News
Debt Servicing Jumps By 14.68%

Nigeria’s debt servicing bill went up by 14.68per cent to N3.36trillion in 2022, data from the Debt Management Office (DMO), in Abuja, has shown.
According to DMO, N2.93trillion was spent on external and domestic debt servicing payments in 2021.
Recall that the DMO had earlier reported that Nigeria’s total debt stock stood at N46.25trillion as of December 2022.
An analysis of DMO showed that the country spent $2.4billion which was equivalent to N1.07trillion using the current exchange rate of $/N460 to service its external debt last year.
Domestic debt servicing gulped N2.56trillion in 2022, with the highest expenditures of N529.88billion recorded in April.
The debt servicing under President Muhammadu Buhari administration has maintained an upward trend since 2016.
In 2016, a total of N1.23trillion was spent to service the country’s domestic debts.
The figure for domestic debt servicing rose to N1.48trillion in 2017.
In 2018, the country’s domestic debt servicing bill rose to N1.8trillion while the cost of domestic debt servicing came down a bit in 2019 to N1.69trillion.
In 2020, debt servicing rose again to N1.85ttillion.
By 2021, domestic debt servicing rose to N2.05trillion.
On the other hand, external debt servicing gulped $353.09million in 2016.
It went up to $464.05million in 2017 and jumped up to $1.47billion in 2018.
In 2019, the country spent $1.33billion on external debt servicing.
In 2020, external debt servicing gulped $1.56billion.
By 2021, it became N2.93trillion.
The amount spent on external debt servicing was calculated using the CBN’s exchange rate for the year.
For instance, the naira-dollar average exchange rates for 2016 and 2017 were N197 and N305 respectively.
It was N305 in 2018 and N360 in 2019.
It closed at N380 and N420 in 2020 and 2021, respectively.
Reacting, the Lagos Chamber of Commerce and Industry expressed worry over the country’s debt burden, especially in the face of stunted revenue growth, the large presence of decaying infrastructure and the unsustainable burden of oil subsidy overhang.
In a statement on Thursday, the chamber said the ratio of debt service to government revenue at about 90per cent remained alarming and unsustainable.
It said both capital and interest payments on borrowed sums exposed the country’s fiscal vulnerabilities and that the government should, as a matter of urgency, emphasise strategies for revenue growth while blocking leakages.
The chamber further advised the government to shift focus to equity financing, divestment or shedding of its equity holdings in state-owned enterprises, real estate, and infrastructure to reduce its debt commitments and improve its fiscal situation.
Also, the International Monetary Fund warned that debt servicing might gulp 100per cent of the Federal Government’s revenue by 2026 if the government fails to implement adequate measures to improve revenue generation.
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Our Govt’ll Eventually Triumph, Fubara Assures Rivers People …Inaugurates Govt House Staff Quarters

Rivers State Governor, Sir Siminalayi Fubara, has declared that despite the unceasing antagonism against his administration, the course of governance is irreversible, and victory is assured for the State.
The Governor, who noted how the news of the judgment of the Supreme Court dampened the spirit of most Rivers people, charged them to brace up because what is ahead is more than what just passed.
Governor Fubara gave the assurance while inaugurating the Rivers State Government House Staff Quarters, reconstructed by his administration, along Forces Avenue (opposite Government House), Old GRA, Port Harcourt last Monday.
He noted that as humans, they may have felt disturbed by the Apex Court’s pronouncements, but advised them to realise that God, who has their back, will accomplish His purpose.
He said, “Our back is not on anybody; it is on God. I want to thank you for your support, and assure you that, if there is one person on this planet Earth that will continue to stand by you, I will be that person.
“I assure you that I will lead you with honour, I will lead you with respect, and I will lead you with integrity, knowing that when I leave here, I would have questions to answer, if I am called upon 20 – 30 years from today. I want to be proud to defend my position. So, I thank you and assure you that I will not disappoint you.”
Governor Fubara, however, emphasised that no matter how much the adversaries have tried to fool the State, the time has fully come for Rivers people to take their destinies in their hands.
The Governor, who clarified that he has never subscribed to violence or asking people to indulge in lawless acts, warned that his administration will not look away when haters of the State struggle to unlease violence in the State.
