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$22.7bn Loan Request Meant For Infrastructure -FG
The Federal Government has said that the proposed amount of the 22.7 billion dollars requested by President Muhammadu Buhari in the External Borrowing Plan (2016 to 2018) would be invested in infrastructure development and not consumption.
Minister of Works and Housing, Mr Babatunde Fashola, Minister of Finance, Mrs Zaynab Ahmed and Minister of State, Transport, Ms Gbemisola Saraki made this known in a public hearing before the joint house committees yesterday.
The house committees are Aids, Loans and Debt Management, and Rules and Business. According to the Debt Management Office, Nigeria’s Total Public Debt Portfolio as at June 30 stood at $83.88 billion (¦ 25.7 trillion).
The 8th National Assembly had received the proposed projects for 2016 to 2018 Medium Term (Rolling) External Borrowing Plan put at 30 billion dollars.
The ministers, however, presented the same proposal at 22.7 dollars and gave reasons why the country should have funds as soon as possible.
They emphasised that the loans would promote infrastructure development and job creation.
The Minister of Finance said that the country had a revenue-generating challenge and stressed the need to invest in sustainable projects that would generate revenue. Ahmed said the loan would be “strictly for infrastructure development.
“So that we can address the deficit that we have. We know we must comply with some criteria; every kobo borrowed will be judiciously used,” she said.
Also, Minister of Works and Housing said Nigeria’s debt portfolio and debt service were being considered.
Fashola emphasised that investing in capital projects were needed to help the country achieve a self-sustaining economy.
“As we cannot ignore the concerns about debts, so we cannot ignore the concerns and demands for the provision of life-sustaining infrastructure.
“We have passed a budget of several hundreds of billions, but the reality is that over four years, we have never received full funding for any budget. And the reason is simple, there is a deficit, and we cannot finance it.
“Some of the roads we are investing in will last for upwards of 20 to 30 years if well maintained and not abused. For rail assets, usually, the tracks will last for at least 100 years. Power plants like the Mambilla will be there for many decades.
“So, we will be spending today’s money to secure tomorrow’s assets that will sustain our growing population and growing economy.”
The Minister of State for Transport also said there was the need to complete Kano-Lagos and Niger Delta coast rails.
Meanwhile, t he Debt Management Office says the public debt stock of the country is a cumulative figure of borrowings by successive governments over many years.
The DMO said this in a statement released in Abuja yesterday .
It said that it was not appropriate to attribute the Public Debt Stock to any particular administration.
It, however, explained that President Muhammadu Buhari submitted a request to the National Assembly for approval of the 2016 – 2018 Medium Term External Borrowing Plan for the sum of 22.718 billion dollars.
“This request is not a new one as being perceived but rather it represents those borrowings which have been submitted to the National Assembly but are yet to be approved before the expiration of the eighth Assembly.
“The requests in the Plan are proposed borrowings from multilateral and bilateral lenders.
“The proposed loans are concessional, semi-concessional, long-tenored and are for the purpose of financing infrastructure and other developmental social projects.
“All of which have multiplier effects in terms of job creation, business opportunities and overall increase in Nigeria’s Gross Domestic Product.
“Also, the benefits are long term and will serve generations of Nigerians.
“The proposed New Borrowing is consistent with the subsisting Debt Management Strategy which seeks to replace short term high –interest cost domestic debt.
“With low interest long term external debt and is one of the measures that is being implemented to moderate the level of Debt Service.
“The achievements in this regard are evidenced in the declining share of Domestic Debt in the Total Public Debt from over 83 per cent in December 2015 to about 68 per cent in June 2019,” it explained.
The statement noted that Nigeria had a ceiling of 25 per cent on the total public debt stock to GDP which is Debt to GDP and it had operated within.
It said that the ratios for Dec. 31, 2018 and June 30, 2019 were 19.09 and 18.99 per cent respectively.
“The Debt Service to Revenue Ratio (Debt Service/Revenue) has however, been higher than desirable and provides strong justification for the current drive to increase Oil and Non-Oil Revenues significantly.
“The debt service to revenue for the years 2017 and 2018 were 57 per cent and 51 per cent respectively.
“The debt service figures have grown as a result of the increase in the Debt Stock and relatively high domestic Interest Rates.
“Still on the issue of debt sustainability, when compared to a number of countries, Nigeria’s Debt to GDP is relatively low but the Debt Service to Revenue is relatively high.
“The United States of America, United Kingdom and Canada had Debt/ GDP ratios of 105, 85 and 90 per cent in 2017 which were much higher than that of Nigeria.
“But because they generate adequate revenues, their debt service to revenue for the same year were 12.5, 7.5 and 7.5 per cent respectively.
