₦airaland Forum

".....Nigeria’s public debt has sustained upwards swing since 2023 with estimated figure at all time high of $100 billion while the Debt service to Revenue ratio is put at 47% in 2025.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has warned that about 50 percent of low-income countries are in or approaching debt distress, requiring urgent actions.

It was not clear where Nigeria stands on his assertion but based on World Bank classifications for 2024–2026, Nigeria is classified as a lower-middle-income country, not a low-income country. However, Nigeria’s public debt has sustained upwards swing since 2023 with estimated figure at all time high of $100 billion while the Debt service to Revenue ratio is put at 47% in 2025.

Speaking at the on-going Technical Group Meeting of members of the Group of 24 Nations (G-24) in Abuja, yesterday, Edun also disclosed that debt servicing has become a major burden for many countries in the Global South (Developing Countries).

He noted that total annual debt servicing payments by debtor countries in the Global South was far above both inflows of Overseas Development Assistance and Foreign Direct Investments from the Global North.

Speaking further, Edun stated: “The gathering was an opportunity to re-shape the development trajectory of the Global South at a time when global risks are converging faster than institutions can respond.”

According to him, about 25 per cent of Emerging and Developing Economies EMDEs have lost access to international capital markets making internally generated revenue more compelling than ever.

Also speaking at the meeting, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, described cross-border payments among members of the Group of 24 Nations (G-24) as too costly and slow.

His words, “Today, cross border payments remain too slow, too costly, and too fragmented, especially for developing economies. With global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity.” He called for immediate actions that would address the challenges through modern digitalization that would make such payments faster and cheaper.

Cardoso said his keynote speech on “Digital Cross-Border Payments, Global Finance, and Economic Transformation – Opportunities and Risks” was not merely a technical discussion but a foundational development priority for G 24 countries.

He commended, Mr. Edun, who is also the Chairman of G-24 for articulating the Group’s vision anchored on modernizing global finance, strengthening domestic capacities, and ensuring that the digital transition becomes a force for shared prosperity.

According to him, “These priorities resonate deeply with the mandate of central banks across the G-24 countries.”

The CBN boss added, “Across the world, cross border payments are becoming the backbone of the international monetary and financial system. For G 24 economies, inefficiencies in these systems translate directly into higher remittance costs, costly FX transactions, fragmented settlement processes, and barriers to MSME participation in global trade.

“Improving cross border payments, therefore, is not simply a technical reform, it is a macroeconomic and development priority. The channels through which capital, remittances and trade flows move, now form a critical part of global financial stability architecture.”

Members Face Constrained Fiscal Space – Masha
Earlier in her remarks, Dr. Iyabo Masha, Director and Head of the G-24 Secretariat, said that the meeting was holding at a time of heightened uncertainty, policy fragmentation, and structural transformation, which made the conversations not merely valuable, but that they were essential.

Her words, “We meet at a moment of measured resilience but constrained ambition in the global economy. For many EMDEs, the challenge is no longer simply to ‘recover,’ but to restore development trajectories, protect macroeconomic stability, and finance transformation in a world of higher volatility.

President Bola Tinubu has requested for the supply of used helicopters from Germany to help in intelligence reconnaissance in the Sahel. Tinubu spoke to Friedrich Merz, German chancellor, in a telephone conversation on Wednesday afternoon that lasted around 10 minutes.

According to a statement issued by Bayo Onanuga, presidential spokesman, Tinubu and Merz agreed to improve bilateral relations between both countries and strengthen collaboration in the security, power, and railway sectors.

“The Sahel corridor is bad and needs our support. Intelligence support reconnaissance is needed,” Tinubu told Merz, after both leaders expressed worry over the region. Bayo Onanuga did not note if Tinubu’s request was granted.

Tinubu and Merz also spoke on the presidential power initiative, designed to improve electricity supply in the country. The president said Nigeria requires assistance with power transmission.

According to the statement, Merz pledged that Siemens would assist in that regard, while Deutsche Bank would be willing to finance the project. Both countries currently have a $2.3 billion Siemens power deal which has largely stalled since 2019.

