Tinubu defends borrowing strategy as debt service consumes 65% of revenue

President Bola Tinubu has defended his administration’s growing reliance on borrowing to finance infrastructure, arguing that Nigeria must shift from debt-funded consumption to investments capable of generating long-term economic returns, even as debt servicing continues to absorb about 65 percent of government revenue.

The President, in an article personally authored on Friday, said public debt stood at 35.75 percent of gross domestic product in the second quarter of 2026, a level he described as manageable compared with peer economies, but acknowledged that the debt-service burden underscores the need for greater fiscal discipline.

He said his administration was directing new borrowing towards roads, ports, railways and power infrastructure, with the expectation that the investments would expand economic activity, generate revenue and create jobs.

However, the strategy raises questions about how quickly these projects can generate sufficient economic returns to offset borrowing costs, particularly as the government’s revenue base remains constrained.

This call aligns with views of economic experts who had consistently warn of the need to reduce cost of governance and focus more on investments that will boost revenue generation

But the President said his administration has been making difficult choices since he assumed office in 2023

‘We have made difficult but necessary decisions: removing the petrol subsidy, unifying the exchange rate, modernising the tax framework, and coordinating action on inflation. These reforms have restored macro balance, quadrupled federation revenue since 2021 and rebuilt the credibility of the State’s balance sheet’

‘The results are now visible: real GDP growth reached 4.43% in Q2 2026 and 4.2% in H1, up from 2.74% in 2023, while headline inflation fell to 14.63% in September 2026 from 20.98% a year earlier’

The president however agreed that food inflation has remained high at 19.59%.

But added that Gross external reserves are rising at current $55.1 billion as of 9 October 2026, including about $46 billion in net reserves, highest in 18-years.

‘The NFEM exchange rate stood at ?1,333/US$, with the market spread below 5%, and public debt remains low compared to peers. Nigeria’s cost of borrowing keeps falling. Confidence has a price, our cost of borrowing is going down, and the country risk premium has drastically decreased.

Tinubu who stated that his administration has continued to change purpose of public borrowing, added that the current ‘objective is to increasingly direct new borrowing towards productive capital investment, while maintaining fiscal discipline, reducing refinancing pressures and ensuring that public debt translates into measurable economic value. Nigeria borrows to invest in roads, ports, rail and power that will generate growth, revenue and jobs for decades.

‘Every Naira and every dollar raised goes to assets that create value, and that value repays the debt. This is how Nigeria will reach the objective of a USD 1 trillion economy by 2030: not through consumption, but through investment in the infrastructure that makes growth possible.

‘This shift is being supported by a stronger fiscal position: tax-to-GDP has risen to 12.5% from 7%, net FAAC increased by 44% from ?15.2 trillion in 2024 to ?21.9 trillion in 2025, and Nigeria recorded a ?20.1 trillion trade surplus in H1 2026, almost double the ?10.2 trillion recorded in H1 2025.

‘The Federal Executive Council economic strategy is clear on this point: no deficit monetisation and no unfunded commitments during the pre-election period. At the heart of this disciplined shift towards productive borrowing are our administration’s legacy projects:

‘The administration is focusing productive borrowing on financing major infrastructure projects, including the Lagos-Calabar Coastal Highway; improvements to the power sector and electricity grid; the Sokoto-Badagry Superhighway; the Trans-Sahara Superhighway; and upgrades to Nigeria’s major commercial ports in Lagos.’

Lagos population to hit 16.2m by 2050 – World Bank

Lagos’ population is projected to rise by more than 25% to 16.2 million by 2050, intensifying the need for infrastructure investment, affordable housing and productive job creation as Nigeria’s commercial hub grapples with rapid urban growth, according to the World Bank.

The Bank, in its new report, Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation, said sub-Saharan Africa would add 748 million urban residents between 2025 and 2050, presenting an opportunity to expand economic activity and create jobs if governments adopt policies that make cities more productive.

