General News
Tinubu working assiduously to engender responsible borrowing to address Nigeria’s public debt – Speaker Abbas
…Advocates stronger oversight to align with the Renewed Hope Agenda for sustainable growth
By Saint Mugaga, Abuja
The Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen, Ph.D., GCON, has said that President Bola Ahmed Tinubu, GCFR, is working assiduously to address Nigeria’s public debt through a non-oil revenue drive.
This is even as the Speaker noted that public debt, if well utilised, can engender growth and development in any country.
He said Nigeria could leverage responsible borrowing for sustainable development as demonstrated by the Tinubu administration.
“Indeed, public debt, when managed prudently, can be a tool for growth and prosperity. Yet, when left unchecked, it becomes a burden that erodes economic stability and threatens the welfare of future generations,” Speaker Abbas noted.
The Speaker said while delivering his keynote address in Abuja on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC). He was represented at the event by the Leader of the House, Prof. Julius Ihonvbere.
The Public Accounts Committee of the House, with the support of WAAPAC and international development partners, organised the event with the theme ‘Strengthening Parliamentary Oversight of Public Debt: The Role of Finance and Public Accounts Committees.’
A statement by the Special Adviser on Media and Publicity to the Speaker, Musa Abdullahi Krishi, noted that the Speaker’s remarks were not a call to reject borrowing outright but reflected a responsible approach to debt management—one that ensures that borrowing translates into real value for Nigerians.
This, the statement noted, aligns squarely with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises fiscal discipline, prudent resource management, and channeling funds into critical areas like infrastructure, education, green energy, and social welfare.
Last week, President Tinubu announced during a meeting with the stakeholders of The Buhari Organization in Abuja, Nigeria, had met its revenue target for 2025 ahead of schedule and would no longer rely on borrowing to fund its budget.
The President also said his administration’s non-oil revenue drive had yielded enough to meet this year’s projections by August, reducing Nigeria’s dependence on external loans.
“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year, and we met it in August,” the president said.
At the WAAPAC event, the Speaker emphasised the “need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.”
He added, “When we examine the sources of Africa’s external financing, it becomes clear that the weight of debt on our continent is shaped by whom we borrow from and on what terms. Today, Western private lenders hold about 35 percent of Africa’s government debt through banks, asset managers, and oil traders.
“Multilateral institutions, such as the World Bank and the IMF, account for another 39 percent, while bilateral loans from other governments comprise 13 percent. Chinese creditors, despite much of the public debate, hold only 12 percent.
“To place this in sharper focus, in 2019, bondholders alone represented 27 percent of Africa’s external debt, making them the single largest creditor group, ahead of China at 13 percent.”
Speaker Abbas stated that if Africa is to grow stronger, the countries must not only negotiate fairer terms of borrowing but also rethink their dependence on external finance.
“We must channel more energy into mobilising domestic resources, fostering intra-African trade, and creating financial instruments that serve the continent’s own development priorities. Only then can we move from vulnerability to resilience, and from dependency to true economic sovereignty,” he said.
The Speaker stated that the conference could not have come at a more opportune time, “as our nations face mounting fiscal pressures that demand stronger legislative oversight of public debt and borrowing.”
He also noted that the theme “speaks directly to the urgency of safeguarding our financial future,” stressing that it “goes to the very heart of democratic governance and sustainable development.”
Speaker Abbas said, “Therefore, oversight of public debt is a democratic duty and a moral responsibility of the legislature. Our parliaments must ensure that every borrowing decision reflects prudence, transparency, and the collective interest of our citizens.
While noting that the implications of this debt structure are far-reaching, the Speaker said a “significant share of our national revenues is tied to debt servicing rather than being invested in the things our people need most: roads, schools, hospitals, and innovation.”
He added that the high cost of commercial loans, coupled with the burden of repayment in foreign currencies, leaves many African economies vulnerable to market shocks. “This narrows fiscal space, constrains domestic policy choices, and slows the pace of sustainable development,” he said.
General News
Weah is Exactly What He Came to Preach Against at NBA Conference: A Dictator
–Falana Tells NBA
By Son Tertseghs
Former Liberian President, George Weah, who addressed the NBA’s 66th Annual General Conference in Port Harcourt, Rivers State, on Sunday has been accused of capturing and undermining judicial independence in Liberia while serving as president.
Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, made the allegations, while criticising the Nigerian Bar Association leadership for inviting a man he referred to as a dictator to address NBA.
The senior lawyer made the remarks in a video posted on the NBA’s YouTube channel, following Weah’s keynote address at the Annual General Conference in Port Harcourt on Sunday. Falana declared:
“Ladies and gentlemen, I’m delighted to be here. But let me say this, because you know I have to be frank with the audience. And this goes for the leadership of the Bar. I want to appeal that the Bar Association must stop—stop inviting dictators in Africa to come and address us.”
He alleged that under Weah’s regime (2018–2024), the judiciary was captured to the point that Liberians sought legal redress outside the country at the ECOWAS Court. Falana continued:
“Mr. Weah, George Weah, who was here yesterday and was talking about the judiciary: in his country, his regime captured the judiciary to the extent that they had to contact some of us outside the country to get legal redress in the ECOWAS Court.”
He made reference to the case of Mandingo people against Liberia, whose landed properties were allegedly seized during the war.
He said the ECOWAS Court ruled in their favour but alleged that Weah refused to comply with the judgment.
“The ECOWAS Court gave them judgment. George Weah refused to comply with the judgment. The new government of Boakai has just set up a committee for the enforcement of that judgment,” he added.
Falana also cited the case of an associate justice of the Supreme Court of Liberia who, he also alleged, was dismissed without basis. He pointed another of Weah’s ill deeds saying:
“Again, we went to the ECOWAS Court. The ECOWAS Court set aside his dismissal and awarded him $200,000. He was ordered to be reinstated. Mr. George Weah refused to comply with the judgment.”
He questioned the decision to invite Weah to address lawyers on democracy and the rule of law despite the allegations.
“Now, that is the man coming here to talk to us about the rule of law and democracy,” Falana said.
The prominent lawyer did not end there. He further accused Weah’s administration of allowing drug trafficking to flourish in Liberia.
“He ruled Liberia between 2018 and 2024. During his time, drug barons took over the country. Just on the 19th of August, his Vice President, Madam Edith, was arrested… on the 19th of August. She’s currently standing trial for drug trafficking to the tune of $370 million in that poor country.
“So when you now have such a character… You know, during the last World Cup in Qatar, his son, Timothee, was playing for the United States of America, not for Liberia.
“This man left his country for nine days, took the money of that country to go and cheer his son in Qatar. So please, next time you want to invite African leaders, there are some of them that require inviting.”
Falana noted the president, vice president and speaker of Namibia, who are all female, and in Nigeria, late former premier of Western Nigeria, Obafemi Awolowo, as worthy of invitation.
Weah, while delivering the keynote address at the conference, charged lawyers to, as their duty, defend the the court because doing so is defending democracy itself.
General News
NANS Disagrees With Atiku’s Fuel Subsidy Rhetoric, says Subsidy Would Bring Economic Disaster
By Son Tertsegha
The former Vice President Atiku Abubakar’s campaign promise to restore fuel subsidy if elected President, has been opposed by National Association of Nigerian Students, NANS.
NANS President Comr. Akinteye Babatunde Afeez in a statement on Wednesday, argued that returning to the subsidy regime without addressing the structural weaknesses that made it unsustainable would amount to reversing a difficult but necessary economic reform.
Afeez said while subsidy removal had imposed severe hardship on Nigerians through increased fuel, transportation and food prices, the policy had also created fiscal space for government and eliminated what he described as a major distortion in the economy.
According to him, the critical question Nigerians should ask is whether the trillions of naira previously committed to subsidising petrol could have been better deployed to address the country’s infrastructure, healthcare, education and other pressing development needs.
He said: “Every sane and patriotic citizen who is conversant with our nation’s economy will agree with me that the removal of the fuel subsidy was a difficult but necessary economic reform aimed at ending an increasingly unsustainable system that consumed trillions of naira, benefited higher fuel consumers disproportionately, encouraged smuggling, and constrained the government’s ability to invest in critical sectors.”
