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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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U.S. applauds Nigeria’s monetary policies

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The United States government has commended Nigeria’s monetary policies under President Bola Tinubu which it says has fostered economic growth within the short period he has been in power.

U.S. Deputy Assistant Secretary, Bureau of African Affairs, State Department, Joy Basu, who made the assertion at a digital news conference with select Nigerian journalists, said the government’s policies were conducive for businesses to thrive, as well as strengthening and positioning the nation’s economy for overall growth.

Basu, stressed that the U.S. was committed to fostering its collaboration with Nigeria in order to “tackle myriad pressing issues and obstacles, which Nigeria, being Africa’s largest economy, was facing.”

The envoy said her country was working closely with the U.S. Treasury, Nigerian authorities and African central banks towards ensuring public and private sector economic restoration, stability and prosperity across Africa.

Basu stated that the U.S. was also working on curbing Africa’s security, infrastructure and energy challenges against the backdrop of the recently concluded 16th U.S.-Africa Business Summit in Dallas, Texas,

“We just came back from a meeting in Abuja, which was between the Secretaries of State and the United States is committed to being a good partner of prospect,” Basu said.

“We have made commitments to work on the security situation, infrastructure and energy, which is a common challenge not only in Nigeria but in some other countries in the continent.

“We have made concrete commitments to work on an enabling business environment in Nigeria and to make sure that American companies that are investing in Nigeria are having a transparent experience.

“We are working closely with our U.S. treasury, and with the central banks of African countries, particularly Nigeria and the World Bank, to restore the economy, help the people and ensure public and private companies to thrive,” she added.

Also speaking at the event, Reta Lewis, President, U.S. Export-Import Bank, highlighted U.S. efforts towards bolstering trade and investment across Africa, and emphasised the importance of transparency and accountability in fostering stronger U.S.-Africa partnerships.

“We are prepared to work with African countries and stakeholders from these MoUs to partner and foster competition.

“88.5% of the transactions that Exim does on a yearly basis is in small businesses.

“We feel small businesses are going to be part of the work we do, not only in the U.S. but in Africa,” Lewis said.

She also urged the participating journalists to always highlight the positive strides being made by U.S. to support businesses and bolster economic growth in Africa against the backdrop of the continent’s prevailing challenges.

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Youth leader laments infringements on digital rights, language barriers in media access

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Limbigani Nyirenda, Executive Director of Easterner Visionary Youth, has voiced his concerns regarding the infringement of digital rights by political actors in the country.

Nyirenda stated that in their quest for power, political figures often disregarded the digital rights of others, particularly impacting media professionals’ access to information.

Speaking to Zambia Monitor in Eastern Province, Nyirenda elaborated on how these actions disproportionately affected media personnel, hindering their ability to report on certain issues freely.

He pointed out that media professionals sometimes encountered obstacles in accessing specific information due to concerns about political party affiliations.

“Media individuals are occasionally denied access to certain information because they risk being accused of aligning with a particular political faction,” Nyirenda stressed.

He urged both information consumers and political figures to recognise the inherent objectivity in news coverage, emphasizing the importance of impartial reporting.

In addition to concerns about digital rights, Nyirenda highlighted the challenges posed by language barriers, particularly for individuals in rural areas.

He noted that many people in rural communities were limited to one or two languages commonly spoken in their region, making effective communication difficult.

This, coupled with the predominance of English-language media outlets, created barriers to accessing information for those who do not understand English.

Nyirenda underscored the need for increased efforts to address language barriers in media access, advocating for more inclusive approaches to communication that consider the linguistic diversity of the population.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

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