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Domestic Debt Charges Rise By 244%
The Federal Government has proposed to spend N4.5trillion on interest charges for domestic debt by 2023, according to the proposed 2023 budget.
This is an increase of 243.51per cent from the N1.31trillion proposed allocation for interest charges on domestic debt in 2016.
While presenting the 2023 appropriation bill to a joint session of the National Assembly recently, President Muhammadu Buhari noted that despite the revenue challenges in the country, the country still consistently met its debt service obligation.
“Despite our revenue challenges, we have consistently met our debt service commitments. Staff salaries and statutory transfers have also been paid as and when due,” Buhari added.
However, speaking at the launch of the World Bank’s Nigeria Development Update titled, ‘The Urgency for Business Unusual,’ held recently in Abuja, the Finance Minister, Zainab Ahmed, had admitted that Nigeria was struggling to service its debt.
She said, “Already, we are struggling with being able to service debt because even though revenue is increasing, the expenditure has been increasing at a much higher rate, so it is a very difficult situation.”
In a document, the Director General of the Debt Management Office, Patience Oniha, stated that high debt levels would often lead to high debt services and affect investments in infrastructure.
According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy.”
Despite this, the government plans to borrow N8.80trillion and spend N6.31trillion on debt service in 2023.
In its latest Africa’s Pulse report, the World Bank said that public debt in Nigeria was concerning due to the rising debt service-to-revenue ratio.
According to the bank, the debt service to revenue ratio could stand at 102.3per cent by the end of 2022.
The President of the World Bank Group, David Malpass, recently said that the bank would work with the International Monetary Fund (IMF) to assess Nigeria’s debt sustainability.
He said, “We will work with the IMF on an assessment of the debt sustainability of Nigeria but it will be up to Nigeria itself to interact with the various creditors, which include bond holders, official creditors that are engaged in Nigeria.”
Earlier, Ahmed had disclosed that the Nigerian government was in talks with the IMF and the World Bank to restructure the country’s debts.
However, the World Bank Group President said that Nigeria was yet to request the common framework for debt restructuring.
The Chief Executive Officer of Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said that the Nigerian economy had been characterised by diverse economic vulnerabilities, which included rising public debt and debt service burden.
As a result of the increasing debt service cost, he said that, “Financing of the operations of government – personnel cost, overhead cost, capital expenditure, and even part of the servicing of the debt – will have to come from additional borrowing. These portend severe vulnerabilities for the Nigerian economy.”
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Diocese of Kalabari Set To Commence Kalabari University
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FG Honours 12 Teachers, Reaffirms Commitment To Education Reform
The Federal Government has honoured 12 teachers from across the country with national awards, reaffirming its commitment to strengthening the education sector through improved welfare, incentives, and professional development for teachers.
The awards were presented yesterday at the Nigeria Teachers’ Summit 2026, held in Abuja, where the Minister of Education, Dr Tunji Alausa, stated that the government would sustain reforms aimed at empowering teachers and restoring dignity to the profession.
Alausa explained that the selection process was transparent and merit-based, with three teachers nominated from each of the 36 states and the Federal Capital Territory at both the basic and senior secondary school levels.
From the pool of nominees, 12 teachers; six from basic education and six from senior secondary education, emerged as national award recipients.
Each of the 12 awardees received a cheque of N25m.
The Overall Best Teacher of the Year, Solanke Taiwo from the South-West category, received an additional N25m, bringing his total prize to N50m.
In addition to the cash prize, Taiwo is to receive a brand new car from the Governor of Borno State, Babagana Zulum, as well as a fully furnished two-bedroom flat from the Ogun State Governor, Dapo Abiodun.
Also, the Governor of Kebbi State, Nasir Idris, pledged to give each of the award winners an additional N5 million.
The minister described the awardees as exemplifying professionalism, integrity, innovation and dedication to learners, noting that they represent the best of the teaching profession in the country.
“This is more than a reward. It is a national signal that teaching is a noble, respected, and valued profession in Nigeria,” he said.
Speaking at the summit themed ‘Empowering Teachers, Strengthening the System: A National Agenda for Education Transformation and Sustainability,’ the minister said the recognition of the teachers reflected the FG’s broader education reform agenda under Tinubu’s Renewed Hope Agenda.
“Teachers are the foundation of education, and education is the foundation of national development. No nation can rise above the quality of its teachers.
“No reform, no matter how well designed, can succeed unless teachers are empowered, motivated, supported, and respected,” Alausa said.
He pledged that the government would continue to invest in teachers through structured training, improved career pathways and fair rewards, noting that education remained central to national development.
Under the Renewed Hope Agenda, he said, “sustainable development, economic growth, innovation, and social cohesion depend on a strong and responsive education system and that system depends on teachers.”
As part of this commitment, the minister announced the launch of EduRevamp, a nationally coordinated Continuous Professional Development programme designed to modernise teacher training and improve classroom outcomes.