The NANS president, however, acknowledged the hardship caused by the reform, stressing that the real test of subsidy removal was not merely the savings accruing to government but how effectively the freed resources were deployed to improve citizens’ welfare.
He said government must ensure that the sacrifices made by Nigerians translate into tangible improvements in education, healthcare, infrastructure, agriculture and other critical sectors.
Afeez maintained that any proposal to restore subsidy without a clear plan for resolving the structural problems that undermined the policy in the first place could only recreate the same crisis.
“This is why calls or promises for the outright return of subsidy, without a clear structural framework for addressing the fundamental weaknesses that made the policy unsustainable in the first place, amount to little more than a political response to a genuine economic challenge.”
NANS urged Nigerians not to allow the immediate pain of economic reforms to undermine the need for long-term restructuring, insisting that political aspirants must present sustainable policies capable of transforming the economy rather than offering short-term relief.
The students’ body also challenged presidential aspirants to come to national debates with concrete economic blueprints that would not merely provide temporary comfort but establish a sustainable foundation for national development.
Afeez said his opposition to Atiku’s proposal was not partisan, stressing that NANS had a responsibility to scrutinise government policies and political promises in the national interest.
He added that the country could not afford to return to a system in which huge public resources were devoted to fuel subsidy while many states struggled to meet their financial obligations and critical infrastructure remained inadequate.
He therefore urged Atiku to reconsider his position.
General News
Olukoyede Promises Whistleblowers 5 % on Recovered Stolen Assets
Whistleblowers across the world have been called to offer useful and actionable intelligence to the Economic and Financial Crimes Commission, EFCC, on monetary and non-monetary assets stashed abroad by corrupt Nigerians for incentives.
The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede, made this call on Wednesday, August 26, 2026 while delivering a lecture at the Cambridge International Symposium on Economic Crime in the United Kingdom.
According to him, any whistleblower that is privy to where Nigerian assets are kept abroad could come forward to assist the country in recovering them.
This initiative, he said, would come with juicy rewards. In his words:
“I welcome all of you to the world of whistleblowing. If any one of you is privy to where Nigerian assets are stolen or taken to anywhere in the world, we have an incentive for you; between 2.5% and 5%, it’s going to go back to you upon recovery. That is an incentive we have put in place to encourage people to come forward to give information about stolen assets. You never tell if you give any information here, some of you may leave this place, multi-millionaire in your lifetime.”
The EFCC’s boss, who drew rapturous applause from the crowd, pointed out that in less than three years of assuming office as head of Nigerian foremost anti-graft agency, the Commission has recovered more than half a billion dollars for the Nigerian government.
“Within three years of my assumption of office, we’ve been able to forfeit both cash and assets worth over half a billion dollars to the government,” he said.
The recovery of the assets, he said, could be linked to the resourcefulness and professionalism of EFCC’s investigators, virile judiciary and access to credible intelligence. He linked the non-conviction-based asset forfeiture approach in Nigeria to what is obtainable in Australia and Canada. The framework, he explained, allowed the Commission to seek forfeiture of assets suspected to be proceeds of crime without waiting for a criminal conviction.
“We have similar to what is obtainable in Australia and Canada that empowers us to apply the forfeiture to proceeds of what is suspected to be proceeds of crime,” he said. Through the approach the anti-graft czar told his audience that an aircraft, a university, estates and houses suspected to be proceeds of crime had been forfeited to the government.
He particularly mentioned the 752 housing units recovered from a former governor of the Central Bank of Nigeria, CBN, Godwin Emefiele and the investigations of a former Attorney General and Minister of Justice, Abubakar Malami, SAN, which yielded the forfeiture of 48 out of the 57 houses suspected to be proceeds of corrupt practices.
“Sometimes last year, I opened investigations upon reasonable suspicion of criminal abuse of office by the immediate past attorney-general of Nigeria. We discovered that within eight years of his being in office, we were able to trace about 57 such properties to him. We’ve been able to forfeit about 48”, he said.
The 43rd International symposium on economic crime holding in Cambridge is an annual event bringing together anti-corruption experts from across the world. Olukoyede’s presentation came on the third day of the weeklong event.