The report projects that Lagos, which had an estimated population of 12.8 million in 2025, will remain one of the region’s most populous cities by 2050, although Angola’s capital, Luanda, is expected to overtake it.

Luanda’s population is projected to increase by 78%, from 11.4 million in 2025 to 20.3 million in 2050, making it sub-Saharan Africa’s most populous city.

Lagos’ population, meanwhile, is expected to reach 16.2 million, representing an increase of more than 25 perc over the 25-year period.

The projections underscore the scale of the planning challenge facing Lagos, where expanding population numbers will require governments to ensure that infrastructure, housing and transport systems support economic activity and improve access to employment.

The World Bank said the region’s urban transition could become a powerful driver of economic growth and job creation if governments direct investment towards locations where businesses can cluster and workers can easily reach employment opportunities.

‘Sub-Saharan Africa’s urban transition can transform the region’s jobs market,’ said Paschal Donohoe, World Bank Group managing director and chief knowledge officer.

He said the right investments and reforms in infrastructure, land, connectivity and financing could attract private capital, increase productivity and create formal jobs for millions of young Africans.

The report noted that urban households already spend considerably more per adult than equally educated rural households, reflecting stronger employment and earning opportunities in cities.

However, it warned that realising the economic benefits of urbanisation would require targeted interventions to address the different challenges facing major cities, their expanding peripheries and smaller towns.

For major cities such as Lagos, the bank recommended investing in transport, infrastructure and affordable housing to develop accessible, job-rich economic clusters. It also called for regulatory improvements that would enable businesses and workers to locate closer to economic opportunities.

On the outskirts of rapidly expanding cities, governments should establish road networks and reserve land for essential infrastructure before unplanned development becomes entrenched, the report said.

Beyond Lagos, the report projects significant population increases in other African cities, including Onitsha in Nigeria, whose population is expected to rise from 5.6 million in 2025 to 8.7 million in 2050.

Kano’s population is also projected to increase by 31 percent, although the city is expected to fall out of sub-Saharan Africa’s 15 most populous cities by 2050.

The report also identified opportunities in the region’s more than 15,000 towns, recommending that governments prioritise investment in locations with strong economic and geographic potential, particularly those along transport corridors and near other economic opportunities.

In towns with weaker economic prospects, investment in education and healthcare could help residents connect with stronger labour markets.

The World Bank further called for stronger urban governance and more reliable financing mechanisms to help cities manage expansion and attract private investment.

It recommended using low-cost technology to modernise property tax systems, improve local revenue collection and strengthen city creditworthiness. Better municipal finances could help attract private capital, including through public-private partnerships for infrastructure development.

‘Africa’s urban transformation will deliver on its promise only if cities have the institutions and resources to manage growth effectively,’ said Mark Roberts, World Bank senior urban economist and co-author of the report.

He said stronger urban governance, more predictable financing and greater accountability were essential to translating rapid urbanisation into better infrastructure, increased investment and more productive jobs.

The report stressed that decisions taken now would shape the region’s urban economies for generations, making early investment in infrastructure, effective planning and stronger institutions critical to ensuring that population growth translates into wider economic opportunities.

For Lagos, the projected increase to 16.2 million residents by 2050 reinforces the importance of aligning urban expansion with infrastructure development, business investment and job creation to sustain the city’s role as a major economic centre.

Ubahuagboba youths set for Nov 2 election as electoral committee assures transparency, peaceful transition

All is set for the Ubahuagboba Ubahu Okija Youth Election scheduled for Monday, November 2, 2026, as the Electoral Committee, led by Dr. Frank Igbojindu, Group Managing Director and Chief Executive Officer of Akpoazaa Group, intensifies preparations for a peaceful, transparent and credible electoral exercise.

The election, which will take place at Obom Ubahuagboba by 12 noon, will produce a new 12-member youth executive drawn from the two major kindreds of the community, Umuchuma and Umuelim.

The exercise will be conducted through the Option A4 Open Ballot System, where accredited voters openly queue behind their preferred candidates.

In keeping with the community’s leadership rotation arrangement, the position of Youth Chairman has been zoned to Umuelim Kindred, following the outgoing administration led by Mr. Social Ezeadina of Umuchuma Kindred.

The 12 executive positions have been shared equally between both kindreds, with six positions allocated to each.

The chairmanship election will be contested by Chigozie Agbasi and Tochukwu Udennaka, both from Umuelim Kindred.

Other positions include Vice Chairman, Secretary General, Financial Secretary, Treasurer, Public Relations Officer, Assistant Secretary, Assistant PRO, Director of Welfare, Director of Social, Provost and Assistant Provost.

The Electoral Committee conducted its screening exercise on Wednesday, October 28, 2026, at the residence of the President General of Ubahuagboba.

A total of 24 aspirants submitted nomination forms for the 12 executive positions.

Following the exercise, 16 aspirants were cleared, while eight were disqualified, including six who failed to attend the screening and two who did not satisfy the committee’s screening requirements.

The committee subsequently reopened nominations for the position of Director of Welfare, zoned to Umuchuma Kindred, after both initial aspirants failed to attend screening.

The supplementary nomination process is expected to conclude before the election.

The Electoral Committee is chaired by Dr. Frank Igbojindu, (Akuyienwataegwu na Okija) CEO of Akpoazaa Group.

Other members include Hon. Ezesinachi, President General of Ubahuagboba; Ichie Ikemba; Mr. Nonso Onyejiaka; and Ichie Omesirika.

Dr. Igbojindu emphasised the importance of fairness, transparency and peaceful participation, noting that the exercise is intended to strengthen youth leadership and promote unity between Umuchuma and Umuelim Kindreds.

The committee has also encouraged aspirants and their supporters to channel complaints through appropriate procedures rather than engage in activities capable of undermining the electoral process.

Election Scheduled for November 2, 2026 by 12:00 PM at Obom Ubahuagboba, Ubahu Okija, Ihiala Local Government Area, Anambra State.

Eligible youths from both kindreds are expected to participate in the exercise, which will usher in a new executive leadership for the community.

The election is being conducted under the guiding message:

‘One Youth, Two Kindreds, One United Ubahuagboba!’

Akpoazaa News covered the screening exercise and will continue to provide updates on the electoral process.

3,125 corps members complete service in Osun

A total of 3,125 corps members have successfully completed their national service in Osun State, with the State Coordinator, Mr Ekeng Ita Kubiangha, urging them to embrace discipline, humility, hard work, faith and contentment as they begin life after service.

The Passing-Out Parade (POP), held on Thursday across the state’s 30 local government areas and 1 area office, marked the completion of service for 1,432 male and 1,693 female corps members.

Addressing the outgoing corps members during monitoring visits to Aiyedire and Iwo local government areas, Kubiangha congratulated them on their successful service year and commended their commitment to national development. He described the batch as unique for completing its service year without being divided into streams.

At Aiyedire, the state coordinator led the corps members in songs of praise and thanksgiving prayers, expressing gratitude to God for their successful service year.

He prayed for favourable employment opportunities and encouraged them to remain hopeful and steadfast despite the limited availability of white-collar jobs.

The Chairman of Aiyedire Local Government, Hon. Engr. Adigun Adejare, recalled his service year in Ogun State and emphasised that corps members could build meaningful lives anywhere in the country. He highlighted the importance of continuous learning and experience in career development, commended their conduct and urged them to prepare for the responsibilities of life after service.

Certificates were presented to the outgoing corps members, who also celebrated the state coordinator’s birthday with a cake presentation.

At Iwo, Kubiangha encouraged the corps members to leverage the skills acquired through the NYSC Skill Acquisition and Entrepreneurship Development (SAED) programme to establish sustainable businesses and other sources of livelihood.

