News
Seadogs Warn Of Debt Crisis As FG Seeks Fresh N2.2bn Loan
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The National Association of Seadogs (Pyrates Confraternity) has raised the alarm over Nigeria’s escalating debt profile, warning that further borrowings could exacerbate the nation’s economic woes.
In a statement issued by the NAS Cap’n, Dr Joseph Oteri, the group expressed concern over President Bola Tinubu’s recent request for a $2.209bn external loan to partially finance the 2024 budget deficit of N9.179 trillion, which has already been approved by the National Assembly.
The association described the request as worrisome, raising critical questions about Nigeria’s fiscal direction, debt sustainability, and overall economic strategy.
Titled “It’s time to ask questions about FG’s endless borrowing”, the statement blamed the Federal Government for relying too heavily on crude oil exports as its primary source of revenue.
The President had justified the loan request by stating that it would help accelerate the implementation of projects and programmes outlined in the 2024 Appropriation Act, which aims to stabilise the economy.
However, the Pyrates Confraternity argued that, despite using the Debt Management Office Act of 2003 to explore Eurobonds, Sovereign Sukuk, and syndicated loans, this approach fails to address the deeper structural issues plaguing Nigeria’s economy.
The association acknowledged that Nigeria’s debt service-to-revenue ratio has decreased from around 97% to 65% since May 2023, as reported by Tinubu. However, they cautioned that the country remains trapped in the present administration’s persistent borrowing habits.
As of June 2024, the Debt Management Office reported that Nigeria’s total public debt had reached N134.3 trillion, which means that each of the 216.7 million Nigerians owes N619,501. In the three months between March and June 2024, Nigeria’s debt profile rose by N12.6 trillion. This sharp increase is partly attributed to recurring budget deficits, borrowing to fund infrastructure and an overreliance on external loans.
The association warned that the long-term fiscal risks of these borrowings far outweigh any short-term benefits touted by the proponents of the administration’s borrowing strategy. It pointed to the debt service-to-revenue ratio of approximately 60%, which suggests insufficient room for critical developmental projects. The group further predicted a 26% rise in debt servicing costs from 2025 to 2027.
The National Association of Seadogs called for urgent scrutiny of the nation’s financial management, stressing that it is disheartening to see debts incurred primarily to feed recurrent expenditure and the extravagant lifestyles of politicians.
“The President’s earlier promise to reduce the cost of governance has not only been abandoned but has worsened significantly, painting a grim picture of politicians thriving on the misfortunes of ordinary citizens,” the statement read.
To prevent future generations from being burdened by endless debt servicing, the association urged the government to halt further borrowing plans aimed at funding its bloated expenditures.
“We reject the Federal Government’s failure to drastically cut the cost of governance,” the group stated.
“We call on the people’s representatives to lead by example—taking pay cuts, reducing travel expenses, and driving down the cost of governance,” the group added.
Seadogs also urged the government to focus on improving the earning potential of Nigerians, rather than continuing to expand its own lavish expenditures.
“Efforts should be directed at increasing the productivity of the average Nigerian, not on how the government can indulge in excess,” the statement said, adding “This humanistic approach to governance will ensure that the government fulfils its most important mandate.”
News
ECOWAS Court Orders Nigeria to Pay N52m compensation to Rivers, Lagos Evictees
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The ECOWAS Court has ordered Nigeria to pay two million Naira compensation each to 26 people who were forcibly evicted from various communities in Lagos and Rivers between 2004 and 2013.
The Tide source reports that the applicants, Mr Edwin Lenyie and 25 others had filed the suit No: ECW/CCJ/APP/34/17), seeking the enforcement of their fundamental human rights.
They also prayed the court to compel the Nigerian government to pay them compensation for forcefully evicting them from their communities without prior notice, compensation, or alternative shelter, rendering them homeless.
Delivering judgment yesterday, the court held that the Nigerian government failed in its responsibility to ensure access to legal remedies for the victims.
According to the community court, the action of the Nigerian government was in violation of Article 7 of the African Charter on Human and People’s Rights.
It held that the Applicants’ rights under Article 7 of the African Charter on Human and Peoples’ Rights (ACHPR), which guarantees the right to a fair trial and access to justice, were violated.
The court said that the hearings on the matter, which were held by the National Human Rights Commission (NHRC) “were never concluded, and no alternative means of redress were provided for them.”
“Inspite of initial hearings by the National Human Rights Commission (NHRC) in 2014, the proceedings were suspended indefinitely, leaving the Applicants without legal recourse,” the court said.
The court further dismissed Nigeria’s objections that the Applicants should have pursued their claims in Nigerian courts and on jurisdiction, saying it had the locus standi to entertain the case.
It further struck out the NHRC as a respondent in the case, and ordered that the Federal Government must bear full responsibility for the actions of its agencies.
The three-member panel of the court which has Justices Ricardo Gonçalves (presiding); Sengu Koroma (judge rapporteur); and Gberi-Bè Ouattara (member) held that the compensation/reparation would ensure that justice is served the victims.