In December 2021, the federal executive council (FEC) approved $1.9 million and €62.9 million for phase one of the project, which sought to modernise, rehabilitate, and expand the national grid. Last November, Tinubu acknowledged the progress of the Siemens power project, but said it fell short of the expected level.

Tinubu and Merz also discussed collaborations in the arts sector, with the German chancellor calling for the establishment of the Great Museum of African Arts. Merz said his country is eagerly awaiting the arrival of Nigeria’s new ambassador to Germany.

The ONSA explained that the cost of servicing the Presidential Air Fleet has grown significantly because maintenance is carried out abroad rather than locally. The Office of the National Security Adviser (ONSA) on Wednesday informed lawmakers that the cost of maintaining the Presidential Air Fleet has risen significantly.

The Permanent Secretary at the ONSA, Mohammed Sanusi, disclosed this while appearing before the Senate Committee on National Security and Intelligence to defend the agency’s 2026 budget proposal. Mr Sanusi explained that the cost of servicing the Presidential Air Fleet has grown significantly because maintenance is carried out abroad rather than locally.

The 2026 budget proposal covers the Office of the National Security Adviser and its affiliated centres, including the National Counterterrorism Centre, the National Cybersecurity Coordination Centre, the National Centre for the Control of Small Arms and Light Weapons, and the Presidential Amnesty Programme. However, Mr Sanusi did not disclose how much the government spent on maintaining the fleet in 2025 or since the beginning of the current administration.

Aside from maintenance costs, the permanent secretary listed several operational challenges facing the intelligence community, including inadequate operational vehicles for covert missions, irregular release of overhead funds, non-implementation of the 2025 capital appropriation, shortfalls in funding for foreign service personnel, and the impact of foreign exchange fluctuations on service-level agreements.

“There is irregular releases of the overhead cost, non-implementation of the release of the 2025 capital appropriation, irregular release of foreign service personnel shortfall, high exchange rate in respect of the service level agreement used by most of these agencies, inadequate operational vehicle and effective efficient covert to ensure effective and efficient covert operations, increased cost of foreign exchange or maintenance of presidential air fleet abroad instead of our own hangar,” he said.

Nigeria’s Presidential Air Fleet is a collection of aircraft dedicated to transporting the President, Vice President and other top government officials on official assignments within and outside the country. The fleet operates under the supervision of the ONSA, which is responsible for its funding, maintenance and overall administration.

The fleet exists primarily for security, strategic mobility and continuity of government operations. As Commander-in-Chief of the Armed Forces, the president requires secure, reliable and readily available air transport for domestic engagements, diplomatic missions and emergency national security responses. Commercial travel is generally considered unsuitable due to security risks, scheduling constraints and protocol requirements.

However, over the years, the Presidential Air Fleet has attracted public scrutiny, particularly over its uses and maintenance costs. In October 2023, Seyi Tinubu, the son of President Bola Tinubu, flew to Kano in a presidential jet to watch the finals of the year’s edition of the Kano International Polo Tournament. His use of the presidential plane for a private event to satisfy his personal passion generated criticism.

Meanwhile, a significant portion of the presidential aircraft is serviced and maintained abroad due to limited in-country capacity for specialised aviation maintenance. This reliance on foreign facilities exposes the fleet’s upkeep to fluctuations in foreign exchange rates and increases overall operational costs.

Call for Supplementary Budget
Mr Sanusi appealed to the committee to consider additional funding through a supplementary budget, particularly in light of the president’s recent declaration of a state of emergency on national security.

“Mr. Chairman, I wish to recommend that this esteemed committee, with the recent declaration of a state of emergency on national security by the President, it is our humble prayer that adequate funding should be provided through supplementary budget to the intelligence committee to ensure a timely and speedy response to issues of national security. We all agree that no nation can grow without adequate security, Mr Chairman,” he said.

He assured lawmakers that the intelligence community would remain committed to transparency, accountability and effective resource management, adding that budgetary provisions would align with the government’s national security objectives.

“Mr Chairman, in conclusion, I wish to state and reiterate to the distinguished members that the intelligence community always assures the committee and the entire National Assembly of its commitment, transparency, accountability, and effective resource management by ensuring that the budgetary provisions align with the government’s overall national security objectives,” he said.