He urged them to remain humble, contented, hardworking and grateful to God, while prioritising their safety and avoiding travel in their uniforms.

The monitoring officer, Deputy Director, South-West Area Office II, Mrs Yemisi Otaru, congratulated the corps members and reminded them of the values of selfless service, national unity and mutual respect promoted by the Scheme. She encouraged them to embrace contentment, acknowledged the Director-General’s concern for corps members’ welfare and cautioned against night travel. She also prayed for their safety and success in their future endeavours.

The ceremony featured the presentation of awards, while the Corps Liaison Officer, Ajadi Alimat (OS/25C/1812), delivered the vote of thanks.

Meanwhile, Kubiangha and other NYSC officials paid a courtesy visit to the Alabere of Abere, Oba Dr Adefemi Mutalib Adelakin, in appreciation of the monarch’s surprise visit to the state coordinator’s residence in Osogbo on Wednesday, October 28, to celebrate his birthday.

The coordinator was accompanied by the Assistant Director, Deployment and Relocation, Mrs Fatima Taiwo; Assistant Director, Planning Research and Statistics, Mr Jamiu Olukokun; and other officials.

Nuges Media marks second anniversary with Lagos office expansion

Nuges Media, an Abuja-based marketing and advertising agency, has opened a new office in Lagos to mark its second anniversary, extending its operations beyond the Federal Capital Territory.

The expansion, which took effect around the agency’s second anniversary in October 2026, follows its launch in Abuja in 2024.

The firm describes itself as a 360-degree agency that solves business problems through strategy, media, technology, Production, Impact and creative services for clients across sectors including real estate, e-commerce, hospitality, technology and financial services amongst many others.

UNIOSUN gets NUC nod for six new postgraduate programmes

Osun State University has secured approval from the National Universities Commission (NUC) to commence six new full-time postgraduate programmes in the 2026/2027 academic session, expanding opportunities for advanced studies and research in education and engineering.

In a statement issued by the university’s Public Relations Officer, Ademola Adesoji, the university said the newly approved programmes had been integrated into its postgraduate application portal and were available to eligible candidates in the ongoing admission exercise.

The programmes comprise four doctoral degrees and two Master of Engineering degrees. They are PhD in English Language Education, PhD in Measurement and Evaluation, PhD in Chemical Engineering, PhD in Agricultural Engineering, M.Eng. in Chemical Engineering and M.Eng. in Agricultural Engineering.

The Vice-Chancellor, Prof. Odunayo Clement Adebooye, described the approval as a significant milestone in the university’s efforts to expand postgraduate education, strengthen research capacity and develop highly skilled professionals.

Professor Adebooye said the new programmes would provide more opportunities for qualified candidates to pursue advanced academic training while reinforcing the university’s commitment to research, innovation and national development.

He added that the expansion aligned with the institution’s vision of delivering quality university education and developing the specialised expertise needed to address emerging challenges across critical sectors.

The Vice-Chancellor urged eligible candidates to take advantage of the opportunity by applying through the university’s official postgraduate application portal.

Troops kill 48 ISWAP fighters, seize weapons, ammunition in Borno, Yobe fierce gun battles

Nigerian troops killed 48 Islamic State West Africa Province (ISWAP) terrorists and seized a large quantity of weapons and ammunition as they repelled coordinated attacks on military bases by the insurgents in Borno and Yobe states.

The terrorists had launched the coordinated attacks on troops stationed in Bitta, Gwoza Local Government Area of Borno State, and the North East Theatre Training School (NETTS) in Buni Yadi, Gujba Local Government Area of Yobe State between October 29 and 30, 2026

But the Nigerian Army, in a statement by Acting Media Information Officer of the Operation HADIN KAI task force, Capt. Mohammed Goni, said the troops repelled the attacks with the terrorists suffering heavy losses and losing their prized weapons.

Goni said troops repelled the attempted assault on their position in Bitta on the night of Oct. 29 through a coordinated response involving ground forces and air support.

