Editorial

Checking Nigeria’s Debt Profile

Published

5 years ago

November 11, 2020

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has revealed that Nigeria’s public debt would hit over N38 trillion by December 2021. She made the statement while defending the 2021 budget proposals at the sitting of the Senate Committee on Local and Foreign Loans, recently.
Further, the Finance Minister disclosed that the total public debt stock comprising external and domestic debts of states and the Federal Government as well as the Federal Capital Territory, (FCT), stood at N31.01 trillion ($85.90 billion) as at June 30, 2020.
According to her, the debt would rise to N32.51 trillion by December, 2020 and N38.68 trillion by December 31, 2021. This means that Nigeria will borrow N6.17 trillion in 2021. Zainab also hinted that the Federal Government would borrow $2.1 billion from Brazil to finance agriculture.
The recurring circle of borrowing is so much today, that it has left many Nigerians wondering whether the government is actually on a rescue mission. This appears so when the interest of the next generation is not being contemplated. We equally wonder whether the authorities in Abuja are interested in the repayment of these loans.
Indeed, the current state of our growing public debt profile is scary. Official data indicate that total debt grew from N12.118 trillion in May 2015, to N12.6 trillion in December, 2015, N17.36 trillion in 2016, N21.725 trillion in 2017, N24.387 trillion in 2018 and N27.401 trillion in 2019. The figures sky-rocketed to startling levels in 2020 with the active collusion of the Ninth National Assembly, (NASS).
In the early years of the Muhammadu Buhari administration, figures from the Debt Management Office (DMO) indicated that Nigeria’s total debt increased by about 90% between December 2015 and March 2018, from about N12.6 trillion to about N22.71 trillion, and that total domestic and external debt stock of the federal, 36 state governments and the FCT stood at N22.38 trillion or $73.21 billion on June 30, 2018.
Recall that this particular NASS approved a whooping N10.08 trillion or $28 billion loan for the Buhari administration within a year. With the latest public borrowings of N8.7 trillion and N5.51 trillion accompanying the approvals of the 2020 federal budget, the overall public debt position has risen to about N41.6 trillion.
These recent loans have come from various sources; $3.4 billion loan from the International Monetary Fund, (IMF), $2.5 billion loan from the World Bank, $1 billion loan from the African Development Bank, (AfDB), N850 billion domestic capital market loans and a host of others.
The Federal Government had earlier in the year planned to take N2 trillion from the current N10 trillion pension funds to finance the development of infrastructure, following a decision taken at a recent meeting of the National Economic Council (NEC) under the chairmanship of the Vice President, Yemi Osinbajo. An articulation of the current borrowing strategies of this administration demonstrates the downward and questionable direction of the economy.
The situation has generated more questions than answers. It is sickening that the government has been pig-headedly proceeding with the procurement of these liabilities despite reservations by stakeholders in respect of the equitable spread of the projects, possibilities of seamless repayment plan and viability of some of the projects for which the loans are being sought.
The usual response by the authorities is that following from the debt-to-gross domestic product (GDP) ratio criteria, the country is currently under borrowed. They, however, fail to educate Nigerians that the debt service-to-revenue ratio is unfavourable. The present debt service-to-revenue ratio is alarmingly over 50%. With this huge debt and repayment quotient, what will be the country’s future creditworthiness?
Are issues of repayment considered when these loans are approved, particularly when it is obvious that any incoming administration in 2023 will be inheriting a heavy debt burden and thus, will find it difficult to operate? Again, in the event of a future sovereign default, what remedies are in place to address the problem or what national assets would have to be sold to service the debts? The unfortunate public debt situation in Zambia and Kenya that ran into serious crises in this regard are quite instructive.
The role of NASS in this matter has intensified the problem. This NASS does not appear competent to query any loan or other agenda of Buhari. Where then are the expected benefits derivable from the checks and balances of the presidential system of government, which is designed to enhance governance in the pursuit of the common good?
No one is against obtaining loans if they are attached to viable projects. However, we are disturbed about the borrowing spree under President Muhammadu Buhari. Something drastic has to be done to arrest this undesirable trend. Who will save us from this menace? Since the current government came into power in May 2015, its mantra seems to be that of “borrow, borrow and borrow” until there is no more money to borrow anywhere.
What the government should do now is to set up monitoring mechanisms on the performance of loans, and mobilise funds within the country to stop the borrowings, at least in the interim. Nigeria can do better without these loans. We urgently need to understand that we are in a dreadful race to the bottom with the current ungoverned craving for a loan.

