Connect with us

Economy

UN Inaugurates New Forum To Help Many Debtor Countries

Published

on

DR Congo Conflict

UN Inaugurates New Forum To Help Many Debtor Countries

UN inaugurates new forum to help many debtor countries. The new forum is being supported by the UN and emerging as a key part of the Sevilla Commitment outcome document.

A new mechanism has been introduced, offering debt-distressed countries a way to coordinate their actions and amplify their voice in the global financial system.

The mechanism, the ‘Borrowers’ Forum’, was inaugurated on Wednesday at the UN’s pivotal sustainable development conference in Sevilla, Spain. The inauguration comes at a time of rising debt distress across the developing world.
The new forum is being supported by the UN and emerging as a key part of the Sevilla Commitment outcome document.

Rebeca Grynspan, secretary-general of the UN Trade and Development, said developing nations often faced creditors as a united bloc while negotiating alone.
According to her, voice is not just the ability to speak, it’s the power to shape outcomes.

“Today, 3.4 billion people live in countries that pay more in debt service than they do on health or education,” said Ms Grynspan.

She said that the forum, one of 11 recommendations by the UN secretary-general’s expert group on debt, would allow countries to share experiences and receive technical and legal advice.

“It will also allow countries to promote responsible lending and borrowing standards, and build collective negotiating strength. Its inauguration will address long-standing calls from the Global South for more inclusive decision-making in a debt system dominated by creditor interests,” Ms Grynspan added.

Global South finance and foreign ministers hailed the Borrowers’ Forum’ as a milestone in efforts to reform the international debt architecture.

UN special envoy on financing the 2030 Agenda, Mahmoud Mohieldin, said the forum was a direct response to a system that has kept debtor countries isolated for too long.
“This is about voice, about fairness, and about preventing the next debt crisis before it begins,” he said.

The commitment, known in Spanish as the Compromiso de Sevilla, was adopted by consensus at the conference and includes a cluster of commitments on sovereign debt reform, alongside support for borrower-led initiatives.

However, civil society groups have sharply criticised the adopted outcome in Sevilla, calling it a missed opportunity to deliver meaningful reform of a global debt system that is crippling many developing nations.

UN Inaugurates New Forum To Help Many Debtor Countries

UN Inaugurates New Forum To Help Many Debtor Countries

Jason Braganza of the African Forum and Network on Debt and Development stated that the final outcome document, adopted on the first day, known as the Sevilla Agreement, fell far short of what was needed.

“This document did not start with much ambition and still managed to be watered down. Nearly half of African countries are facing a debt crisis; instead of investing in health, education and clean water, they’re paying creditors,” he said.

Mr Braganza, however, praised the leadership of the African Group and the Alliance of Small Island States, which fought for a UN Framework Convention on sovereign debt.

He also welcomed a small breakthrough in the form of a new intergovernmental process that could lay the groundwork for future reform.

Economy

Governor Uba Sani Presents N985.9bn ‘People-Centred’ 2026 Budget To Kaduna Assembly

Published

on

By

Uba Sani Says

Governor Uba Sani Presents N985.9bn ‘People-Centred’ 2026 Budget To Kaduna Assembly

Governor Uba Sani presents N985.9bn ‘people-centred’ 2026 budget to Kaduna assembly. Uba Sani, governor of Kaduna, has presented a N985.9 billion 2026 appropriation bill to the state house of assembly for consideration and passage.
Speaking at the Lugard Hall on Monday, the governor said the draft budget emerged from “one of the widest consultation processes” ever undertaken in the state, involving traditional rulers, civil society organisations (CSOs), women’s groups, youth associations, business leaders and vulnerable groups across all local governments.

Sani described the budget proposal as a people-centred financial plan designed to consolidate ongoing reforms in security, infrastructure, education and rural development.
He added that the contributions of farmers, traders, teachers, artisans, persons with disabilities and widows formed “the backbone” of the proposal, strengthening participatory governance and accountability.

