News
Nigeria’s External Debt Service Rises 37% To $2.1bn

Nigeria spent $2.12billion to service external debt in 2021, representing 37per cent increase from $1.56billion spent in 2020.
Data from Central Bank of Nigeria (CBN), however, shows a 58per cent decline in debt service payment in the second half of the year (H2’21) to $824.41million from $1.3billion in the first half of the year (H1’21).
But the $824.41million external debt service payment in H2’21 represents a 3.4per cent, year-on year (YoY) increase from $797.48million spent in the corresponding period of 2020 (H2’2020).
Similarly, the $1.3billion spent on external debt service in H1’21 represents 72per cent, YoY increase from $755.38million spent in H1’2020.
Further analysis shows that the highest external debt service payment was recorded in first quarter of the year (Q1’21) when debt service payment rose YoY by 114per cent to $1.003billion from $468.34million in Q1’2020.
The growth in external debt service payment slowed down the second quarter (Q2’21) to $298.97million, representing a 3.8per cent YoY increase from $287.04million in Q2’2020.
In the third quarter (Q3’21), external debt service payment rose to $520.78million, representing 2.6per cent increase from $508.03million in Q3’2020.
In the fourth quarter (Q4’21), the amount spent on external debt service payment recorded another YoY increase of 5.2per cent to $303.64million from $289.45million in Q4’2020.
The sharp increase in external debt service payment in 2021 was driven by the 18.6per cent YoY increase in the nation’s external debt in the first three quarters of 2021.
Data from the Debt Management Office (DMO) showed that total external debt stood at $37.95billion at the end of Q3’21, representing 18.6per cent from $31.99billion at the end of Q3’2020.
News
Learn How To Form Coalition Party From Tinubu, Sowunmi Tells Atiku

Spokesman to former Vice President Atiku Abubakar, and chieftain of the People’s Democratic Party (PDP), Mr Segun Sowunmi, has advised his principal, Atiku, to learn from President Bola Tinubu on how to form a coalition.
The Tide reports that in a bid to wrest power from President Tinubu in 2027, Atiku has been leading the movement by opposition politicians to form a coalition of political parties ahead of the next general election.
Last month, opposition politicians set up a team comprising former Minister of Transpiration, Rotimi Amaechi, and former Governor of Cross River State, Liyel Imoke, to decide whether to float a new party or fuse into an existing platform.
While the main opposition party, PDP, struggles with a perennial leadership crisis, the former Vice President is bent on establishing another political force to take power from the ruling party in 2027.
But Sowunmi, who has been Atiku’s ally for many years, disagrees with his move, saying instead of forming a coalition with another political platform, he should coalesce opposition politicians into the PDP.
Speaking during an interview on TVC on Tuesday, Sowunmi, who was Atiku’s campaign spokesperson in the last election, asked his principal to learn from President Tinubu on how to form a coalition.
Sowunmi believes Atiku, having benefitted from the PDP as a former Vice President and getting the party’s presidential ticket twice, should not seek to form a coalition that will not have the PDP as its base.
He said, “I’ve always said to people, people love with their hearts. I love atiku with my bones. But I can’t help him against himself. You can’t run vice presidency on PDP two times with Obasanjo, get presidential candidate on that same party two times. I don’t agree with him that the next best thing is to be shopping for…(a platform) If you want a coalition, why are you not coalescing them into your party?” he asked.
The former PDP governorship candidate in Ogun State advised the ex-VP to learn from Tinubu on how to build a coalition without dumping his political party.
“Look at your rival, your friend. You guys started together. At best, even if you want to say he’s building a coalition is he not coalescing opponents into his place”? Sowunmi asked again.
The PDP chieftain, who recently showered praises on Tinubu after he visited him, said the President has an “uncanny ability to make everybody individually feel special” regardless of political affiliations.
His words: “That guy (Tinubu) is something oh, he has this uncanny ability to make everybody individually feel special. It doesn’t matter whether you are a former foe or a president’s friend, every moment you share with him, I don’t know how he does it, though you’re going to leave the place feeling that you matter, feeling that he gets it, feeling that what you guys are talking about is important. And there’s something about him, when he gives you his word, he will say something like ‘ko le ye’, meaning that to the best of human ability, it will stand.”
Meanwhile, there have been conversations about Sowunmi’s political stance as many questioned his relationship with Atiku, with whom he shares a longstanding political relationship.
Asked about his relationship with Atiku following his meeting with Tinubu, Sowunmi said he doesn’t know if the former Vice President is upset.
“I don’t know whether Atiku is upset or not upset, but I know a lot of our followers are talking a lot of nonsense, and I’m wondering how I became attached to Atiku when I’ve been in PDP since 1999 never leaving,” he responded.
News
FIRS Introduces New SOP To End Tax Confusion Nationwide

