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FG Moves To Recover N614bn Debts From 35 States

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The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, says the Federal Government has resolved to recover N614billion loan facility from 35 States of the federation.
The minister revealed this when she briefed State House correspondents on the outcome of the meeting of the National Economic Council (NEC), presided over by the Vice President, Prof Yemi Osinbajo, at the State House, Abuja, yesterday.
Ahmed said each of the affected 35 States received N17.5billion as bailout from the Federal Government.
She said that already, NEC had agreed to constitute a team to finalise modalities for commencement of repayment of the loan facility.
The team, she said, would be constituted from the Nigerian Governors Forum (NGF) to meet with the Central Bank of Nigeria (CBN) and Ministry of Finance
“The Minister of Finance briefed NEC on the progress of the facilitate detailing how the Federal Government has made a total of over N614billion available to 35 states being N17.5billion each.
“Council agreed to constitute a team from the Nigerian Governors Forum to meet with the CBN and Ministry of Finance to finalise modalities for commencement of payment,’’ she said.
The minister further revealed that she updated the council on the activities of the Ad-Hoc Committee on Excess Crude Account and other special accounts of the federation.
She said the committee requested for extension of time to finalise and present its report during next meeting of the council.
Ahmed also made presentation on the Medium-Term Expenditure Framework and Medium Term Strategy Paper.
She said that the presentation was to get inputs and recommendation from the council for further presentation to Federal Executive Council (FEC) for approval and implementation.
She underscored the importance of the presentation as follows: “Nigeria macroeconomic environment has stabilised in recovering gradually.
“There has been eight successive month of economic growth since emerging from recession.
“The Economic Recovery and Growth Plan (ERGP) remains the basis for the Medium Term fiscal strategy.
“The draft 2020 to 2022 Medium Term Fiscal framework indicates that Nigeria faces significant medium term fiscal challenges, especially with respect to revenue generation.
“Therefore, there is need to improve revenue collections and expenditure management,’’ she said.
The minister also highlighted successes recorded as follows: “Macro-economic stability has been achieved with growth in end Q3 2019 at 3.01 per cent.
“Continued increased in Real GDP from 1.89 per cent in Q2018 to 2.01 per cent in 2019.’’
She also told the council that there had been significant growth in the nation’s non-oil sector.
Ahmed noted that contribution of the non-oil sector to GDP had increased by 90.4per cent in the first quarter of 2018 to 90.9per cent in first quarter of 2019.
The minister noted that inflation had continually declined since 2017 from 18.72per cent to 11.08per cent in July 2019 while unemployment rate at 20.1per cent at third quarter of 2018.
She, however, stressed the need for more diversification to boost inclusive growth, adding that the Buhari administration “is strongly committed to employment generation in this second term.’’
On the $9billion London court judgement against Nigeria, the minister said the Attorney General and Minister of Justice, Abubakar Malami, had assured that Nigeria would appeal against the judgment.

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Victory Over Insurgency Certain, Tinubu Assures

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President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.

The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.

He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.

Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.

“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.

“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.

The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.

Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.

He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.

“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”

The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.

The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.

Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.

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US Embassy, Lagos Consulate Close Today For President’s Day

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The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.

The mission made this known in a notice shared on its official X page, yesterday.

“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.

According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.

The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.

In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.

Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.

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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role

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United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.

Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.

The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.

Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.

“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.

The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.

Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.

The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.

In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.

“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.

Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.

He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.

Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.

 

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