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Seadogs Warn Of Debt Crisis As FG Seeks Fresh N2.2bn Loan
The National Association of Seadogs (Pyrates Confraternity) has raised the alarm over Nigeria’s escalating debt profile, warning that further borrowings could exacerbate the nation’s economic woes.
In a statement issued by the NAS Cap’n, Dr Joseph Oteri, the group expressed concern over President Bola Tinubu’s recent request for a $2.209bn external loan to partially finance the 2024 budget deficit of N9.179 trillion, which has already been approved by the National Assembly.
The association described the request as worrisome, raising critical questions about Nigeria’s fiscal direction, debt sustainability, and overall economic strategy.
Titled “It’s time to ask questions about FG’s endless borrowing”, the statement blamed the Federal Government for relying too heavily on crude oil exports as its primary source of revenue.
The President had justified the loan request by stating that it would help accelerate the implementation of projects and programmes outlined in the 2024 Appropriation Act, which aims to stabilise the economy.
However, the Pyrates Confraternity argued that, despite using the Debt Management Office Act of 2003 to explore Eurobonds, Sovereign Sukuk, and syndicated loans, this approach fails to address the deeper structural issues plaguing Nigeria’s economy.
The association acknowledged that Nigeria’s debt service-to-revenue ratio has decreased from around 97% to 65% since May 2023, as reported by Tinubu. However, they cautioned that the country remains trapped in the present administration’s persistent borrowing habits.
As of June 2024, the Debt Management Office reported that Nigeria’s total public debt had reached N134.3 trillion, which means that each of the 216.7 million Nigerians owes N619,501. In the three months between March and June 2024, Nigeria’s debt profile rose by N12.6 trillion. This sharp increase is partly attributed to recurring budget deficits, borrowing to fund infrastructure and an overreliance on external loans.
The association warned that the long-term fiscal risks of these borrowings far outweigh any short-term benefits touted by the proponents of the administration’s borrowing strategy. It pointed to the debt service-to-revenue ratio of approximately 60%, which suggests insufficient room for critical developmental projects. The group further predicted a 26% rise in debt servicing costs from 2025 to 2027.
The National Association of Seadogs called for urgent scrutiny of the nation’s financial management, stressing that it is disheartening to see debts incurred primarily to feed recurrent expenditure and the extravagant lifestyles of politicians.
“The President’s earlier promise to reduce the cost of governance has not only been abandoned but has worsened significantly, painting a grim picture of politicians thriving on the misfortunes of ordinary citizens,” the statement read.
To prevent future generations from being burdened by endless debt servicing, the association urged the government to halt further borrowing plans aimed at funding its bloated expenditures.
“We reject the Federal Government’s failure to drastically cut the cost of governance,” the group stated.
“We call on the people’s representatives to lead by example—taking pay cuts, reducing travel expenses, and driving down the cost of governance,” the group added.
Seadogs also urged the government to focus on improving the earning potential of Nigerians, rather than continuing to expand its own lavish expenditures.
“Efforts should be directed at increasing the productivity of the average Nigerian, not on how the government can indulge in excess,” the statement said, adding “This humanistic approach to governance will ensure that the government fulfils its most important mandate.”
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CAN President Tasks Christians On Unity
Against the backdrop of rising economic challenges and global uncertainties, the President of the Christian Association of Nigeria (CAN), Archbishop Daniel Okoh, has called for calm, unity, and responsible leadership as Christians across the country mark Palm Sunday, yesterday.
In a statement released yesterday, Okoh reflected on the significance of Palm Sunday, saying that it is a moment that symbolises peace, humility, and hope, even in times of tension and uncertainty.
He further explained that Jesus entered Jerusalem with calm resolve, not as a display of force, but with a message of peace and purpose.
The CAN President noted, “The message of the Christian observance is particularly relevant as many Nigerians grapple with economic hardship, including rising cost of living, increasing fuel prices, and escalating food costs.”
He attributed part of the economic pressure to global developments, especially geopolitical tensions involving Iran, Israel, and the United States that are already impacting energy markets and, by extension, everyday life in Nigeria.
He stressed that across the country, families are feeling the weight of these times, with transport costs rising, food prices climbing, and daily life becoming more difficult.
He stated that Nigerians are primarily concerned with survival and stability, appealing to leaders at all levels to be mindful of the tone and impact of their words and actions.
According to him, when life feels uncertain, people need reassurance, they need stability and the confidence that those in authority understand their struggles. He stressed that the lessons of Palm Sunday should guide leadership, as true leadership is defined not by force or rhetoric, but by empathy, restraint, and a commitment to the common good.
