Nigerian Finance Minister clarifies federal government's borrowing strategy
via Punch Nigeria2 min read
Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, addressed the Senate Committee on Finance regarding the federal government's borrowing under President Bola Tinubu. Oyedele explained that the perceived increase in Nigeria's debt stock, from approximately ₦75 trillion to a higher figure, is largely due to the revaluation of foreign loans following naira depreciation, which added over ₦40 trillion. Additionally, the securitisation of ₦33 trillion in Ways and Means advances from the previous administration contributed to the debt stock without representing new borrowing. The Minister stated that the administration's borrowing strategy is responsible, focusing on infrastructure development and debt sustainability, and that much of the domestic borrowing is for refinancing existing debt rather than new obligations. Some lawmakers, including Senate Chief Whip Tahir Monguno and Senator Adamu Aliero, expressed concerns about the slow implementation of the capital component of the 2026 budget. The committee chairman, Senator Sani Musa, assured that capital project implementation would improve, and discussions are underway to introduce a performance- and priority-based budgeting system.
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This summary was AI-generated from a story originally published by Punch Nigeria.
The Borno State Government has called on parents to prioritize their children's education and not let insecurity deter them from attending school. This appeal was made during the state's education summit, themed "Strengthening Safe, Inclusive and Gender-Responsive Education: Building Back Borno Better." Grema Terab, Executive Secretary of the Borno State Education Trust Fund, noted that the event evaluated progress and identified gaps in the education system. Discussions included implementing early warning systems for abductions and attacks, and deploying Civilian Joint Task Force members to schools. Abba Wakilbe, the state Commissioner of Education, Science, Technology and Innovation, highlighted significant advancements in human and infrastructural development, including teacher recruitment and training, improved facilities, and curriculum enhancement. However, Wakilbe expressed concern over recent abductions, stating they threaten educational progress and could reverse achievements. Benjamin John, Executive Director of Unique Care and Support Foundation, described the summit as a call for reflection, emphasizing the need to make schools safe. He voiced fears that abductions could exacerbate the out-of-school children crisis, which is already a significant concern in the region. John urged parents to support their children's schooling, assuring them that the government and partners are actively working to ensure school safety.
The Edo Specialist Hospital in Benin City announced the acquisition of in vitro fertilization equipment to assist couples facing infertility. Chief Medical Director, Dr. Anthonia Njoku, praised Governor Monday Okpebholo for approving the purchase, highlighting its role in boosting healthcare in the state. The announcement was made during a press conference and media tour marking the hospital’s seventh anniversary. Dr. Njoku stated that the new equipment will broaden access to reproductive healthcare and offer renewed hope for couples. She also noted the hospital's full accreditation for its residency training program in Obstetrics and Gynaecology from the West African College of Surgeons and the National Postgraduate Medical College of Nigeria, as well as recent accreditation for its Family Medicine and Dentistry departments. The hospital's progress is attributed to state government support, including the absorption of 126 contract workers into the civil service and the recruitment of additional medical personnel, creating over 290 direct jobs. Furthermore, the hospital has partnered with Mudiame University, Irrua, to serve as a teaching hospital for medical students and now provides comprehensive emergency obstetric and newborn care services. It is also enrolled in the Edo State Health Insurance Scheme and the National Health Insurance Authority platforms.
Must ReadDr. Rabiu Kwankwaso, vice-presidential candidate of the Nigeria Democratic Congress, has confirmed that presidential candidate Peter Obi signed a written agreement to serve only a single four-year term if elected president in 2027. This agreement, disclosed by Kwankwaso during a Channels Television interview, aims to ensure power returns to the North after Obi's single tenure, aligning with the party's power-sharing arrangement. Kwankwaso, a former Kano State governor, expressed confidence in Obi's commitment to the agreement, stating that both the party and the two candidates signed separate documents. The agreement stipulates that after Obi's four-year term 2027-2031, the presidency will return to the North. Kwankwaso accepted the vice-presidential slot based on this understanding, believing it represents a national consensus for regional balance. Obi had previously announced his intention to serve only one term to promote political stability and national unity. The NDC consistently defends this power-sharing arrangement, presenting the Obi-Kwankwaso ticket as a consensus to balance regional interests ahead of the 2027 presidential election.