Good morning!! Here is today’s summary from Nigerian Newspapers;

1. The Defence Headquarters, DHQ has announced the successful rescue of Mrs Amina Abubakar, wife of the late Maj.-Gen Abubakar Rabe (Rtd.), former Director of Defence Information, after a fierce encounter between troops and bandits. The Director of Defence Information, Maj.-Gen Samaila Uba said in a statement issued on Monday that the rescue was carried out during intensified search and rescue operations.

2. The Federal Government recommenced the mass prosecution of terrorism suspects before a Federal High Court in Abuja after an earlier exercise in which about 500 were prosecuted. The exercise, which started on Monday is expected to last till Thursday, was said to involve about 600 persons going out on trial, Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi said.

3. The Federation Account Allocation Committee, FAAC has shared a total of N2.257 trillion as the revenue generated in April among the Federal Government, the 36 states and the 774 local government areas across the country. The revenue allocation was approved by FAAC at its May meeting in Abuja.

4. Aminu Abdussalam Gwarzo, the governorship candidate of the Nigeria Democratic Congress, NDC in Kano State, has picked Mustapha Rabiu Kwankwaso, biological son of Senator Rabiu Musa Kwankwaso as his running mate. The young Kwankwaso is the immediate former Commissioner for Youths and Sports.

5. The Federal High Court in Abuja on Monday ordered the deregistration of African Democratic Congress and four others for failing to meet the constitutional requirements for political parties in the country. In a judgement, Justice Peter Lifu ordered the Independent National Electoral Commission to deregistered the affected parties having failed to secure 25 per cent of the votes in the last general elections in compliance with the provisions of the law.

6. The African Democratic Congress has picked former Rivers State Governor and ex-Minister of Transportation, Rotimi Amaechi as running mate to former Vice President, Atiku Abubakar for the 2027 presidential election. The party said Amaechi’s emergence was sequel to extensive consultations and reflected his performance as runner-up in the ADC presidential primaries as well as his record in public service.

7. The gantry price of Premium Motor Spirit (petrol) has been slashed by N75 per litre by Dangote Petroleum Refinery. The refinery said in a circular to fuel marketers on Monday that the adjustment was due to the de-escalation of the tension in the Middle East which had affected energy prices in the past three months.

8. Joseph Okpe, a 43-year-old commercial bus driver, has died after he was reportedly beaten by a group of officers of the Nigerian Air Force over a disagreement regarding a minor traffic incident involving their vehicle. The incident, it was learnt on Monday, took place on May 9 along the Oshodi-Apapa Expressway, where the officers allegedly assaulted the deceased.

9. The Anambra State Police Command arrested two suspects allegedly involved in the production and distribution of adulterated alcoholic beverages in the state. The suspects, Ikechukwu Okeke, 42 and Okeke Chukwuemeka, 38, were arrested on Monday morning by the operatives attached to the Rapid Response Squad/VCRU, based on credible intelligence received by the police.

10. The Governor of Osun State, Ademola Adeleke, has condemned the judgment of the Federal High Court in Abuja on Monday which deregistered five political parties, describing it as an abuse of court process and a direct violation of a subsisting order of the Court of Appeal. This was disclosed in a statement issued in Osogbo on Monday by the governor’s spokesperson, Olawale Rasheed.410

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Mr. Peter Obi, the Nigeria Democratic Congress’s (NDC) presidential candidate, has praised the Federal Government for successfully negotiating a prisoner exchange deal between Ethiopia and Nigeria, calling it a welcome humanitarian move.

In a statement released on his X handle on Tuesday, Obi commended Ethiopian authorities, Attorney General of the Federation Lateef Fagbemi (SAN), and Minister of Foreign Affairs Ambassador Bianca Odumegwu-Ojukwu for successfully concluding the lengthy negotiations.

He claims that the conversation emphasizes how crucial it is to defend Nigerian citizens’ rights and dignity regardless of where they live or what their circumstances may be.

