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Nigeria’s President Tinubu decries use of 90% revenue for debt servicing

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Nigeria’s President Bola Tinubu has decried a situation where 90% of the country’s revenue is being used for debt servicing, reasoning that if this continued, the country would only be on the path to destruction.

Tinubu, who raised the alarm during the Annual Conference of the Nigerian Bar Association (NBA) on Sunday in Abuja, however, reiterated his administration’s determination to reverse the trend and set the
country on a recovery lane by making difficult changes which would better the lot of Nigerians in the long term.

“Can we continue to service external debts with 90% of our revenue? It is a path to destruction. It is not sustainable.

“We must make the very difficult changes that are necessary for our country to get up from slumber and be respected among the great nations of the world,” Tinubu said.

“To build a great nation, we must make bold decisions; even though it may be painful at the moment, it is not about you and me. It is about our generation yet unborn,” he added.

Tinubu also called for patience and understanding as his government was on the right track, insisting that there was hope for a great Nigeria despite the hardship Nigerians were facing at the moment.

“Yes, it is a shame not to have adequate electricity for the mass majority of homes in Nigeria and to power our industries. How can we address poverty without electricity? We can take many people out of poverty with an uninterrupted electricity supply. Poverty is not acceptable, and we must banish it,” he said.

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EU launches initiative to reintegrate over 417,661 out-of-school children in Nigeria

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The European Union (EU) has launched an initiative to reintegrate over 417,661 out-of-school children in Nigeria, particularly in the northwestern parts of the country.

Mrs. Tobi Ransomed, who is the consortium lead, disclosed this during the launching of the “Accelerating Basic Education and Livelihood Opportunities for Children and Youth in North West Nigeria Program” (ABEP), held in Dutse, the capital of Jigawa State, on Thursday.

While declaring the event open, Ransomed noted that the high rate of out-of-school children in the region required a holistic approach from all relevant stakeholders to ensure these children reached their potential.

Speaking further, she said the ABEP three-year pilot program would be implemented through Save the Children International, PLAN, and Development Alternatives Incorporated (DAG) across twelve local government areas in Kano, Jigawa, and Sokoto States.

“Data from Save the Children International (SCI), has shown that 10% of the world’s out-of-school children are in Nigeria, with over 10 million primary school-age children not in school. Approximately 25% of girls and 10% of boys in the country have been victims of sexual violence,” she stated.

“The program aims to increase access to safe, quality, and inclusive alternative and accelerated education programs for 324,000 young girls and boys, as well as 32,400 persons with disabilities, supporting their transition into formal or non-formal education.

“This project plans to increase access to livelihood opportunities, vocational education, and green job opportunities for 60,000 youths and 6,000 persons with disabilities, with 20,000 beneficiaries in each participating state.

“The overall objective is to contribute to the empowerment of the poorest, underserved, and most marginalized population groups, including women, girls, and youth, by providing access to quality, inclusive, gender-sensitive, and conflict-sensitive education in northwestern Nigeria with a special focus on Kano, Jigawa, and Sokoto States,” she stated.

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World Bank pledges $3b to support Zambia’s development goals

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The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

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