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Hon. Benjamin Kalu Reveals How Nigeria Achieves Major Debt Reduction Under Tinubu Administration

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Deputy Speaker

Hon. Benjamin Kalu Reveals How Nigeria Achieves Major Debt Reduction Under Tinubu Administration

Hon. Benjamin Kalu Reveals How Nigeria achieves major debt reduction under Tinubu administration. Nigeria has made significant strides in reducing its debt servicing burden, bringing it down from 96% of its 2023 revenue to 67% under President Bola Tinubu’s administration.

This milestone, according to Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, is creating fiscal space for critical investments in health, education, and infrastructure, aligning with the country’s sustainable development agenda.

Speaking at the Inter-Parliamentary Union (IPU) and United Nations General Assembly (UNGA) 2025 Parliamentary Hearing in New York, Kalu highlighted Nigeria’s approach to managing its debt crisis while ensuring progress toward the Sustainable Development Goals (SDGs).

Parliamentary Oversight and Debt Management Reforms
During a session on “The Debt Crisis and the SDGs: Proposals for Sustainable Solutions,” Kalu noted that Nigeria’s legislative body has strengthened oversight to address the country’s fiscal challenges. He emphasized that biased credit rating methodologies by global agencies such as S&P and Moody’s inflate Nigeria’s borrowing costs, leading to an estimated $1.5 billion in excess interest payments annually.

To counter these challenges, he stated that the National Assembly is reviewing the Fiscal Responsibility Act to enforce debt ceilings and enhance transparency.

Additionally, the House of Representatives is working on leveraging philanthropy and impact investing for SDG-aligned debt management strategies.
“We are committed to ensuring our debt management practices remain transparent, accountable, and aligned with our development goals,” Kalu said.

Global Cooperation and Calls for Debt Relief
Kalu also underscored Nigeria’s push for international cooperation to tackle debt-related challenges. The country is advocating for SDG-linked debt relief and lobbying the International Monetary Fund (IMF) for SDG Conditional Debt Clauses, which would allow for payment pauses during crises.

Further, he called on OECD nations to criminalize exploitative litigation by vulture funds against low-income countries. Nigeria is also working with the African Union to establish an African Credit Rating Agency (ACRA) to provide fairer credit assessments for the continent.
“The IPU in 2025 must amplify these strategies to avert a lost decade for the SDGs,” Kalu stated.

Trade Reforms and Economic Diversification
Addressing Nigeria’s trade challenges, Kalu identified barriers to export diversification, including tariff and non-tariff constraints that stifle non-oil sectors such as agriculture, manufacturing, and technology. He noted that despite Nigeria’s ratification of the African Continental Free Trade Agreement (AfCFTA), bureaucratic and infrastructural issues limit the country’s global competitiveness.

In response, the House of Representatives has prioritized legislative measures to diversify exports, streamline business registration, and maximize AfCFTA benefits. The 2023 Finance Act has also introduced tax incentives for agro-processing and renewable energy exports, aligning trade policies with the SDGs.

Additionally, Kalu revealed that Nigeria is collaborating with META and AfriLabs to craft legislation that exempts local tech platforms from digital service taxes, encouraging more digital trade while maintaining domestic revenue generation.

Tax Reforms to Boost Domestic Revenue
Kalu also highlighted Nigeria’s commitment to tax reforms, emphasizing that robust tax systems are vital for funding public investments in infrastructure, healthcare, and education. He pointed to the recent passage of four key tax reform bills in the House of Representatives, which aim to modernize tax administration, consolidate revenue agencies, and improve compliance through advanced technology.

“Nigeria’s proactive approach to tax reform—through centralized tax collection, VAT modifications, and international cooperation—positions the country to better mobilize domestic resources in support of the SDGs,” Kalu said.

He stressed that while the reforms offer significant opportunities for fiscal sustainability, their success depends on rigorous oversight, transparent governance, and a balanced approach that ensures economic equity.

Deputy Speaker

Deputy Speaker

Nigeria’s Commitment to Sustainable Development
Through strengthened parliamentary oversight, financial sector reforms, and international advocacy, Kalu reiterated that Nigeria is determined to turn its debt burden into an opportunity for sustainable growth.

“We believe global cooperation and collective action are necessary to achieve our development goals and address the debt crisis,” he concluded.

The Nigerian government’s commitment to fiscal discipline, trade expansion, and tax modernization signals a strategic approach to long-term economic stability, with potential lessons for other nations facing similar challenges.

Crime

Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border

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Cameroon Border

Customs Seizes 34,470L Of Smuggled Petrol At Taraba-Cameroon Border

Customs seizes 34,470L of Smuggled petrol at Taraba-Cameroon border. The Nigeria Customs Service (NCS) has intensified its crackdown on fuel smuggling, seizing 34,470 liters of Premium Motor Spirit (PMS) and a heavy-duty transportation truck in a three-hour operation along the Taraba-Cameroon border.

The enforcement, led by the Customs’ Operation Whirlwind unit, targeted smugglers operating through Gembu and Kan-Iyaka in Sardauna LGA, a known smuggling corridor.

Speaking at a public auction in Jalingo, Comptroller General of Customs, Bashir Adewale Adeniyi, disclosed that the operation was carried out with support from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Office of the National Security Adviser.

