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Domestic Debt Charges Rise By 244%

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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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NAF, US Officials Meet To Fast-Track Delivery Of Attack Helicopters

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Officers of the Nigerian Air Force have met with senior officials of the United States Government and representatives of Messrs Bell Textron to fast-track the acquisition of 12 AH-1Z attack helicopters.

The meeting took place during a Programme Management Review meeting led by the Chief of the Air Staff, Air Marshal Sunday Kelvin Aneke, from 5 to 6 January 2026 in San Diego, California, United States.

A statement by the NAF spokesperson, Ehimen Ejodame, yesterday, said the meeting focused on assessing the status of the helicopter acquisition and measures to ensure the timely delivery of the 12 AH-1Z platforms.

According to the statement, Aneke said the review was aimed at strengthening programme oversight, accountability and adherence to agreed timelines and budget.

“In a strategic move to enhance the operational capacity of the Nigerian Air Force, the Chief of the Air Staff, Air Marshal Sunday Aneke, led a Programme Management Review meeting with senior United States Government officials and representatives of Messrs Bell Textron from 5 to 6 January 2026 in San Diego, California, USA.

“The engagement focused on fast-tracking the acquisition of 12 AH-1Z attack helicopters, a critical capability enhancement aligned with the CAS’s Command Philosophy of building and sustaining a highly motivated, professional, and mission-ready force capable of delivering decisive airpower effects in synergy with surface forces for the attainment of national security objectives, ” the statement partly read.

Aneke expressed appreciation to the United States Government and Messrs Bell Textron for their continued cooperation, professionalism, and transparency in the execution of the helicopter acquisition programme.

He noted that the structured review reflects the NAF’s deliberate emphasis on programme discipline, accountability, and results.

“We deeply value the professionalism and openness demonstrated throughout this process, and we remain fully committed to working closely with our partners to ensure the timely and successful delivery of these platforms,” the CAS stated.

The CAS further emphasised that the acquisition of the AH-1Z helicopters represents more than a platform upgrade, describing it as a reflection of the enduring defence cooperation between Nigeria and the United States.

According to him, the programme underscores a shared responsibility for regional and global security, built on mutual trust, shared values, and a common vision for peace and stability.

“This partnership speaks to our collective resolve to confront evolving security challenges through collaboration and sustained capability development,” he added.

Reaffirming the NAF’s sense of urgency and commitment, Air Marshal Aneke assured the US team that his administration would take all necessary measures to ensure the helicopters are delivered in the shortest possible time.

He also charged the programme management team to work smartly and proactively to complete production on schedule and within budget.

“Timelines and standards must be met concurrently. We must remain focused, innovative, and solutions-driven,” the CAS stressed.

The CAS expressed profound gratitude to the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Bola Tinubu, for his unwavering support to the Nigerian Air Force.

He noted that the acquisition of the AH-1Z helicopters would significantly enhance the NAF’s combat capability, operational efficiency, and mission readiness, thereby strengthening the Service’s ability to deliver decisive airpower in support of national security and stability.

He added that the advanced capabilities of the helicopters would enable the Nigerian Air Force to conduct highly precise operations, minimise collateral damage, and provide timely and effective support to ground forces, ultimately saving lives and protecting property across affected communities.

The CAS reassured Nigerians of the NAF’s unwavering commitment to eliminating terrorist and criminal threats with professionalism, restraint, and accountability, while sustaining public trust and confidence in the Service’s operations.

Recall that Nigeria’s purchase of 12 AH-1Z attack helicopters was first approved by the United States government in April 2022, when the U.S. State Department, through the Defence Security Cooperation Agency, cleared a possible Foreign Military Sale of the helicopters and related equipment to the Government of Nigeria.

According to Military Africa, the formal production and delivery contract for the 12 AH-1Z helicopters, valued at $455 million, was awarded to Bell Textron on 12 March 2024 by the U.S. Department of Defence.

