Politics
Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes
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
Mourinho Returns as Pérez Secures Landslide Victory in Real Madrid Election
Real Madrid president Real Madrid has confirmed the return of José Mourinho after incumbent president Florentino Pérez secured a landslide victory in the club’s presidential election, extending his rule until 2030.
Pérez won re-election with a commanding 65% of the vote, defeating challenger Enrique Riquelme, who secured 35%, according to the club’s Electoral Board.
The result reinforces Pérez’s long-standing leadership, which has now spanned more than two decades across two separate terms.
SEE ALSO: Bruno Lage Sacked As Benfica Move To Secure Mourinho
Speaking after his victory, Pérez described the outcome as a strong endorsement of his vision for the club’s future, insisting that Real Madrid will continue to thrive both on and off the pitch.
The president also used the moment to confirm a major sporting development—the return of José Mourinho, a move that immediately sparked excitement among supporters.
Mourinho, who previously enjoyed a successful spell at the club, is widely regarded as one of the most influential managers in modern football.
Pérez said the club remains committed to competing at the highest level in Europe, with ambitions of securing a record-extending 16th UEFA Champions League title while continuing the redevelopment of the Santiago Bernabéu Stadium.
He also reaffirmed his stance on the club’s ownership model, stressing that Real Madrid will remain a member-owned institution despite growing global trends toward private ownership in football.
The announcement has been widely interpreted as the beginning of a new competitive era for the Spanish giants, with expectations rising among fans following both the election result and Mourinho’s return.
Pérez ended his address with a call for unity among supporters, including those who did not vote for him, promising to continue addressing concerns while focusing on sporting success.
Politics
2027: Oborevwori, Omo-Agege Trade Fresh Blows Over Tinubu, Obi Endorsements
The political rivalry between Governor Sheriff Oborevwori and former Deputy Senate President, Senator Ovie Omo-Agege, has escalated once again as both men exchanged heated words ahead of the 2027 general elections.
The confrontation follows renewed political realignments in Delta State, including Governor Oborevwori’s defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), a party he previously defeated in the 2023 governorship election.
SEE ALSO: 2027: Tinubu Will Defeat Atiku If Election Is Rigged — Babachir
Oborevwori has since pledged full support for President Bola Ahmed Tinubu’s re-election bid in 2027, describing the President as his “number one project” and a key political ally whose victory would benefit Delta State.
However, Omo-Agege, who recently left the APC for the Nigeria Democratic Congress (NDC), accused the governor of political fear and abandoning party structures in the state.
“He is not a threat” — Oborevwori
Responding to criticisms, Governor Oborevwori dismissed Omo-Agege’s political relevance, insisting he poses no electoral threat.
“He is not a threat because I’ve won him before,” the governor said, adding that many of the senator’s supporters had already left him before his exit from the APC.
Oborevwori also accused Omo-Agege of political betrayal, claiming he had previously turned against key figures who supported his rise.
“He betrayed James Ibori, he betrayed Great Ogboru, he betrayed O’tega Emerhor. So if he says he wants to betray me, he’s not a threat,” he stated.
“He panicked and ran into APC” — Omo-Agege
Omo-Agege fired back, alleging that the governor defected to the APC out of fear of losing political ground.
“The governor panicked, chickened out, and ran into the APC,” he said.
He insisted that his performance in the 2023 elections proved his continued strength in Delta politics, particularly in Delta Central.
“If Sheriff believed I was not a threat, why didn’t he stay back in the PDP and take me on in 2027?” he asked.
Governance and ₦3.15 trillion controversy
Both politicians also clashed over governance performance and state finances.
Oborevwori defended his administration, saying infrastructure development had improved across all local government areas, with contractors being paid promptly.
“First time in history, no contractor is being owed,” he said, citing ongoing projects such as Effurun Roundabout, DSC Roundabout, and PTI Junction.
Omo-Agege, however, described the administration as underperforming despite receiving over ₦3.15 trillion in three years.
He alleged that about ₦750 billion remained idle in the Central Bank of Nigeria while critical sectors such as healthcare, education, and infrastructure suffer neglect.
Tinubu vs Obi political divide deepens
The rivalry has also taken a national dimension, with both politicians backing different presidential candidates for 2027.
Oborevwori declared support for President Tinubu, calling him Delta’s “in-law” and urging residents to back his re-election.
“Tinubu is my number one project,” he said.
Omo-Agege, on the other hand, declared his support for former presidential candidate Peter Obi, stating that he would contest under the Nigeria Democratic Congress (NDC).
“My presidential candidate in 2027 is Peter Obi,” he said.
Political tensions rise ahead of 2027
Observers say the renewed exchange signals an early start to a high-stakes political battle in Delta State, with shifting alliances and competing loyalties likely to shape the 2027 elections.
With both camps firmly entrenched in opposing political directions, Delta State is expected to remain a major flashpoint in Nigeria’s unfolding political landscape.
Politics
2027: Tinubu Will Defeat Atiku If Election Is Rigged — Babachir
Former Secretary to the Government of the Federation (SGF), Babachir Lawal, has claimed that President Bola Ahmed Tinubu would emerge victorious against former Vice President Atiku Abubakar if the 2027 presidential election is determined by electoral manipulation.
Lawal made the statement during an appearance on Channels Television’s Politics Today on Monday, where he weighed in on the growing political permutations ahead of the next general election.
According to him, no politician in Nigeria currently possesses the capacity to outmaneuver Tinubu if election rigging becomes the deciding factor in the race for Aso Rock.
ALSO READ: VDM in Trouble as Presidency Seeks Legal Action Over Alleged Fake Tinubu Audio
“If the parameter for winning elections in Nigeria is rigging, nobody can face Bola Tinubu in this country. If Atiku’s strength is in manipulating results, I wish him luck; he will meet the master rigger in front,” Lawal said.
The former SGF further argued that President Tinubu would record a landslide victory if the election outcome were determined by such means, describing the president as a formidable political strategist.
Lawal also took a swipe at Atiku Abubakar, distancing himself from the former vice president’s political ambition and insisting that he would not support his bid for the presidency.
He stated that after studying Atiku’s political history and leadership record, he believes an Atiku administration would perform worse than the current government led by Tinubu.
“I have studied his antecedents and realised that his presidency will be worse than Bola Tinubu’s,” he said.
The former SGF also criticised Atiku for what he described as insufficient engagement with Nigeria’s worsening security situation, including recurring cases of kidnapping and violent attacks in different parts of the country.
Despite his criticism of both Tinubu and Atiku, Lawal maintained that he is yet to endorse any presidential aspirant ahead of the 2027 election.
“I am supporting nobody. I don’t want to be part of anything for now,” he stated.
His comments come shortly after his resignation from the African Democratic Congress (ADC), where he accused the party of manipulating its recent presidential primary in favour of Atiku.
Lawal alleged that results from the exercise were altered to produce a predetermined outcome, claiming that candidates who won in some areas were replaced by individuals loyal to the former vice president.
He said the alleged irregularities influenced his decision to leave the party, which he described as a “rigging machine” ahead of the 2027 elections.
However, the ADC leadership has denied the allegations, insisting that the primary election was conducted transparently and reflected the wishes of party members.





