News
FG Faults Word Bank Revenue Figures, Dismisses Debt Concerns
The Federal Government has faulted the revenue figures contained in the World Bank’s latest Nigeria Development Update, dismissing concerns that rising interest payments threaten the country’s debt sustainability.
The Federal Ministry of Finance described reports that interest payments consumed 124 per cent of the FG’s revenue in the first half of 2026 as misleading, arguing that the calculation relied on incomplete revenue figures and failed to account for debt obligations serviced on behalf of state governments.
The ministry made its position known yesterday in a statement which was shared by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, via his X handle.
According to the statement, Nigeria’s fiscal position had improved significantly, with government revenue growing faster than interest payments.
It stated, “The Federal Ministry of Finance has noted recent analysis and public commentary which, citing the World Bank’s October 2026 Nigeria Development Update, claims that Federal Government interest payments reached 124 per cent of revenue in the first half of 2026. This conclusion is misleading, for three reasons.”
The clarification followed reports based on the World Bank’s October 2026 Nigeria Development Update, which disclosed that the FG’s revenue stood at N6.2 trillion in the first half of 2026, while interest payments reached N7.7 trillion.
The Federal Government argued that the calculation compared obligations covering multiple tiers of government with revenue attributed solely to the Federal Government.
“The interest figure includes debt the Federal Government services on behalf of other tiers of government, including external loans to states. Measuring this against federal revenue alone overstates the ratio, which is only meaningful when debt and revenue cover the same level of government,” it claimed.
News
Dokubo, CPS Task New Delta NUJ Exco On Unity, Professionalism
The National Vice President of the Nigeria Union of Journalists (NUJ), Zone F, Comrade Opaka Dokubo, has urged the newly elected State Working Committee (SWC) members of the Delta State Council of the NUJ to embrace inclusive governance, strengthen internal communication and address differences promptly through constructive engagement.
Dokubo gave the charge during a meeting with the new leadership of the NUJ in Delta State following their successful election in Asaba, last week.
The NUJ Vice President in charge of the South South region stressed that diversity of opinion should strengthen, rather than divide the union, calling on the executive to promote teamwork, carry members along and place collective interests above personal differences.
Also addressing the new union leaders, the Chief Press Secretary to the Delta State Governor, Sir Festus Ahon, called on the newly inaugurated SWC to prioritise peace, unity and professional responsibility while strengthening its working relationship with the state government.
Ahon emphasized that internal cohesion was essential to effective union leadership, the protection of journalists’ interests and the council’s contribution to the development of the state.
He said Governor Oborevwori holds the NUJ and its members in high esteem, recognising the important role of journalism in promoting accountability, information dissemination and advancing democratic governance.
He called for closer synergy between the press and government, stressing the need for unity, love, respect amongst members and mutual cooperation in the collective interest of the State.
The Chief Press Secretary assured the NUJ of the government’s continued partnership and support for its activities and welfare, urging the new leadership to sustain the cordial relationship with the government while upholding the ethics of the profession.
He further urged the executive to resolve its disagreements, if any, through dialogue, mutual respect and understanding, warning against avoidable crises that could undermine the unity and progress of the council.
Similarly, the Chief Press Secretary to the Speaker of the Delta State House of Assembly, Comrade Nkem Nwaeke, appealed to members to close ranks and work together to strengthen the union, advance journalists’ welfare and enhance its capacity to represent the profession effectively.
In his response, the re-elected Chairman of the NUJ in Delta State, Comrade Churchill Oyowe, described his re-election as an act of divine providence and pledged to run an inclusive administration anchored on unity, collaboration and the welfare of members.
Oyowe commended the Delta State Government for its support to the union and promised to work closely with other members of the executive while ensuring that all members of the union in the State were carried along in the affairs of the council.
He called for all hands to be on deck, noting that the success of his administration would depend on their collective commitment to peace, responsible leadership and the advancement of the journalism profession.
News
Presidency Refutes Makinde’s ?250bn LNLG Claim
The Presidency has refuted a claim by the Oyo State Governor and presidential candidate of the Allied People’s Movement in the 2027 general election, Seyi Makinde, in which the latter alleged that the Federal Government was withholding ?250 billion per State dividend from the Nigeria Liquified Natural Gas (NLNG).
In a State House statement issued yesterday by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, the Presidency described the governor’s claim as false and said “it should be disregarded.”
Makinde had, at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, last Friday, alleged that the funds would not be released until after the 2027 elections.
Makinde alleged, “Each state was supposed to get ?250 billion. We had already identified projects that would expand Oyo State’s economy. But they have now said the money will not be paid until after the election. Is the election more important than the people of Nigeria?”
In response, Onanuga said that “Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.”
