Headline
Nigeria Is Now ‘Under-Borrowing’ — Presidency
The Special Assistant to the Presidency on Economy, Dr Tope Fasua, while appearing as a guest on Channels Television’s The Morning Brief on Tuesday, noted that the country’s debts have eased by 39 per cent since the current administration came into office in 2023.
“At 39 per cent of GDP, Nigeria is actually under-borrowing. And of course, regarding debt servicing, the last data I got last month was 64 per cent lower. In 2022, there was a point when our debt was as high as 120 per cent. We used all our revenues to service debts, and we had to borrow 20 per cent extra just to service that same debt.
“So currently, our debt management is not so bad. I think we are doing a great job in the area of debt management, if you ask me. For one reason or the other, right now, the states have been able to pay down 42 per cent of their debts between 2023 and 2024.
“A country is run like a company. A company that is thriving…let’s call it a conglomerate, thinks about how to pay down debt. We service debts…We pay some and take new ones because we are growing and want to expand our horizon in the global market. You have to go into that part of productivity, which may necessitate you to take more loans and pay down some debts,” he said, quickly adding that the government, however, welcomed constructive criticisms.
“Of course, I welcome criticisms in terms of looking at what our priorities are, what kind of debts we should be taking, what kind of interest rates to look at, who to take the loans from, how we are managing the debts, and how we can ensure that the money is actually going into what it is meant for. Are there cash flow projects that can be brought in to service the debts, even if we don’t have funds to pay everything?”
Nigeria’s external debt stood at approximately $45.97 billion (N70.63 trillion) as of Q1 2025. This figure represents a 26.07% year-on-year increase from the Q1 2024 period, attributed to new government loans and the depreciation of the naira. The external debt data was provided by the Debt Management Office (DMO) and reported by the National Bureau of Statistics (NBS).
The government agencies blamed the rise in new loans and the weakening of the naira.
Fusua, however, argued that the country had a huge infrastructural gap that needed to be filled through borrowings to meet project demands across the country.
“Nigeria has a huge lacuna of infrastructural needs of about $3 trillion or more every year to fill. We have roads to build across the country. All of these are very important projects. And we still have a lot of maintenance work to do on a lot of infrastructure that we have built.
“One of the things I have been writing about is the centrality of infrastructure towards reducing multidimensional poverty.
“Multi-dimensional poverty is defined as the non-income poverty, poverty related to the availability of infrastructure. Therefore, the only way you can review multi-dimensional poverty is to fund infrastructure.
“So for me, we have taken more people out of poverty, probably about 120 million persons have been taken out of multi-dimensional poverty,” he added.
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Headline
NSCDC Uncovers Underground Tunnels, Suspected Drug Den In Delta
The Nigeria Security and Civil Defence Corps (NSCDC) has uncovered a network of underground tunnels, heavily secured doors and suspected escape routes in an unfinished building in Camp 74, near Government House in Asaba, Delta State.
The discovery followed intelligence reports about suspected drug-related activities at the property, which operatives of the NSCDC patrol team stormed during an operation.
According to the corps, gaining access to the building proved difficult because of multiple layers of iron doors securing the premises. Operatives reportedly spent three days trying to breach the structure before eventually gaining entry through the roof.
Inside, they discovered underground passages with distinct entry and exit points, which investigators suspect may have served as escape routes for people using the facility.
The discovery has raised concerns about the possible use of the property for drug trafficking and other criminal activities, including kidnapping and alleged organ harvesting. However, the actual purpose of the tunnels and whether they were used for such activities remain subjects of investigation.
Items recovered from the building and displayed at the NSCDC Delta State Command headquarters include suspected cannabis, PVC guns, syringes and other materials believed to be linked to possible criminal activities.
Speaking on the discovery, the Delta State NSCDC Commandant, Chinedu Igbo, said other relevant security agencies would be contacted to support the investigation.
He disclosed that one person was in custody and was being profiled as a possible informant, adding that no arrests had been made in connection with the suspected criminal activities.
The corps said investigations were ongoing to establish the ownership of the property, determine the purpose of the underground tunnels and identify other persons who may be linked to the facility.
The discovery has raised security concerns among residents around the Camp 74 area, particularly over the possibility that the underground passages may have been used for activities beyond those initially reported to security operatives.
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Headline
2027: If You Don’t Deliver Your State For Tinubu, Don’t Claim Victory, Wike Tells APC Governors
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has warned governors and other members of the All Progressives Congress (APC) Presidential Campaign Council against claiming victory in the 2027 presidential election if they fail to deliver their respective states to President Bola Tinubu.
Wike spoke on Wednesday at the inauguration of the APC Presidential Campaign Council in Abuja, where he was appointed coordinator for the FCT and Rivers State.
He said the priority of every council member should be to ensure Tinubu’s re-election, regardless of their position within the campaign structure.
“I want to say, if you don’t deliver your states and the president wins, don’t say we’ve won. It’s not a question of whether I am chairman, secretary or member of this. What is important is for the president to win,” Wike said.
“I told the Chief of Staff to the President, if the president doesn’t win in Lagos, don’t say we’ve won,” he added.
The FCT minister pledged to mobilise support for Tinubu in Rivers State and Abuja, saying, “By the grace of God, Rivers and FCT will vote massively for Bola Ahmed Tinubu.”
Wike also praised Anambra State Governor Chukwuma Soludo and Osun State Governor Ademola Adeleke for attending the event, saying their presence reflected the support Tinubu was receiving ahead of the election.
He further defended the administration’s record, arguing that previous governments had identified the country’s problems but failed to provide solutions.
