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 State Assembly Backs Ongoing Demolition Of Illegal Buildings, Shanties
Lagos State Assembly Backs Ongoing Demolition Of Illegal Buildings, Shanties
Lagos State assembly backs ongoing demolition of illegal buildings, shanties. Mr Sanwo-Olu assured affected citizens that the government was prepared to provide support and assistance,where necessary.
The Lagos State House of Assembly says it backs the state government’s ongoing demolition of structures and shanties erected along shorelines and under high-tension cables.
The chairman of the House Committee on Information, Security and Strategy, Stephen Ogundipe, said this in a statement in Lagos on Tuesday.
The Lagos government, through the Ministry of Physical Planning and Urban Development,has embarked on the demolition of illegal structures, especially in the Oworonsoki and Makoko areas.
Makoko residents had on Thursday protested at the Assembly complex over the demolition of their structures, urging Governor Babajide Sanwo-Olu to stop further demolition.
Mr Ogundipe, representing Oshodi-Isolo Constituency-01, said the exercise was a necessary step to safeguard the lives and property of residents.
He said, “It is quite worrisome that we have ramshackle structures, sheds and shanties, especially along shorelines. The shorelines have turned into abodes of miscreants, street urchins, kidnappers, touts, street traders and hawkers, who often vandalise public utilities and attack innocent citizens.
“Although the demolition exercise may be painful for those affected, it is a necessary step to protect the larger society and uphold the rule of law. The government’s action reflects a commitment to preventing avoidable disasters and ensuring sustainable urban development.”
He said the assembly’s leadership viewed the exercise as responsible and forward-looking.
Mr Ogundipe called on residents to remain calm and cooperate with government officials, assuring them that their concerns would not be ignored. He also urged citizens to always comply with building regulations and planning approvals, to prevent future occurrences, stressing that collective responsibility is key to avoiding disasters.

Lagos Assembly
Mr Sanwo-Olu recently explained that the affected structures were cleared to avert potential future tragedies. The governor noted that many of the buildings posed serious environmental, structural, and safety risks to residents and the general public.
According to Mr Sanwo-Olu, the state cannot afford to wait until disaster strikes before taking decisive action.
He said that although such measures might be difficult, they were essential to prevent loss of lives and large-scale destruction.
Mr Sanwo-Olu assured affected citizens that the government was prepared to provide support and assistance,where necessary.
Abuja
Strike Continues As JUAC Rejects FCTA Statement On Meeting Workers’ Demands
Strike Continues As JUAC Rejects FCTA Statement On Meeting Workers’ Demands
Strike continues as JUAC rejects FCTA statement on meeting workers’ demands. Offices shut in the FCT on January 19 as workers commence strike.
The Joint Union Action Congress (JUAC) of the Federal Capital Territory Administration (FCTA) has dismissed claims by the FCTA management that most of the workers’ demands have been met.
The workers began an indefinite strike on Monday over “authorities’ failure to address long-standing labour and welfare demands”.
Subsequently, Lere Olayinka, media aide to Nyesom Wike, minister of the Federal Capital Territory (FCT), said in a statement that 10 of the 14 demands have been met by the FCT administration, with work ongoing on the remaining four.
Reacting in a statement on Tuesday signed by Abdullahi Umar Saleh, its secretary, JUAC said no “formal agreement has been reached between JUAC and the FCTA management on any of the demands presented”.
JUAC denied claims that the payment of wage awards, rural allowance, 2023 promotion arrears and compliance with public service rules had been achieved.
According to the union, such claims are “false, premature, and intended to misinform the public and staff”.
The union also clarified that it has neither suspended nor relaxed its industrial action, insisting that the strike will continue.
“JUAC has not suspended, withdrawn or relaxed its position on the industrial action because none of the core demands has been conclusively implemented or verified,” the statement reads.
Addressing reports attributed to the Association of Resident Doctors (ARD-FCTA), JUAC said the comments do not reflect the collective position of workers.
“The statement credited to the Association of Resident Doctors (ARD-FCTA) does not represent the collective position of workers under JUAC and cannot be used to justify the false narrative that issues have been resolved,” it said.
JUAC listed several unresolved issues, including unpaid promotion arrears, non-remittance of National Housing Fund (NHF) and pension deductions, alleged illegal tenure elongation, a flawed promotion examination process, intimidation of staff, inadequate training, and salary portal restrictions.

FCT, Abuja
The union also faulted attempts by the FCTA management to transfer responsibility for statutory deductions to workers, describing the move as “unacceptable and contrary to established public service financial regulations”.
“The ongoing strike action remains lawful, justified and in full compliance with labour laws, having followed due process after expiration of the seven-day ultimatum,” the union said.
“All workers should remain resolute, united and committed to the collective struggle until all demands are fully implemented.”
While expressing willingness to engage in talks, the union warned against misinformation and intimidation.
“JUAC remains open to genuine dialogue but will not succumb to misinformation, intimidation or divide-and-rule tactics,” the statement added.
Economy
Health: NIPSS Trains Resident Doctors On Effective Policy-Making
Health: NIPSS Trains Resident Doctors On Effective Policy-Making
Health: NIPSS trains resident doctors on effective policy-making. The National Institute for Policy and Strategic Studies, Kuru, near Jos, has organised a five-day training for resident doctors on Effective Policy Making and Strategic Leadership.
The National Institute for Policy and Strategic Studies, Kuru, near Jos, has organised a five-day training for resident doctors on Effective Policy Making and Strategic Leadership.
Ayo Omotayo, the director general of NIPSS, declared the training open on Tuesday in Jos.
Mr Omotayo described the exercise as timely.
Mr Omotayo, who commended the Nigeria Association of Resident Doctors for its partnership in shaping policies, said the training would equip participants to reposition Nigeria’s health sector.
“I commend the leadership of NARD for recognising the importance of strategic engagement, leadership development and policy literacy in addressing the complex challenges.
“Your presence here is great and will enable you to respond towards more constructive, structured, informed and sustainable approaches.
“Nigeria’s health sector operates within a highly complex policy environment, shaped by physical constraints of international priorities, institutional coordination challenges and growing pressures arising from workforce migration and rising public exploitation within this environment,” said Mr Omotayo.
According to him, resident doctors not only occupy a uniquely strategic position as critical service providers but also are future leaders of the health system.
The director general added that the training, which aligns particularly with its purpose, was designed to strengthen participants’ understanding of policymaking.
He further said that it would enhance their leadership and negotiation skills and equip them with practical tools for effective engagement.
Mohammad Sulieman, the national president of NARD, said the training would equip participants with leadership skills to drive the country’s health sector.
Mr Suleiman said the training would equip participants with the knowledge and tools to improve Nigeria’s healthcare system.

NIPSS Trains Resident Doctors On Effective Policy-Making
“NIPSS is the foremost and apex policymaking institute in Nigeria, and we are leaders in the health sector, albeit maybe mid-level, but soon and in the future, we’ll be top-level leaders. It is important that we arm ourselves with the necessary tools required to salvage the health sector in Nigeria; this is not just for resident doctors, it is for our patients and the nation.
“Resident doctors are patriotic Nigerians. We all stay back to serve our country so that we apply ourselves to the instruments the country has in training us for better and effective healthcare service delivery,” he said.
The president thanked NIPSS for providing NARD with the opportunity to partner with it to improve the nation’s health sector.
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