He said, “No matter how we’ve been fooled in this State, it has gotten to a point when the people have to decide to take their destinies in their hands.
“Inasmuch as I don’t subscribe to violence, when the time comes for us to take a decision, I will lead the course for that decision. Let me say it again: I am not scared of anything, the worse that will happen is for me to leave the office. Am I leaving the earth? Is it going to stop me from existing?
“So, I am not even bothered about that. But the right thing must be done, and must be said when the opportunity is given to us. Let me thank everyone, more especially our youths. Be strong, don’t be perturbed. I assure you, at the right time, you will hear from us.”
Governor Fubara pointed to why it has to be on record and known by everybody that the interest of Rivers State remains his top priority, quickly emphasising that he will not hesitate to pay the supreme price, if it is so required.
But, Governor Fubara noted that his strength is in the supreme God and all Rivers people who love the State, and are interested in its progress and peace, counselling them to know that there is honour and glory in fighting gallantly, being on the side of truth.
Governor Fubara pointed attention to the Holy Scripture, quoting Philippians 3 verse 18-19, which said: “For as I have often told you before, and now, I tell you again, even with tears, many live as enemies of the cross of Christ. Their destiny is destruction, and their god is in their stomach, and their glory is in their shame, their mind is set on earthly things only.”
The Governor stated: “Just like the word said, we are not after our stomach, we are after the joy of our people, that at the end of the day, what will count for us is the lives that we have touched genuinely, the legacy we leave that will speak for us, that will open doors for our children, the generations yet unborn.
“Knowing that and having that in mind, it spurs us, it forces me, as a person, to stand on the side of right, to do good, to stand on the side of truth that even if anybody calls me tomorrow, I should be bold to defend my actions.”
Commenting on the project, Governor Fubara expressed delight that his administration was foresighted to have conceived the project, executed it, and, by the special grace of God, is dedicating it to the glory of God for use by the workers.
Governor Fubara stated that what has been achieved: the staff quarters and other projects lined up for inauguration, as proof against what has been said in some quarters, that there is good governance on course in the State.
He said, “Here is a legitimate, purpose-driven governance in Rivers State, and we are here to display, genuinely, not because of our own selfish interest, one of those things that this government has done to show that we appreciate, understand the need, and must continue to do what is right for our people.
“When we came on board, this building was a dilapidated building, completely unhabitable. We felt we must add value, which is the basis of our governance, to what we met, and we decided that, look, our staff can’t be living in uncomfortable place, they can’t leave like animals while I leave in big comfortable place.
“How would I get efficiency from my workers if they are not happy, and the government decided to embark on this project. I am happy that the contractor delivered it within the time limit.”
Governor Fubara thanked the elders of the State who have continued to provide support and stand with his administration, and assured them that he will not disappoint their expectation of providing good governance to the State.
In his address, Chief of Staff, Government House, Rt. Hon. Edison Ehie thanked the Governor for embarking on the reconstruction of the project, and for tastefully furnishing the facility to make living comfortable for workers.
Providing the project description, Permanent Secretary, Government House, Mr Chukwuma Ndudi Augustine, said the project was awarded on June 6, 2024 to Monier Construction Company (MCC), and today, staff of government will have a more comfortable accommodation that will impact positively on their productivity.
He stated: “The Government House Staff Quarters has 6 numbers of two bedroom, 11 numbers of one bedroom, 11 numbers of Boys Quarters. Hostel A has 32 bed spaces, Hostel B has 30 bed spaces. There is canteen, cafeteria, gymnasium – fitness centre where staff will be exercising themselves, mini basketball court, a soundproof power generating plant, water tank. The contract is completed, and contract sum fully paid.”
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Okogbule Steps Down, Lauds Fubara For Support As RSU VC
The outgoing Vice Chancellor of the Rivers State University (RSU), Port Harcourt, Prof. Nlerum Okogbule, has commended the Rivers State Governor, Sir Siminilayi Fubara, for his support towards the successful completion of his tenure.
