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.
News
PDP Kicks As APC Wins FCT Council Polls
The Peoples Democratic Party (PDP) has inaugurated a special legal team to handle election petitions arising from last Saturday’s Area Council elections in the Federal Capital Territory.
This comes as the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
The Tide reports that the council elections were held on Saturday, February 21, 2026, across all six FCT area councils, including Abaji, AMAC, Bwari, Gwagwalada, Kuje, and Kwali.
Results announced so far by the Independent National Electoral Commission (INEC) show that the All Progressives Congress (APC) won in Abaji, Kwali, AMAC, and Bwari Area Councils, while the PDP secured victory only in Gwagwalada.
In a statement issued yesterday by PDP’s National Publicity Secretary, Ini Ememobong, the party congratulated its candidates, who emerged winners in the chairmanship and councilor elections.
The opposition party acknowledged the victories, noting that the number of wins was lower than expected but significant given the alleged irregularities during the polls.
“We specifically congratulate the Chairman-elect of Gwagwalada Area Council, Mohammed Kasim, and the councillors who have been declared successful by the Independent National Electoral Commission (INEC).
“This victory, though less in number than we anticipated, is particularly gladdening because it is against the background of unprecedented intimidation, high-powered money politics, and brazen executive brigandage,” the statement read.
Ememobong claimed that there are reports and video evidence indicating voter intimidation and unlawful conduct that influenced the outcome of the elections.
“Reports and video evidence abound where armed security personnel were used to cart away result sheets in polling units, intimidate voters, and unduly influence the outcome of the elections.”
To address complaints and litigations arising from the polls, he said the party has set up a legal team headed by its National Legal Adviser, Shafi Bara’u, Esq.
The statement urged candidates with legitimate grievances to contact the Legal Adviser promptly, as delays could jeopardise their chances in election petition cases.
“The incredible voter apathy in these polls is a direct response to the anti-people Electoral Act 2026, where the people have completely lost faith in the electoral outcomes from elections conducted under this Act.
“These Local Council polls may just be a foreshadowing of the forthcoming general elections in 2027 if changes are not urgently made,” the statement added.
The PDP called on the National Assembly and the President to take corrective action to safeguard the integrity of Nigeria’s democracy.
News
S’Court Gets New Justice As CJN Swears In Oyewole, Wednesday
The Chief Justice of Nigeria, Kudirat Kekere-Ekun, will on Wednesday swear in Justice Joseph Oyewole as a Justice of the Supreme Court of Nigeria.
The ceremony is scheduled to be held at 2pm at Courtroom Two of the Supreme Court complex in Abuja.
The court urged guests to adhere strictly to the court’s protocols and security measures.
This was contained in a statement issued yesterday by the Supreme Court’s Director of Information and Public Relations, Dr Festus Akande.
The court described Oyewole’s appointment as a step towards reinforcing the capacity of the apex court to deliver fair and timely judgments.
Recall that Oyewole was, until his elevation, a Justice of the Court of Appeal and Presiding Justice of the Enugu Division, and joins the apex court bench as part of ongoing efforts to strengthen the judiciary.
The National Judicial Council recommended Oyewole for the position alongside 35 others for various judicial offices, following its 110th meeting held on January 13, 2026, and presided over by Justice Kekere-Ekun.
The statement partly read, “The Chief Justice of Nigeria, Hon. Justice Kudirat Kekere-Ekun, GCON, will on Wednesday, 25th February, 2026, preside over the swearing-in ceremony of the newly appointed Justice of the Supreme Court, Hon. Justice Joseph Olubunmi Kayode Oyewole, JCA.”
According to the statement, Oyewole served with distinction at the Court of Appeal and as Presiding Justice of the Enugu Division prior to his elevation.
“His appointment underscores the commitment of the Nigerian judiciary to upholding the rule of law, ensuring justice, and strengthening the bench with experienced and dedicated jurists. He brings a wealth of legal expertise and integrity to the apex court to further enhance its capacity to deliver fair and timely judgments,” the statement added.
The apex court further described the swearing-in as “another significant step in rejuvenating the judiciary and ensuring the continued delivery of justice in line with the highest standards of integrity, competence, and impartiality.”
The Supreme Court reiterated its commitment to justice, fairness and judicial independence for the benefit of Nigerians.
News
Fubara Mourns Senator Mpigi
Rivers State Governor, Sir Siminalayi Fubara, has expressed deep shock and sadness over the sudden passage of Senator Barinada Mpigi, the Senator representing South East Senatorial District of Rivers State.
In a tribute to mourn the deceased, Governor Fubara described Mpigi as a brother, a consummate politician and one of the leading lights in Rivers State.
He said that Mpigi died at a critical time when his services were still needed by the people of Rivers State and prayed God Almighty to grant him eternal rest.
The governor commiserated with his immediate family, the Rivers South East Senatorial District and the Senate at large, asking them to take solace in the fact that the deceased lived a good life and impacted positively on the people.
Senator Mpigi died at the age of 64. Until his death, he was the Chairman of the Senate Committee on Works.
-
Maritime20 hours ago
Customs Declares War Against Narcotics Baron At Idiroko Border
-
Maritime20 hours ago
Nigeria To Pilot Regional Fishing Vessels Register In Gulf Of Guinea —Oyetola
-
Maritime20 hours ago
NIMASA,NAF Boost Unmanned Aerial Surveillance For Maritime Security
-
Maritime20 hours ago
NIWA Collaborates ICPC TO Strengthen Integrity, Revenue
-
Sports19 hours agoGombe-Gara Rejects Chelle $130,000 monthly salary
-
City Crime16 hours ago
NCSU Hails Fubara Over 2025 New Telegraph Man Of The Year Award
-
Maritime20 hours ago
NIMASA GETS NEW MARITIME GUARD COMMANDER,ADOKI
-
Business20 hours agoDangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion
