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Nigeria has Room to Incur More Debts – Udoma

Published

8 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.”

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Certificate Forgery: Group Seeks Tinubu’s Disqualification from 2027 Election

Published

1 day ago

June 29, 2026

Eric

The Centre for Reform and Public Advocacy (CFRPA) has filed a suit at the Federal High Court in Kano seeking the disqualification of President Bola Ahmed Tinubu from the 2027 presidential election over allegations of certificate forgery.

‎According to court documents seen by Daily Trust, the plaintiff alleged that Tinubu presented forged academic certificates from Chicago State University and a fake National Youth Service Corps (NYSC) discharge certificate to the Independent National Electoral Commission (INEC) during the 2023 elections.

‎‎The suit, marked FHC/K/CS/312/2026, lists Tinubu, INEC, and Chicago State University as defendants.

‎The plaintiff contended that Tinubu never attended Government College Lagos as claimed, noting that the school was established in 1974, four years after Tinubu allegedly graduated.

The CSO further argued that Tinubu does not possess a valid secondary school certificate, which is the minimum constitutional requirement to contest for the presidency.

‎It claimed that INEC had failed to act on its petition dated June 19, 2026, demanding clarification on Tinubu’s eligibility.

‎‎In its statement of claims, the group referenced a 2023 U.S. court ruling in In Re: Application of Atiku Abubakar (No. 23 CV 05099), which compelled Chicago State University to release Tinubu’s academic records.

‎The plaintiff insisted those records revealed false entries and inconsistencies, including a forged University of Cambridge General Certificate of Education.

‎The prayers asked by the plaintiff included declaration of forgery against Tinubu’s Chicago State University certificate, issuance of an order directing INEC to disqualify him from the 2027 presidential election, directing CSU to strike Tinubu’s name from its records and perpetual injunction restraining INEC from uploading Tinubu’s name as a candidate.

‎The plaintiff also submitted affidavits of non-multiplicity of action, witness statements, and letters to the NYSC and the Secretary to the Government of the Federation, demanding disclaimers on the alleged fake NYSC certificate.

Featured

Lagos Island Red Cross Holds Annual Thanksgiving Service

Published

2 days ago

June 28, 2026

Eric

By Eric Elezuo

The Lagos Island Division of the Nigerian Red Cross Society, has held its 2026 Annual Thanksgiving, to express gratitude for another year of provision of succor and comfort to as many that are in need.

The thanksgiving service, which was held at the Cathedral Church of Christ, Marina, Lagos, on the last Sunday of June, was led by the Division Coordinator, Chief (Olori) Aderonke Elegushi.

Speaking to The Boss on the activities of the Island Division of the Red Cross over the years, Olori Elegushi noted that it has been a thing of joy to be at the forefront of releasing the milk of human kindness to as many that needs it, and when they need it.

Coordinator, Lagos Island Division Nigerian Red Cross Society, Chief (Olori) Aderonke Elegushi (m), Vice Coordinator Abimbola Adeshile (2nd left), Secretary Ajibola Adu (2md right) and Saheed Ayinde Yusuf (1st right)

“This is what I love to do, and this is what the Red Cross is all about; lending helping hand and spreading love across borders, especially here in Lagos Island.

“In everything, we won’t forget our Maker, the Almighty God, through whose power we are able to do the little and much we can do. That explains why we here today to give thanks as it’s a tradition every year,” Olori Elegushi said.

Olori Elegushi also noted that as an not for profit organization, the Society seeks support well-meaning Nigerians and Lagosians to come to their aid so that the gospel of continuous lending of helping hand to the needy will continue unabated.

“We also seek the support of well-meaning individuals, organizations, and the Church in our efforts to expand our humanitarian activities. With adequate funding and partnerships, we can organize first aid and health awareness programmes for public school students, train more volunteers, equip communities with emergency preparedness skills, and carry out outreach programmes that will positively impact lives across our society,” she concluded.

Olori Elegushi, who will soon join the octogenarian club, was accompanied at the thanksgiving event, by Vice Coordinator Abimbola Adeshile, Secretary Ajibola Adu, Saheed Ayinde Yusuf, and a host of other members, dressed in their sparkling white uniform.

The Red Cross Society is an international organizational saddled with the responsibility of providing healthcare services among other humanitarian services to the people of the world. The Society is domiciled in every part of the world.

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Insecurity: Adeboye, Oyedepo Urge More US Military Action in Nigeria

Published

2 days ago

June 28, 2026

Eric

The General Overseer of Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, and Founder of Living Faith Church Worldwide, Bishop David Oyedepo, have thanked U.S. President Donald Trump for recent military action against terrorism in Nigeria, urging Washington to do more to halt the unrelenting attacks.

Both clerics spoke at the “Faith Heroes Award Gala” in Washington D.C. on June 26, 2026, organised by Save Nigeria Group USA, SNGUSA, with the US-Nigeria Civil Society Coalition.

The event honoured Trump, Congressmen Chris Smith and Riley Moore, and other advocates of religious freedom in Nigeria.

Addressing a packed audience of activists, policymakers and faith leaders at the Hilton Garden Inn, Capitol Hill, Adeboye said the scale of violence has moved beyond what any religious leader can handle alone.

“Terrorism is now at my doorstep,” he said. “If you want to help us, help us more.”

The RCCG leader, who had faced criticism for not speaking out earlier, said he chose “spiritual warfare” instead of public escalation. He noted that Trump’s December strikes on terrorist camps did not surprise him because the U.S. President had warned of consequences.