Obi, however, offered his sympathies to the families of the at least four Nigerians who reportedly perished in Ethiopian captivity during the discussions.

“Learning that at least four Nigerian citizens died while in custody while this diplomatic and administrative process dragged on over the past few years is heartbreaking,” he said.

Many of the impacted Nigerians were young persons detained while passing through Addis Ababa’s Bole International Airport in pursuit of better chances overseas, according to the former governor of Anambra State.

Obi stated that the circumstance emphasizes the need to solve the economic issues that push many young Nigerians to look for opportunities abroad, even as he urged Nigerians to abide by the rules of the nations they visit.

He emphasized that in order to reduce mass emigration and the hazards that come with it, Nigeria needs to provide more economic opportunities, enhance its educational system, and establish an atmosphere where hard effort is appreciated.

As the transferred inmates return to Nigeria to complete their sentences, Obi also demanded that correctional institutions be properly managed, with a focus on rehabilitation and reintegration into society.

He called on the government to take this development as a wake-up call to create a country that empowers, values, and protects its people.

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Insecurity is escalating in Nigeria, and the bloodthirsty terrorists have gruesomely murdered no fewer than six active serving military commanders and one Retired Major General since January this year, 2026.

The fight against insurgency has turned deadlier recently with a sharp rise in killings and abduction for ransom, signaling no end to the decade-long national crisis, reports said.

Military officers and commanders are also not left out in the targeted strikes by the assailants as innocent civilians are being murdered on a relatively daily basis.

On 16th February, 2026, Boko Haram fighters attacked the Mandaragirau community in the Biu Local Government Area of Borno State, killing Lt. Col O.C. Okolo.

He was buried in his home town of Obinofia Ndiuno, Ezeagu Local Government Area of Enugu State in April 2026.

The armed militants killed Maj. U.I. Mairiga the Commander, Mayenti base in Borno State on March 1, 2026, a month after the death of Colonel O.C. Okolo.

Lieutenant Colonel S.I. Iliyasu, another top military commander paid the supreme price on March 6, 2026 when Boko Haram fighters attacked a Battalion in Konduga area of Borno State.

Similarly, on March 9, Lieutenant Colonel Umar Farouq was killed in another deadly attack by Boko Haram insurgents on a military base in Borno State.

The killings continued in April with the murder of Colonel I.A. Mohammed Commanding Officer of the Nigerian Army’s 242 Battalion in Monguno, Borno State, in active service on April 13, 2026.

It also recalls that Brig. Gen. Oseni Omoh Braimah was shot dead by members of the Islamic State of West African Province, ISWAP terror group on April 9.

The latest was the sad report of the death of Retired Maj-Gen Rabe Abubakar.

The Retired General was not killed in active service, but died in the forest after being kidnapped by terrorists in Katsina State.

He and his wife were abducted on 30 May along the Marabar Musawa-Kafinsoli road in Matazu Local Government Area of Katsina State.

Rabe was last seen in a video where his captors demanded the release of some bandits and the seizure of livestock, it was reported.

In the four-minute, two-second video that has been circulating on social media, the couple were seen standing and relaying the demands of their captors.

In the video, the widow said the abductors demanded the release of three of their members, namely, Sani, Aminu and Nasiru.

She said two of the detained persons were arrested in Jikamshi and the third was in Kano.

She also appealed to Katsina State Government and the leadership of the five local government areas to assist in meeting the demands to ensure their release.

But Rabe died from complications of diabetes and hypertension, Commissioner for Internal Security and Home Affairs in Katsina, Nasiru Mu’azu said in a statement on Saturday.

Nigerians react: Nobody is safe

Nigerians took to social media on Saturday with posts of their deep anger over the government’s failure to rescue General Rabe before his death.

Following the announcement of Rabe’s death, some political big wigs took to their X handle to mourn the late general and made comments on the bigger issue of insecurity in the country.

