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The House of Representatives Committee on the Federal Road Safety Corps has commended the Corps Marshal on the enforcement of traffic laws in 2024 leading to improved fines generation and called for sustained aggression in the new year. According to a Thursday statement by the Corps Public Education Officer, Olusegun Ogungbemide, the observations made by
Hot SourceN149.39trn Debt: Abbas Clarifies Remarks, Says Tinubu Ensuring Responsible Borrowing, Edun Upbeat
Juliet Akoje in Abuja
Speaker of the House of Representatives, Hon. Tajudeen Abbas, yesterday, clarified his earlier comments on Nigeria’s N149.39 trillion debt, stressing President Bola Tinubu was committed to ensuring that borrowing remains responsible and tied to productive investments.
Also, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed optimism about the country’s fiscal outlook.
Both officials delivered their remarks at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC), hosted by Nigeria’s House Public Accounts Committee, under the theme: “Strengthening Parliamentary Oversight of Public Debt.”
The National Assembly recently approved President Bola Tinubu’s ambitious external borrowing plan for 2025–2026, which included $21.19 billion in foreign loans, €4 billion, ¥15 billion, a $65 million grant, and about N757 billion in domestic borrowing.
This borrowing plan, endorsed by both the House and Senate Committees on Local and Foreign Debt, was also made up of a proposal to raise an additional $2 billion through a foreign-currency bond issued in the domestic market.
Abbas noted that public debt, if well utilised, could engender growth and development in any country.
He said Nigeria could leverage responsible borrowing for sustainable development as demonstrated by the Tinubu administration.
“Indeed, public debt, when managed prudently, can be a tool for growth and prosperity. Yet, when left unchecked, it becomes a burden that erodes economic stability and threatens the welfare of future generations,” Speaker Abbas noted.
A statement by the Special Adviser on Media and Publicity to the Speaker, Musa Abdullahi Krishi, noted that the Speaker’s remarks were not a call to reject borrowing outright but reflected a responsible approach to debt management—one that ensures that borrowing translates into real value for Nigerians.
This, the statement noted, aligns squarely with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises fiscal discipline, prudent resource management, and channeling funds into critical areas like infrastructure, education, green energy, and social welfare.
Last week, Tinubu announced during a meeting with the stakeholders of The Buhari Organization in Abuja, Nigeria, had met its revenue target for 2025 ahead of schedule and would no longer rely on borrowing to fund its budget.
The President also said his administration’s non-oil revenue drive had yielded enough to meet this year’s projections by August, reducing Nigeria’s dependence on external loans.
At the WAAPAC event, the Speaker emphasised the “need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
He added, “When we examine the sources of Africa’s external financing, it becomes clear that the weight of debt on our continent is shaped by whom we borrow from and on what terms. Today, Western private lenders hold about 35 percent of Africa’s government debt through banks, asset managers, and oil traders.
“Multilateral institutions, such as the World Bank and the IMF, account for another 39 percent, while bilateral loans from other governments comprise 13 percent. Chinese creditors, despite much of the public debate, hold only 12 percent.
“To place this in sharper focus, in 2019, bondholders alone represented 27 percent of Africa’s external debt, making them the single largest creditor group, ahead of China at 13 percent.”
Speaker Abbas stated that if Africa was to grow stronger, the countries must not only negotiate fairer terms of borrowing but also rethink their dependence on external finance.
“We must channel more energy into mobilising domestic resources, fostering intra-African trade, and creating financial instruments that serve the continent’s own development priorities. Only then can we move from vulnerability to resilience, and from dependency to true economic sovereignty,” he said.
The Speaker stated that the conference could not have come at a more opportune time, “as our nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing.”
He also noted that the theme “speaks directly to the urgency of safeguarding our financial future,” stressing that it “goes to the very heart of democratic governance and sustainable development.”
Speaker Abbas said, “Therefore, oversight of public debt is a democratic duty and a moral responsibility of the legislature. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens.
While noting that the implications of this debt structure are far-reaching, the Speaker said a “significant share of our national revenues is tied to debt servicing rather than being invested in the things our people need most: roads, schools, hospitals, and innovation.”
