News
Nigeria’s Debt Profile Hits N17.36trn
In less than 20 months, Nigeria’s total debt profile has risen to N17.36 or $57.39billion from N2.03trillion ($10.32billion) as at the end ofJune 2015.
This revelation was made yesterday by the Director General of the Debt Management Office (DMO), Dr Abraham Nwankwo during the budget defence session for his agency before the Senate Committee on Foreign and Local Debts.
According to the DMO’s DG, the total debt
profile of the country which comprises of both local and foreign debts has been on the increase since July 2015 due to prevailing economic challenges at both the federal and state levels.
He said while the Federal Government’s domestic debt as at December 31, 2015 was N8.84trillion, it rose to N11.06trillion as at December 2016.
Nwankwo explained that the total debt profile of $57.39billion is made up of external debt stock of $11.41billion (N3.48trillion and domestic debt stock of $45.98billion(N13.88trillion) out of which the 36states of the federation and the Federal Capital Territory accounted for about 32.45% and the federal government accounting for the remaining 67.55%.
Worried by the rising debt profile, the Chairman of the committee, Senator Shehu Sani (APCKaduna Central) and other members, asked the DMO’s DG why the federal
government had not sought for debt relief from the creditors as was the case during the Olusegun Obasanjo administration.
as once did.
The DG in his response incurred the wrath of the committee members by declaring that Nigeria despite
the high debt profile is still strong economically.
”In our humble view, Nigeria is not in a position to beg for debt forgiveness. Nigeria is still a very strong economy. We have some challenges. But Nigeria has not reached a stage that it needs to beg for debt forgiveness.We are not in that
position, Sir”. the DG said
It was a submission that made a member of the committee, Senator Obinna Ogba, to fire back at him, by asking him whether Nigeria was in bad situation when the Obasanjo-led administration sought debt write – off .
In response, the DG said the question was
too big for him to answer.
Angered by the DMO’s DG’s response ,Senator Shehu Sani accused him of being careless and insensitive to the plights of ordinary Nigerians going by his stance against seeking for debt relief.
His words “It is shocking that in 2006, people found it easier to feed their families and pay the fees of their children and rents. Now, things are in a very bad shape. But you’re speaking in a way not typical of somebody who lives with the people but like somebody who is speaking from an ‘expert’ point of view.
“You said we are not in a bad position to ask for debt forgiveness. If you are talking from the point of how our people live nowadays, you would not be able to say such things. But you are speaking naturally as an expert.”
Nneka Amaechi-Nnadi, Abuja
News
FG Ends Passport Production At Multiple Centres After 62 Years

The Nigeria Immigration Service has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, disclosed this yesterday while inspecting Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
He said the centralised production system aligned with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for better service delivery.
News
FAAC Disburses N2.225trn For August, Highest In Nigeria

The Federation Account Allocation Committee (FAAC) has disbursed N2.225 trillion as federation revenue for the month of August 2025, the highest ever allocation to the three tiers of government and other statutory recipients.
This marks the second consecutive month that FAAC disbursements have crossed the N2 trillion mark.
The revenue, shared at the August 2025 FAAC meeting in Abuja, was buoyed by increases in oil and gas royalty, value-added tax (VAT), and common external tariff (CET) levies, according to a communiqué issued at the end of the meeting.
Out of the N2.225 trillion total distributable revenue, FAAC said N1,478.593 trillion came from statutory revenue, N672.903 billion from VAT, N32.338 billion from the Electronic Money Transfer Levy (EMTL), and N41.284 billion from Exchange Difference.
The communiqué revealed that gross federation revenue for the month stood at N3.635 trillion. From this amount, N124.839 billion was deducted as cost of collection, while N1,285.845 trillion was set aside for transfers, interventions, refunds, and savings.
From the statutory revenue of N1.478 trillion, the Federal Government received N684.462 billion, State Governments received N347.168 billion, and Local Government Councils received N267.652 billion. A further N179.311 billion (13 per cent of mineral revenue) went to oil-producing states as derivation revenue.
From the distributable VAT revenue of N672.903 billion, the Federal Government received N100.935 billion, the states received N336.452 billion, while the local governments got N235.516 billion.
Of the N32.338 billion shared from EMTL, the Federal Government received N4.851 billion, the States received N16.169 billion, and the Local Governments received N11.318 billion.
From the N41.284 billion exchange difference, the Federal Government received N19.799 billion, the states received N10.042 billion, and the local governments received N7.742 billion, while N3.701 billion (13 per cent of mineral revenue) was shared to the oil-producing states as derivation.
News
KenPoly Governing Council Decries Inadequate Power Supply, Poor Infrastructure On Campus
The Governing Council of Kenule Beeson Saro-Wiwa Polytechnic, Bori, has decried the inadequate power supply and poor state of infrastructural facilities and equipment at the institution.
The Council also appealed to the government, including Non-Governmental Organisations, agencies, as well as well-meaning Rivers people to intervene to restore and sustain the laudable gesture, dreams and aspirations of the founding fathers of the polytechnic.
The Chairman of the newly inaugurated Council, Professor Friday B. Sigalo, made this appeal during a tour of facilities at the Polytechnic, recently.
Accompanied by members of the team, Prof Sigalo emphasised the position of technology, technical and vocational education in sustainable development.
He noted that with the prospects on ground, and the programmes and activities undertaken in the polytechnic, there is no doubt that the institution would add values to the educational system in our society and foster the desired development, if the existing challenges are jointly tackled.
This was contained in a statement signed by Deputy Registrar, Public Relations, Kenpoly, Innocent Ogbonda-Nwanwu, and made available to The Tide in Port Harcourt.
The chairman who restated the intention of his team of technocrats to ensure that KenPoly enjoys desirable face-lift, said the Council would deliver on its core mandates, accordingly.
Earlier, the Rector, KenPoly Engr. Dr. Ledum S. Gwarah, commended the appointment of Professor Friday B. Sigalo as Chairman of the KenPoly Governing Council.
He described him and his team as seasoned technocrats and expressed confidence in their ability to succeed.
The Rector pledged the management’s support to the Council to ensure that KenPoly resumes its rightful place in the comity of polytechnics in the country.
Facilities visited by the Governing Council include KenPoly workshops, laboratories, skills acquisition centre, library, hostels and medical centre.
Chinedu Wosu
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