“The case was also similar for Brazil, South Africa, Kenya and Mexico who had higher Debt to GDP than Nigeria (74, 53, 57 and 46 per cent respectively but had lower debt service to revenue of 32.20, 11.4, 13.2 and 13.6 per cent respectively.
“This is clear evidence that Nigeria’s revenues are low. This is further demonstrated by Nigeria’s tax to GDP ratio of only six per cent in 2018 compared to Kenya’s 15.7, Morroco 21.8, Cameroon 12.2 and South Africa 27.5 per cent in 2017″
The statement pointed out that the above figures attested to the fact that Nigeria had a revenue challenge rather than a debt problem.
According to the statement, it is in this regard that all efforts are in top gear to increase revenues through measures such as the Finance Bill and Strategic Revenue Growth Initiative.
“Overall, the justification for the borrowing is that many of the projects in the plan are for the development of infrastructure in the areas of roads, railways, waterways and power which will help to unleash the potential of the Nigerian economy.
“Other loans such as those for the educational sector will contribute to the development of Nigeria’s human capital, while loans for Agriculture will be used to diversify the economy.
“There will also be funding for Development Finance Institutions to enhance access to finance for Micro, Small and Medium Scale Enterprises.”
News
Odu Urges Collaboration Among Stakeholders To Improve Health Service Delivery In Rivers
Rivers State Deputy Governor, Prof. Ngozi Odu, has called for renewed commitment, transparency, and collaboration among stakeholders in the health sector in the State.
The deputy governor particularly urged synergy between the Rivers State Contributory Health Protection Programme (RIVCHPP) and the Primary Health Care Management Board towards improved healthcare delivery in the State.
?Prof. Odu made this call during the 2026 First Quarter Review Meeting of the Task Force on Primary Health Care at the Government House, Port Harcourt, on Wednesday.
?She stressed the importance of honesty and urged all parties to be truthful and open in addressing challenges within the system.
?According to her, transparency remains critical to identifying and resolving underlying issues affecting healthcare delivery, noting that “if we are not truthful, we will not cure the disease, but merely cover it up.”
The deputy governor recounted a personal experience at a Primary Health Center where a patient, despite being duly registered under the RIVCIPP scheme with completed biometric capture, was still asked to make payment for services.
According to her, intervention by relevant authorities later confirmed the patient’s eligibility, exposing a communication gap between the scheme and healthcare providers.
Odu warned that such incidents could discourage community members from enrolling in the scheme, thereby undermining its objectives.
“When this happens, we are disenfranchising our people. The message that goes back to the community is that even when you register, you are still made to pay,” she stressed.
?While commending the leadership and staff of the Primary Health Care Management Board, Ministry of Health, Development Partners as well as other supporting units, for their efforts, ty deputy governor stressed that performance should not lead to complacency.
She urged stakeholders to continuously strive for improvement, raise standards, and leave lasting positive impacts within the system.
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News
You Can Now Print Your Exam Slips, JAMB Tells 2026 UTME Candidates
The Joint Admissions and Matriculation Board (JAMB) has announced the opening of examination slip printing for candidates registered for the 2026 Unified Tertiary Matriculation Examination (UTME).
JAMB made the announcement yesterday, urging candidates to visit its website to download their slips ahead of the examination.
“Examination Slip Printing is now available. The slip contains details of the venue, date and time of your examination and gives you access to the examination hall,” the board said.
Candidates are to visit jamb.gov.ng and click on “2026 Slip Printing” to print their slips.
The development comes after JAMB dismissed a viral press release falsely claiming the examination had been postponed.
The board described the notice as “malicious and fake” and urged candidates to disregard it.
The 2026 UTME is scheduled to hold from Thursday, April 16, to Saturday, April 25, 2026.
The examination follows a mock test conducted on Saturday, March 28, which recorded technical difficulties at some Computer-Based Test centres.
Of the 224,597 candidates who registered for the mock, 152,586 sat for the test across 989 CBT centres nationwide.
JAMB said over 20 centres were delisted for technical inadequacies.
The board also warned candidates against fraudsters on WhatsApp claiming to facilitate score inflation, describing such claims as “false and criminal”, and threatening cancellation of registration or withholding of results for any candidate found involved.
Over two million candidates, according to JAMB Registrar, Prof. Ishaq Oloyede, registered for this year’s UTME.
News
RSU Unveils Five-Year Strategic Dev Plan …Calls For Collective Commitment To Institutional Excellence
In a decisive step towards redefining its future, the Rivers State University, Port Harcourt, has formally unveiled its Third Five-Year (2026-2030) Strategic Development Plan.