Peter Obi: ‘We cannot continue like this’

The presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi in a statement on X, said the unfortunate incident was painful, describing the deceased as a “distinguished military officer who contributed a large part of his life to defending Nigeria and protecting its citizens.

“It is tragic that a man who served his fatherland with honour, rose through the ranks of the Nigerian Armed Forces and retired after years of meritorious services would meet such a heartbreaking end at the hands of criminal elements.

“His death is a national tragedy and a sobering indictment of the insecurity that has engulfed our country.

“When traders can no longer safely travel to markets, farmers cannot reach their farms, communities live under the constant fear of attack and even retired senior military officers are not spared from the menace of kidnapping and violent crime, it is clear that our nation is facing a grave security emergency”.

Obi urged the Federal Government and security agencies to go beyond the rhetoric and adopt a more proactive, intelligence-driven, technology-based and coordinated approach to tackling insecurity.

“Nigeria must strengthen its security architecture, improve intelligence gathering, secure our borders, equip and motivate our security personnel and ensure that those behind these heinous crimes are apprehended and brought to justice,” he said.

It has become a national calamity – Sam Amadi

The former Chairman of the Nigerian Electricity Regulatory Commission, NERC, Sam Amadi has said that the deteriorating security situation of the country is becoming a national tragedy. Amadi cited the killing of other top military personnel.

Amadi called the unfortunate development a sad development and asked “why should a retired General be held in the forest for weeks and the Nigerian state cannot rescue him and his wife?

“Where is the competence of the Tinubu government if it cannot save this retired General? It has happened too often to be a national disaster.

“The Nigerian government can only do propaganda and arrest political enemies and activists”.

David Mark laments: Nigerians now at risk in their own country

Senator David Mark, National Chairman of the African Democratic Congress, ADC, said that Nigerians are now endangered in their own country “due to the persistent threats of terrorism, banditry, kidnapping and other violent crimes”.

In a statement by his media aide, the former Senate President said, “insecurity has continued to escalate for over a decade now, affecting every segment of society.

He called on Nigerians to unite in the fight against terrorism, banditry, kidnapping and other forms of criminality that are threatening the peace and stability of the country.

President Bola Tinubu, in a statement issued Saturday night by his media aide, Bayo Onanuga, said that while the terrorists had “done their worst”, the government would never bow to their demand to release their members held by our security agencies.

“Bandits, kidnappers and sponsors of terror should now surrender or face the full weight of the Nigerian State,” Tinubu reiterated.

“Those windows of surrender won’t stay open forever. “And there shall be no mercy for those trading in the blood of Nigerians”

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The United Nations Secretary General, António Guterres on Friday announced the appointment of Nigeria’s Ahunna Eziakonwa as Special Adviser on Africa.

She takes over from Cristina Duarte of the Republic of Cabo Verde, to whom the Secretary-General expresses her thanks for her commitment and dedicated service to the Organisation.

Eziakonwa comes to her new role with nearly three decades of United Nations (UN) leadership.

In her current role as UN Assistant Secretary General, Assistant Administrator and Director, Regional Bureau for Africa, United Nations Development Programme (UNDP), she leads the organisation’s support to 46 African countries in the pursuit of Agenda 2030 and Sustainable Development Goals, as well as the African Union’s Agenda 2063.

She has been instrumental in shaping the UNDP’s strategy for economic and political development across the continent since 2018.

Eziakonwa’s career encompasses the full range of UN work in Africa.

Her experience includes serving as UN Resident Coordinator, Humanitarian Coordinator and UNDP Resident Representative in Ethiopia, Uganda and Lesotho where she has coordinated humanitarian action, development strategy and political engagement.

She was Chief of the Africa Section at the UN Office for the Coordination of Humanitarian Affairs (UNOCHA) in New York, overseeing humanitarian operations in 15 African countries, and served in senior positions in Liberia and Sierra Leone at critical junctures in their histories.

At UN Headquarters she worked with the UN Departments of Peacekeeping Operations, Political Affairs and Public Information on peacekeeping and political analysis and strategic communications on UN engagement in Africa.