Wike also argued that democracy required an opposition capable of identifying issues that needed attention, rather than criticising the government simply because it was in power.
Speaking on his political position within the Peoples Democratic Party (PDP), Wike declared that he remained the party’s leader.
“As an opposition party member, as the leader of the Peoples Democratic Party, there are no two leaders of the PDP. I am the leader,” he said.
He also challenged area council officials in the FCT to dispute the impact of Tinubu’s administration on the territory.
“I challenge any area council that can say they don’t feel the impact of Mr President in Abuja,” he said.
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Headline
Tinubu campaign: Accord leaders urge Adeleke to clarify loyalty
Two leaders of the Accord in Lagos State have urged Osun State Governor, Ademola Adeleke, to clarify his political allegiance following reports of his appointment as coordinator of President Bola Tinubu’s 2027 presidential campaign in Osun.
The leaders, Oke Sewedo, a party leader in Lagos West Senatorial District, and Oladeji Oluwatosin, the Lagos State Accord chairman, made the call in an open letter addressed to Adeleke and the party’s national leadership.
The letter, made available to the media, was jointly signed by the two leaders under the platform of Concerned Leaders of Accord, Lagos State.
They expressed concern that Adeleke’s reported role in Tinubu’s campaign could undermine the electoral prospects of Accord candidates in Osun and other parts of the country ahead of the 2027 general elections.
Adeleke won the Osun governorship election on the platform of Accord, a victory the signatories described as a significant milestone for the party and its members.
They said the outcome had strengthened their belief that the party could provide a credible platform for political development, good governance and national transformation.
However, they argued that the governor’s reported involvement in coordinating Tinubu’s presidential campaign had raised questions about his loyalty to Accord and the protection of its electoral interests.
“Your Excellency, Senator Ademola Jackson Nurudeen Adeleke, contested and won the Osun State governorship election on the platform of the Accord Party.
“That victory was not merely a personal achievement; it was also a significant moment for our party and its members, who believed that Accord could provide a fertile and credible platform for grooming great political minds and careers, good governance, exemplary leadership and political change, that will birth the new Nigeria of our national dream.
“However, the recent announcement naming Your Excellency as the Osun State coordinator of President Bola Ahmed Tinubu’s 2027 presidential campaign has understandably raised serious questions among party faithful,” they said.
The leaders questioned how a governor elected on Accord’s platform could coordinate the presidential campaign of a candidate from another party while Accord prepared its candidates for the same elections.
They warned that the development could weaken the party’s chances, particularly in Osun, where its candidates would be seeking seats in the Senate, House of Representatives and other legislative offices.
They also said conflicting political signals could create uncertainty among voters and weaken the confidence of members who had invested their resources, time and influence in building the party.
“The concern is straightforward: how can a sitting governor elected under Accord simultaneously coordinate the presidential campaign of a candidate belonging to another political party, while Accord itself is preparing its candidates and supporters for the same general election?
“This portends grave danger to the electoral aspiration and prospect of Accord candidates in Osun State and Nigeria at large,” they said.
The signatories further argued that Adeleke’s reported role could erode the advantage Accord candidates might enjoy from the governor’s electoral support.
The leaders stressed that their concerns were not motivated by personal animosity, political envy or disrespect for the governor’s office.
Rather, they said, the issue concerned the responsibility of elected officials to the political platforms through which they secured their mandates.
They added that Adeleke’s political commitments could affect party members, candidates, campaign structures and the party’s credibility before voters.
“These concerns are not accusations of wrongdoing. They are legitimate political questions that deserve a clear response from both the governor and the party leadership,” the letter stated.
The Lagos Accord leaders urged Adeleke to clarify his political position and demonstrate his commitment to the party if he remained a member.
They also asked him to reconsider his reported involvement in coordinating the presidential campaign of another party if he remained committed to Accord.
“If you remain committed to Accord, we urge you to reconsider your participation in coordinating the presidential campaign of another party and to demonstrate, through your public engagements and political commitments, that you remain supportive of Accord’s electoral interests.
“If your political allegiance has genuinely shifted elsewhere, we respectfully urge you to make your position clear and take the appropriate steps in accordance with the party’s constitution and applicable law, rather than leave members and candidates in a state of uncertainty,” they said.
The leaders also called on Accord’s national leadership to address the matter urgently, transparently and in accordance with due process and members’ rights.
They urged the leadership to issue a statement explaining the implications of Adeleke’s reported appointment to the presidential campaign structure of another party and to engage the governor formally to obtain an unequivocal clarification of his political allegiance.
They further asked the party to explain the relevant provisions of its constitution and the lawful procedures available if a member’s political activities appeared inconsistent with the party’s interests.
The leaders also called for measures to protect Accord candidates at all levels, particularly those contesting legislative seats in Osun, and to reassure members nationwide that their contributions to the party would not be taken for granted.
They said their concerns extended beyond Adeleke and Osun, arguing that the party needed to preserve its credibility as an alternative political platform.
They warned that uncertainty among senior figures could discourage grassroots members, weaken campaigns and undermine public confidence in Accord.
They added that Accord’s presidential candidate, Dr Gbenga Olawepo-Hashim, and other recognised candidates needed a coherent political structure in which party leaders, members and campaign organisations could work towards the 2027 elections.
The leaders reiterated that their appeal was not intended to create political hostility or disrupt governance in Osun, but to protect the party’s unity, integrity and electoral future.
“We are not asking for political hostility. We are asking for clarity.
“We are not seeking personal confrontation. We are seeking accountability to the political platform under which you were elected.
“And we are not calling for the disruption of governance in Osun State. We are calling for the protection of the integrity, unity and electoral future of the Accord,” they said.
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