The Federal Inland Revenue Service (FIRS) has introduced a new Standard Operating Procedure (SOP) to fix inconsistencies in tax services across its over 300 offices nationwide.
The move aims to make tax processes clearer, more transparent, and easier for Nigerians.
In a statement, Special Adviser on Communications and Advocacy to the FIRS Executive Chairman, Mr. Collins Omokaro, said the updated SOP is a key part of the agency’s plan to improve taxpayer experience.
He explained that, in the past, different FIRS offices used different methods, which often confused taxpayers.
“This is about people, experience, and impact. It’s a step towards a tax system that supports voluntary compliance and national development,” Omokaro said.
The new SOP provides a single guide for key processes like registration, payment, audit, and enforcement. This will ensure all FIRS offices follow the same steps, making the system fairer and more predictable.
FIRS Executive Chairman, Dr. Zacch Adedeji, described the SOP as more than just a set of rules.
“This SOP is not just a technical document; it is a declaration of who we are becoming as a service. It reflects our commitment to transparency and service to the Nigerian people,” he said.
The SOP also supports FIRS’s digital transformation, combining human and technological systems to deliver faster and more reliable services. It will also improve internal efficiency by providing clear guidance and better training for staff.
“With this rollout, every FIRS staff member has a clear mandate: study it, apply it, and embody it. That’s how we’ll earn the trust of Nigerians,” Omokaro added.
The reform is part of FIRS’s efforts to become a more service-driven organisation, focused on clarity, consistency, and national growth. The agency hopes the new SOP will make tax services better for Nigerians and increase public trust in the system.
News
FG Working Towards World-Class Public Service -Walson-Jack

The Head of the Civil Service of the Federation (HCSF), Mrs Didi Walson-Jack, says the Federal Government is committed to building a world-class public service in Nigeria.
Walson-Jack made this known in Abuja, on Wednesday, at a World Press Conference ahead of the International Civil Service Conference and the African Public Service Week scheduled for June 25 to 26 in Abuja.
She said a recent study tour to Singapore was part of preparatory activities aimed at positioning Nigeria’s civil service for excellence and attracting global participation in the upcoming events.
“The study tour to Singapore was the first major activity we undertook under the collaboration between the Office of the Head of Civil Service of the Federation and the Heads of Service of the 36 states and the FCT,” she said.
According to her, the visit, supported by the United Nations Development Programme (UNDP), involved 20 State Heads of Service and was designed to benchmark best global practices and enhance Nigeria’s public service delivery.
“The idea was born out of our ongoing collaboration, where we share ideas and knowledge across federal and state levels.
“Singapore was chosen because it is globally recognised for excellence in public service,” she explained.
Walson-Jack noted that the second phase of the tour will involve the remaining 17 heads of service later this year.
She said the tour provided participants with the opportunity to engage with both public and private sector institutions in Singapore, compare administrative practices, and gain insights into global standards.
“It was an eye-opener and a capacity-building opportunity.
“Since our return, several state civil services have begun implementing reforms in collaboration with the federal service, particularly in areas such as capability development and digital transformation,” she added.
Walson-Jack further disclosed that Nigeria would host a reciprocal study tour during the upcoming African Public Service Week, where foreign delegates will engage with various federal institutions.
“They will see firsthand our digitalisation efforts, performance management systems, and other reform initiatives aimed at transforming our civil service.
“We hope the experience will inspire similar actions in their home countries,” she said.
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