He added that the troops also launched a counter-offensive against a large concentration of ISWAP fighters who attacked Natt Buni Yadi from Oct. 29 into the early hours of Oct. 30.

Goni said the five-hour battle against the terrorists was coordinated by the Theatre Command, with intelligence, surveillance, target acquisition and reconnaissance capabilities integrated with air and ground assets.

He added that the operations led to killing of 48 terrorists, while troops recovered 42 AK-47 rifles, five PKT machine guns, four general-purpose machine guns and one 60mm mortar.

Other items recovered included 105 AK-47 magazines, two video cameras and assorted ammunition.

The ammunition comprised 30 rounds of 12.7mm armour-piercing incendiary ammunition, 2,738 rounds of 7.62mm special ammunition, 223 rounds of 7.62mm NATO ammunition and 2,054 rounds of PKT ammunition.

However, Goni said one soldier was killed during the engagements, while two others sustained minor injuries and were responding to treatment.

The spokesperson said troops’ morale remained high as operations continued to deny terrorists freedom of action across the theatre while the engagements was a significant setback to the operational capabilities of the insurgents.

Nigeria, Germany strengthen economic partnership, target food security, investment

Nigeria and Germany have reaffirmed their commitment to strengthening economic cooperation, with both countries identifying agriculture, renewable energy, industrial development and skills acquisition as key areas for deeper collaboration.

The development followed a high-level meeting between Nigerian government officials and a delegation from the German Bundestag Committee on Economic Cooperation and Development in Abuja on Thursday, October 29, 2026.

The German delegation was led by Professor Wolfgang Stefinger, while the Nigerian delegation included the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; Minister of Agriculture and Food Security, Senator Abubakar Kyari; Minister of State for Industry, Senator John Enoh; and Minister of State, Doris Uzoka-Anite.

Speaking during the engagement, Bagudu emphasised the importance of expanding trade, attracting investment, encouraging technology transfer and strengthening development cooperation between both countries.

He noted that Nigeria and Germany could benefit from sharing experiences in economic management, governance and institutional development.

The Minister of Agriculture and Food Security, Kyari, reaffirmed the Federal Government’s commitment to improving agricultural production and strengthening food security.

He highlighted the need to reduce food imports and post-harvest losses, expand irrigation, improve access to agricultural finance and introduce modern farming technologies.

He also stressed the importance of supporting smallholder farmers, women and young people through mechanisation, research and agribusiness opportunities.

On industrial development, Enoh said Nigeria was committed to expanding manufacturing, entrepreneurship, digital innovation and vocational training to strengthen local industries and create employment.

He also commended Germany, particularly its development agency, GIZ, for supporting skills development and institutional capacity-building in Nigeria.

Minister of State for Budget and Economic Planning, Uzoka-Anite, called for sustained development financing and stronger partnerships with German institutions to support infrastructure, agriculture and youth empowerment.

She also identified renewable energy and industrialisation as important areas for cooperation. Responding on behalf of the German delegation, Stefinger reaffirmed Germany’s interest in strengthening its relationship with Nigeria.

He identified sustainable economic development, vocational education, security, renewable energy and healthcare infrastructure as areas of interest.

The discussions also highlighted the importance of stronger institutions, improved economic management and sustainable development financing in achieving long-term economic growth.

The renewed engagement is expected to provide opportunities for both countries to explore practical partnerships that could support investment, improve productivity and strengthen economic relations.

However, the meeting did not announce a specific new investment amount or signed project agreement.

Free speech doesn’t cover false allegations, Okafor’s lawyer tells Sowore

Counsel to Pastor Chris Okafor, Mr. Ife Ajayi, has criticised what he regarded as a sentimental support for Nollywood actress Doris Ogala in her cyberbullying trial, insisting that freedom of expression does not confer the right to make false and malicious allegations against others without regard for the law.

