Business & Economy
HURIWA tasks Tinubu on transparency with foreign debts
By George Mgbeleke
Prominent pro-democracy and civil rights advocacy group HUMAN RIGHTS WRITERS ASSOCIATION OF NIGERIA (HURIWA) has called for greater transparency and accountability by the President of Nigeria on the management of the National economy particularly with the uncontrollable borrowing by the current government.
The Rights group said the President had told the citizens that his administration had overshot her revenue target for the year but the same federal government circulated a public notice of the decision of the government to go cap in hand to borrow from external creditors. HURIWA therefore wonders what justification the government would advance for the reckless borrowing if we agree that the revenue target for the year 2025 has already been surpassed.
HIRIWA recalled that exactly on 2nd September 2025, the president, Bola Tinubu in Abuja declared that Nigeria had met its revenue target for 2025 ahead of schedule and would no longer rely on borrowing to fund its budget.
Addressing stakeholders of The Buhari Organisation who visited him at the Presidential Villa in Abuja, Tinubu 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,” Tinubu told the delegation, which included former Nasarawa State Governor, Sen. Tanko Al-Makura, and other chieftains of the ruling All Progressives Congress.
Tinubu also said the exchange rate had stabilised after initial turbulence, noting that the naira had appreciated from over N1,900/$ to about N1,450/$ since he unified the foreign exchange windows last year.
HURIWA therefore expressed shock that on the 4th of September 2025, the Federal Government announced that it plans to increase its borrowing despite a significant 40.5 per cent surge in revenue for the first eight months of 2025. This boost in revenue has largely been driven by substantial gains in non-oil revenue collections, as confirmed in a press statement on Wednesday by Special Adviser to the President on Information and Strategy, Bayo Onanuga. HURIWA however accuses the federal government of deception and playing a needless mind game with the citizens.
Based on the figures released by the Presidency, Nigeria’s fiscal performance from January to August 2025 saw total collections reach a record N20.59tn, surpassing the N14.6tn collected during the same period in 2024. It was noted that non-oil revenues now account for 75 per cent of the total collections.
The statement read, “From January to August 2025, total collections reached N20.59tn, a 40.5 per cent increase from N14.6tn recorded in 2024. This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target.”
However, despite these positive developments, Nigeria still faces substantial funding gaps in crucial sectors such as infrastructure, with low capital spending. Local contractors under the All Indigenous Contractors Association of Nigeria, on Wednesday, staged a protest at the Headquarters of the Ministry of Finance in Abuja, to demand payment for capital projects executed in 2024, amounting to about N4tn.
The Rights group said in a media statement by the National Coordinator Comrade Emmanuel Nnadozie Onwubiko that the contradiction in the direction of the current government’s foreign borrowing pattern, has demonstrated a yawning gap in such a way that it is impracticable for the administration to justify any claim of complying with the time -tested and time -honoured principles of good governance which are transparency and accountability.
HURIWA which lamented that the current government has dragged Nigeria into heavy indebtedness also cautioned that these debts are crippling the economy going by the fact that
Nigeria’s debt stock is projected to reach N187.79 trillion this year just as our country grapples with a rising borrowing cost, naira depreciation and aggressive government borrowing, it has been projected.
This is according to a recent report by Cardinalstone, an investment and research firm which revealed that the country’s debt will reach N153.04 trillion by year-end 2024.
This accumulation in debt profile, according to the report, is fueled by the issuance of a dollar-denominated domestic bond ($900.00 billion), regular borrowings through Nigeria Treasury Bills (NTBs) and bonds, and the country’s recent return to the Eurobond market to raise $2.20 billion.
“We estimate government debt to reach N187.79 trillion in 2025. The sharp rise in government debt has heightened concerns about its sustainability,” the analysts said in their report titled ‘Pressure to Plateau’.
Nigeria’s debt has surged significantly in recent quarters, climbing from N49.85 trillion before the 2023 general elections to N134.30 trillion by the end of the first half of 2024.