News
RSG Moves To Boost Immunization, Commissions Solarized Cold Room, Vehicles
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As part of efforts to ensure efficient immunization and vaccine efficacy, the Rivers state Government has commissioned a solarised walk-in cold room for vaccine preservation and vaccine vial crusher.
Also commissioned were nine operational Hilux vehicles and ten motorcycles for disease surveillance across some local government areas in the state.
Rivers Deputy Governor, Professor Ngozi Odu, who commissioned the facilities at the Rivers State Primary Healthcare Management Board premises in Port Harcourt, said the development marks a significant milestone in the government’s unwavering commitment to the health care and wellbeing of Rivers people.
The Deputy Governor said that with the ceremony, the state government is not only inaugurating the equipment but also strengthening the foundation of the health care delivery system
She said: “Today marks a significant milestone in our unwavering commitment to the health and wellbeing of our people.
“As we commission the solarised work in cold room to the surveillance motorcycles, we are not only inaugurating the equipment, we are strengthening the foundation of our health care delivery system.’
Professor Odu further said the installation of the cold room also represents the government’s dedication to maintaining vaccine efficacy as well as ensuring that every child and citizen receives life savings immunization.
According to her, the commissioned Hilux vehicles and motorcycles for disease surveillance also demonstrate the government’s proactive stance in safeguarding health facilities across the local government areas.
She said the present administration, under the leadership of Governor Siminalayi Fubara, has consistently prioritised health care infrastructure in the local government areas.
Professor Odu commended the United Nations Children Funds (UNICEF), the World Health Organization WHO, and others for their immense support.
In her remarks, Rivers Commissioner for Health, Dr. Adaeze Oreh, who spoke through her Permanent Secretary, Dr. Comfort Mekele Igwe said the commissioning would greatly enhance vaccine storage, handling, and distribution and underscores the government’s commitment to improve the efficiency, effectiveness, and sustainability of the Primary Healthcare System
Also speaking, the Executive Secretary of the Rivers State Primary Health Care Management Board (RSPHCMB), Professor Kinikanwo Green, said the commissioning is to strengthen health care delivery system in the state.
Green described the solarised walk-in cold room as one of the best in the country, stressing that it would take care of all vaccines.
He also explained that the vehicles will help health officers, especially in the rural areas to ensure proper supervision of immunisation as well as easy dispatches of vaccines to its destination.
According to the Executive Secretary, the situation will also enable the state to achieve universal health coverage
Speaking in similar vein, the chairman of RSPHCMB, Professor Blessing Jaja, said the board will continue to deliver on it core mandate and commended Governor Fubara for ensuring regular subvention as well promotion of its staff.
In their separate speeches, representatives of the World Health Organization (WHO), Dr Kolude Oluwafunmilola, and Dr Anselem Audu of UNICEF said the ceremony represents Rivers state’s commitment to quality health care.
They also commended the government for its efforts in advancing immunization in the state and assured of their continuous collaborations.
John Bibor
News
Fubara Tasks New Surveyor-General On Professionalism …Says Appointment Based On Merit
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Rivers State Governor, Sir Siminalayi Fubara, has urged the Surveyor-General of the State to work differently with professionalism, diligence and integrity, and ensure that every tenable, pragmatic module is deplored to enhance effective delivery of his duties and responsibilities.
Governor Fubara gave the charge shortly after swearing in Surveyor Peter Ogolo as the Surveyor-General of the State and Permanent Secretary of the Survey Department at Government House in Port Harcourt, last Tuesday.
The Governor described Surveyor Ogolo as a long serving public officer who ranks high among his peers, and has contributed immensely to the establishment of most development roadmaps for the State, stressing that his appointment was based purely on merit.
He said, “If you go into the history of how the then Greater Port Harcourt Development Authority was established, if you go into the history of other developments in this State, if you check the survey plans, you will see that Ogolo was the one who signed virtually all those things.
“This appointment is not because he is from Opobo. He is the most senior, most qualified, and even the one who interviewed the person he is succeeding now. The records are there with the Civil Service Commission.”
Governor Fubara stated: “So, I don’t need to give you any charge. You are already there. You know what the office entails. You just read your oath of office: do what is right. It is not about the faces you are going to see, do what is right. Be professional, defend and protect the interest of the State. I wish you all the best. God will guide you.”
Governor Fubara recalled the challenges that Surveyor Ogolo encountered that would have ended his career quite early but quickly added that because he listened to wise counsel, he is now celebrating being the Surveyor-General of the State.
He explained, “But something happened in the course of his service. He was between losing his job or fighting for his life. He came to me, and I advised him: why don’t you leave, maybe, wait to fight another day.
“And that is why today he is alive to be the Surveyor-General. If he had stood to fight, that he is the most senior, that he is the most qualified, he wouldn’t have been here today,” he stated.
He advised the new Surveyor-General to serve the State selflessly and honestly, with abiding integrity, so that posterity will remember his legacies forever.
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