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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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Independence Anniversary: Nigeria Is A Failed Grandfather – Monarch
A first class traditional ruler in Rivers State, His Royal Majesty, King Aaron Ikuru, has described Nigeria at 65 as a grandfather who cannot provide leadership to other African Countries.
The monarch stated this in an interview at his palace in Ikuru Town, yesterday.
According to him, Nigeria would have been a developed country to set the pace in the whole of Africa, considering its numerous resources.
“Nigeria is a grandfather but not behaving as a grandfather. Our country, Nigeria, before and from the era of Independence was in the state of becoming a great country, but unfortunately is not becoming anything.
“We should be far ahead with what we have in the country. God blessed us, we have almost what it takes in terms of mineral resources, manpower amongst others that can drive speedy development in the country.
“If we’re able to harness all the things we have, even America by now would have respected us”, he said.
While blaming the past leaders of the country, the monarch called on the current leadership of the country to redouble efforts in order to narrow the differences in terms of development, exchange rate between naira and foreign currencies.
King Ikuru, who is also the Chairman of Andoni Area Traditional Rulers Council, however, lauded the efforts of the founding fathers, past leaders of the country for the achievements so far.
He also expressed optimism that Nigeria would be great, calling on the opinion leaders to shun tribalism and political intolerance in the country.
“If Nigeria should experience rapid development in all sectors, it means we must shun tribalism and political intolerance, the interest of our country must be our priority.
“We need to fight corruption vigorously, and leaders must show good example of discipline and integrity”, he said.
The monarch used the opportunity to wish Nigeria happy independence anniversary.
By: Enoch Epelle
News
FG begins payment of N32,000 pension increment to retirees – PTAD
The Pension Transitional Arrangement Directorate has announced the start of implementation of the new pension increments for pensioners under the Defined Benefit Scheme, saying the adjustments will be reflected in the September 2025 payroll cycle.
In a statement signed by Management and posted on its X handle, PTAD said the increase package includes a fixed N32,000 payment alongside percentage increases of 10.66% and 12.95% for eligible categories, which will benefit about 832,000 pensioners under its management.
Recall that PTAD in August announced President Bola Tinubu approved a series of measures, including new welfare benefits for pensioners under DBS.
The approval follows a formal request by PTAD’s Executive Secretary, Tolulope Odunaiya, seeking an emergency budgetary allocation to implement pension reforms and welfare benefits for the scheme’s retirees.
The measures include a N32,000 pension increment, percentage increases for pensioners of defunct and privatised agencies, pension harmonisation for all DBS pensioners, enrolment into the National Health Insurance Scheme, and the settlement of long-standing unfunded pension liabilities.
In a statement yesterday, PTAD said the partial release of N820.188 billion by the Federal Ministry of Finance from the emergency funding has made it possible for pensioners to begin receiving the enhanced payments immediately.
The statement read, “Further to the President’s approval of the emergency budgetary allocation for the payment of the new pension increment rates for Pensioners under the Defined Benefit Pension Scheme (DBS) that was earlier published by the Pension Transitional Arrangement Directorate on Friday, 8th August, 2025, the Directorate is delighted to announce the commencement of the implementation of the 832,000, 10.66% and 12.95% pension increment for eligible pensioners under the management of PTAD, in the September 2025 pension payroll cycle.
“This achievement has been made possible through the partial release of 820.188 billion by the Federal Ministry of Finance, from the initial 845 billion emergency funding approval granted by the Federal Government.
“This milestone clearly reaffirms the Federal Government’s dedication to safeguarding the welfare and entitlements of DBS Pensioners in line with the Renewed Hope Agenda.”
The directorate thanked President Bola Ahmed Tinubu for approving the emergency allocation.
It also acknowledged the role of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Minister of State for Finance, Dr Doris Uzoka-Anite; the Accountant-General of the Federation and key presidential aides and parliamentary committees for their “timely interventions” and support.
The statement also expressed appreciation to organised pension groups, including the Nigeria Union of Pensioners and the Federal Parastatals and Private Sector Pensioners Association of Nigeria, for their cooperation during negotiations and implementation planning.
“We further assure all our DBS Pensioners and Stakeholders that the Directorate will continue to collaborate with the relevant authorities towards release of the outstanding approved funds and subsequent fulfilment of all future obligations relating to the pension increments and the landmark reforms,” the statement added.
The DBS covers pensioners who retired before the introduction of the Contributory Pension Scheme in 2004, including those from defunct public institutions, privatised agencies, and treasury-funded parastatals.
Over the years, many have faced irregular payments, delayed harmonisation, and inadequate healthcare access, challenges that the new reforms are expected to address.
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Nigeria At 65: NOA urges citizens to foster unity, progress
The National Orientation Agency (NOA) has urged Nigeria. citizens to remain united, peaceful to enhance development of the nation as it celebrates 65th independence anniversary.
Mr Mkpoutom Mkpoutom, Director of NOA in Akwa Ibom, gave the charge in Uyo yesterday while addressing newsmen and stakeholders to mark the anniversary.
Mkpoutom said it was essential to recognise that the strength of Nigeria lay in its diversity
“With over 250 ethnic groups and an array of languages, the nation embodies a unique blend of heritage.
“This diversity should be seen not as a dividing line but as a unifying force that propels the country toward progress.
“As Akwa Ibom embarks on another year, it is crucial for all citizens to foster a sense of unity and shared purpose.
“Embrace dialogue, understanding and collaborate with the Renewed Hope Agenda of President Bola Tinubu in its efforts to addressing pressing challenges like poverty, security, education, and healthcare, thereby paving way for a brighter future for all.”
The state director, however, appealed to Nigerians from all walks of life to renew their commitment to a more prosperous, peaceful, and equitable nation.
“Let this anniversary serve as a reminder of the collective strength that lies in every citizen,” he said.
He urged everyone to contribute positively to the development of a better society.
Mkpoutom urged the people and all citizens to honour the labours of heroes past, as they celebrated the present, while working diligently toward a future filled with hope and opportunities for generations to come.
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