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Nigeria has Room to Incur More Debts – Udoma

Published

7 years ago

October 15, 2018

Eric

Nigeria still has ample room to borrow more whenever it needs to do so, the Minister of Budget and National Planning, Senator Udo Udoma, has said.

He explained that the country was not running any debt risk, adding that it had one of the lowest debt levels among its African peers.

“Nigeria has a sustainable debt profile with ample room to borrow more whenever we may require doing so. Nigeria runs no debt risk and the Debt Management Office carries out an annual Debt Sustainability Analysis to ensure that we stay that way,” Udoma was quoted as saying in a statement by his Special Adviser on Media, Akpandem James.

Udoma stated this in Bali, Indonesia, at the just concluded annual meetings of the International Monetary Fund and the World Bank, adding that the implementation of the Economic Recovery and Growth Plan 2017-2020 was moving Nigeria’s economy in a positive direction.

He said actions taken since the inauguration of the plan in early 2017 had helped to build buffers and appropriate measures to safeguard the economy from external shocks.

Udoma recalled that following the collapse of crude oil prices in 2014, which culminated in the country’s economy sliding into recession in 2016, the government developed the ERGP in early 2017.

He told his audience that the plan had five strategic areas of macroeconomic stability, economic diversification and growth drivers, competitiveness, social inclusion and jobs, as well as governance and other enablers.

The minister said the positive trends recorded in the country’s economic indicators since the launch of the ERGP had shown that the plan was working.

He stated, “We have been able to bring down inflation from 18.7 per cent in January last year to 11.2 per cent by August this year. Our aim is to bring inflation down to a single digit by the end of the plan period in 2020.

“The exchange rate market has been stabilised through the introduction of the investors and importers’ foreign exchange window. We have also been able to build up our external reserves from $27bn in 2016 to $43.9bn by early this month.

“Our current account, as a ratio of Gross Domestic Product, has moved from a deficit of 3.2 per cent in 2015 to a surplus of 2.8 per cent by end of last year. And this is built on export growth, including significant growth in non-oil exports that has resulted in the country recording a consistently positive trade balance since the fourth quarter of 2016.”

Udoma added that the ERGP targeted both the oil and non-oil sectors of the economy.

With specific reference to the oil sector, the minister stated that due to disruptions militants at some point in 2016, oil production was as low as one million barrel per day.

“Through positive engagements with the communities in the Niger Delta, we have improved the environment for oil production. Apart from technical hitches, from time to time, we are now able to produce up to two million barrels per day and take advantage of the more favourable international oil prices. Our target is to produce 2.3mbpd.”

The Punch

Featured

Defection: Atiku’s Son, Adamu, Resigns As Adamawa Commissioner

Published

3 hours ago

March 3, 2026

Eric

Adamu Abubakar, the first son of former Vice-President Atiku Abubakar, has resigned as Adamawa State’s commissioner for works and energy development, days after Governor Ahmadu Fintiri defected from the Peoples Democratic Party to the All Progressives Congress.

Abubakar’s resignation letter, dated 2 March 2026, was addressed to the governor through the Secretary to the State Government. He gave no reason for his departure.

The timing is pointed. Fintiri announced his defection to the APC in a statewide broadcast last Friday, saying his cabinet and the PDP’s state structure had moved with him. Within 24 hours, 22 commissioners and special advisers publicly announced they were following suit. Abubakar, whose father remains one of the PDP’s most prominent national figures, was not among them.

In a statement issued Monday night, Abubakar’s media aide Abdulaziz Jauro said the former commissioner thanked the governor for the opportunity to serve and pledged continued loyalty to the administration’s developmental agenda. He also expressed gratitude to his father “for granting him the moral support and blessing to serve the people of Adamawa State” — a line that, read in context, suggests Atiku was consulted on the decision.

Abubakar said his resignation was not a withdrawal from public life. “This does not mark the end of his commitment to public service,” the statement read, “but rather the beginning of new avenues for developmental collaboration.”

The resignation leaves unresolved the question of whether it reflects a political break with the governor over his defection or a personal decision unconnected to the broader party realignment now reshaping Adamawa’s political landscape.

Featured

DSS Nabs Man over Assassination Attempt on Peter Obi

Published

5 hours ago

March 3, 2026

Eric

Nigeria’s Department of State Services (DSS) has detained a man in connection with the recent attack and alleged assassination threats targeting Labour Party’s 2023 presidential candidate, Peter Obi.

According to AIT, the shooting incident took place on February 24, 2026, in Benin City, Edo State, during a political gathering attended by Obi and several figures from the African Democratic Congress (ADC). The meeting was hosted by former APC National Chairman, John Oyegun. Gunmen reportedly opened fire at the venue, causing panic and forcing attendees to disperse for safety.

According to security sources, shortly after the attack, an individual identified as Udeme Monday Stephen allegedly took to social media claiming responsibility and issuing additional threats against Obi, warning of further violence.

Intelligence officials reportedly initiated swift investigations, employing digital tracing and forensic tools that led to the arrest of the 26-year-old suspect in Rivers State. He is said to be a teacher at a private secondary school in the Eliozu area of Obio-Akpor Local Government Area.

The suspect remains in DSS custody and is expected to face prosecution. The agency reiterated its commitment to responding to credible threats and safeguarding lives and national interests without bias.

Featured

Shiites Protest in Kano over Killing of Iran’s Supreme Leader

Published

1 day ago

March 2, 2026

Eric

Members of the Islamic Movement of Nigeria, on Sunday, took to the streets of Kano metropolis to protest the killing of the Supreme leader of the Islamic Republic of Iran, Ayatollah Ali Khamenei, following a joint attack by the US-Israel on Saturday.

The demonstrators, who are simply known as Shiites, trooped out in their numbers at about 2.30pm in and trekked from the Fegge Central Mosque the Islamic Movement headquarters situated at Kofar Waika in the State capital.

The demonstration, adjudged peaceful, lasted for about two hours, terminating after 4.00pm.

The demonstration was followed by speeches by their scholars that spoke about the state of affairs in the Middle East and its implications on the rest of the world. A special prayer was also offered seeking Allahs intervention for the people of Iran.

The Kano State Police Public Relations Officer, CSP Abudulhi Haruna Kiyawa, resisted attempts to persuade hims for official reaction to the demonstration.