Before joining the UN, she had worked with a number of African civil society organizations.

Eziakonwa holds a Master’s degree in International Affairs from Columbia University, New York, USA, with a specialization in African economic and political development and a Bachelor of Arts in Pedagogy, English and Literary Studies from the University of Benin, Nigeria.

Besides her native Igbo and English, she speaks fluent Yoruba and can get around a bit in French.

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On the occasion of Nigeria’s 27 years of uninterrupted democratic governance, the Nigerian Government has reiterated its commitment to deepening democracy, strengthening institutions and promoting national cohesion.

This was disclosed at a Democracy Day Public Lecture in Abuja, where stakeholders and policy experts reflected on the country’s democratic journey, achievements, challenges and future prospects.

Senator George Akume, Secretary to the Government of the Federation (SGF), who represented Nigeria’s Vice President Kashim Shettima, said the occasion gave Nigerians an opportunity to celebrate democratic gains while critically examining the nation’s progress since the return to civil rule in 1999.

He said Nigeria’s democratic journey has been a story of resilience and determination in the face of many challenges.

“Nigeria has decisively returned to democratic governance since 29 May 1999. “The most important thing I’ve learned from this journey is that it’s been a journey of resilience and determination,” he said.

The country had successfully conducted eight successive general elections and witnessed peaceful transfers of power across political parties and regions, he said describing the development as evidence of the growing maturity of Nigeria’s democracy.

“The gains of democracy, the freedom of choice to vote and be voted for, are priceless. He noted that we must continue to strengthen our institutions and ensure that democracy brings benefits to all Nigerians.

The SGF also stressed the need for national unity and cautioned against ethnic, religious and regional divisions.

The foundations of our democracy should not be eroded by ethnic religious or regional fault lines. “National cohesion is vital to our survival and development as a democracy.”

Professor Ayo Omotayo, the Director-General of the National Institute for Policy and Strategic Studies (NIPSS), who delivered the keynote lecture, titled ‘Twenty-Seven Years of Democratic Governance in Nigeria: Achievements, Challenges and the Road Ahead’, described June 12 as a watershed moment in the country’s democratic history. As we pay tribute to the heroes of the June 12 struggle, particularly the late Chief M.K.O. Abiola and other pro-democracy activists who sacrificed for the restoration of democratic governance.

“Democracy Day is more than a holiday. It’s a sober reminder of the sacrifices made by brave Nigerians who believed that the destiny of this nation should be decided through the ballot box, not the gun,” Omotayo said.

Some of the achievements listed by the Director-General of NIPSS since 1999 include, stronger democratic institutions, broader civic engagement, economic reforms, technological progress and increased global acknowledgement for Nigeria.

For him, one of the biggest landmarks was the peaceful change of power between political parties at the federal level in 2015.

He emphasized that “the transfer of power from one political party to another is still one of the strongest indicators of the growing maturity of our democratic system.”

Professor Omotayo also praised the growth of Nigeria’s digital economy, stating that technology had become a key driver of innovation, entrepreneurship and financial inclusion.

One of the great accomplishments of democratic governance is the rise of the digital economy. “Young Nigerians are using technology more and more to establish businesses, create jobs and spur innovation,” the NIPSS Director-General said.

Despite these advances, insecurity, unemployment, poverty, corruption and social divisions were key challenges facing the country’s democratic development, he said.

“Democracy must ultimately be judged not just by the conduct of elections, but by its capacity to improve the welfare and well-being of citizens. “There is much work to be done in this regard,” he pointed out.

Professor Omotayo also called for more investment in youth development, education, technology, institutional reforms and inclusive economic growth so that democracy would translate into better living standards for the citizens.

Speaking at the event, Mrs. Didi Esther Walson-Jack, Head of the Civil Service of the Federation, also emphasized the importance of trust in democratic governance.

Democracy, she said, was a system based on accountability, inclusion, service delivery and citizen participation.

