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
“PDP Can’t Unseat Tinubu with Wike in Charge” — Ulasi Blows Hot, Threatens Exit
A chieftain of the Peoples Democratic Party, Dan Ulasi, has warned that the party stands little chance of defeating President Bola Ahmed Tinubu in the 2027 general elections if Nyesom Wike continues to play a leading role while allegedly supporting the ruling government.
Ulasi, who spoke during an interview on Arise TV on Thursday, expressed deep concern over what he described as a “contradictory situation” within the PDP, stressing that such internal inconsistencies could weaken the party’s credibility and chances at the polls.
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“I don’t see my party as presently constituted challenging Tinubu with Wike as national leader,” Ulasi said, warning that he may be forced to leave the party if the issue is not addressed.
The PDP stalwart argued that Wike cannot effectively serve as a leader in the opposition while maintaining close ties with President Tinubu, describing the situation as “unconstructive” for a party seeking to reclaim power at the national level.
He further questioned what role Wike would play if another candidate emerges as the PDP’s presidential flag-bearer ahead of the 2027 election, asking whether the former Rivers State governor would actively participate in party rallies or align with the ruling party’s activities.
Ulasi warned that the party’s next meeting could be his last if its leadership fails to provide satisfactory explanations, insisting that he cannot continue to be part of a process riddled with contradictions.
In a related development, Ulasi revealed that Peter Obi had visited him several times this year, including a recent meeting following an appearance in Enugu.
He spoke positively about Obi’s vision for Nigeria, noting that the former presidential candidate offers a sense of hope for the country’s future, although he stopped short of declaring any political alignment.
Reflecting on his longstanding ties to the PDP, Ulasi recalled his role during the party’s formation alongside late former Vice-President Alex Ekueme and other founding members.
Despite his deep connection to the party, he maintained that he would rather step aside than remain in a system he considers inconsistent.
He added that if he eventually exits the PDP, he has no plans to join another political party, stating that he would instead operate as a private consultant.
Politics
Drama in Ogun APC as Gbenga Daniel Claims He Was Barred From Meeting
There was tension within the Ogun State chapter of the All Progressives Congress (APC) on Monday after former Governor and Senator representing Ogun East, Otunba Gbenga Daniel, alleged that he was barred from attending a stakeholders’ meeting of the party held in Ijebu Ode.
The meeting, which took place at Adeola Odutola Hall, was reportedly convened to bring together key party stakeholders, including current and former local government chairmen, councillors, and serving as well as former lawmakers from both state and national levels.
However, the senator, in a viral video circulating online, claimed he was denied entry into the venue despite being part of the expected attendees.
ALSO READ: “APC Failure in Disguise?” — Dickson Tears Into ADC Coalition
Speaking from his branded campaign bus parked at the venue, Daniel expressed disappointment over the situation, saying he and his team were stopped from accessing the meeting.
He further questioned the legitimacy of any resolutions reached at the gathering, suggesting that the outcome of the meeting should not be considered valid.
As of press time, the Ogun State APC leadership had yet to issue an official response to the allegation.
Politics
Who Leads ADC? Supreme Court to Hear Mark’s Appeal in Heated Party Rift
The lingering leadership crisis within the African Democratic Congress (ADC) is set for a crucial legal test as the Supreme Court of Nigeria prepares to hear an appeal filed by former Senate President, David Mark.
Mark is challenging a legal action brought by a former Deputy National Chairman of the party, Nafiu Bala, over the control and leadership structure of the ADC.
The case, scheduled for hearing on Tuesday, is expected to determine the direction of the party amid deepening internal divisions.
SEE MORE: 2027: Why ADC, Opposition Leaders Stormed INEC in Abuja
Through his lawyer, Realwan Okpanachi, Mark is seeking an order to stay the execution of a Court of Appeal judgment delivered on March 12, pending the final resolution of the matter.
He also urged the apex court to restrain the Independent National Electoral Commission (INEC) from making any alterations to the party’s leadership as currently constituted under his faction.
In addition, Mark is asking the court to suspend further proceedings in a related suit before the Federal High Court in Abuja, presided over by Justice Emeka Nwite.
The dispute dates back to a September 4, 2025 ruling by the Federal High Court following an ex parte application filed by Bala, which has since fueled competing claims to the party’s leadership.
The ADC has, in recent months, been embroiled in a bitter factional crisis, with rival camps asserting legitimacy.
The situation has been worsened by conflicting court orders and administrative uncertainty surrounding who truly leads the party.
Tensions escalated after INEC reportedly removed Mark as the party’s national chairman from its official records, sparking protests by his loyalists.
The demonstration drew prominent political figures, including former Vice President Atiku Abubakar, ex-Osun State Governor Rauf Aregbesola, former Anambra State Governor Peter Obi, and former Rivers State Governor Rotimi Amaechi.
In response, the Bala-led faction staged a counter-protest, insisting on recognition by INEC as the legitimate leadership of the party.
As the battle shifts to the Supreme Court, political observers say the outcome could decisively shape the future of the ADC, particularly as political alignments begin to take form ahead of upcoming elections.





