News
Debt Servicing Jumps By 14.68%
Nigeria’s debt servicing bill went up by 14.68per cent to N3.36trillion in 2022, data from the Debt Management Office (DMO), in Abuja, has shown.
According to DMO, N2.93trillion was spent on external and domestic debt servicing payments in 2021.
Recall that the DMO had earlier reported that Nigeria’s total debt stock stood at N46.25trillion as of December 2022.
An analysis of DMO showed that the country spent $2.4billion which was equivalent to N1.07trillion using the current exchange rate of $/N460 to service its external debt last year.
Domestic debt servicing gulped N2.56trillion in 2022, with the highest expenditures of N529.88billion recorded in April.
The debt servicing under President Muhammadu Buhari administration has maintained an upward trend since 2016.
In 2016, a total of N1.23trillion was spent to service the country’s domestic debts.
The figure for domestic debt servicing rose to N1.48trillion in 2017.
In 2018, the country’s domestic debt servicing bill rose to N1.8trillion while the cost of domestic debt servicing came down a bit in 2019 to N1.69trillion.
In 2020, debt servicing rose again to N1.85ttillion.
By 2021, domestic debt servicing rose to N2.05trillion.
On the other hand, external debt servicing gulped $353.09million in 2016.
It went up to $464.05million in 2017 and jumped up to $1.47billion in 2018.
In 2019, the country spent $1.33billion on external debt servicing.
In 2020, external debt servicing gulped $1.56billion.
By 2021, it became N2.93trillion.
The amount spent on external debt servicing was calculated using the CBN’s exchange rate for the year.
For instance, the naira-dollar average exchange rates for 2016 and 2017 were N197 and N305 respectively.
It was N305 in 2018 and N360 in 2019.
It closed at N380 and N420 in 2020 and 2021, respectively.
Reacting, the Lagos Chamber of Commerce and Industry expressed worry over the country’s debt burden, especially in the face of stunted revenue growth, the large presence of decaying infrastructure and the unsustainable burden of oil subsidy overhang.
In a statement on Thursday, the chamber said the ratio of debt service to government revenue at about 90per cent remained alarming and unsustainable.
It said both capital and interest payments on borrowed sums exposed the country’s fiscal vulnerabilities and that the government should, as a matter of urgency, emphasise strategies for revenue growth while blocking leakages.
The chamber further advised the government to shift focus to equity financing, divestment or shedding of its equity holdings in state-owned enterprises, real estate, and infrastructure to reduce its debt commitments and improve its fiscal situation.
Also, the International Monetary Fund warned that debt servicing might gulp 100per cent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.
News
NAF, US Officials Meet To Fast-Track Delivery Of Attack Helicopters
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.
News
Fast-Track Approval Of NDDC N1.75trn Budget, Group Begs N’Assembly
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.”
News
Arrest Arise TV Crew Attackers Or Face Boycott, Journalists Tell Rivers Police
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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