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
NEITI Report : Senate gives Seplat , Network E & P , others , 48 hours ultimatum ….As Dubri oil defends $3.025million royalty and gas flare debts
By George Mgbeleke
Foĺlowing the on-going efforts by the Senate to recover all unaccounted funds by revenue generating Agencies of government, the Red chamber on Tuesday through its Public Accounts Committee , gave Seplat Energy , Network E & P Nigeria Limited and two other oil companies , 48 hours to appear before it to answer queries raised against them in the 2021, 2022 and 2023 audit reports presented by Nigeria Extractive Industries Transparency Initiative ( NEITI) .
The two other oil companies given similar 48 hours ultimatum for appearance or risk invocation of legislative powers against them are All Grace Energy Limited and Aradel Energy Limited .
But Dubri Oil Company Limited that appeared before the committee , defended $’3.025million royalty and gas flare debts recorded against it in the audit report .
48 hours ultimatum against the affected four oil companies followed resolution adopted to that effect by the Senator Ibrahim Hassan Dankwabo led committee in line with displeasures expressed by some of its members .
First to call for sanction against the erring oil companies , was Senator Abdul Ningi ( Bauchi Central ) who described letter written by Network E & P Nigeria Limited to the committee that Nigerian Upstream Petroleum Regulatory Commission ( NUPRC) is the regulatory body it reports to , as disturbing and provocative .
The Senate according to him as provided for in sections 88 and 89 of the 1999 constitution, can invite any body or agency .
” The Senate and by extension , the National Assembly, is the custodian of Nigeria law that has power to invite anybody or agency for explanations on issues raised against them “, he said .
In supporting Ningi , Senator Shehu Kaka Lawan ( Borno Central ) , called for invocation of constitutional powers against management of the affected agencies which made the Chairman to issue 48 hours ultimatum for appearance against Managing Director of Network E & P Nigeria Limited .
” Having failed to honour invitation of this committee two consecutive times , the Managing Director of Network E & P Nigeria Limited should appear before us unfailingly on Thursday this week or risk full invocation of legislative powers against him”, he said .
Similar ultimatums were also issued against Managing Directors of All Grace Energy Limited , Aradel Energy Limited and Seplat Energy when when their absence was noted by the committee.
But Dubri Oil that appeared , rejected $3.025million royalty and gas flare debts recorded against it .
NEITI in the report alleged that as submitted by NUPRC in 2025 that Dubri Oil owes $3.025million debt which include $2.378million debt for gas flare and $646, 605.55 for oil production
The query was however faulted by representative of Dubri Oil , Soyode Olusoji Clement who said the report was compiled when the oil company had reconciliation issue with NUPRC .
The reconciliation problem between Dubri oil and NUPRC according to him , has however been resolved without any debt hanging on Dubri oil .
He presented documents to that effect to the committee which according to the committee, would be studied critically before issuance of clean bill of health .
Business & Economy
Tinubu’s livestock reforms will end subsistence farming, create jobs –Jega
By Our Correspondent
The Special Adviser to the President on Livestock Development, Prof. Attahiru M. Jega, has said the Presidential Livestock Reforms Agenda of President Bola Ahmed Tinubu is designed to end subsistence livestock farming and build a commercially viable sector that will create jobs and strengthen food security.
Jega, who is also Co-Chair of the Presidential Livestock Reforms Implementation Committee, stated this in a goodwill message delivered at the 9th All Africa Conference on Animal Agriculture in Abuja on behalf of the Presidency.
The conference themed, “Repositioning Animal Agriculture for Africa’s Food Security and Global Competitiveness,” brought together stakeholders across the continent.
Jega, who was represented by Prof. D. J. U. Kalla, said Africa cannot achieve sustainable food security, improved nutrition and inclusive economic growth without transforming animal agriculture.
“Livestock is deeply woven into Africa’s culture, heritage and economy. Beyond food, cattle, sheep, goats, camels and poultry represent wealth, livelihoods, resilience and social capital for millions of African families,” he stated.
He noted that the sector generates employment and income across breeding, feed, animal health, processing, trade and value addition, describing livestock as “not a peripheral component of African agriculture, but a prime mover of inclusive economic transformation.”