The development plan is a comprehensive roadmap designed to strengthen the university’s position as a leading institution in Nigeria and beyond.
The unveiling took place during a high-level engagement with the Governing Council, Principal Officers and the university congregation, at the Convocation Arena, recently.
Delivering his remarks at the unveiling ceremony, the Pro-Chancellor of the university and Chairman of Council, Hon. Okey Wali, SAN, charged all members of the university community to align their activities with the strategic direction of the institution, emphasizing that the success of the plan depends on collective commitment.
He noted that the plan is not merely a document, but a working framework that requires discipline, accountability and unity of purpose.
According to the Pro-Chancellor, only through coordinated efforts from all stakeholders can the university fully realize its vision.
“I hereby invite the Visitor to the University, donor agencies, friends and well-wishers, and all stakeholders to support and fund the implementation of this strategic plan. We are confident that this plan will take RSU to greater heights in the comity of higher institutions,” he said.
The Vice-Chancellor of the University, Prof. Isaac Zeb-Obipi, described the Strategic Development Plan as a document that would enhance the university’s corporate strengths, mitigate current weaknesses, leverage its corporate opportunities and address perceived existential threats.
“This Five-Year Strategic Plan sets out RSU’s goals, strategic objectives, expected outcomes and impact, including intervention strategies,” he said.
On his part, the Chairman of the Strategic Development Planning Committee, Prof. Emeritus Joseph A. Ajienka, noted that the 2026-2030 Strategic Development Plan represents a bold reaffirmation of the university’s founding ideals of excellence, creativity, innovation and inclusivity, aimed at positioning the institution to respond effectively to contemporary challenges in higher education.
Prof. Ajienka, who is also a member of the Governing Council, disclosed that the plan was developed through an extensive and inclusive consultative process, which he said reflects contributions from Faculties, Departments, Satellite Campuses and Administrative Units.
At its core, the plan seeks to advance the university’s vision of becoming a “unique and uncommon” institution that is structurally and philosophically oriented towards solving practical societal problems and ranking among the top ten universities in Nigeria.
The strategic framework identifies six key challenges confronting the university, including funding constraints, infrastructure deficits, limited research collaboration, and service delivery inefficiencies.
A statement by the university’s Acting Director, Corporate Affairs, Victor G. Banigo, further stated that the university has articulated four broad strategic goals supported by eight targeted objectives.
A central priority of the plan, according to him, is the strengthening of governance and administrative systems, alongside deliberate efforts to expand the university’s funding base. Others include enhanced alumni engagement, strategic partnerships and innovative fundraising initiatives aimed at ensuring long-term financial sustainability.
“Equally significant is the commitment to upgrading physical infrastructure across all campuses. Plans are underway to modernize lecture halls and laboratories, expand student accommodation, improve campus security and deploy advanced ICT systems to support teaching, learning and research.
“Recognizing that human capital is the backbone of institutional success, the university has placed strong emphasis on staff development, recruitment and productivity enhancement. Through targeted training programmes, mentorship initiatives and performance management systems, the plan aims to foster a highly skilled and motivated workforce.
“In addition, the university is poised to deepen its focus on research, innovation and entrepreneurship. By reviewing academic curricula, strengthening industry partnerships and establishing innovation incubation centers, Rivers State University seeks to translate research outputs into practical solutions that address societal needs and drive economic growth,” he said.
The PRO disclosed that the implementation of the strategic plan is projected at ?110 billion, reflecting the scale of transformation envisioned.
“While the university is committed to funding a significant portion internally, additional resources will be mobilized through government support, donor agencies, alumni contributions, and public-private partnerships.
“This multi-channel funding strategy aligns with the university’s broader goal of building a resilient and self-sustaining financial model capable of supporting long-term development,” he explained.
To ensure effective implementation, he said, “the plan incorporates a comprehensive monitoring and evaluation framework, complete with performance and impact indicators. A mid-term review is scheduled within the first two years to assess progress and make necessary adjustments.
“Furthermore, the establishment of a dedicated Strategic Planning Office will provide oversight, coordination and accountability in executing the plan across all units of the university.”
According to the statement, “As the university embarks on this transformative journey, the message from leadership is clear: the Strategic Development Plan is a collective mandate.
“For staff, students, alumni and stakeholders, it represents an opportunity to contribute meaningfully to the growth and advancement of the institution. For the university, it is a pathway to consolidating its legacy while embracing innovation and global relevance.
“With a clear vision, defined priorities and a united community, Rivers State University stands poised to translate this strategic blueprint into measurable progress, advancing knowledge, empowering people and shaping the future of higher education in Nigeria.”
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