recovery, acknowledged the ongoing struggles faced by Nigerians due to a sharp increase in the cost of living triggered by recent economic reforms.

“We have taken the bull by the horns,” the President asserted. “We have stopped the scavengers. We will fully put an end to the profiteers and smugglers of our resources across the country. We are not shirking our responsibility; we are confronting it head-on.”

He further expressed confidence that Nigeria was on a “good path” toward recovery, emphasizing that the government remains committed to re-engineering the economy.

He cited the introduction of a new minimum wage as one measure aimed at mitigating rising living costs.

Monday’s ceremony also saw the swearing-in of seven new ministers, part of a recent cabinet reshuffle.

In two batches, ministers including Idi Maiha (Livestock Development) and Dr Jumoke Oduwole (Industry, Trade, and Investment) took their oaths.

The reshuffle, which saw 10 ministers reassigned, five discharged, and seven new appointments confirmed by the Senate, reflects Tinubu’s stated commitment to reshaping his cabinet to meet Nigeria’s evolving challenges.

As the administration continues to implement reforms, President Tinubu emphasized a long-term vision for economic sustainability, not only for the current generation but also for future ones.

“Despite the challenges, we must undertake the job of re-engineering and retooling this country’s economic path,” he said.

 

Politics

C’River Assembly Moves To Amend LG Law, Proposes More Political Appointments

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The Cross River State House of Assembly has initiated the process to amend the Local Government Law 2007, introducing provisions to expand political appointments and enhance local government administration across the state.

The bill, sponsored by Rt. Hon. Davies Etta, representing Abi State Constituency, was debated on Tuesday in Calabar.

It proposes increasing the number of appointees in each Local Government Area (LGA) to 50. Among the new roles are 16 Special Adviser positions and a cadre of officials known as Ward Relation Officers.

According to the bill, “The Chairman of Council may appoint such a number of Special Advisers to assist him in the discharge of his duties, provided that appointments, when added to other statutory appointments, shall not exceed a total number of 50.”

The proposed Ward Relation Officers will hold ranks equivalent to Special Advisers and will report directly to the Chairmen of their respective LGAs.

This move, the Assembly says, is aimed at fostering grassroots engagement and improving governance at the local level.

Another key provision of the bill seeks to elevate the office of the Head of Local Government Administration (HOLGA) to the status of a Permanent Secretary within the state public service.

The amendment stipulates that HOLGAs will enjoy all the rights, privileges, and entitlements of Permanent Secretaries, including pensions.

“The office of the HOLGA shall be equivalent to the office of a Permanent Secretary of the State Public Service and shall enjoy all rights and privileges of the Permanent Secretary, including pensions,” the bill states.

It also specifies that appointments to the HOLGA position must be made exclusively from within the local government service in the state.

The bill, which has passed its first and second readings, has been referred to a joint committee on Local Government Affairs, Judiciary, and Public Accounts for further review and consultations with stakeholders.

Speaker of the Assembly, Rt. Hon. Elvert Ayambem, underscored the importance of the proposed amendment, noting that it would strengthen local government administration and improve service delivery to the grassroots.

The Assembly is expected to hold further deliberations before making a final decision on the proposed amendments.

 

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Trump Completes Return To White House, As 47th US President

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Donald Trump has completed his return to the White House with his inauguration as the 47th President of the United States (POTUS).

Trump’s historic return, on account of adverse weather conditions, happened with a remarkable ceremony at the Capitol Rotunda, on Monday.

In his inaugural address, President Trump outlined a bold agenda for his administration, touching on issues of gender, race, border control, economic reforms, and energy policies.

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President Trump asserted that his administration would recognise only two genders — male and female — effectively dismissing identities such as transgender, non-binary, and genderqueer.

President Trump asserted, “This week, I will end the government policy of engineering race and gender into every aspect of public and private life. Henceforth, it will be the official policy of the United States government that there are only two genders: male and female.”

He unveiled plans to overhaul the trade system, introducing an “External Revenue Service” to collect tariffs from foreign countries, promising to shift the economic burden away from U.S. taxpayers.

“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens,” Trump stated.

The POTUS vowed to make America a “manufacturing nation” again by leveraging the country’s vast oil and gas reserves.

“America will be a manufacturing nation once again. We will use our liquid gold — oil and gas — to bring prices down, fill our reserves, and export energy worldwide. We will end the Green New Deal and revoke the electric vehicle mandate, saving our auto industry,” he said.

