News
We Must Look Inwards To Reduce Rising Debts, DMO Insists
Faced with rising debts, Africa must look inwards, the Director-General (D-G) of the Debt Management Office (DMO), Ms. Patience Oniha, has advised.
She spoke at the launch of the report of a Debt Sustainability study commissioned by the Open Society Initiative for West Africa (OSIWA) and the Nigerian Economic Summit Group (NESG) under the Debt Management Roundtable (DMR), in Abuja, yesterday.
According to her, the stark realities confronting Sub-Saharan Africa were such that only a new focus on revenue generation from within; could save the region from a debt crisis.
She said, “The timing of the launch of the report could not have been more appropriate with the global debt levels already rising pre-COVID-19 and still growing since the COVID-19 pandemic started in the year 2020.
“Concerns around debt sustainability have expectedly heightened. According to the Word Bank’s World Economic Outlook, ‘Globally, sovereign debt grew from 49.1per cent of GDP in 2014 to 57.9percent in 2019. And in Sub-Saharan Africa, from 35.1per cent of GDP in 2014 to 55.4percent in 2019.’”
The respective figures for 2021 were 66.7percent and 60.3percent.
“The indications are that the trend will continue as the economic consequences of COVID-19 may linger for a longer period, coupled with the increased economic pressures in the form of rising inflation from higher food and energy prices caused by the Russia-Ukraine War.”
With the current situation, Oniha said that most of the adversely affected nations would continue to borrow but that members of ECOWAS should seek the most credible alternative to borrowing, which she identified as expansion of the revenue base.
According to her, “Concerns about debt sustainability and the need for restructuring have been stronger for Sub-Saharan Africa, due to high debt service costs when compared to revenues.
“It is, therefore, an absolute necessity for West African countries to place sharper focus on domestic resource mobilization. Nigeria is already on that path through the Strategic Revenue growth Initiative (SRGI) and the Finance Acts that have been enacted since 2019.”
The report said that member nations of the Economic Community of West African States (ECOWAS) faced risks of debt crisis, unless urgent steps were taken by their various governments to address rising debts.
According to the report, “In ECOWAS, five major research issues emanated from the debt situation. To begin with, numerous ECOWAS countries benefitted from debt elimination during the debt relief tsunami of 2005-2008.
“However, public debt has increased to the point where it is approaching crisis proportions just over a decade later. Debt sustainability needs corrective actions such as debt restructuring and the discovery of viable debt alternatives.”
The report, which was presented by the Chairman of the OSIWA-NESG DMR, Dr. Taiwo Oyedele, indicated that the rising debt portfolio of the sub-region was directly linked to the sustained deficit fiscal positions of member nations.
“The overall fiscal environment in ECOWAS has remained in an uninterrupted deficit since 2009. The COVID-19 pandemic, which engendered a global disruption in the economy’s demand and supply side, has consequently led to an unprecedented increase in fiscal deficit to a tune of 6.8percent of the nominal GDP (Gross Domestic Product).
“The fiscal deficit of ECOWAS in 2020 expanded by 53percent to $46.22billion. Meanwhile, the fiscal deficit expanded by 17.6per cent , 122.4percent and 170percent in Nigeria, Ghana and Cote d’Ivoire in order of the size of their economy, respectively.
“This makes Nigeria, the country with the largest fiscal deficit in the region in 2020, while Ghana recorded the largest increase in the budget deficit in the year.”
While fielding questions on Nigeria’s debt management, Oyedele commended the Federal Government for the public debt data transparency policy adopted by the Debt Management Office.
“He said, one policy of the Federal Government that is worth commending is the public debt data transparency. This is commendable. The Federal Government has also been very intentional with the debt mix- both external borrowing and domestic borrowing.”
The chairman urged that the Federal Government could do better with its project-tied borrowings as exemplified with the Second Niger Bridge and the Sukuk, which would ensure that borrowed funds are transparently utilised to engender economic growth.
A Coalition of civil society organisations has urged the Federal Government to take proactive steps towards addressing the persistent gas eruptions in Bille, Rivers.
The coalition, made up of the People’s Assembly and Bille Working Group, made the call in an open letter addressed to President Bola Tinubu, and read to journalists in Port Harcourt, yesterday.
Reading the letter, the coalition’s convener, Dr Isaac Osuoka, said that the persistent gas eruption in Bille had led to serious environmental and public health challenges.
Osuoka, also the Executive Director, Social Action, urged Tinubu to establish a presidential task force to investigate and contain the gas leak in Bille.
He also called for the immediate relocation of residents to safe shelters, provision of clean water, food and healthcare services.
Dr Emem Okon, the Executive Director, Kebetkache Women Development and Resource Centre, stated that gas had been bubbling from the ground, creeks, boreholes and hand-dug wells in the community since October 2025.
Okon said that the gas had triggered several fires and explosions, and that residents of the community had reported respiratory problems, vomiting and other illnesses associated with exposure to the emissions.
According to her, preliminary investigations by the National Oil Spill Detection and Response Agency (NOSDRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have yet to identify the source of the gas.
Mr Kentebe Ebiaridor, the Coordinator, Oilwatch International, called for the publication of results from preliminary soil and water tests conducted in Bille for the residents to know the nature and extent of the contamination.
Ebiaridor urged the Federal Government to deploy medical teams to screen and treat affected residents, and immediately commence an independent study on the health impacts of the leak.