In a media statement by the National Coordinator Comrade Emmanuel Nnadozie Onwubiko, HURIWA expressed sadness that the contradiction inherent in the manner the federal government handles the external borrowing, has made it impossible for citizens to even know when the government is telling the truth or not. “How can you say in the morning that you have overshot the revenue target for the year but in the evening, you announced that you will be borrowing excessively from external borrowers? This is a fallacy of the undistributed middle. The citizens want our government to be very transparent and accountable and to stop playing on the collective psyche of the citizenry. Why should the federal government play mind games with the citizens?”
Business & Economy
Insecurity: CSO urges Govt, Stakeholders to provide needed help to PWDS
By Joshua Kingsley Kenneth
For over two months Nigerians have been awashed with the threat by the United States President, Donald Trump, to send in troops into Nigeria, to identify and eliminate terrorists and so-called bandits killing citizens and sacking communities.
The statistics have dwelt largely on the gruesome killings of unarmed and innocent Nigerians in different parts of the country- from Benue to Taraba, Borno to Kogi States, just to list a few.
Not long ago the country again woke to a stark reminder of the abduction of school with 300 kidnapped from a Catholic school in Niger State, and another 24 taken hostage from Government Girls Comprehensive secondary school in Maga in Kebbi state.
Added to this horrendous list of insecurities and woes are the killings and abductions in Kwara State, and the general air of danger and fear that has gripped the country resulting in unquantifiable economic losses and a credibility crisis on the part of the federal government.
It therefore did not come as a surprise to many, especially victims of these dastardly attacks, when the United States through the activism of some of its lawmakers inspired President Trump to move against Nigeria, especially seeing that the federal government had failed in its primary responsibility of protecting lives and properties of citizens.
Whilst JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES, a non-governmental organization committed to promoting the rights, welfare and wellbeing of Persons With Disabilities (PWDs) in the country joins the millions of well meaning and right thinking Nigerians and the international community in condemning the heinous and barbaric acts of killings, abductions and the insecurity engendered by terrorists, bandits, non-state actors, other criminals, their financiers and supporters whoever and wherever they may be, we call for urgent attention to Persons who may have been disabled by this phenomenon.
We call on the federal government, especially the Ministry of Humanitarian Affairs, National Emergency Management Agency, state governments, the armed forces and other intervention partners to urgently identify victim-PWDs from these crises and provide such interventions that would help them integrate into the economic and political lives of their immediate communities and the country at large.
We are convinced that such quick interventions would prevent a stage two crisis such as depression, low self esteem, poverty, and a host of other debilitating post crisis trauma that would further deteriorate their situations.
We also call on military authorities to provide meaningful economic, social, material and other forms of assistance and interventions to service men who are now members of the PWDs community following their sacrifices on the line of duty.
As an organisation focused on advancing the course of PWDs, JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES uses this opportunity to sensitise relevant authorities, CSOs and other stakeholders that the various violent armed conflicts and attacks in the country has caused physical harms, leading to new disabilities or worsening existing conditions.
It has caused families to flee homes, lose livelihoods and resources, forced many, especially old and PWDs, into begging and extreme hardship.
JOSHUA K B DISABILITIES RIGHTS AND SUPPORT INITIATIVES also calls the attention of stakeholders to the struggle PWDs to escape danger due to inaccessible environments, making them targets for abuse, neglect, and exploitation during crises.
Systems and measures must be put in place to pull PWDs from severe neglect, discrimination, and lack of basic needs like food and healthcare which they face in camps and displaced.
Business & Economy
FG , NSITF , others throw weight behind Social Security Bill …As Senate assures stakeholders of acceptable law
By Our Correspondent
The Federal Government and the Nigeria Social Insurance Trust Fund ( NSITF) Monday threw weights behind bill on Social Security Trust Fund which seeks to harmonize the existing NSITF Act and the Employees’ Compensation Act (ECA) 2010 for better service delivery.
This is as the Senate through its committee on Employment , Labour and Productivity , assured all stakeholders at public hearing organised for their inputs into the proposed legislation , very acceptable law for all .
The bill sponsored by Senator Cyril Fasuyi ( Ekiti North) , primarily seeks to expand the scope of NSITF into social security through harmonization of NSITF Act of 1993 and the Employees Compensation Act 2010 which will transformed NSITF to Nigeria Social Security Trust Fund ( NSSTF).