According to the governor, the appropriation bill comprises N734.2 billion in recurrent revenue and N251.6 billion in capital receipts, with capital expenditure accounting for 71 percent of the total figure.
He said education and infrastructure each received 25 percent of the draft budget, while health was allocated 15 percent.

Agriculture received 11 percent, security six percent, social development five percent, governance five percent, and climate action four percent of the proposed budget.

The governor also announced that every one of the state’s 255 wards would receive N100 million for community-identified projects under the ward development committee, which he said is “Nigeria’s largest grassroots budget model”.

He urged lawmakers to give the budget expeditious consideration, describing it as a vision of “renewal, resilience and far-reaching vision” for every ward and local government.
Reviewing the outgoing 2025 fiscal year, Sani said the period would be remembered for “remarkable achievements and resilient advancement”, despite economic headwinds, fluctuating federal allocations and persistent security threats.
On security, he said Kaduna faced threats ranging from banditry to kidnappings and communal conflicts, adding that improved collaboration with federal security agencies has restored confidence in many troubled communities.

According to him, previously divided communities are reconciling, farmlands are reopening, and schools once shut due to insecurity have returned to full activity through the Kaduna peace model.
The governor said his administration is executing 140 road projects covering 1,335 kilometres, adding that 64 roads have been completed.
The roads, he said, have opened new economic corridors and linked long-neglected communities.
He also said the Kaduna bus rapid transit (KBRT) system would be the first in northern Nigeria, featuring CNG-powered buses, digital ticketing and a 24-kilometre dedicated corridor.

Sani noted that the interstate bus terminal in Kakuri is 75 percent completed, while the subsidised transport scheme has saved residents more than N500 million through free and discounted rides.
He added that work on the Kaduna light rail is progressing, with phase 1 targeting the Rigachikun–Sabon Tasha corridor and phase 2 planned to link Millennium City to Rigasa.

‘300,000 CHILDREN BACK IN SCHOOL’
The governor said education remains the “cornerstone” of his development agenda, noting that 535 schools were reopened and more than 300,000 out-of-school children returned to classrooms in 2025.

Advertisement

He recalled slashing tuition fees in state-owned tertiary institutions by 40 percent and listed other interventions, including the construction of 736 classrooms, renovation of 1,220 schools, and provision of water and sanitation facilities, furniture, and training for over 33,000 teachers.
In the health sector, Sani said all 255 primary healthcare centres have been upgraded to Level 2 status.

Advertisement

He also announced the renovation of 15 general hospitals, the completion of five, and the commissioning of the 300-bed Bola Ahmed Tinubu Specialist Hospital.
He added that the state has implemented CONMESS and CONHESS, strengthened emergency services, built an oxygen plant, improved the medical warehouse and set aside ₦1 billion to insure vulnerable households.

Uba Sani Says

Uba Sani Says

The governor said agricultural investment rose from N1.4 billion (2023) to N74.2 billion (2025), enabling the distribution of more than 900 trucks of free fertiliser and expanded support for irrigation, mechanisation, vaccines and seed improvement.

He added that the African Development Bank-supported $510 million special agro-industrial processing zone project is transforming the state into an agro-industrial hub.
On skills development, he highlighted the establishment of the Institute of Vocational Training and Skills Development in Rigachikun, satellite campuses, partnerships with Microsoft and Google, and the ongoing remodelling of Panteka Market to support over 38,000 artisans.
ASSEMBLY PROMISES SPEEDY REVIEW
Yusuf Liman, speaker of the Kaduna state house of assembly, described the budget as “ambitious, comprehensive and aligned with the state’s development priorities”.

Liman said the proposal reflects a commitment to strengthening human capital, expanding rural infrastructure and ensuring balanced urban-rural development.

He commended the governor for granting lawmakers direct involvement in constituency projects and praised the executive-legislative synergy, which according to him, has accelerated development interventions.

The speaker promised a thorough review of the document and pledged that the assembly would work with the executive to ensure its speedy passage.