Editorial

Beginning A New Dawn At RSNC

Published

4 hours ago

February 16, 2026

The Tide

The premises of the Rivers State Newspaper Corporation (RSNC), publishers of The Tide Newspaper, are wearing a refreshing new look as work begins on the re-erection of a perimeter fence. This development is more than a physical upgrade. It is a strong statement that the safety and dignity of a historic public institution are once again being taken seriously.

For many years, the corporation operated without a proper perimeter fence. The old fence was demolished about a decade ago during an urban renewal drive under the administration of Chibuike Rotimi Amaechi. The intention at the time was to relocate and properly situate the fence away from pedestrian walk, but the long-term consequences were not fully anticipated.

The absence of a fence exposed the premises to serious risks. Workers reported frequent cases of trespass, theft of office items, and unrestricted movement by unauthorised persons. In an environment where sensitive editorial and production work is carried out, such openness became a major concern rather than an advantage.

Statistics from internal records suggest that incidents of petty theft and vandalism rose sharply during this period, accounting for an estimated 30 per cent increase in maintenance costs over the years. Staff morale also suffered, as many employees felt unsafe working late hours, especially during night production schedules.

The return of the perimeter fence will bring immediate relief. It will provide controlled access to the premises, protect valuable equipment, and ensure that staff can work with peace of mind. Businesses and members of the public who visit the corporation for adverts, publications, and official transactions will also enjoy a more orderly and secure environment.

A secured workplace is known to improve productivity. Studies in public institutions show that improved security can raise staff efficiency by up to 20 per cent. For a newspaper organisation that works against tight deadlines, this improvement is both necessary and timely.

The Rivers State Government deserves commendation for funding this fencing project. The Tide is one of the oldest state-owned newspapers in Nigeria and has, over the decades, projected and promoted government policies, programmes, and public enlightenment campaigns. Such an institution deserves to be properly funded and equipped to perform at its best.

As the fencing work progresses, the government should look beyond this single intervention. There is a strong case for the total renovation of the corporation’s ageing buildings. This effort can build on the visible successes recorded in the ongoing renovation of the state Secretariat Complex, which will improve the working conditions of many civil servants.

Equally urgent is the replacement of obsolete equipment at the newspaper publishing firm. Most of the machines in use today were provided at the inception of the corporation several decades ago. Technology has moved on, but the tools of the trade have largely remained the same.

All the major printing machines and computers are old and can no longer function efficiently. Frequent breakdowns slow production and increase costs. A total replacement is required to return the organisation to the path of progress and competitiveness in a fast-changing media industry.

Attention should also be given to the rotary printing machine purchased during the Amaechi administration. Sadly, the machine never worked for a single day due to the absence of a vital component. Replacing this missing part would put the machine on stream, making it useful not only to the newspaper but also to the wider information needs of the government.

There is also a clear need for operational vehicles, power generating plant, and additional staff. Over the years, the corporation has lost more than 60 per cent of its workforce to retirement, death, and the prolonged freeze on civil service recruitment during the last administration of Chief Nyesom Wike. Without urgent replacement, service delivery will continue to suffer.

The Publication Department, which formerly produced calendars, diaries, and exercise books for schoolchildren, should be revived. In the past, the department generated substantial funds that helped sustain the establishment before it became defunct.

