News
Nigeria’s Foreign Debt Hits $4.3bn
Nigeria’s foreign debt stood at 4.3 billion dollars as at March, with the domestic debt profile hitting N2.4 trillion, the Minister of Finance, Mr Olusegun Aganga, said in Abuja.
Aganga gave the figures on Monday at a workshop on process and procedures for obtaining local and foreign loans by both the federal and state governments.
The workshop was organised by the House of Representatives Ad Hoc Committee on the Investigation of Foreign and Domestic Loans in collaboration with the Central Bank of Nigeria (CBN).
Nigeria’s foreign debt was 3.54 billion dollars at the end of 2004 before its exit from the Paris Club of creditors that year.
Aganga said the level of debt was still within the internationally accepted benchmark for measuring debt sustainability but warned that every reason for borrowing must be justified.
“We must get value for every kobo we spend on behalf of the Nigerian people,” he said.
The minister stressed that the country deserved excellent cash flow to effectively address its persistent problem of infrastructureal inadequacy.
According to him, Nigeria is 40 per cent above the internationally accepted benchmark.
Also speaking, the CBN Governor, Malam Lamido Sanusi Lamido, said the idea of zero debt was incompatible with developmental ideals, explaining that Africa lacked the required funds to meet its infrastructural needs.
He stressed the need for the CBN and the Debt Management Office to coordinate their activities in the interest of the country’s foreign debt.
According to Lamido, little has been done by relevant authorities to check revenue leakages in the Nigeria Customs Service.
He said that unless these leakages were blocked, the problems the country was going through in terms of dwindling revenue would persist.
The CBN governor said there was no basis for the government to continue to subsidise petroleum products when a few persons continued to benefit to the detriment of other Nigerians.
“I will continue to talk about petroleum subsidy; there are just a few groups of people that enjoy to the disadvantage of others.
“Subsidy on petroleum is unnecessary; I do not believe that the subsidy is actually coming to Nigerians,” he said.
Lamido said that borrowing money to subsidise petroleum products was baseless as the proceeds went to “a small cabal” in the country.
Earlier, the Speaker of the House of Representatives, Mr Dimeji Bankole, who declared the occasion open, had said the workshop became necessary following the renewed spate of borrowings by the federal and state governments.
He said the National Assembly was worried about the lack of adherence to extant legislation governing public borrowing.
“ We are not on any mission to decree against borrowing, whether foreign or domestic, but we are persuaded that borrowing, where inevitable, should be functional, productive and backed by value and optimal cases self-liquidation,” he said.
The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.
Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.
This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.
Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.
He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.
The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.
He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.
Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.
Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.
The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.
The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.
Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.
“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”
According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.
Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.
Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.
Abbas described the new theatre as a major milestone for the navy’s medical services.
“Previously, injured personnel requiring surgeries were referred outside the facility.
“With this theatre, surgeries can now be conducted within the base.’’
He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.
The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.
“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.
In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.
Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.
Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.
“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.
He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.
Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.
He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.
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