UBA SANI HAILS TAJUDEEN ABBAS
Meanwhile, Sani has hailed Tajudeen Abbas, speaker of the house of representatives, as one of the most accomplished presiding officers in the history of the national assembly.
Speaking on Sunday in Zaria at the renewed hope empowerment programme sponsored by Abbas, the governor said the speaker’s ability to manage the complexities of the 360-member lower chamber sets him apart.
Sani, who was special guest of honour at the event, added that his assessment is shared by President Bola Tinubu.

“As a former senator, I know how difficult it is to preside over the house of representatives,” the governor said.
“No matter your competence, patience and hard work, one day you will be pushed to the wall. But as of today, in the history of Nigeria, no speaker has brought about development like Tajudeen Abbas,” he said.

“I’m not the one praising him; it was President Bola Ahmed Tinubu who said it. I’m only repeating what he said.”
Sani said he is proud of Abbas for championing empowerment initiatives for youths and women, not only in his Zaria constituency but across Kaduna state and the country.

The governor also recalled that some political actors questioned his role in rallying support for Abbas during the contest for speaker.
“I told them my support was not based on politics. I will support anyone who will bring development to Kaduna state,” he said.

“Now, I have been vindicated by the projects he has executed and the empowerment programmes he is doing.

“I have told all legislators here that we can only be on good terms if they bring development to their people.
“Anyone who does not attract a school, hospital or any project to his constituency, we will part ways with him.”

Sani said the speaker has assisted all Kaduna federal lawmakers in securing projects for their constituencies, adding that Abbas is also personally executing projects across all 23 LGAs in the state.
He appealed for similar consideration for Sabon Gari LGA, saying residents want a stadium like the one being constructed in Zaria.

The event, held at Kofar Doka, featured the distribution of empowerment tools, including SUVs for traditional leaders; tractors, combine harvesters, fertiliser applicators and knapsack sprayers for farmers; as well as solar- and petrol-powered irrigation pumps.

Women beneficiaries also received deep freezers, grinding machines, industrial sewing machines and haulage tricycles.

Continue Reading

Economy

APC Chieftain Asks Governor Otti To Review Levies Imposed On Aba Traders

Published

on

By

Alex Otti

APC Chieftain Asks Governor Otti To Review Levies Imposed On Aba Traders

APC chieftain asks governor Otti to review levies imposed on Aba traders. Paul Ikonne, a chieftain of the All Progressives Congress (APC) in Abia, has criticised Alex Otti, governor of Abia, over the “excessive” levies imposed on traders in Aba markets.

BACKGROUND

Some traders in Abia state recently appealed to Otti to intervene in what they described as the illegal demolition of their shops and the escalating cost of spaces in the market currently undergoing remodelling.

Alex Otti

Alex Otti

They said the firm handling the project has not fulfilled its agreement to provide temporary accommodation and halt further demolition until existing work is completed.

Details Loading >>>

Continue Reading

Economy

FULL LIST: Patience Jonathan, Ganduje Affected As FCTA Begins Enforcement On Revoked Property Titles

Published

on

By

Patience Jonathan

FULL LIST: Patience Jonathan, Ganduje Affected As FCTA Begins Enforcement On Revoked Property Titles

FULL LIST: Patience Jonathan, Ganduje affected as FCTA begins enforcement on revoked property titles. The Federal Capital Territory Administration (FCTA) has published the names of entities and individuals linked to 1,095 property titles recently revoked over the non-payment of statutory land charges.

The affected properties are located in high-brow districts including Asokoro, Maitama, Garki and Wuse.

In a public notice signed by the FCTA management, the agency said enforcement actions against the properties will commence following the expiration of the final grace period of 14 days on November 25, 2025.

The FCTA said 835 properties defaulted in payment of ground rents, while 260 properties defaulted in payment of violation fee and land use conversion fee.

Patience Jonathan

Patience Jonathan

Among the individuals whose properties were listed in the notice are Abdullahi Ganduje, former governor of Kano; Donald Duke, former governor of Cross River; Patience Jonathan, wife of former President Goodluck Jonathan; David Mark, former senate president; and Iyiola Omisore, former deputy governor of Osun.

Continue Reading

Trending