He added that the high cost of commercial loans, coupled with the burden of repayment in foreign currencies, leaves many African economies vulnerable to market shocks. “This narrows fiscal space, constrains domestic policy choices, and slows the pace of sustainable development,” he said.
However, in his presentation, Edun presented a more optimistic assessment, saying Nigeria’s economy was recovering under the reform agenda of President Bola Tinubu.
Edun noted that in 2024, the ratio of debt service-to-government revenue had declined to about 60 per cent, while the debt-to-GDP ratio had fallen to 38.8 per cent, which he described as acceptable by global standards.
He also said government revenues rose by 34.7 per cent in the first half of 2025, showing signs of fiscal improvement.
Edun acknowledged Nigeria’s shared struggles with other West African nations, including high debt service costs, limited revenue streams, and increasing pressure on public spending.
He argued that Nigeria was making a positive turnaround, with reforms boosting investor confidence, reducing fuel import expenses, enhancing energy independence, and encouraging local value addition.
He credited these gains to difficult but necessary reforms, including the removal of fuel subsidies, exchange rate liberalisation, and a broad tax reform initiative aimed at improving compliance and gradually increasing the tax-to-GDP ratio.
According to Edun, these reforms are laying the groundwork for a stable macroeconomic climate that encourages private sector investment, which constitutes around 90 per cent of the nation’s economy.
He stressed that the government’s borrowing was now targeted at specific projects that generate returns, adding that the administration was avoiding inflationary practices like excessive money-printing or unsustainable financing methods.
Edun also pointed to global challenges such as declining development aid, shrinking global trade, and higher international interest rates, which he said complicate fiscal management in developing nations.
He argued that these global constraints make it even more critical for African countries to embrace reforms, digital innovation, and technology-driven revenue systems to boost domestic income.
The minister maintained that parliamentary scrutiny was vital for upholding fiscal responsibility and further urged lawmakers to actively hold the executive accountable for borrowing and spending decisions, asserting that transparency and accountability must form the backbone of fiscal policy.
“A credible fiscal plan isn’t just an executive responsibility, it requires strong collaboration and oversight, especially from finance and public accounts committees like yours.”
He described Nigeria’s current fiscal path as a key inflection point, where recent reforms are paving the way for long-term stability, global competitiveness, and inclusive development.
Edun, however, concluded by stressing the importance of responsible borrowing, clear reporting, and vigilant legislative oversight to secure the country’s financial future.
Earlier, at the conference yesterday, Abbas, who was represented by House Leader Prof. Julius Ihonvbere, stated that as of the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion (about $97 billion), a steep rise from N121.7 trillion in the prior year.
Abbas raised concern about Nigeria’s escalating debt, stating that it reached N149.39 trillion (approximately $97 billion) in the first quarter of 2025, from N121.7 trillion the previous year.
Abbas cautioned that Nigeria’s debt-to-GDP ratio had hit 52 per cent, exceeding the legal ceiling of 40 per cent, and called on parliaments throughout West Africa to intensify their scrutiny of government borrowing to protect their citizens’ futures.
He noted that the debt-to-GDP ratio had soared to 52 per cent, well above the 40 per cent legal threshold.
He warned that the debt escalation had pushed Nigeria beyond its legal borrowing limits and placed considerable strain on its fiscal stability.
Abbas said the trend underscored the pressing need for enhanced parliamentary oversight, improved transparency in the borrowing process, and a unified effort to ensure every borrowed naira delivers measurable economic and social benefits.
He further warned that Africa was facing a continent-wide debt crisis, with many nations spending more on debt servicing than on essential sectors like healthcare.
Highlighting Africa’s debt composition, Abbas said that 35 percent was owed to private Western lenders, 39 percent to global financial institutions, such as the International Monetary Fund (IMF) and the World Bank, 13 percent to bilateral partners, and 12 percent to China.
The Speaker stressed that loans should be channeled into sectors like infrastructure, healthcare, education, and industries that generate employment, warning against irresponsible borrowing that fuels corruption or unproductive consumption.
He added that oversight efforts must involve the public, suggesting that major loan proposals should be open to public hearings and that debt reports be simplified and made publicly accessible to ensure transparency and citizen awareness.