Okogbule said he owed the governor a debt of gratitude for his support to his administration and his decision to allow him continue from office as the Vice Chancellor despite being appointed by Fubara’s estranged godfather and predecessor, Nyesom Wike.
The outgoing Vice Chancellor stated this during a valedictory press briefing held at the university’s auditorium to give account of his five-year single tenure as the Vice Chancellor of the university.
“The essence of this briefing is to give account of my stewardship, achievements and challenges within the period under review.
“First, let me thank the Almighty God for seeing me through in good health despite the office challenges. He has really been faithful. My appreciation also goes to the two governors who are visitors to the university for appointing me and for as well, allowing me complete my tenure,” he said.
Okogbule expressed joy for the opportunity given to him to serve the State, saying he was bowing out from the office as a fulfilled man who has served meritoriously and also achieved a lot in the development of the institution.
He noted that RSU became one of the best universities in the country under his watch and listed the establishment of the school’s satellite campus in Etche, Emohua and Ahaoda as part of his achievements.
According to him, academic activities in those satellite campus are in their third years.
“We could not complete that of Keren in Khana Local Government Area because we could not complete the remodeling of the campus; so the students will continue to remain at the main campus,” he added.
Okogbule also pointed out that the graduation and induction of first set of medical nurses and midwifery students took place during his administration, while also achieving full accreditation of many courses for the university.
On the challenges faced by his administration, the Vice Chancellor identified lack of funding and power supply as major constraints, and advised his successor to look for alternative sources for power generation.
He expressed appreciation to his management team, staff and students including the media for the support given to him during his tenure and urged them to extend same to his successor.
Prof. Okogbule’s five-year single term comes to an end today, having been appointed on March 5, 2020 by the former governor of the State, Nyesom Wike.
Amadi Akujobi
News
Don Tasks Varsities On Artificial Intelligence
A renowned lecturer at the University of Port Harcourt, Prof. Bourdillon Omijeh, has called on universities to upscale their academic curriculum to keep up with the advancement of Artificial Intelligence (AI).
Omijeh stated this while delivering the 196th Inaugural Lecture of the University of Port Harcourt, last week.
Speaking on the topic: “Embedded Systems, The Game Changer On Modern Industrialisation”, he discussed what he described as Education 4.0, emphasising the need to integrate digital and innovative skills into education to keep up with rapid technological changes with Artificial Intelligence.
“Education 4.0 has to do with education in the fourth industrial revolution, whereby you have build in the emerging digital skills. The jobs that are available now, in the next few years, will phase out, because we are now in the era of full automation.
“Artificial Intelligence is taking the whole lead, and so we need to develop manpower for industry. If we go to the oil and gas today, it is a transformed oil and gas system, whereby all the things that would have been done mechanically are being done automatically”, he said.
Omijeh called on government to prioritize human capacity development, saying that while infrastructural projects may face setback, investing in youth education and equipping students with relevant technological skills will enable them to earn livelihood during their studies.
He stressed the importance of acquiring practical skills alongside formal education, adding that relying solely on academic certificates will no longer be sufficient in today’s fast-changing digital landscape.
In his speech, the Vice Chancellor of University of Port Harcourt, Prof. Owunari Georgewill, highlighted Prof. Omijeh’s impact on the school.
“Prof. Omijeh is a game-changer. He has attracted so much to the university in terms of collaboration. And I must tell you, do not think it is easy that you make people from outside the country come here, bring equipment, bring money, trust you enough to say you can carry out research and give them results.
“You know we are in an era of digital transformation and so every curriculum must take into cognizance the fact that the digital transformation has come to stay.
“So, in whichever way you want to teach, in whichever way you want to research, you must think digital as the way to go. So, embedded systems have come to stay in the University of Port Harcourt”, he said.
The lecture showcased Prof. Omijeh’s research breakthrough in embedded systems, emphasizing their impacts on industrial revolution, community development and global recognition.
His innovations include GSM-based control device for home appliances, GSM-based remote control robotic car, among others.
The Inaugural Lecture recommended that the federal government should invest massively in Education 4.0 and the production sector of the economy, fund start-ups, innovation hubs and create smart factories.
It also recommended for improved curriculum and teaching methodology for embedded systems and emerging technology, among others.
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