“Democracy is far more than elections. It is about service, accountability, inclusion, justice, participation and the continuous improvement of the lives of citizens,” she said.

For that, public institutions have to work hard to earn the trust of citizens through transparency, fairness and effective service delivery, Walson-Jack said.

“When government earns trust by being fair, transparent, consistent and delivering results, democracy becomes stronger and more meaningful,” she said.

She re-echoed the commitment of the Federal Civil Service towards national development through innovation, digital transformation, performance management and ethical leadership.

The event had in attendance Nigeria’s Minister of Information and National Orientation, Mohammad Idris and his counterparts, Minister of Livestock, Minister of Budget and National Planning, alongside Permanent Secretaries and Director Generals of MDAs.

The stakeholders at the event stressed that there has been a lot of progress but building a more prosperous, secure and inclusive nation remains an ongoing responsibility for leaders and citizens alike.

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Human rights activist and former presidential candidate, Omoyele Sowore, has reportedly been taken to hospital after collapsing during a confrontation between police operatives and protesters at the Unity Fountain in Abuja.

The incident, which was reported to have happened during a Democracy Day protest on Friday against insecurity, economic hardship and what demonstrators say is poor governance.

The protest that drew activists and civil society groups was dispersed after security operatives shot teargas canisters to disperse the gathering, Vanguard quoted witnesses as saying.

Chaos erupted as protesters ran for cover in clouds of teargas, eyewitnesses said.

Sowore was said to have been affected by the fumes and later lost consciousness in the confusion.

Supporters and fellow activists rushed to his aid and evacuated him from the protest ground.

According to sources close to the activist, he regained consciousness while being transported away from the scene in a vehicle.

After the incident, Sowore was reportedly taken to an undisclosed hospital for medical examination and treatment.

The development added to the tension at the protest site that was attended by demonstrators who condemned the police action.

The protesters had come out to demand urgent action on rising insecurity, economic hardship and governance challenges in the country.

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The Senate has distanced itself from the arrest warrant issued by its Committee on Public Accounts against the immediate Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. The chamber also condemned uncomplimentary comments by Senator Adams Oshiomhole describing NNPCL as “a bunch of criminals and thieves”.

The repudiation came after a motion moved by Senate Leader Opeyemi Bamidele under a point of order on urgent national importance. Bamidele said the Senate had to protect its institutional integrity, ensure adherence to the Legislative Houses’ Powers and Privileges Act and protect fair hearing and due process.

The controversy broke on Wednesday when the Public Accounts Committee, led by Senator Ibrahim Dankwambo, resumed its investigation into queries raised against NNPCL by the Auditor General of the Federation in audit reports for the years 2017 to 2023. At the session with the former NNPCL management, the committee resolved to issue an arrest warrant against Kyari.

At the same session, Senator Oshiomhole, a member of the committee, made negative comments about NNPCL. The former management team were interrogated and he described the company as “a bunch of criminals and thieves”.

But barely 24 hours later, the Senate in plenary, disowned both the committee’s action and Oshiomhole’s comments, stressing that they did not reflect the position of the institution.

Bamidele told the Senate any committee performing oversight under Sections 88 and 89 of the 1999 Constitution must do so in accordance with natural justice, fairness, objectivity, parliamentary responsibility and respect for the rule of law.

“Although the Senate has broad investigative and oversight powers, such powers must be exercised in a manner that does not create the appearance of bias, prejudice, prejudgment or predetermined conclusions about any person or institution being investigated,” he said.

He specifically argued that the warrant of arrest issued against Kyari was fraught with procedural irregularities and should be declared null and void. He also called on the Senate to discountenance Oshiomhole’s description of NNPCL.

“Such procedural irregularities may expose Senate proceedings to avoidable legal challenges and diminish public confidence in the institution,” warned Bamidele. He said that any statements suggesting guilt before the conclusion of the investigations were prejudicial to the proceedings.

