Economy
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
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
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.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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