He stressed that it is a time for decisions that ease burdens, calm anxieties, and bring people together, and called on the Church and Nigerians of all faiths to embrace their responsibility in promoting peace and unity.
He said Palm Sunday serves as a reminder of a time when people from diverse backgrounds came together in shared hope and purpose, pointing out that the same spirit is needed now to stand for peace, strengthen unity, and support one another, especially in a season that could easily tilt towards tension.
Okoh encouraged young Nigerians and those most affected by the current economic realities not to lose hope, acknowledging that while the challenges are real, they are not insurmountable.
News
Acting Provost Dismisses Alleged Missing Equipment Claims At Rivers Health College
The Acting Provost of the Rivers State College of Health Science and Management Technology, Dr. (Mrs.) Peace Chigozirim Amadi has refuted claims circulating in the media suggesting that laboratory equipment went missing from the college.
In a recent statement, Dr. Amadi described the reports—particularly those attributed to certain publications—as false and misleading. She emphasized that all laboratory equipment at the college remain intact.
“I am here to set the record straight. No laboratory equipment disappeared from my college. Nothing is missing,” Dr. Amadi said, challenging anyone with contrary claims to provide evidence, including the names of the equipment and their supposed locations.
She further noted that the college recently underwent an accreditation exercise, during which significant investments were made in laboratory equipment. According to Dr. Amadi, these items are fully accounted for, and the college maintains a robust security system to protect its assets.
“Everything is intact. Nothing disappeared. The information being circulated is false and should be discarded,” she reiterated.
Beyond addressing the allegations, Dr. Amadi also called on media practitioners to exercise professionalism and verify stories before publication. “I want to plead with journalists to always verify their stories. Junk journalism does not help anyone. No matter the information you receive, it is important to hear the other side before publishing,” she said.
While social media posts have occasionally raised concerns about various issues in the region’s health education sector, including extortion and examination malpractice at related institutions, there is no independent evidence from credible news sources confirming that equipment went missing from Rivers State College of Health Science and Management Technology.
The college, a public tertiary institution based in Port Harcourt, Rivers State, is accredited to offer a variety of health-related programs, including Nursing, Midwifery, Laboratory Technology, and Environmental Health. It has consistently emphasised integrity, safety, and transparency in its operations.
Dr. Amadi’s statement seeks to reassure the public, students, and stakeholders that the college remains secure, well-managed, and free from the alleged equipment losses, while urging journalists to prioritise accuracy in reporting.
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Hausa Leader Lauds Fubara For Sustaining Peace, Security In Rivers
The Chairman of the Arewa Traditional Council of Chiefs in Rivers State, Alhaji Hussaini Isa Madaki, has commended Governor Siminalayi Fubara of Rivers State for his efforts in sustaining peace and security of lives and property across the state.
Madaki, who is also the Sarkin Hausawa in Rivers State, described the governor as a leader who has embraced the Hausa community as part of the larger family in the state.
Speaking with journalists at his office in Port Harcourt during the 2026 Eid al-Fitr celebration, Madaki noted that Governor Fubara has demonstrated fairness and inclusiveness by not segregating any ethnic group, particularly the Hausa community.
He added that the governor’s peaceful disposition has positioned Rivers State as one of the most accommodating and peaceful states in the country.
Madaki further assured that the Hausa community would continue to give maximum support to the Fubara-led administration until the end of its tenure.
He also urged members of the community to remain peaceful and law-abiding as they go about their lawful activities.
On community development, Madaki disclosed that district and ward heads have been appointed and crowned across Hausa settlements in the State to ensure proper coordination and profiling of residents. According to him, the initiative is aimed at strengthening security, enhancing identification, and improving crisis management at the grassroots level.
He explained that the move became necessary due to recurring security concerns, including disturbances allegedly caused by some scavengers and cart pushers.
Madaki called on the newly appointed leaders to promote inclusiveness, harmony, and peaceful coexistence in the discharge of their responsibilities.
Those appointed include Alhaji Abubakar as Port Harcourt City District Head; Alhaji Buba Usman (Eleme axis); Malam Adamu (Eagle Island); Alhaji Tanlasuki (Gborokiri Yam Zone); Abdullahi (Rumukwurushi); Adamu Suleiman (Aboloma); and Useni Umaru (D-Line).
He appealed to Governor Fubara to formally recognise the efforts of the Hausa leadership structure in the State and extend further support in the spirit of inclusivity and unity.
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