In his presentation at the public hearing , the Managing Director and Chief Executive Officer of NSITF , Mr Oluwaseun Faleye, commended the Senate for what he termed a “strategic and forward-looking legislative intervention.
The new bill according to him, marks a decisive step towards modernising Nigeria’s social security framework in line with global standards, especially the International Labour Organisation (ILO) Social Security (Minimum Standards) Convention, 1952 (No. 102), and the Tripartite Consultation Convention, 1976 (No. 144).
One of the most significant elements of the Bill, according to him, is the repeal of both the NSITF Act of 1993 and the ECA 2010.
Their co-existence, he explained, had resulted in operational ambiguities, particularly after the Pension Reform Act (PRA) 2014 transferred contributory pension functions from NSITF to the National Pension Commission.
“The consolidation of the two Acts into a single, coherent statute is timely, necessary, and commendable. It eliminates duplication, resolves conflicts, and strengthens the legal framework of the Fund.
“The Bill’s expansion of social security coverage to include informal sector workers and self-employed persons is a historic step towards inclusive protection for all categories of working Nigerians”, he said .
Despite its broad support for the Bill, the NSITF raised concerns about what it described as the “misapplication” of the term Board throughout the document. Faleye warned that using the word to refer simultaneously to governance, oversight, and day-to-day administrative functions could create confusion and weaken accountability.
“The Board meets quarterly, while daily operations are under the Managing Director. The Bill must distinguish clearly between the Governing Board as oversight body, Management as administrators, and the Agency as the implementing institution,” he said.
He recommended that the Bill adopt clearer definitions similar to those used in the Federal Inland Revenue Service (FIRS) Act, where the Board’s role is separated from that of the Executive Chairman, who functions as the Chief Executive and Accounting Officer.
Faleye concluded by reaffirming NSITF’s full support for the passage of the Bill, describing it as “progressive, timely, and aligned with global best practices.”
In his remarks , the Minister of Labour and Employment, Alhaji Muhammadu Maigari Dingyadi described the move by the Senate on the proposed law as very beautiful idea .
He however urged the Senate through its committee on Labour to arrive at safe and acceptable position for all stakeholders by striking the required balance between powers of management team and that of the board .
Though the Nigeria Labour Congress ( NLC) and Nigerian Employers Consultative Association ( NECA ) , kicked against the bill, but NLC led by its National President, Joe Ajaero , later succumbed, saying ” we are not here for we no go gree, we no gree .. ”
” Since many of the other critical stakeholders have supported the bill, NLC is not hellbent in opposing it . But the grey areas we identified during presentation , should be addresed by the committee .
After exhaustive deliberation at the public hearing , the Committee , Chairman , Senator Diket Plang ( Plateau Central ) , assured Nigerians of very acceptable law on social security trust fund very soon .
Business & Economy
Electric Buses To Crash Cost Of Transportation In Abia,says Gov. Otti
By Our Correspondent
Disturbed the increasing cost of livelihoods suffered by Nigerians as a result of subsidy withdrawal by the federal government, Abia State Governor Dr Alex Otti has assured Abians and the residents of Abia that the electric buses which the State Government is bringing into the State will further crash the cost of transportation in the State.
Governor Otti who made the declaration at the November edition of Governor’s Media chat held in Government Umuahia, said electric buses have already started arriving in the State,adding that before the end of the year, the buses would be put on the road for peoples’ use.
He explained that the buses will reduce the cost of transportation,thereby easing means of transportation as well as making life easier for Abians
“Before the end of the year,our electric buses that have started arriving,will be put on the road and that will further crash the cost of transportation in Abia”
The Governor further explained that the Government has also intensified effort on revenue drive, especially those who are owing the government, to ensure that they pay.
” As a government we do not look at faces. As a rule we do not move with touts.As a government sometimes we may intervene and even when we intervene,the defaulters must surely pay”
Governor Otti, expressed appreciation to the people of Abia for their continued support and cooperation,adding that government has continue to pay attention to governance and the government efforts have started yielding positive results.
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