The President of the Senate, Godswill Akpabio, also called for stronger legal frameworks across West Africa to empower finance and public accounts committees, ensuring better debt transparency and sustainability.
Represented by Senator Osita Izunaso, Akpabio warned that unchecked borrowing could endanger citizens’ futures and weaken democratic institutions throughout the region.
He argued that sound debt management, underpinned by rigorous oversight, could be a powerful tool to finance infrastructure, spur growth, and support sustainable development.
The House Public Accounts Committee Chairman, Hon. Bamidele Salam, revealed that his committee had recovered more than N200 billion in lost government revenue over the past year.
Salam said these recoveries were part of ongoing reforms to improve financial accountability in Nigeria.
He noted that this WAAPAC meeting, which Nigeria is hosting for the first time since the group’s founding in 2009, is particularly timely in light of Africa’s escalating debt crisis.
The post N149.39trn Debt: Abbas Clarifies Remarks, Says Tinubu Ensuring Responsible Borrowing, Edun Upbeat appeared first on THISDAYLIVE.
Hot SourceKachikwu: FG Must Insulate NNPC, NUPRC, NMDPRA from Political Interference to Restore Confidence in Oil Sector
•Seeks massive deployment of technology in crude production
•Wants end to multiple taxes, inflated project costs
•Expressm
concern over overlapping mandates of sector regulators
•Advocates increase of NCI fund from $450m to $1bn
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
A former Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Prof. Ibe Kachikwu, has said that if the Nigerian oil industry must witness a significant leap, the national oil company must be weaned from political interference.
Kachikwu, who spoke at the Nigerian Content Development Monitoring Board (NCDMB) Business Mentorship Series 2025, which was held online, also opined that regulatory agencies as well as persons appointed to head them must be picked on the basis of nonpartisanship.
The former Executive Vice Chairman of Mobil Producing Nigeria (MPN), posited that overcoming Nigeria’s many challenges in the sector requires a clear vision, disciplined execution, and strong political will.
Besides the depoliticisation of the NNPC and the sector regulators like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kachikwu stressed that technology deployment must be taken seriously, including investment in automation, digital twin modeling, and artificial intelligence for exploration and production.
In the same vein, Kachikwu, who was minister between 2015 and 2019 under later President Muhammadu Buhari, called for the use of real-time pipeline monitoring to curb oil theft as well as the application of predictive maintenance to extend the life of aging infrastructure.
“(There’s also a need to) reduce one of Africa’s highest operating costs per barrel by streamlining regulatory processes, cutting multiple taxation, and clustering marginal fields to achieve economies of scale (and) implement transparent procurement systems to eliminate inflated project costs.
“(Also) Provide certainty for investors by adhering to frameworks in the Petroleum Industry Act (PIA). Avoid frequent fiscal policy changes. Ensure licensing, royalties, and taxes remain predictable rather than driven by political expediency.
“ Depoliticisation of governance: Insulate NNPC Limited and regulatory agencies from political interference. Appoint leaders based on competence, not patronage. This will improve accountability and institutional performance,” Kachikwu suggested.
He also stated that grievances by people from the Niger Delta must be addressed while host communities must be engaged genuinely. Similarly, he argued for the management of the Host Community Development Fund (HCDF) transparently with a clear monitoring framework.
While urging the authorities and oil industry players to invest long-term in education, health, and infrastructure to build trust and reduce militancy, Kachikwu noted that to ensure security, satellite surveillance, drones, and modern security systems should be deployed.
He also advocated strengthening of judicial processes for swift prosecution of oil theft and partnering with local communities to enhance intelligence gathering.
To re-attract foreign and domestic capital, the former minister emphasised that there was a need to encourage industry players through tax holidays for frontier basin projects, ease of profit repatriation, and risk capital guarantees.
Kachikwu further explained that Nigeria should leverage international green financing mechanisms to support energy transition goals and proactively diversify by investing in renewable energy.
Tracking the decline in the oil and gas sector, Kachikwu stated that the period from 2015 onwards has been marked by production decline, revenue volatility, and new global challenges.
Between 2017 and 2023, Nigeria’s oil production, he said, fell from over 2.1 million barrels per day to below 1.4 million bpd and in 2022 failed to meet its OPEC quota for 12 consecutive months.