“Our ambition is to unlock the enormous economic potential—the goldmine—of the livestock sector and build a productive, competitive, climate-resilient and commercially viable industry that creates jobs, strengthens food and nutrition security, and drives rural prosperity,” he said.
Jega stressed that the country must move “from subsistence to productivity, from fragmentation to value-chain integration, and from potential to investment and competitiveness.”
He listed key areas for investment to include genetics, animal health, feed and forage, water, research and innovation, infrastructure, value addition and markets.
The presidential aide urged the conference to move “beyond dialogue to action, partnerships and measurable commitments” that translate policy into impact.
“Africa has the livestock resources. Our task is to convert this biological wealth into nutritious food, decent jobs, resilient livelihoods and globally competitive enterprises. Africa must feed Africa—and animal agriculture must be at the fulcrum of that transformation,” Jega concluded.
Business & Economy
Women,s Wing Of ABER Hails Dr. Piriye Kiyaramo As Visionary Leading Africa,s Blue Economy Transformation
By David Owei
“The Captain of the Blue Future” Commends Inclusive Leadership Ahead of the forthcoming Africa Blue Economy Roundtable’s Women Forum
Younde, Cameroon – The Head of the Women’s Wing of Africa Blue Economy Roundtable – ABER, Barr. Sophie De Sylvie Djoufa Tiemagni, popularly known as ‘The Captain of the Blue Future’, has paid glowing tribute to Dr. Piriye Kiyaramo, Convener and Chief Executive Officer of ABER, describing him as a visionary leader shaping the future of Africa’s Blue Economy.
In a statement issued from the ABER Women’s Wing Secretariat, Duoula – Cameroon, Barr. Djoufa Tiemagni said Dr. Kiyaramo embodies a new generation of leadership focused on action, inclusion, and impact.
“There are leaders who manage, and there are leaders who inspire, transform, and unite. Dr. Piriye Kiyaramo unquestionably belongs to the latter category. In many ways, he is the human embodiment of leadership,” she stated.
Barr. Djoufa Tiemagni noted that under Dr. Kiyaramo’s leadership, ABER has prioritized competence over connections in its appointments of regional leaders, an International Ambassador, the Head of the Women’s Wing, and in recognizing outstanding women through prestigious awards.
“Through these appointments, he has demonstrated that inclusion is not a slogan but a fundamental value at the heart of his vision. He has made inclusion, merit, and excellence the pillars of his leadership,” she said.
She added that this approach, guided by competence, commitment, and contribution to the blue economy, has enabled ABER to build a united community of stakeholders with a shared ambition: to make the blue economy a powerful engine for Africa’s development.
The tribute comes on the heels of the 3rd Africa Blue Economy Week, held in Luanda, Angola from 22 to 25 July 2026, where the central theme was transforming strategies into tangible results for African people.
“Since its establishment, ABER has worked tirelessly to build partnerships, promote African talent, strengthen women’s leadership, and accelerate the implementation of high-impact initiatives,” Barr. Djoufa Tiemagni said. “The time has come to move from strategy to action and make the blue economy a strategic driver of economic transformation, sovereignty, job creation, innovation, and Africa’s emergence.”
Concluding her tribute, Barr. Djoufa Tiemagni said Dr. Kiyaramo’s leadership reminds Africa that no sustainable transformation can be achieved without vision, inclusion, and action.
“Today, that vision has become a reality. Yes, ‘together we can’. And we believe it wholeheartedly. Together, we can. Together, we will. The future of Africa’s Blue Economy is bright.”
The Africa Blue Economy Roundtable – ABER, convened by Dr. Piriye Kiyaramo, is a pan-African platform dedicated to advancing policy dialogue, investment, and partnerships for the sustainable development of Africa’s ocean and water resources. ABER works to position the blue economy as a key driver of jobs, food security, climate resilience, and inclusive growth across the continent.
The Women’s Wing of ABER is committed to amplifying women’s leadership, participation, and impact in maritime governance, fisheries, aquaculture, shipping, and all blue economy sectors.
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