On border control, President Trump declared a national emergency at the southern border and announced measures to combat illegal immigration.

“All illegal entry will be halted, and we will begin the process of returning millions of criminal aliens. The Remain in Mexico policy will be reinstated, and catch-and-release practices will end. Troops will secure our borders to repel this invasion,” he announced.

He also pledged to designate cartels as foreign terrorist organizations and invoke the Alien Enemies Act of 1798 to combat criminal networks.

The POTUS announced the formation of a Department of Government Efficiency and outlined measures to tackle inflation and high costs.

He also promised an aggressive crackdown on crime, leveraging federal and state resources to eliminate gang activity.

“As commander-in-chief, I have no higher responsibility than to defend our country from threats and invasions,” President Trump added.

He recounted an assassination attempt during his campaign, framing his survival as a divine sign of his purpose to “make America great again.”

In addition, President Trump criticised America’s healthcare and education systems, promising significant reforms to address inadequacies exposed by recent natural disasters.

The event, attended by lawmakers, distinguished guests, and family members, marked the beginning of President Trump’s second term. Vice President JD Vance was also sworn in, taking the oath of office in a ceremony presided over by Supreme Court Justice Brett Kavanaugh.

It was gathered that earlier in the day, President Trump and Melania Trump met with outgoing President Joe Biden and former First Lady Jill Biden, continuing the tradition of a handover meeting between administrations.

At a pre-inauguration rally, President Trump addressed supporters, promising to pardon January 6 defendants and issuing executive orders on his first day in office.

Despite freezing temperatures, the ceremony proceeded with President Trump expressing confidence in his administration’s vision and America’s future.

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EDO: SUBEB Chair, 6 Commissioners, Board Chairs Take Oath Of office

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Edo State Governor, Senator Monday Okpebholo, has sworn in the Chairman of the State Universal Education Board (SUBEB), six new Commissioners, Chairmen and members of Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC), Edo State Independent Electoral Commission (EDSIEC), and State Secondbary Education Board (SSEB).

This was revealed in a government house statement in Benin City on Monday.

Gov Okpebholo while addressing the newly sworn in executives at the New Festival Hall, Government House, Edo State, charged them to help drive development and progress in the state, stressing that his administration was in a hurry to showcase tangible development.

ALSO READ: Okpebholo Commissions Waste Management Equipment

Harping on the unique qualities and capacity of the newly sworn in executives, Gov Okpebholo noted that they reflected the requisite commitment of his administration to bring good governance, efficient and effective service delivery and fulfill the promises made to the Edo electorate.

Gov Okpebholo said, “To the newly appointed executives, congratulations on your appointment. This appointment is not just an honour but a call to serve with dedication, integrity, and excellence. You have been chosen because of your skills and the trust we have in your ability to contribute meaningfully to the development of our State.

“I encourage you to work with a share sense of purpose, prioritise teamwork, and remain focused on improving the lives of our citizens. Together, we can make Edo State a model of growth and prosperity.”

The statement listed that the new Chairman of SUBEB is Onomen Goodness Briggs. The new Commissioners include, Sir Lucky Eseigbe; Hon. Paul Nosayaba Ohonbamu; Dr. Emmanuel Paddy Iyamu; Hon. Dr. Washington Osa Osifo; Mr. Andrew Ijegbai; and Barr. Marie Olabisi ldaomi.

It was gathered that the portfolios for the new Commissioners would be made public at a later date.

Also sworn in are Jonathan Aifuobhokhan as Chairman, EDSIEC; Francis Osaretin Osabuohien as chairman, EDSOGPADEC; and Omozane Ebanehita Sonia as chairman, SSEB.

On behalf of the newly sworn-in executives, Hon. Paul Ohobamu thanked Governor for finding them worthy of the appointment and assured him of their commitment and dedication to ensuring that Edo people enjoy good and practical governance in the state.

Present at the swearing in ceremony were the Deputy Governor of Edo State, Rt. Hon. Dennis Idahosa; Secretary to Edo State Government, Musa Ikhilor; Chief of Staff to Edo State Governor, Gani Audu; Edo State Attorney General and Commissioner for Justice, Barr. Samson Osagie; former Deputy Governor of Edo State, Comrade Phillip Shaibu; immediate-past State chairman, All Progressive Congress (APC) Col. David Imuse (rtd); Party leaders, top government functionaries, amongst others.

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