He further called for the suspension of oil and gas operations around OML 18 and 24 until the source of the gas leak was identified and the affected areas declared safe.
Ebiaridor urged the government to hold current and former operators of the oil leases accountable for environmental damage on the community.
Another speaker, Dr Bieye Briggs, urged the National Assembly to fast-track the NOSDRA Amendment Bill, 2025 to provide the agency with statutory funding and stronger enforcement powers.
Briggs urged the Federal Government to activate the regional Spill Command Centre, and make the Upstream Remediation Fund accessible for the Bille crisis and other affected communities in the Niger Delta.
The Akwa Ibom State Police Command has banned drone operations and fireworks in Uyo and announced temporary traffic restrictions ahead of President Bola Tinubu’s visit to the State today.
The state Commissioner of Police, Baba Mohammed Azare, announced the measures yesterday while briefing journalists at the Police Headquarters in Ikot Akpan Abia, Uyo.
He said the restrictions were part of security arrangements to maintain public order, protect strategic locations and ensure the smooth movement of the President’s convoy during his engagements.
“There will be total restriction on the operation and flying of drones within Uyo metropolis throughout the period of the visit. Members of the public, drone operators and service providers are advised to strictly comply with the directive,” he said.
The police commissioner also announced a ban on fireworks, knockouts and other explosive sound-producing devices within the state capital during the visit.
He said the measure would prevent panic and allow security personnel to respond effectively to genuine security threats.
The command also announced temporary restrictions on public access to designated routes and locations in Uyo to facilitate the movement of the presidential convoy.
The affected areas are Airport Road, Shelter Afrique Junction, Oron Road, Nung Oku Junction, Mbierebe Junction and Godswill Akpabio International Stadium.
“Motorists are urged to plan their journeys, exercise patience and cooperate with traffic and security personnel deployed along the corridors.
“Members of the public are advised to avoid the routes during the restriction and use alternative routes,” Azare said.
He also urged residents to plan their journeys, exercise patience and cooperate with traffic and security personnel deployed along the affected corridors.
The commissioner said the command, working with other security agencies, had put in place security arrangements to ensure a peaceful and hitch-free visit.
He appealed to residents to understand that the temporary restrictions were necessary security measures and not intended to cause hardship.
Azare urged members of the public to remain law-abiding, avoid restricted areas and report suspicious movements to the nearest police station or through police emergency channels.
Tinubu’s visit to Akwa Ibom is a working visit during which he is expected to inaugurate major infrastructure projects executed by Governor Umo Eno’s administration under its ARISE Agenda. The projects cut across aviation, road infrastructure, tourism, healthcare, land administration and security.
Among the projects scheduled for inauguration are the international terminal building and airport hospital at Victor Attah International Airport, Aviation Village, ARISE Palm Resort, the 14.5-kilometre Nsit Atai–Okobo Road, Ring Road 3, the Command and Control Centre and the AkwaGIS building.
The state government had earlier announced plans for the President to inaugurate projects as part of activities marking Akwa Ibom’s 39th anniversary in September.
The airport projects are particularly significant to the state’s ambition to expand aviation, tourism and investment.
The international terminal is expected to strengthen the airport’s capacity to handle international operations, while the Aviation Village is intended to provide accommodation for aviation workers. The airport hospital is also among the facilities lined up for inauguration.
The road projects are also expected to improve connectivity. The 14.5-kilometre Nsit Atai–Okobo Road links communities in the two local government areas, while Ring Road 3 is designed to improve movement within Uyo and ease pressure on existing roads. The Command and Control Centre, meanwhile, is intended to strengthen security surveillance and coordination in the State.
The Rivers State Ministry of Culture and Tourism has floated a culture content platform in collaboration with digital television group, Multichoice.
Permanent Secretary, Ministry of Culture and Tourism, Mr. Freddy Ndigbara, disclosed this after a meeting with MultiChoice Head of Content Acquisition, Don Dotun Ojon, in Port Harcourt.
He assured that content entrepreneurs and film makers would enjoy the platform by promoting culture and other contents to sell the states tourism potentials.
He said MultiChoice M-net was now open to increase its patronage for content shots on locations in Rivers State, describing the State as one that has numerous potentials for film tourism.
“We were privileged to have Don Ojon with us at the Rivers International Film Festival (RIFF) at the weekend in Bonny and he saw, first hand, the numerous sites and opportunities that are open to creatives in the State. After that, we felt it was important to deepen the conversation and he obliged. This is a cheering news for the sector in the State,” he said.
Ndigbara stated that “Rivers State has many more untold stories to tell, many more contents to reel out and the assurances from the M-net Acquisition Manager is an indication that the industry in the state will soon enjoy a new lease of life”.
The Permanent Secretary thanked Ojon for the visit and assured that creatives in the State would grap this opportunity and show the world that Rivers State is a major hub for film tourism in Nigeria.
On his part, Ojon said the visit was to discuss on ways of promoting tourism in the State using creatives and film.
Ojon said although the company has recently been acquired by canal+ France and is undergoing restructuring, he would promote the chances of Rivers State to host the MultiChoice talent factory in the State.
With Asaba, capital of Delta State, being saturated, Ojon said the next port is Rivers State, which he said is capable of building fresh crop of creatives, new locations, new story lines and concepts.
He, therefore, called for collaboration from stakeholders in the State.
Kevin Nengia
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