The motion was strongly supported by Deputy Senate President Barau Jibrin, Senate Whip Tahir Monguno, Senator Adamu Aliero who described Oshiomhole’s comments as reckless, and Senator Orji Uzor Kalu, who moved that Oshiomhole withdraw the statement.

In his reaction, Oshiomhole said he made the comments under duress occasioned by equally uncomplimentary remarks against the Senate and senators by former NNPCL Chief Financial Officer, Alhaji Umar Ajiya, during the investigative hearing.

The Senate, in its resolution, formally distanced itself from Oshiomhole’s statement calling NNPCL “a bunch of criminals and thieves,” stating that such comments are not the official stance or determination of the Senate.

The chamber also discounted the purported arrest warrant issued by the Public Accounts Committee on Wednesday, June 10, 2026, against Mele Kyari.

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Hundreds of protesters staged a fresh #EndBadGovernance protest in Lagos on Friday, capitalizing on the Democracy Day period to make a case for immediate government intervention in the areas of economic hardship, insecurity, unemployment and the escalating cost of living.

The protest attracted activists, civil society organisations and concerned Nigerians who marched peacefully through parts of the city, holding placards with inscriptions such as “Free All Captives Now,” “End Anti-People Policies Now,” and “For a Living Wage and Mass Creation of Employment.”

Participants expressed concern over the worsening economic situation in the country and called on the government to take decisive steps to address the challenges faced by citizens.

The protest was held against the backdrop of recent mass abductions reported in Oyo and Borno States and rising public frustration over rising cost of living and economic hardship.

The protesters also pointed out the impact of inflation, rising transportation fares and declining purchasing power on the average Nigerians, calling for policies that will reduce the burden on the people.

Prominent human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has joined calls for improved governance, enhanced security and economic reforms aimed at improving the welfare of citizens.

Earlier, Falana had joined some civil society groups to announce June 12 as a day of nationwide protests, citing issues of pervasive insecurity, hunger and the economic challenges facing millions of Nigerians.

Security agencies were also deployed to monitor the protest and maintain law and order during the exercise.

Meanwhile, a group of demonstrators also showed up at the venue to support the Federal Government’s economic and policy reforms.

Pro-government supporters marched with banners carrying messages such as “Better Days Ahead for Nigeria”, asking Nigerians to be patient and allow the reforms to produce positive results.

The group said the policies the government is putting in place are aimed at repositioning the economy for long-term recovery, stability and sustainable growth.

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“Nigeria was using 90% of revenue to service debt in 2023. Today the budget is tripled and debt to revenue ratio is down. That’s not Leprosy. “That’s recovery.

When President Bola Ahmed Tinubu said “borrowing is not leprosy”, he was not telling Nigerians to celebrate debt. He was asking them to consider context. For the past two years, the headlines have been about one number: ₦65.9 trillion borrowed. Anger is the one emotion social media has zeroed in on. What’s missing is the math from 2023 to 2026 – and the math tells a different story.

Loud Backlash. The Balance Sheet Says More

The backlash has been fierce, as you would expect. Daily Times Nigeria quoted Tinubu in a headline defending borrowing “if used productively and responsibly”. Critics hit back with charts showing Nigeria’s debt in 2 years outpacing the last 55 years. Nigerians flooded the World Bank’s Instagram page with comments like “Stop giving Tinubu more loans,” forcing the bank to lock comments on the page.

And Nigerians are right to be tired Debt is now a national trauma. But trauma is a poor economist. To know if we are sicker or healing we have to begin a comparative analysis, define what we’re talking about, and set the context.

The Company Nigeria What Tinubu inherited

“You don’t measure a new CEO by the size of the loan. You judge him by the company he kept.”
The Tinubu administration inherited a ₦11 trillion budget deficit in 2023. The plan was to spend N11 trillion more than it expected to earn. At the time, Nigeria’s debt-to-revenue ratio was roughly 65%. It got worse after real term estimates for Q1. At one point we were literally using 90% of all government revenue just to pay interest on debt.