Ajayi made the remark while reacting to comments by activist Omoyele Sowore and Ogala over alleged injustice in the ongoing trial.

He argued that the right to freedom of expression is not absolute and must be exercised within the limits prescribed by law, particularly where allegations, blackmail and extortion are involved.

According to him, the issues leading to the criminal proceedings should not be treated as a mere disagreement between individuals, but viewed against the background of alleged violations of the rights of others.

Ajayi advised the public to obtain copies of the charges proffered against Ogala. He described her conduct as a deliberate act that violated his client’s rights and was capable of inciting the public against an individual.

He also urged members of the public to exercise caution in endorsing false allegations made by the actress, insisting that such claims should be subjected to legal scrutiny rather than public sentiment.

Expressing confidence in the judiciary, the lawyer said he was optimistic that the court would deliver justice based on the overwhelming print, audio and video evidence in compliance with applicable laws.

‘I am 100 per cent optimistic that the court will do what is right. The court, in all fairness, even after the defendant’s lawyer pleaded with it to release her on bail and offered to take responsibility for her conduct, gave the prosecution 48 hours to respond,’ he said.

Ajayi also faulted Ogala’s conduct during the court proceedings, alleging that her outburst and disruption of proceedings raised questions about her ability to abide by the conditions of her release.

He said the incident suggested that even her counsel might have difficulty guaranteeing her conduct if she were granted bail.

The lawyer maintained that the courtroom is not a place for emotional outbursts or disrespect, stressing that parties to a legal proceeding are expected to conduct themselves in accordance with established rules.

‘You cannot behave disrespectfully at a police station or anywhere else and expect to do the same in a court of law. The court is where logic and legal accountability prevail,’ he said.

Ajayi further called on the National Assembly to consider stricter legislation against the practice of publicly calling out individuals over private disagreements, particularly where such actions could damage reputations or violate the rights of others.

He argued that personal grievances should be addressed through appropriate legal channels rather than through public accusations and campaigns.

‘The law is not about emotion or sentiment. It is about logic and legal accountability. It is a place where people are held accountable for their unlawful conduct,’ he said.

He urged members of the public not to accept allegations made in the course of the dispute as established facts, stressing that the court remained the appropriate institution to determine the issues before it.

Tinubu nominates six Executive Directors for NMDPRA, seeks Senate confirmation

President Bola Tinubu has nominated six executive directors for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), seeking Senate confirmation for the appointments as part of efforts to strengthen the agency’s regulatory and administrative capacity.

The nominations, contained in a letter transmitted to the Senate, comprise three returning executive directors and three new appointees, who will each serve a five-year term upon confirmation.

The returning directors are Abiodun Adeniji, nominated as Executive Director, Finance and Accounts; Ogbugo Kalu Ukoha, Executive Director, Distribution Systems, Storage and Retailing Infrastructure; and Mustapha Lamorde, Executive Director, Health, Safety, Environment and Community.

The three new nominees are Mobolaji Tajudeen Musa, Executive Director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure; Ogechukwu Modie, Executive Director, Economic Regulations and Strategic Planning; and Said Abutalib, Executive Director, Corporate Services and Administration.

Tinubu, in a statement issued by his spokesman, Bayo Onanuga, urged the Senate to consider the nominations expeditiously, stressing the need to ensure institutional continuity and enhance the authority’s capacity to discharge its regulatory responsibilities across Nigeria’s midstream and downstream petroleum sectors.

In a related development, the President has approved the appointment of Jumoke Gafar as Secretary to the Board/Authority and Legal Adviser of the NMDPRA.

The appointment is subject to the completion of statutory procedures prescribed under Section 46 of the Petroleum Industry Act (PIA).

The latest appointments follow Tinubu’s appointment of Rabiu Abdullahi Umar as the NMDPRA chief executive in April.

The appointments are expected to strengthen the authority’s leadership structure as it oversees regulatory activities in Nigeria’s midstream and downstream petroleum industry.