“Several interrelated factors contributed to this stagnation. First, pipeline vandalism and oil theft reached unprecedented levels. The Niger Delta region saw renewed militant activity, including attacks on major infrastructure by groups such as the Niger Delta Avengers. Oil theft was estimated to cost the country over $2 billion annually according to data from the Nigeria Extractive Industries Transparency Initiative (NEITI).
“Second, the industry suffered from chronic underinvestment. Many international oil companies began to divest from Nigeria’s onshore assets, citing security risks, litigation threats, and environmental obligations. These divestments created operational gaps that local companies were not immediately ready to fill.
“Third, regulatory uncertainty created a difficult investment climate. For over a decade, the Petroleum Industry Bill faced repeated delays. Investors became reluctant to commit long-term capital in the absence of a clear legal and fiscal framework. Although the Petroleum Industry Act was eventually signed into law in 2021, its delayed implementation left a legacy of distrust.
“Fourth, infrastructure decay also played a major role. Many of Nigeria’s pipelines, flow stations, and terminals were more than 40 years old. Poor maintenance led to frequent shutdowns, leakages, and losses. Refineries operated at less than 10 per cent capacity for most of the period and were eventually shut down for rehabilitation.
“Finally, the global transition to clean energy posed a structural threat. As the world moved toward renews and net-zero emissions, fossil fuel projects came under intense scrutiny, financial institutions began withdrawing funding from oil and gas projects, Nigeria found itself in a race against time to extract maximum value from its reserves before global demand declined,“ he recalled.
However, despite the challenges of recent years, the former NNPC GMD said that Nigeria’s oil industry is experiencing a transformation in structure and ownership, with the emergence of domestic players being one of the most significant developments.
According to him, companies such as Seplat, Aiteo, Oando Energy Resources, and Heirs Oil and Gas have taken over assets formerly held by multinationals and are becoming increasingly influential in the upstream sector.
However, he pointed out that the rollout of the PIA has been inconsistent as regulatory institutions are still finding their footing, and there are concerns over overlapping mandates and limited capacity.
“Political interference remains a risk, especially in licensing, project approvals, and disbursement. There have also been fiscal policy shifts that have discouraged investment. Issues such as multiple taxation, currency instability, summersaults, including fuel subsidy retum under a different name and ad hoc import restrictions, have further undermined investor confidence.
“Nonetheless, opportunities remain. The commissioning of the Dangote Refinery promises to reduce dependence on imported refined products and conserve foreign exchange,” he explained.
Kachikwu also canvassed that the $450 million Nigerian Content Intervention Fund (NCI Fund) be increased to $1 billion, to cater for the funding of mega oil and gas projects, setting up of pipe mills and manufacturing of other critical equipment needed in the oil and gas sector.
He recommended that oil and gas producing companies be asked to provide timelines for developing oil and gas blocks, the same condition for firms that win industry contracts based on commitments of investments.
Kachikwu stated that a larger NCI Fund will provide seed capital for developing blocks, accessing technology, skill sets and equipment, stressing that the fund should include contributions from operators, and other investors in the sector and not just government resources.
Besides, he regretted that many awardees of oil blocks in Nigeria treat them like certificates of occupancy for land, causing huge losses to the nation. He advised the federal government to cancel oil blocks that are not developed after a prolonged period.
He said: “We need to find a way to force performance in the industry. Some companies get contracts to import pipelines with proviso to invest locally. We need to begin to produce those equipment. You have to show the joint venture that you are setting up to produce pipes, where is the foreign partner with the funds and technology? You need to give a timeline.”
Commenting on the global investments space and how Nigeria can attract funding to the energy sector, the former minister argued that “there is a lot of money waiting to be tapped, however it is only going to countries where there is a perception of regularity.”
He opined that Nigeria’s image needs to improve, adding that the government needs to create the right investment climate to attract investment.
“There is enough investment money out there if you have a holding of hands. They need to portray Nigeria as the place where you can put money and get good returns”, Kachikwu stated.
He also argued that the government should consider co-investing with private companies if there are good prospects of returns.
The post Kachikwu: FG Must Insulate NNPC, NUPRC, NMDPRA from Political Interference to Restore Confidence in Oil Sector appeared first on THISDAYLIVE.
