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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.”
The National Drug Law Enforcement Agency (NDLEA) has intercepted 1.63 million pills of tramadol concealed in two long trailers heading for Kano as it intensified efforts to dismantle a transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria corridor.
The agency also arrested an 80-year-old suspected drug dealer in Rivers State, a businesswoman linked to cannabis shipments from Canada, a Chadian woman, a couple and other suspects in coordinated operations across Lagos, Edo, Kogi and Rivers states.
The NDLEA’s Director of Media and Advocacy, Femi Babafemi, disclosed this in a statement, yesterday.
According to the statement, the latest intelligence-led operation came barely one week after NDLEA operatives recovered 558,900 pills of tramadol concealed in the false-bottom compartment of a truck that entered Lagos through the Togo-Benin Republic route.
Babafemi said, “Ongoing efforts to dismantle a transnational drug trafficking syndicate smuggling tramadol from Togo, through Benin Republic into Nigeria have yielded another success with the interception of two long trailers used to move One Million Six Hundred and Thirty (1,630,000) pills of tramadol 250mg concealed in fabricated compartments of the trucks across multiple borders into Lagos.”
He added that one of the two trailers was intercepted on July 2 along the Lagos-Ibadan Expressway, where operatives recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor.
Babafemi said, “One of the two trucks already heading to Kano was tracked and located on 2nd July 2026 along the Lagos-Ibadan Expressway where NDLEA officers recovered 853,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the trailer and arrested the 22-year-old driver Jabir Kabiru.”
He further disclosed that another trailer was intercepted two days later on the same route.
“Two days later, 4th July, NDLEA operatives acting on processed intelligence successfully tracked and recovered the second trailer from the Lagos-Ibadan Expressway while heading to Kano. A total of 777,000 pills of tramadol 250mg concealed in a fabricated compartment beneath the cargo floor of the truck were evacuated and the 22-year-old driver Muhammed Nuhu arrested,” the statement read.
According to Babafemi, investigations established a link between the three intercepted consignments.
He said, “Investigations revealed that all three trucks and consignments intercepted on 21st June, 2nd July and 4th July belong to the same transnational drug trafficking syndicate operating along the Togo-Benin Republic-Nigeria axis.”
The agency also intercepted 4.70 kilograms of Canadian Loud, a synthetic strain of cannabis, at the import shed of the Murtala Muhammed International Airport, Ikeja, Lagos.
Babafemi said, “Two consignments of Canadian Loud, a synthetic strain of cannabis, with a combined weight of 4.70 kilograms have been intercepted at the import shed of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos. The cargoes, which arrived the Lagos airport from Canada in cartons with ‘Odugwu’ boldly written on them, came aboard British Airways and Ethiopian Airlines flights on 24th June and 3rd July respectively.”
He said two cargo agents, Ali Rotimi Samson and Orimolade Oluwagbenga, were initially arrested in connection with the shipments, while another suspect, Edeh Onyeamachi Stanislus, was apprehended after arriving at a logistics company to take delivery of the consignments.
The Federal Ministry of Humanitarian Affairs and Poverty Reduction has denied claims that it has commenced registration for a purported ?50,000 National Support Allowance.
The ministry, in a public notice posted on its official X handle, yesterday, described messages, links and websites advertising the alleged programme as fraudulent.
It urged Nigerians to disregard such claims and verify information only through official government channels.
“The Federal Ministry of Humanitarian Affairs and Poverty Reduction has NOT commenced registration for any ?50,000 National Support Allowance,” the ministry said.
It added, “Disregard fraudulent messages, links and websites claiming otherwise. Verify any info only through official govt channels.”
The alert is in response to a circulating scam flyer that falsely claims the program is ongoing under President Bola Tinubu’s directives.
The fake advertisement, which includes text in Hausa and English, directs victims to a suspicious website (kluspz.com) for applications.
The ministry’s warning comes amid heightened concerns over digital fraud targeting vulnerable populations seeking social support.
Similar scams have previously surfaced around programs like N-Power, prompting questions from citizens in replies to the official post.
The Nigeria Labour Congress (NLC) has expressed its preparedness for a major national struggle for a comprehensive review of the national minimum wage.
NLC President, Comrade Joe Ajaero, hinted at this while making his remarks at the commissioning of the Comrade Godwin Abumisi Pensioners Legacy House and Multipurpose Hall in Abuja.
Ajaero said it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
He advised workers and pensioners to get prepared for the ideological and economic battles that lie ahead.
According to the NLC president, “The Nigeria Union of Pensioners (NUP) is one of the proud affiliates of the Nigeria Labour Congress. Therefore, your struggle is our struggle, and your welfare remains a priority for the organised labour movement.
“We are currently in the preparatory stages for a major national struggle for a comprehensive review of the national minimum wage.
“However, let me state unequivocally that it is no longer acceptable to discuss the welfare of workers without also discussing the welfare of those who have completed their active years of service.
“Accordingly, the Nigeria Labour Congress will not only push for a new national minimum wage but will also demand the establishment of a national minimum pension. It is a historical injustice that men and women who devoted their youth, strength and productive years to the service of this nation should be condemned to live below the poverty line after retirement.”
Ajaero noted that the cost of living has risen astronomically as food, healthcare and transportation have become increasingly unaffordable.
“We cannot continue to allow our senior citizens to survive on pensions that have become poverty wages. Every retiree deserves to live with dignity after decades of faithful service to the nation,” he said.
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He urged pensioners across the country to remain united and prepared as the process begins, adding: “This Legacy House should not merely be seen as a physical structure; it should become a centre for mobilisation, strategic engagement and solidarity as we prepare for the struggles ahead.”
The NLC president pointed out that the working class has always understood that “those who exploit workers are united in advancing their interests. We too must remain united in defending our collective interests and ensuring that government fulfils its obligations to both serving workers and retirees.”
He said the completion of the project should serve as a clarion call to all workers and lovers of the masses.
“We must not only build physical structures but also build a strong movement capable of compelling government to honour its commitments,” he said.
Ajaero further stated: “We will continue to demand the immediate payment of all outstanding pension arrears and the implementation of a pension regime that guarantees every retiree a life of dignity and security.
“Together, we shall continue to fight until every Nigerian worker and pensioner receives the justice, respect and welfare they deserve.”