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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

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

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Troops Destroy 56 Illegal Refining Sites

Navy Dismantles Illegal Refining Capacity, Destroys Site With 3 Storage Tanks in Rivers

The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil.
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The site was discovered on 30 September 2026 following credible intelligence and comprised one large cooking pot and 3 large storage tanks intended for illegal refining activities. On 2 October 2026, the Commanding Officer, FOB BONNY, Captain SMC Umeh, led a team to the location, where the illegal refining site and associated equipment were destroyed in accordance with established regulations.

The intervention represents a further disruption of illegal refining capacity within the Bonny area, particularly by removing infrastructure that could be used to process and store stolen crude oil. It also follows recent operations by FOB BONNY under Operation DELTA SENTINEL that uncovered substantial volumes of suspected stolen crude oil and associated illegal refining infrastructure within its Area of Operations

Troops Destroy 56 Illegal Refining Sites

Oil

The Nigerian Navy has continued to strengthen surveillance and monitoring across the area to prevent the establishment or reactivation of illegal refining sites and deny criminal operators the infrastructure required to sustain crude oil theft and related activities.

ABIODUN FOLORUNSHO

Navy Captain

Director Naval Information

Nigerian Navy
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Economy

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

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NNPC

NNPC Ltd Offers N66 Fuel Discount Throughout the Nation

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has unveiled a nationwide ₦66 fuel discount promotion for customers using the NNPC Fuel App.
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In a post obtained from its X handle on Friday, the promotion, which runs from October 1 to 7, is being held across NNPC stations nationwide as part of activities marking the period.

“The ₦66 Discount Promo is ongoing & the excitement is already happening across our stations nationwide!

“All over Nigeria, our customers are getting in on the action & there’s still time for you to benefit!

The promo runs from 1–7 October on the NNPC Fuel App,” the post read.

NNPC said customers across the country have already begun participating in the promotion, with highlights from the first day showing activities at several stations.

“Keep fueling, keep transacting and keep your eyes on our pages,” the post read.

NNPC

NNPC

NNPC also shared moments from the first day of the promotion and said more pictures and activities from stations across the country would be released.

The company urged customers not to miss the opportunity to participate before the promotion ends on October 7.

The ₦66 discount offer is available through the NNPC Fuel App during the stated promotional period.
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Economy

President Tinubu Tells EFCC: You Have Justified my Confidence in You

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EFCC Arraigns Gidado Ibrahim

President Tinubu Tells EFCC: You Have Justified my Confidence in You

President Bola Ahmed Tinubu has applauded the efforts and performance of the Economic and Financial Crimes Commission, EFCC, in tackling economic and financial crimes and other acts of corruption in the country, stressing that it has justified the confidence reposed on it.
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He gave this commendation on Friday, October 2, 2026 in Awka, Anambra State at the commissioning of a new Zonal Directorate of the EFCC. The President pointed out that there are evidential proofs of the success of the Commission in convictions, recoveries and other landmark achievements

Represented by Honourable Tajudeen Abbas, Speaker, House of Representatives, Tinubu noted that “supporting the EFCC is not particularly difficult. The agency has consistently demonstrated that the confidence reposed on it is well founded. Without mincing words, the evidential proof of the EFCC’s success speaks loudly in convictions secured, assets and properties recovered”

He affirmed that the strides of the Commission are in tandem with the Renewed Hope Agenda of his administration.

“When we came in three years ago, I highlighted nine major focal areas of my administration. Two of which are reforming the economy for sustained and inclusive growth and promotion of good governance. The anti-graft agency compliments this agenda as they are focused on accountability and transparency and appropriate deployment of resources”, he said.

At the commissioning, the Executive Chairman of the EFCC, Mr. Ola Olukoyede restated the commitment of the Commission to preventive frameworks in tackling economic and financial crimes and other acts of corruption in the country.

According to him, the Commission will continue its focus on making corrupt practices difficult by blocking avenues through which they may happen.

“This new Directorate will not only enforce the law professionally and courageously, it will be high on corruption prevention. It will engage government institutions, businesses, financial institutions, professional bodies, schools, markets, civil society organisations, traditional institutions, religious bodies and communities. It will educate stakeholders, build relationships and mobilise the people to own the fight against all forms of corrupt practices in the zone”, he said

He assured Nigerians that the EFCC would not relent in the pursuit of its mandate, recalling the achievements of the Commission in the last 34 months and describing them as impressive progress.

“The pursuit of our mandate has been our dominant engagement and in the past few years, we have made impressive progress. Between October 2023 and July 2026, the Commission received 49, 673 petitions, investigated 39, 615 cases, filed 14, 476 cases in court and secured 10, 872 convictions. This gives a conviction-to-filing ratio of 75.1 percent. In the first half of 2026 alone, we recorded 1, 370 convictions from 1, 889 filings. The Commission also recorded recoveries of N1, 233, 612, 040, 411. 11, $684, 478, 457. 32, £373, 905. 78, €9, 343, 803. 66 inn addition to recoveries in other currencies”, he said.

He noted that at the institutional level, the Commission has made radical reforms that have been yielding optimal results as there are consequential improvements in the agency’s processes and procedures, which partly explains the impacts the EFCC has made and will continue to make in all the matrices of law enforcement.

“Reforms that have strengthened the Commission during the period include new guidelines on arrest and bail, a review of sting operations, the establishment of the Department of Fraud Risk Assessment and Control, the Security Department, the Immigration and Visa Section and the Cybercrime Rapid Response Centre”, he said.

While charging Ndi Anambra on whistleblowing, the anti-graft czar said that the Commission has established channels through which members of the public can submit petitions and provide information. He noted that the Commission’s Eagle Eye App allows citizens to provide details of suspected wrongdoing and makes the provision of an informant’s personal details optional. “However, whistleblowing must be responsible and based on facts. It must not become an instrument for settling scores”, he said.

EFCC Arraigns Gidado Ibrahim

EFCC

He thereafter said that Anambra and Imo States deserve effective and responsive institutional presence as they are renowned for enterprise, innovation, commerce and an extraordinary culture of industry, adding that these legitimate activities must be protected from fraud, cybercrime, money laundering, investment fraud, diversion of public resources and other forms of economic and financial crimes. “Therefore, our coming to Awka is beyond geographical expansion. It is about taking the mandate of the EFCC closer to the people and closer to the economic activities we are meant to protect”, he said.

In their remarks, His Excellencies, Professor Chukwuma Soludo, Governor of Anambra State and Senator Hope Uzodinma, Governor of Imo State said that they were pleased with the activities and management of the EFCC under the leadership of Olukoyede. They pledged their support to the Commission as it opened a new Zonal Directorate in their domain.

The commissioning of the new Directorate witnessed massive turn out of distinguished Nigerians, including members of the National Assembly, civil society organisations, community leaders, students, media among others.
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