News
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.”
News
NDLEA Arrests Four Notorious Female Drug Dealers In Four States
The National Drug Law Enforcement Agency (NDLEA) has arrested four notorious female drug dealers in Edo, Imo, Kano, and Gombe states.
The Director of Media and Advocacy, NDLEA, Mr Femi Babafemi, made this known in a statement in Abuja, yesterday.
Giving a breakdown, Babafemi said that in Edo, an intense sweep of notorious drug hotspots within Benin City by NDLEA operatives on June 2 led to the arrest of four key traffickers, including three females.
“At Uyosa, Benin City, two female suspects were nabbed with a cocktail of illicit substances, including 176 grams of skunk, 65g of Loud, and 5 grams of Methamphetamine.
“Along Agbor road in Benin City, another female suspect, 21-year-old Anita Abraham, was apprehended with 95 grams of Scottish Loud and 329 grams of regular Loud.
“At Upper Mission, Benin City, a male suspect was arrested with a diverse cache of psychotropic substances consisting of Loud, Colorado, Swinol, and Methamphetamine.
“A swift operation by operatives in Kano State on Thursday, June 4, led to the arrest of a 19-year-old suspect, Saifullahi Lawan at the Kafi area of Madobi, with 40 blocks of skunk weighing a total of 38 kilograms,” NDLEA said.
In a related development, Babafemi said, operatives in Gombe state intercepted a 28-year-old suspect on June 1 near Dantiti Plaza in the Tumfure area of Gombe.
“The suspect was caught with 15,000 capsules of tramadol,” he said.
He said the War Against Drug Abuse (WADA) social advocacy activities by NDLEA Commands and formations equally continued across the country in the past week.
Reacting to the string of successful operations, the NDLEA Chairman, retired, Brig.-Gen. Buba Marwa commended the officers, men and women of the Imo, Edo, Kano, and Gombe commands for their resilience and vigilance.
Marwa also praised their counterparts in all the commands across the country for pursuing a fair balance between their drug supply reduction and drug demand reduction efforts.
He re-emphasised that the agency remains fully committed to dismantling drug supply chains and would continue to target traffickers regardless of age, gender, or concealment methods.
News
Navy Intercepts Over 135,000 Litres Of Stolen AGO In Rivers
The Nigerian Navy says its operatives under Operation Delta Sentinel have intercepted over 135,000 litres of suspected illegally refined Automotive Gas Oil (AGO) during separate operations in Rivers State waterways.
Director of Information, Navy Captain Abiodun Folorunsho, said the operations were carried out by personnel of the Nigerian Navy Ship (NNS) Pathfinder around the Onne and Abonema axis.
He said the seizures were made during routine patrols aimed at curbing crude oil theft and illegal fuel transportation across creeks in the state.
In one of the operations, naval personnel intercepted a fibre boat at the entrance of Owogono Creek in Ogu-Bolo Local Government Area carrying drums and jerrycans filled with suspected stolen AGO.
According to him, the occupants abandoned the boat and fled into nearby creeks, while the vessel and about 63,000 litres of product were recovered.
In another operation around Abonema in Akuku-Toru Local Government Area, patrol teams intercepted a wooden boat conveying about 72,000 litres of suspected illegally refined AGO concealed in sacks.
The Navy said the products were being transported through waterways for onward distribution before the operation disrupted the movement.
Folorunsho said the recoveries highlight the continued exploitation of creek networks by criminal elements for illegal petroleum product transportation.
He added that all recovered items were handled in line with established procedures on anti-crude oil theft operations.
The Navy reaffirmed its commitment to intelligence-driven operations aimed at dismantling illegal oil networks and protecting Nigeria’s maritime economic assets.
News
PERM SEC Tasks PUBLIC SERVANTS TO EMBRACE ACCOUNTABILITY
The Permanent Secretary of Rivers State Ministry of Information and Communications, Dr Honour Sirawoo mni, has charged public servants to embrace accountability and prudent management of public resources, stressing that government funds must be utilised responsibly.
Dr. Sirawoo made the assertion during the 41st anniversary of The Rivers State Television (RSTV), in Elelenwo.
He noted that public service demands commitment and sacrifice, urging workers to justify the opportunities entrusted to them through diligengence and productivity.
“All I try to do is to see that we have value for every kobo that we spend and value for our time.
“Government has a social responsibility to provide opportunities, but when you have one, you must guard it through hard work and ensure your presence is justified,” he stated.
The Permanent Secretary further appealed to workers to see themselves as ambassadors of their respective institutions, adding that government remains committed to creating employment opportunities and improving public service delivery.
Also speaking, former Acting Managing Director of the Niger Delta Development Commission (NDDC), Dr (Mrs.) Christiana Atako, praised the station’s professionalism and consistency despite operational challenges.
“We have never been disappointed. In spite of all the challenges RSTV had at that time, they never failed us. They carried our stories very well,” she said.
Dr Atako encouraged staff members to continually improve themselves through training, education and professional development in order to remain competitive in the evolving media industry.
Earlier, Acting General Manager of RSTV, Ambassador Paul Damgbor, described the anniversary celebration as an opportunity to reflect on the station’s journey of over four decades and appreciate those who have contributed to its development.
Pastor Damgbor said that the station had recorded remarkable improvements in recent months through the acquisition of digital cameras, computers as well as upgrades in audio and visual production facilities.
“We have seen great change. We were able to get new brand digital cameras and improve on our audio. We have also provided new computers for key departments, including News, Programmes and the Library,” Damgbor remarked.
He also unveiled a commemorative magazine chronicling the history and achievements of the station, describing it as a valuable reference material for preserving RSTV’s heritage.
The Acting General Manager, however, expressed concern over the theft of critical equipment from the station’s transformer, a development he said had forced the organisation to rely heavily on generator power supply.
The Senior Pastor of Gateway International Church, Pastor George Izunma, who gave a short charge during the event, urged media practitioners to uphold the ethics of journalism and remain committed to accuracy in reporting.
“You are pressmen. You are okay to doubt, but verify,” he advised, stressing the importance of credibility and responsibility in the profession.
He equally highlighted the need to “ask the help of God, sow a seed of help, and step into something as if you have help” stressing the need to move by faith for growth.
Some participants at the event also raised concerns about employment opportunities while commending RSTV’s growth and contributions to public enlightenment in Rivers State.
A major highlight of the celebration was the presentation of an award to the Rivers State Ministry of Information and Communications in recognition of its diligence and service to the people of the state. Dr Honour Sirawoo also received a special award for his contributions to the growth and development of RSTV.
Awards were equally presented to outstanding members of staff of RSTV for exemplary performance and their dedication to duty.
The event also featured the unveiling and launch of the RSTV commemorative magazine as well as a tour of the station’s newly built cafeteria and other facilities.
The celebration marked another milestone in the station’s 41-year history and reaffirmed its commitment to excellence in public broadcasting.
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