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DMR Ties Nigeria’s Rising Debt Profile ToWeak Revenue Generation

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4 years ago

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The Chairman of the Debt Management Roundtable (DMR), Taiwo Oyedele, has hinted that Nigeria’s unsustainable debt burden is fuelled by weak revenue generation.
Oyedele, who was a panellist during a session on ‘Sustainable Approaches to Public Debt Financing’ at the just-concluded Nigerian Economic Summit (NES 27), observed that Nigeria’s debt profile had reached unsustainable levels, and is characterised by low revenue, high spending or a combination of both factors.
He said: “The revenue of the government and the 36 states is not up to the budget of New York, which is a single state in the United States of America. As such, we have to harmonize multiplicity of taxes and collection agencies to ensure that revenue collection mechanisms are boosted.”
Reiterating his assertion, Director-General of the Debt Management Office (DMO), Ms Patience Oniha, said: “We can’t talk about debt alone; we must also talk about revenues.
“When you borrow and invest these monies wisely, it will enhance growth and development. That is why we have issued promissory notes of over N1.5trillion approved by the National Assembly.”
While admitting that Nigeria’s debt service to revenue is on the high side, she harped on the urgency of revenue diversification to hedge against the country’s growing debt burden.
At the session, where the DMR’s report on West Africa’s debt profile was launched, DMR Director of Research, Dr.SegunOmisakin, also attributed Nigeria’s growing debt burden to high overhead cost and over-reliance on oil and gas commodities.
He advised government to build a digital economy driven by innovation in key sectors of the economy such as telecommunications, transport and agriculture, adding that economic diversification and a refocus on the non-oil sector were the surest pathways to inclusive growth.

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Firefighters battle New Year Day inferno in Abuja, several states

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5 days ago

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January 2, 2026

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Federal Fire Service FFS entered the New Year on full operational alert, tackling multiple fire outbreaks across the country from midnight into the early hours of January 1, 2026, in what officials described as one of the busiest festive-season deployments in recent years.
The intensified nationwide response followed a December 2025 directive issued by the Controller General of the Federal Fire Service, Olumode Samuel Adeyemi, who had ordered that no firefighter should proceed on leave throughout the holidays.
According to a statement by the National Public Relations Officer and Head of Corporate Services of the FFS, DCF Paul Abraham, the no-leave policy proved critical as the Service moved swiftly to contain fires in several states.
The Federal Capital Territory FCT recorded its first fire incident of the year barely twenty-three minutes after midnight when flames erupted at Cake Hot Restaurant located within River Plate Park, Wuse, Abuja.
Abraham said fire crews from the Federal Fire Service and the FCT Fire Service arrived promptly and were able to stop the blaze before it could spread through the popular recreational centre.
While a section of the garden area was destroyed, no lives were lost and no injuries were recorded.
Officials said property worth an estimated ?1.5 billion was saved, although losses were placed at about ?500 million.
“Preliminary findings suggested that the fire was triggered by objects thrown during New Year celebrations, reinforcing long-standing warnings over the dangers posed by fireworks during the harmattan season”, the Service said.
The Controller General had repeatedly urged Nigerians to avoid fireworks, candles and open flames indoors, warning that the dry winds characteristic of the season allow fires to spread rapidly.
He also warned the public about electrical faults and power surges and advised that electrical appliances be switched off and unplugged when not in use or when occupants leave their homes, stressing that overloading sockets and extension boxes remains a significant cause of domestic fires.
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Enugu North LG chairman presents ?10.8bn 2026 Budget, prioritises roads …Security, Healthcare, Human Capital Development

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5 days ago

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January 2, 2026

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Chairman of Enugu North Local Government Area in Enugu State, Dr. Ibenaku Harford Onoh, has presented a Ten Billion Eight Hundred Million Naira (?10.8bn) 2026 budget to the legislative council of the local government.
The budget, tagged “Budget of Continued Growth and Consolidation,” was presented on Wednesday during a plenary session attended by councillors, department heads, and other stakeholders.
Dr. Onoh explained that the 2026 budget is designed to consolidate achievements recorded in 2025 while scaling up development across the council’s 13 wards. Priority areas include road infrastructure, grassroots security, healthcare delivery, youth empowerment, and digital governance.
He also reviewed the 2025 budget performance, highlighting significant revenue growth and successful completion of key projects. Notably, the council’s internally generated revenue more than doubled, attributed to the introduction of digital revenue collection platforms and other innovative measures.
Among the 2025 achievements, Dr. Onoh mentioned the reconstruction of major roads at European Quarters, Hilltop, Coal Camp, and Ukwa Street, Ihewuishi, as well as the upgrade of the local security architecture through the reorganisation of the neighbourhood watch into “The City Watch.”
On the 2026 budget, the chairman stated that projected revenue would come from statutory allocations, VAT, internally generated revenue, and counterpart funding through public-private partnerships.
He noted that capital expenditure would take the larger share of the budget, with over half allocated to the economic sector. Planned projects include:
Completion of transport terminals at Aria Market
Construction and reconstruction of urban roads
Establishment of two sports centres
Healthcare interventions
Youth skills development programmes.
Dr. Onoh emphasised that the projects, policies, and programmes outlined in the budget are aimed at complementing the initiatives of Governor Peter Ndubisi Mbah, who is setting standards for local government councils to follow.
Responding, the Leader of the Legislative Council, Rt. Hon. Chizoba Nnamani, said the budget would be carefully scrutinised in the interest of residents before its passage.
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Christians Convert To Islam or die As ISWAP burns down Christian village

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5 days ago

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January 2, 2026

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Christians in Adamawa have been asked to Convert to Islam or die as commanded by the Islamic State of West Africa Province (ISWAP).
.The ISWAP forcedly burnt down Christian village in Adamawa Nigeria as reported on January 1, 2026.
The Islamic State of West Africa Province, ISWAP, has continued to wreak havoc on Christian communities in the Northeast, Nigeria.
This comes as ISWAP burned down a Christian village in Adamawa State.
A security expert, Brant Philip, disclosed this on Thursday in a viral video released by the terrorists.
“ISWAP released an image of one of the Christian villages in Adamawa State burning, alongside a statement saying that all Christians in Nigeria are legitimate targets, and they have an opportunity to “spare their blood” by converting to Islam or paying the jizyah tax to ISWAP,” Brant Philip wrote on X.
The move is perceived as retaliation for recent joint airstrikes by the Nigerian and United States military against a terrorist enclave in Sokoto, Nigeria.
Recall that five days ago, United States President Donald Trump announced that the US military launched airstrikes against terrorists in Sokoto State.
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