The statement read in part, “The Presidency wishes to clarify Governor Seyi Makinde’s claim that the Federal Government is withholding ?250 billion in NLNG dividends for each state of the Federation.
“At the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, Makinde claimed the funds would not be released until after the 2027 elections. He further claimed that the Federal Government had spent the money.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.”
The Presidency affirmed that the “NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.”
“Here are the facts the public should know about how the Federation Account is managed and how money is shared among the three tiers of government.
“Even as a one-off distribution, ?250 billion to each of the 36 states amounts to ?9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.
“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach ?9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ?33.68 trillion (about $25 billion) in a single declaration,” the statement added.
Based on history, the Presidency stated, “NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.
“Therefore, any claim that a single payout exceeds the company’s entire lifetime distribution to the Federation—and is being withheld—defies basic logic and economic reality.
“We expect Governor Makinde to be more measured in his public conduct and utterances. Since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts. Indeed, he has turned false, unguarded statements and claims into an art form.
“He once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.”
The statement stressed that according to the nation’s Constitution, Makinde has the freedom to “pursue” his presidential ambition, but it urged the APM presidential candidate to “desist from making falsehoods and disinformation the hallmarks of his campaign.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities.”
News
EU Pledges €20m Defence Support To Nigeria
The Minister of Defence, General Christopher Musa (retd.), has said the European Union is set to provide €20m in defence assistance to Nigeria to support the Armed Forces in tackling insecurity.
The minister said the assistance would be provided under the European Peace Facility, adding that an EU technical delegation would visit Abuja in November to agree on modalities for its delivery.
The announcement was made at the weekend in a statement by the minister’s aide, Leah Katung-Babatunde, titled ‘EU to Deliver €20m Defence Support to Nigerian Armed Forces’.
She said the minister had received the EU Ambassador to Nigeria and the Economic Community of West African States, Gautier Mignot, at his office in Abuja.
“The Minister of Defence, General Christopher Gwabin Musa (retd), received the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, and his delegation at his office, Ship House, Abuja.
“The EU Ambassador was on a working visit to the minister to discuss critical defence bilateral agreements, including the review of security cooperation between Nigeria and the EU. The engagement centred on modalities for EU bilateral assistance of €20 million for the Armed Forces of Nigeria under the European Peace Facility,” the statement read.
Musa expressed appreciation to the EU for its continued support for Nigeria’s security efforts and reaffirmed the Federal Government’s commitment to protecting lives and property.
He said relative peace was gradually returning to the country through the efforts of the military and other security agencies.
He, however, identified kidnapping along major highways and attacks on isolated communities as persistent security challenges, noting that the government was working to address them.
“Relative peace is gradually returning due to the laudable efforts of the armed forces and other security agencies,” he said.
“In this regard, Nigeria is expecting the delivery of ten attack helicopters, UAVs and other major enablers with the effort of the President,” the statement added.
The minister noted that Nigeria was expecting 10 attack helicopters, unmanned aerial vehicles, and other critical military equipment through efforts by President Bola Tinubu’s administration.
On regional security, Musa warned that the shrinking of Lake Chad, which supports more than 50 million people, remained a potential source of instability.
He said denying terrorists access to operational bases on the islands of Lake Chad remained a priority for the Multinational Joint Task Force.
The minister also called for greater attention to victims of conflict under the Disarmament, Demobilisation, and Reintegration programme, stressing that affected military personnel should also be prioritised.
Earlier, Mignot had commended the minister’s efforts to improve Nigeria’s security situation and invited him to a meeting of defence ministers scheduled to hold in Brussels later in the year.
The ambassador also praised the recent conference of former and serving MNJTF force commanders, which was attended by representatives of the African Union and the Lake Chad Basin Commission.
He said the planned visit by the EU technical delegation would help finalise arrangements for the delivery of the assistance.
“Gautier Mignot disclosed that an EU technical delegation will visit Abuja in November to agree on delivery details. He further commended the recent conference of past and present MNJTF force commanders, which was attended by representatives of the African Union and the Lake Chad Basin Commission,” the statement added.
-
Niger Delta3 days ago
Delta TUC Chairman Congratulates Omare On SAN Elevation
-
Rivers3 days ago
IAUE Hits 2nd Spot In Staff Google Scholar Ranking
-
News3 days ago
RSG Distributes Relief Materials To Khana, Gokana
-
News3 days ago
Rivers Information Ministry Pledges Support For Export Promotion Committee
-
Niger Delta3 days ago
Diri Promises Sustained Support For Military …Wants Review Of Bayelsa Command’s Location
-
News3 days agoNigeria’s Reforms Restore Investor Confidence, Ease Inflation – Cardoso
-
Politics3 days ago
2027: NNPP Set To Adopt Presidential Candidate
-
News1 minute agoEU Pledges €20m Defence Support To Nigeria