It is getting dark. The last administration had taken money for future crude supplies in advance so we could pay for consumption. Imagine taking over a company with current and future earnings that can’t possibly support proposed spending, yet you still have to spend to keep the lights on.

“If you’re not growing your revenue base, you’re going to have to borrow more money to survive.” Both were chosen by the Tinubu administration.

Three Reforms That Changed Math

Three structural decisions altered Nigeria’s fiscal base between 2023 and the present:

Subsidy cancellation
Economically unavoidable. Politically toxic. The fuel subsidy was debt in another guise, we borrowed to consume, not to build.
FX Unification
The massive devaluation of Naira was caused by the merging of the parallel market and CBN rate. It also killed the arbitrage racket which used to siphon billions of dollars from the treasury every year.
Reduced Cost of Credit
Interest rates on foreign loans have moved from double digit to single digit in Nigeria. That’s like refinancing a mortgage from 18 to 8 percent. You still owe. But the bleeding begins to slow.
The outcome: Nigeria’s 2026 budget is nearly three times the size of its 2023 budget, with projected revenue soaring exponentially.

The Problem: We Still Have a Gap

“Once the budget was approved, the deficit was accepted. “Pretending that borrowing is a surprise is ignoring simple arithmetic.”
And just like the CEO, whenever there is a deficit the government has two choices: raise revenues via taxation or by increasing business output; or borrow. I’m a fan of cutting spending myself. But you can’t run a country while cut your way out of a ₦11 trillion hole.

So the decision to borrow was not taken yesterday. It was done the moment the budget passed and the deficit was accepted.

Three Indicators of Fiscal Space

Why is Tinubu so confident? The “leprosy” comment is based on three quantifiable changes since 2023:

Debt to Revenue Ratio Is Down
The debt-to-revenue ratio has actually gone down, the fact that the budget has tripled. We are spending less of every naira we earn on debt service than we did at the peak of the crisis. In 2023, debt service took up 90% of revenue. There is room to fund capital projects now.
Investor Panic Is Subsiding
When buying Nigeria’s bonds, investors are less worried about our debt exposure. Eurobond yields have fallen. Market-wise, it’s a vote of confidence. Risk flows with money. When yields fall, it means the world thinks you’re less likely to default.
Dollar Debt Has In Fact Reduced
Nigeria has not defaulted on its sovereign debt. In fact, total debt in USD has actually come down from $108 billion in 2023 to $90-$95 billion now. The sharp rise in debt as measured in naira terms partly reflects devaluation, which raised the naira value of existing external debt even without new borrowing.
So, Does Nigeria Have a Debt Problem?

“So not leprosy, but not full either.”
Yes. And no. Nigeria is no longer working in the same fiscal environment that it was at the peak of its revenue crisis. In nominal terms, the revenue is better and the government has more fiscal space than when debt obligations consumed almost everything coming in.

But the country remains heavily dependent on borrowing. Inflation is still high. The naira is still weak. How long the debt remains sustainable will in the end hinge on whether revenues can continue to grow faster than obligations.

If revenues hold steady or borrowed money is wasted, Nigeria could easily revert to the same fiscal stress that characterized the years before 2023. But as long as they grow and as long as this administration does well with revenue, we will be fine.

The Tinubu Doctrine: Borrow to Transition, Not Consume

This is the heart of the administration’s PR case. Under Buhari, subsidies and FX distortions were debt financed. We borrowed to spend. Under Tinubu, debt is driving a move away from that model.