 

 

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Fast-Track Approval Of NDDC N1.75trn Budget, Group Begs N’Assembly

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The Niger Delta advocacy group, the 21st Century Youths of Niger Delta and Agitators with Conscience (21st CYNDAC), has called on the National Assembly to expedite consideration and approval of the 2025 budget of the Niger Delta Development Commission (NDDC) to enable the Commission accelerate its development programmes across the region.

In a statement issued yesterday by its Coordinator, Izon Ebi, the group said swift passage of the budget would empower the Managing Director and Chief Executive Officer of the NDDC, Dr. Samuel Ogbuku, to fully implement his renewed developmental strategy and extend projects to all target communities in the Niger Delta.

The group recalled that the NDDC, on December 30, 2025, presented a ?1.75 trillion budget proposal for the 2025 fiscal year to the Senate and the House of Representatives.

Explaining the proposal, Ogbuku had noted that the 2025 budget is about nine per cent lower than the ?1.985 trillion proposed and appropriated for the 2024 fiscal year.

He said the ?1.75 trillion estimate comprises ?776.5 billion as Federal Government contribution, ?752.8 billion from oil companies, ?109.4 billion as revenue brought forward from 2024, ?53.67 billion as recoveries from Federal Government agencies, and ?8.35 billion as internally generated revenue.

The group praised Ogbuku’s leadership, describing him as having transformed the NDDC into “a beacon of renewed hope” for the Niger Delta region.

The group said it was impressed by what it called Ogbuku’s charismatic leadership, grassroots engagement and developmental drive, which it noted align with President Bola Tinubu’s Renewed Hope Agenda.

According to the group, Ogbuku’s consultations with traditional rulers and stakeholders across the Niger Delta have helped identify priority needs of communities, strengthened collaboration in the fight against crude oil theft and contributed to a noticeable decline in criminal activities in the oil and gas sector.

The statement also highlighted the Commission’s partnership with the World Health Organization (WHO) on health insurance and medical outreach programmes, improved monitoring and supervision of projects, and the deployment of solar-powered streetlights across communities, which it said has enhanced security and economic activities at night.

The group urged lawmakers to act swiftly on the budget, stressing that timely approval would further boost development, peace and stability in the Niger Delta.

It also announced that it had conferred on Ogbuku the award of “Extraordinary Leader of 2025 in the Niger Delta Region.”

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Arrest Arise TV Crew Attackers Or Face Boycott, Journalists Tell Rivers Police

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Port Harcourt based media practitioners under the aegis of Port Harcourt Press, have urged the Rivers State Police Command to arrest and prosecute all suspects involved in the recent attack and harassment of Arise TV crew in Port Harcourt.

The media practitioners, at a World press conference in Port Harcourt, described as dangerous the continuous harassment of journalists by various political actors in the ongoing political crisis in the State.

The text of the briefing which was read by a former State Commissioner for information and Communications and federal lawmaker in the State, Hon. Ogbonna Nwuke, described as condemnable the attack on the Arise TV crew by suspected political thugs in Port Harcourt, while conducting an interview with Dr Leloonu Nwibubasa, a former commissioner in the State.

According to him, “That harrowing event of Friday, January 2, where the Arise TV crew were brutally attacked by armed men in a hotel in Port Harcourt while conducting interview with Dr Leloonu Nwibubasa, former Honourable Commissioner for Employment Generation and Empowerment, smacks of nothing but act of intimidation, threat to both the Nigerian media and human lives especially in the forceful carting away of broadcast equipment.”

The group further noted that the attack was not only an insult on the press freedom but on the larger society.

The group regretted the inability of the Police to arrest and bring to book the perpetrators of the act till date, warning that it may be forced to boycott police activities if those involved are not arrested and brought to book.

“From all indications, the police appear to be playing to the gallery. While the broadcast equipment were reportedly recovered, no definite arrest have been made. This body, therefore, demands an urgent and thorough investigation of this matter and those find  culpable brought to justice within two weeks.

“Failure to address this issue with the urgency it requires and not carrying out satisfactory actions as required in their prosecution will attract sanctions such as withdrawal of coverage of all police activities in Rivers State by media organisations and journalists as we stand in solidarity with the NUJ,” the group warned.

John Bibor

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