While the programme is open to teachers in both public and private schools, Alausa said performance-based incentives would be reserved for public school teachers who complete certified training.
“Professional growth must never be restricted. Every teacher deserves access to quality training, modern tools, and updated skills,” he said, adding that incentives would be tied to measurable performance.
He also highlighted complementary initiatives, including the Ignite digital platform to reduce teacher workload, the Diaspora Bridge programme to strengthen STEMM education, and the provision of 60,000 tablets for teachers with zero-data access to approved training platforms.
The minister further announced reforms to the Teachers Registration Council of Nigeria’s digital platform, the expansion of Communities of Practice, and progress on the Accelerated Teacher Training Programme aimed at fast-tracking professionalisation for in-service teachers.
To provide long-term stability, he said the government had introduced a National Teacher Policy to guide teacher development, welfare and professional standards nationwide.
Addressing the award recipients and other educators at the summit, Alausa described the government’s message as “professional growth, dignity in service, and renewed hope,” urging stakeholders to focus on tangible outcomes in classrooms across the country.
In her welcoming remarks, the Minister of State for Education, Professor Suwaiba Ahmad, underscored the central role of teachers in Nigeria’s education reform agenda.
Ahmad said the gathering was both timely and strategic, noting that the quality of any education system is inseparable from the quality, motivation and empowerment of its teachers.
She explained that the theme aligns directly with Nigeria’s current education priorities.
According to her, investing in teachers is the bedrock of sustainable reform and national development.
“Empowering teachers is not an isolated intervention; it is the foundation upon which sustainable education reform is built.
“When teachers are supported, trained, motivated, and valued, the entire system is strengthened, learning outcomes improved, equity expands, and national development is accelerated,” she said.
Describing the summit as a strategic national platform, Ahmad said it was designed to unite key stakeholders to address challenges in the education sector and advance practical reforms.
She noted that the forum brings together teachers, policymakers, education leaders, regulators, unions, development partners and private sector actors to strengthen teaching and learning outcomes nationwide.
In his goodwill message, the National President of the Nigeria Union of Teachers, Audi Amba, described the summit as a historic milestone in the recognition of teachers’ roles in national development.
Nigeria’s education sector has continued to grapple with longstanding challenges, particularly around teacher welfare, access to regular professional development, classroom capacity and infrastructure.
These issues have raised concerns among stakeholders about the quality of teaching and learning in many public schools. At the same time, industrial actions by education unions in recent years have further highlighted the pressures facing educators nationwide.
News
We Draw Our Confidence From God -Fubara
The Rivers State Government has declared that it draws its confidence from the assurance that God is more than sufficient to guide its leaders, strengthen its institutions, and sustain its communities in peace and progress.
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?Rivers State Governor, Sir Siminalayi Fubara, made this declaration during the 2026 Holy Ghost Rally organised by the Redeemed Christian Church of God (RCCG) at the Adokiye Amiesimaka Stadium, Port Harcourt, on Sunday.
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?Speaking through his deputy, Prof. Ngozi Odu, the governor stated that “with the Almighty God on our side, our challenges are surmountable and our future remains hopeful,” noting that the theme of this year’s rally, “The All-Sufficient God,” is both timely and reassuring.
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This was contained in a statement from the office of the Deputy Governor, signed by the Head of Press, ?Owupele Benebo.
?According to Fubara, the theme serves as a powerful reminder that in a world filled with uncertainty, God remains our unfailing source, sufficient in wisdom, strength, provision, and grace.
He stressed that when human ability reaches its limit, God’s sufficiency prevails.
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?The governor commended the Redeemed Christian Church of God for its consistent spiritual impact and unwavering prayers for Rivers State and the nation, expressing appreciation for the Church’s contributions to promoting moral values, unity, and faith in God.
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?In his sermon, drawn from Genesis 17:1, the General Overseer of the RCCG, Pastor Enoch Adeboye, described the Almighty God, whose name is above every other name, as all-sufficient and capable of meeting every human need.
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?He noted that the God who created all things also has the power to repair and restore them.
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?Adeboye explained that while human effort, including medical intervention, may reach its limits, there comes a point where only God steps in to turn situations around, bringing hope where none seemed possible.
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?In his address, the Pastor in charge of the Rivers Family of the RCCG, Pastor Adesoji Oni, stated that the Port Harcourt Holy Ghost Rally, which began in 2015 and has now become an annual event, has been a tremendous blessing to the people of the State.
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Adesoji noted that the rally has drawn thousands of souls to God while impacting lives spiritually and physically.
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?He further disclosed that the Church has gone beyond preaching the gospel to actively engage in impactful initiatives through its Christian Social Responsibility programmes.
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?These include skills acquisition centres, maternity centres across the State, a rehabilitation centre for persons battling substance abuse, and an Innovative Mind Hub.
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