Adeniyi explained that intelligence from the inter-agency intelligence fusion center detected unusual fuel movement patterns in the Sorofi and Kan-Iyaka areas between March 8 and 9, 2025.

Acting on this, field teams executed a series of coordinated interceptions, disrupting what appeared to be an emerging smuggling route.

The seizure included 1,149 Jerry cans of PMS, each containing 30 liters, totaling 34,470 liters. A specialized transportation truck valued at ₦4 million was also confiscated, bringing the total duty-paid value to ₦37.78 million.

Adeniyi noted that a significant portion of the smuggled fuel was intercepted in Gembu, while 180 Jerry cans and the truck were seized en route to the Kan-Iyaka border crossing.

Cameroon Border

Cameroon Border

Describing fuel smuggling as a threat to national security and economic stability, Adeniyi urged security agencies to remain vigilant. He stressed that petrol is vital to economic activities and warned that shortages could slow down the economy.

He reaffirmed the NCS’s commitment to tackling smuggling networks and safeguarding Nigeria’s energy sector and economic interests.

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Akwa Ibom

Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital

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Akwa Ibom

Akwa Ibom Lawmaker Covers Medical Bills For Patients At Palmer Memorial Hospital

Akwa Ibom Lawmaker covers medical bills for patients at palmer memorial Hospital. For patients at Palmer Memorial Hospital in Ikot Usen, Ibiono Ibom Local Government Area, financial hardship often stood between them and life-saving treatment. That changed when Rt. Hon. (Barr.) Ime Basy Okon, the Member Representing Itu-Ibiono Ibom Federal Constituency, stepped in to settle outstanding medical bills, offering patients a renewed chance at life.

The compassionate gesture came during Day 2 of the ongoing free medical and surgical outreach sponsored by the lawmaker across Itu and Ibiono Ibom Local Government Areas. While inspecting the outreach on Day 1, Okon learned of emergency cases where patients remained stranded due to unpaid hospital bills.

Moved by their plight, he personally cleared their debts a decision he emphasized was outside the outreach’s budget, but a private intervention to support his constituents in urgent need.

Among the beneficiaries was Abasima Offiong, who had suffered a spinal cord injury and required emergency surgery. With no means to cover the cost, his condition was critical, until Hon.Okon’s intervention ensured his procedure was fully funded.

Another case was Idongesit Ndifreke, who had undergone a Caesarean section but remained in the hospital for over two weeks due to unpaid bills. The lawmaker’s generosity not only secured her discharge but also allowed her to return home with her newborn.

Akwa Ibom

Akwa Ibom

One of the most harrowing stories involved a woman whose unborn child had died in the womb. Lacking funds for an emergency procedure, her life hung in the balance. Overcome with emotion, Okon immediately took over the cost of surgery, ensuring swift medical intervention to save her life.

Speaking during the event, the lawmaker reaffirmed his commitment to humanitarian efforts. “When God blesses us, we should also be a blessing to others,” he said, underscoring the importance of compassion and community support. Grateful beneficiaries and their families hailed Okon’s intervention as both timely and life-saving.

As the free medical and surgical outreach continues, it remains a beacon of hope for residents of Itu and Ibiono Ibom, reinforcing Okon’s dedication to accessible healthcare and the well-being of his constituents.

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Economy

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

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Muhammadu Inuwa Yahaya

Government Approves N1.149bn For Solar Street Lights, Infrastructure In Gombe

Government approves N1.149bn for solar street lights, infrastructure in Gombe. He said the governor approved the projects to align with his vision for infrastructure development.

The Gombe government has approved N1.149 billion for the installation of solar street lights and other infrastructure in three local government areas of the state.

Mahmood Yusuf, director-general, Joint Project Development Agency, stated this at a news conference on Thursday in Gombe.

He said the Joint Project Council (JPC) meeting chaired by Gov. Inuwa Yahaya, approved the projects to align with his vision for infrastructure development.

Mr Yusuf listed the projects to include the installation of solar street lights on newly constructed roads in Kumo at the total cost of N740 million; fencing of the NALDA market and installation of solar street lights at Kwadon area of Yamaltu/Deba, costing N362 million.

He said that N47 million has been approved for the expansion of the grains market and construction of six public toilets in Billiri.
Mr Yusuf said that the N112 million grain market project was approved in 2024, but reviewed upward to N159 million, to provide six additional toilets.

The director said the council also approved the deployment of GOSTEC and Operation Hatara personnel, to scale surveillance in schools and cemeteries in the state.

He said the measure was sequel to complaints over spate of theft in public buildings by the ALGON Chairman, Sani Haruna.

“The council has resolved to implement stricter security measures by deploying GOSTEC and Operation Hattara to enhance surveillance. The scope of Operation Hattara would be expanded to cover all the 11 LGAs,” he said.

Muhammadu Inuwa Yahaya

Muhammadu Inuwa Yahaya

Also, Fatima-Binta Bello, chairperson, Shongom Local Government Council, expressed readiness to consolidate on Mr Yahaya’s achievements in education and health sectors.

She stressed the need to strengthen human resources through recruitment of qualified personnel to address manpower gaps and enhance quality service delivery, especially at primary healthcare and basic education level.

Similarly; Ahmad Wali, chairman, Kwami LGC, said the council had initiated resurvey and remapping of grazing reserves and cattle routes to check farmer/herder clashes.

He warned that anyone found encroaching cattle routes and grazing lands would be sanctioned.

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