Much credit must go to the Acting General Manager, Stella Gbaraba, for demonstrating capacity and discipline in managing the outfit. A staff member of the state Ministry of Information, she has shown herself to be a quintessential administrator whose leadership has stabilised the corporation. She deserves to be celebrated.

Her performance once again confirms the long-held view that leaders appointed from within the civil service often understand public institutions better and perform more effectively than those brought in from outside. With sustained government support, competent leadership, and the right investments, The Tide can reclaim its pride of place as a strong voice in Rivers State and beyond.

Editorial

Sustaining OBALGA’s Ban On Street Trading

Published

1 week ago

February 9, 2026

The Tide

The total ban on all forms of street, roadside trading, and hawking activities in and around the Okoro-Nu-Odo Flyover, along the Rumuodomaya Road leading to the Obio/Akpor Council Secretariat, and within the affected corridors, is yielding desired results. This decisive action has brought about a transformation that many residents had long given up hope of ever witnessing. The change is not merely cosmetic but represents a fundamental shift in how public spaces are being managed in this crucial part of the city.

The prohibition has not only curbed the mess created by the traders, it has restored the beauty of the area. The Chairman of Obio/Akpor Local Government Area, Hon. Dr Gift O. Worlu, deserves commendation for the feat. It takes considerable courage to make unpopular decisions in the interest of the greater good, and this is precisely what the chairman has demonstrated. His willingness to tackle this longstanding problem head-on sets a positive example for other local government leaders across the state.

It is common knowledge that the affected area is one of the gateways into Port Harcourt. On a typical day, to get in or get out of the city posed a terrible situation that left motorists and commuters utterly frustrated. First impressions matter greatly, and this passageway should reflect the status of Port Harcourt as a major city. Instead, what greeted visitors and residents alike was a chaotic scene that did little to inspire confidence in the city’s governance or planning.

How the place got to that level over the years is left for everyone’s imagination. But the local government which is just a stone’s throw from there allowed it to degenerate so badly. We cannot help but wonder what those in authority were thinking as the situation spiralled out of control. The proximity of the council secretariat to the problem area makes the previous neglect all the more baffling and inexcusable.

An outsider coming into Port Harcourt may be wondering what has gone wrong with the place. Sometimes it took several hours to navigate the area whereas ordinarily it should take a shorter time. This is not the image any city should project to visitors, investors or even its own residents. The economic cost of such traffic congestion, not to mention the sheer waste of people’s time and energy, must have been substantial over the years.

It was really an eyesore. So when the council chairman came up with the directive that trading activities should cease while the traders must vacate the place permanently, we think it was a decision taken for the good of all. While some may argue that the traders have a right to earn their living, this right cannot supersede the collective rights of thousands of road users who endured needless suffering daily. The common good must sometimes take precedence over individual interests.

All we ask from the chairman is to ensure that his actions are sustainable. Lack of sustainability and political will are usually the bane of many good policies of government. If this is sustained it will be the first of its kind. History is littered with well-intentioned initiatives that started with fanfare only to fizzle out when the initial enthusiasm waned or when those responsible moved on to other priorities.

As a way to sustain the measures taken so far, those who have been displaced should be relocated so they do not find their way back to the same location. It may not be enough to take them out without providing alternative places for them. A truly comprehensive solution must address both the symptom and the root cause. Simply scattering traders without offering them viable alternatives is a recipe for their eventual return, and the whole exercise would have been in vain.

Arrests and prosecutions that are being effected should continue to serve as deterrent to others. The actions of Obio/Akpor chairman show that the council means business. When people see that there are real consequences for flouting regulations, they are far more likely to comply. This is not about being heavy-handed but about establishing clear boundaries and enforcing them consistently and fairly.