The strategy is built on three pillars:

Cheaper Money: The switch to single-digit foreign loan rates reduces the life cost of debt. That matters more than the headline borrowing number.
Revenue First: Removing subsidies, unifying FX and tax reforms are to broaden the base so that today’s loans do not become tomorrow’s crisis.
Transparency: The deficit was declared by the budget. Nigerians may dislike the borrowing. But they cannot deny it was concealed.
What Nigerians Need to Watch Next

“The real PR victory is not taking Twitter. That’s when debt service is no longer 90% of the story, and growth writes the next chapter.”
If this strategy is successful, three indicators will confirm it in 24 months:

Debt Service-to-Revenue Below 40%: Permanent exit from the 90% trap means cash for schools, roads and power.
FX Stability: The first step was to unify. Step two: Reserves and inflows. A stable naira is the best sign that reforms are working.
Debt-Funded Assets: Borrowing needs to be visible in rail, power, digital infrastructure and agriculture — projects that pay for themselves.
We’re not there yet. Inflation is biting. The naira is fragile. But the vital signs are good: less dollar debt, cheaper credit, and a budget that tripled without a debt spiral.

Conclusion: ICU to Recovery

Nigeria was on fiscal ICU in 2023. Debt service accounted for 90% of revenues. Sold forward crude. Subsidies were a bleeding sore. The Tinubu administration chose painful surgery: end subsidies, unify FX, borrow cheaper to fund transition.

The patient is breathing, but the patient is not dancing. The debt-to-revenue ratio has decreased. The dollar is less bound. Investors are less skittish.

Nigeria is not complete. But it is not leprous A country that can scale up its budget by three times, reduce its USD debt and borrow at single-digit rates has options.

The next 18 months will tell whether this breathing room translates into a full recovery. For the moment, the data confirms what the President said: borrowing is not a disease. When the underlying disease was 90% debt service, the real cure was fiscal space. And that space is finally opening up.

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President Bola Tinubu has called on Nigerians to keep faith with the country.

The appeal was made by the President on Friday during his nationwide broadcast on the 27th anniversary of Nigeria’s uninterrupted democracy, it was reported.

He welcomed criticism from Nigerian youths, but asked them to remain steadfast in the belief that the country would get better.

He said democracy fails when citizens lose faith in the process, adding that the National Assembly, judiciary, the press and civil society are the guardrails of Nigeria.

“Disagree with me, criticise me, but never stop believing in the country.

2. “To our young people, Nigeria is your home and your future. Here build, here work, here eat. Every great nation was built by those who stayed to solve problems, not by those who abandoned ship.

“To our forces, police and intelligence services, Nigeria salutes your sacrifices. “Thank you to our traditional rulers, faith leaders and community heads for your support for peace and reconciliation,” Tinubu said.

Meanwhile, Tinubu has warned bandits, kidnappers and sponsors of terrorism to surrender or face the full might of the Nigerian state.

The President’s warning was delivered on Friday in a nationwide broadcast to mark the 2026 Democracy Day and the 27th year of unbroken civilian rule, it was reported.

The country has made great strides in the war on terror with security forces going from training with foreign partners to pinpointing terrorist positions, Tinubu said.

The President said Nigerian security forces had “degraded” an ISWAP command centre in Arege, Borno State.

He added that terror-related deaths had dropped significantly since 2015.

“We’ve gone from training with our allies, the United States, France and other European countries, to precision targeting.” We degraded ISWAP’s command centre in Arege, Borno State. Terror deaths down 81% since 2015. “In the last one year, we have neutralized over 13,000 terrorists,” Tinubu said.

Tinubu said government would continue to provide a surrender window for those willing to lay down their arms.

He said Operation Safe Corridor had facilitated the surrender of more than 124,000 fighters and dependents since 2023.

“But we also keep the door of surrender open,” Tinubu further stated. Operation Safe Corridor has seen over 124,000 fighters and dependents surrender their arms since 2023.

“To bandits, kidnappers and sponsors of terror: Surrender or face the full might of the Nigerian State. These windows of surrender will not stay open forever. “No mercy shall be shown to those that trade in the blood of Nigerians.”

The President appealed to Nigerians to stay united and to avoid blaming any ethnic group for criminal activities.

“At a time like this, let us not assign blame or point fingers,” Tinubu added. Crime does not have an ethnicity. We must stand together and be assured that the enemies of our nation shall soon be history.

“We will overcome terror and we will continue to build a more prosperous country.”410

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