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Reps Probe $47bn, N12.15trn Foreign, Local Debts
The House of Representatives is to commence a comprehensive investigation into Nigeria’s rising debts profile in the face of economic uncertainties.
The lawmakers said the need for the probe was informed by the fact that the country’s debts have become controversial following various figures bandied by both the federal government and international financial organisations.
Debating the subject at yesterday’s plenary before the lawmakers adjourned to January 16, 2019 for the Christmas and New Year holidays, they resolved to mandate the House joint committees on Aids, Loans and Debt Management, Capital Market and Institutions, as well as banking and currency to probe increasing external and domestic debts from $10.49 billion in 2015 to $17.83 billion in June 2018 and other accounts by economic and budget experts put at between $13billion and $47billion from May 2015 to June 2018.
They are also to look at the local component debts which increased from N8.3trillion to 12.15trillion in three years, 2015-2018.
These resolutions followed the adoption of a motion sponsored by Honourable Yusuf Tajudeen (PDP, Kogi), saying that there have been issues concerning the actual figures of what the country owes its local and international creditors.
Yusuf noted that the current figures were unknown to government officials resulting to different figures from federal government and some fiscal policy monitoring groups.
“Even the Vice President Yemi Osinbajo, who is the Chairman of Nigerian Economic Council has revealed that the nation’s debt profile stood at $10 billion in the last three years while the figures given by economic and budget experts range between $13 billion to $47 billion from May 2015 to June 2018″, Yusuf explained during debate.
He added: “Nigeria’s external and domestic debt, which reveals that the external debt grew to $17.8 billion in June 2018 from $10.49 billion in 2015, while domestic debt, which was N8.39 billion in June 2015 has risen to N12.15 trillion as at June 2018; representing an increase of N17.6 trillion in three years.”
The member who chairs the House committee on capital market and institutions expressed worry that notwithstanding increasing national debt profile, the states are not left out as “there is a sharp increase in sub-national borrowing in the last three years, such that the domestic debts of states governments rose from N1.69 trillion in June 2015 to N3.4 trillion in June 2018.
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Arrest Arise TV Crew Attackers Or Face Boycott, Journalists Tell Rivers Police
Port Harcourt based media practitioners under the aegis of Port Harcourt Press, have urged the Rivers State Police Command to arrest and prosecute all suspects involved in the recent attack and harassment of Arise TV crew in Port Harcourt.
The media practitioners, at a World press conference in Port Harcourt, described as dangerous the continuous harassment of journalists by various political actors in the ongoing political crisis in the State.
The text of the briefing which was read by a former State Commissioner for information and Communications and federal lawmaker in the State, Hon. Ogbonna Nwuke, described as condemnable the attack on the Arise TV crew by suspected political thugs in Port Harcourt, while conducting an interview with Dr Leloonu Nwibubasa, a former commissioner in the State.
According to him, “That harrowing event of Friday, January 2, where the Arise TV crew were brutally attacked by armed men in a hotel in Port Harcourt while conducting interview with Dr Leloonu Nwibubasa, former Honourable Commissioner for Employment Generation and Empowerment, smacks of nothing but act of intimidation, threat to both the Nigerian media and human lives especially in the forceful carting away of broadcast equipment.”
The group further noted that the attack was not only an insult on the press freedom but on the larger society.
The group regretted the inability of the Police to arrest and bring to book the perpetrators of the act till date, warning that it may be forced to boycott police activities if those involved are not arrested and brought to book.
“From all indications, the police appear to be playing to the gallery. While the broadcast equipment were reportedly recovered, no definite arrest have been made. This body, therefore, demands an urgent and thorough investigation of this matter and those find culpable brought to justice within two weeks.
“Failure to address this issue with the urgency it requires and not carrying out satisfactory actions as required in their prosecution will attract sanctions such as withdrawal of coverage of all police activities in Rivers State by media organisations and journalists as we stand in solidarity with the NUJ,” the group warned.
John Bibor
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Be Patient With Us, Diri Tells Bayelsans … Inspects New 60mw IPP …Expresses Confidence In Technical Partners, BECL MD
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Akpabio Withdraws All Defamation Suits After Priest’s Sermon
The Senate President, Senator Godswill Akpabio, has directed his lawyers to withdraw all ongoing defamation lawsuits against several individuals, saying he was moved by counsel during a New Year Mass.
Speaking at the Sacred Heart Parish in Uyo, yesterday, Akpabio said he had filed nearly nine lawsuits against individuals he accused of defaming him.
He said, “I had almost nine cases in court against some individuals who defamed me, who lied against me, who slandered my name.
“But I listened to the priest and suddenly realised he was talking to me, so I hereby direct my solicitor to withdraw all lawsuits against them.”
In 2025, Akpabio had filed several high-profile defamation lawsuits, including one against colleague Senator Natasha Akpoti?Uduaghan.
In late 2025, Akpabio filed a N200 billion defamation lawsuit against her over allegations of sexual harassment, which he denied and urged her to substantiate in court.
Earlier in the year, Akpabio’s wife also filed defamation suits against Akpoti?Uduaghan over claims she said had harmed her family’s reputation.
Relations between the two lawmakers soured after Akpoti?Uduaghan accused Akpabio of influencing her suspension from the Senate in March 2025, following her public allegations of misconduct.
The Senator had previously challenged actions taken against her in court, including a N100 billion defamation suit she filed against Akpabio and other defendants over alleged remarks that she said damaged her reputation.
With yesterday’s announcement, Akpabio has formally ended all pending legal disputes arising from defamation claims, signalling closure to the publicised litigations as the year begins.
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