Thankfully, the chairman had reportedly included the Oil Mill Market and the Eleme Junction areas as well. On the whole, the action of the council chairman in sanitising the mentioned areas is simply laudable. Other places of focus where street trading and related issues go on are Rumuola, Rumuolumeni, Choba, Rumuodara, Rumuokwuta, Ozuoba, Rumuosi/Rumuekini, Rumukwurushi, and Artillery/Woji. There should be consistent application of order and safety standards at the above-mentioned areas.

Another place to be sanitised is the Mbiama Market. This is also one area that is terrible particularly on Tuesdays when trading occurs there. It is hard for motorists and commuters to navigate the place. How to get out of that location is usually a problem that turns what should be a straightforward journey into an ordeal. The situation at Mbiama represents another glaring example of how uncontrolled commercial activity can bring an entire area to its knees.

Sadly, the local governments are complicit because they are the ones that would give people the spaces to trade in exchange for money. The Ahoada West Local Government Area chairman where Mbiama is situated should borrow a leaf from his Obio/Akpor counterpart by taking drastic measures to end the trading there or ensure that movements are guaranteed when trading activities go on in the locality. It is hypocritical for councils to profit from these arrangements while turning a blind eye to the chaos they create. Revenue generation should never come at the expense of public order and safety.

There needs to be sanity on these concourses. This will bring a lot of relief to travellers on these roads. It does not speak well of us as it portrays the state as a no-man’s land or unorganised or even a people that lack decency. We are better than this, and our public spaces should reflect our aspirations rather than our failings.

In the long run, a well-coordinated approach involving local governments, security agencies, and urban planners will be required to maintain these gains. Public enlightenment should go hand in hand with enforcement so that residents understand that these measures are not punitive but protective. When order becomes a habit rather than an exception, Port Harcourt and its surrounding communities will be better places to live, work and travel through.

Unwavering commitment from all stakeholders are required. The traders themselves must recognise that operating in designated markets is not a punishment but a more dignified and organised way of conducting business. Residents and road users must support enforcement efforts rather than sympathising with violations out of misplaced sentimentality. The local governments must remain vigilant and resist any temptation to relax standards or make exceptions that could unravel the progress made.

Editorial

AFCON ’25: Bravo, Super Eagles, But…

Published

2 weeks ago

February 2, 2026

The Tide

The 2025 Africa Cup of Nations staged in Morocco witnessed the Super Eagles soar to an altitude few Nigerians anticipated, confounding pessimism with exuberance and resilience. Before the opening whistle, public confidence was anaemic, yet the team produced a performance laced with audacity and organisation. In a tournament featuring 24 nations and over 52 matches, Nigeria emerged with renewed credibility, reminding the continent of its enduring pedigree through conviction and renaissance.

Only weeks earlier, national morale had been battered by the abysmal failure to qualify for the FIFA World Cup, a disappointment that generated widespread cynicism and recrimination. Many analysts dismissed the Eagles as tactically incoherent and psychologically fragile. Yet, in Morocco, a transformation occurred, marked by revitalisation and determination. Statistical evidence shows Nigeria conceded fewer than one goal per match on average, an emphatic rebuttal to earlier derision and fatalism.

Against popular expectations, the 2025 AFCON became one of Nigeria’s most impressive outings in recent times, judged by fluency and consistency. The Super Eagles completed the group stage with over 55 per cent average ball possession and an 82 per cent pass completion rate, numbers that signify discipline and intelligence. There was a newfound spirit and camaraderie that suggested maturity and self-belief, hallmarks of evolution and professionalism.

Many pundits predicted that the Eric Chelle tutored side would struggle to escape the group stage, citing tactical naivety and limited preparation. Instead, Nigeria navigated the entire competition without losing a single match within regulation time, an extraordinary demonstration of fortitude and concentration. In football logic and jurisprudence, a match not lost in 90 minutes is not truly lost. Penalty shootouts remain a lottery governed by chance and psychology.

The Super Eagles’ representation was laudable and provides a formidable platform for regeneration and continuity. It underscores that Chelle is not as inept as some critics asserted after the World Cup failure. On the contrary, he demonstrated pedagogical acumen and strategic awareness, improving individual performances while enhancing collective harmony. His methods yielded measurable progress in cohesion and adaptability.

Chelle’s capacity to knit a coherent unit with tactical symmetry and individual expression shows unmistakably that he has substance to offer. Therefore, we urge the Nigeria Football Federation (NFF), the National Sports Commission, and the Federal Government to provide institutional backing and contractual stability. Continuity breeds excellence, and excellence requires foresight and investment, not impulsive judgement and expediency.

Judging by the Morocco showing, it is logical to deduce that the Super Eagles possess latent potential yet to be fully exploited. Motivation and encouragement could unlock greater heights of achievement and dominance. Preparation for the next major tournament must commence immediately, with meticulous planning and incremental improvement. Success in Morocco was not accidental but the product of diligence and perseverance, a tempo that must be sustained.

However, commendation should not degenerate into complacency. Given Nigeria’s vast talent pool and storied global exploits, the bronze medal remains inadequate. Nigeria has now finished third at AFCON nine times, a statistic that should provoke introspection rather than celebration. After emerging as the fifth best footballing nation globally following the iconic USA 1994 World Cup, only the gold medal should be acceptable, nothing less than supremacy and preeminence.

The nation must reconnect with the golden era of Okocha, Kanu, Oliseh and Amokachi, among others, when Nigerian football evoked admiration and trepidation worldwide. Between 1994 and 1998, Nigeria won Olympic gold, reached two World Cup second rounds and dominated Africa with flair and authority. That epoch was defined by creativity and confidence, a synthesis of artistry and aggression that captivated the global audience.

Now is the moment for the NFF and the coaching crew to intensify their labour and vision. Ascending to the summit is arduous, but remaining there is exponentially more difficult. Strategic recruitment of eligible players at home and abroad must be pursued with rigour and transparency. Data driven scouting and long term planning should replace sentimentality and improvisation.

It is equally imperative to rejuvenate the squad by replacing tiring legs with youthful exuberance and athleticism. Football in Nigeria is not merely a sport but a social adhesive and cultural obsession. With such abundance of talent, Nigeria should never play second fiddle to any nation. The task is to harness these resources with intentionality and coherence.

Having secured bronze for the ninth time, that position has lost desirability and prestige. The Super Eagles must henceforth be charged with the singular ambition of winning gold. Nigeria has lifted the Nations Cup only three times, compared to Egypt’s seven and Cameroon’s five. Challenging these records demands ambition and accountability, underpinned by discipline and aspiration.

It is deeply shameful that players reportedly boycotted training over unpaid match bonuses, an incident that embarrassed the nation. Authorities must investigate thoroughly and sanction culpable officials to restore integrity and trust. Nations like Morocco invest strategically in their players, infrastructure and welfare, semi- final finish at the 2022 World Cup is empirical evidence of foresight and commitment.

With appropriate motivation, transparent administration and prompt remuneration, the ceiling for the Super Eagles is limitless. Proper welfare enhances morale, while professional management engenders loyalty and sacrifice. If Nigeria aligns talent with structure and vision, continental dominance and global relevance will follow inevitably, crowned by excellence and distinction.

Ultimately, this AFCON outing should serve as a catalytic moment rather than a ceremonial footnote in Nigeria’s football narrative. Countries that dominate consistently do so through long term frameworks, not episodic brilliance, and statistics affirm this truth, as over 70 per cent of AFCON winners since 2000 retained at least 60 per cent of their squads across successive tournaments.

Nigeria must therefore institutionalise progress through robust youth development, sports science and administrative probity. If lessons from Morocco are properly internalised, the Super Eagles can transition from episodic resurgence to sustained excellence, reclaiming continental authority with purpose and conviction.