Committee Chairman Responds
In a brief interview with journalists after the session, the Chairman of the Committee, Yahaya Abdullahi, said the National Assembly leadership would deliberate on the complaints and requests.

“After receiving reports from the various committees, the National Assembly leadership will sit down to review the issues and work out appropriate solutions, particularly those that have arisen in the current financial year. We also discussed the recent declaration by the president of a national emergency on security. If such an emergency has been declared, there must be adequate funding to support it,” he said.

Mr Abdullahi, who represents Kebbi Central Senatorial District, added that the committee may advise the leadership of the National Assembly to seek a meeting with the president to present the concerns of the security and intelligence agencies directly. “As a result, we will develop a strategy to ensure that the president’s declaration does not become merely symbolic. If necessary, we will engage the leadership of the National Assembly to seek a meeting with the president.

We intend to present the concerns of the security and intelligence agencies directly to him so that appropriate steps can be taken to provide them with sufficient funds to carry out their constitutional responsibilities." He further noted that 2026 would be a critical year for Nigeria’s democracy, warning that inadequate funding of security agencies could pose serious challenges as the country approaches another election cycle.

The committee, he said, has concluded its budget defence session and is preparing its report for submission to the Appropriations Committee and the leadership of the National Assembly, after which further engagement with the executive arm is expected.

“We also emphasised that 2026 is a very critical year for the survival of the nation’s democracy. Given the current security situation, failure to adequately fund these agencies could create serious challenges as we approach next year’s elections.

“For now, the committee has concluded its work and is preparing its report for submission to the Appropriation Committee and to the leadership of the National Assembly.

The National Assembly, in collaboration with the House of Representatives and the relevant Senate committee, will then approach the president with concrete suggestions on how to address the challenges confronting these institutions,” Mr Abdullahi said.

“We don’t want a situation where, in an election, you have five people contesting, one person scores 300,000 votes, one person scores 290,000.

Then for one reason or another, he’s disqualified by the court and the person who scored 1,000, who is not popularly elected, will now be declared a winner..... "

Fifty-eight students of the University of Ibadan have graduated with first class honours from the institution’s faculty of law for the 2024/2025 academic session.

The development gained traction on X on Tuesday, where alumni, student associations and supporters of the university flooded the platform with congratulatory messages, praising the graduates for what they called an extraordinary display of discipline, resilience and scholarly excellence.

Although the university management has yet to issue an official statement, Idowu Olayinka, former vice-chancellor of UI, confirmed the results on his verified Facebook page, noting that the grades were approved at a senate meeting held on Monday, February 16, 2026.
“It has been factually reported that 58 out of the 146 students who graduated from the Faculty of Law at the University of Ibadan at the end of the 2024/2025 academic session earned a First Class. Happily, I attended the Senate meeting that approved the results yesterday, 16th February 2026.”

Olayinka noted that the achievement reflects the calibre of students admitted into the faculty and noted that this pattern has been consistent for at least the past 20 years.

“In reality, all the students admitted into the Faculty of Law at the University of Ibadan have the potential to eventually graduate with First Class honours, insofar as nearly all of them scored a weighted average of almost 70 per cent in the UTME and Post UTME when they were offered admission,” he said.

Olayinka added that the merit cut-off mark for law at UI in 2025/2026 was 70.875 per cent, compared with 78.875 per cent for medicine and surgery and 71.375 per cent for nursing science.

“So we should not be surprised if, in a few years, these students also post excellent results,” he said..The former vice-chancellor commended the University senate and law faculty staff for maintaining high academic standards.

“What is important is that the UI Law graduates are fit for purpose. They have always excelled in their Final Bar Examinations at the Nigerian Law School,” he said.

“Rather than any unsubstantiated criticisms, the Dean and all members of staff in the Faculty of Law at UI should be commended for bringing out the best in their students.”

To celebrate the achievements, the UI law students’ society posted a picture of the graduating students on X.

“58 First Class Graduates! This is not chance. This is discipline, resilience, sleepless nights, and relentless excellence. Congratulations to LLB ’25 — your hard work has written history. You did not just pass. You raised the standard,” the post reads.

The UI alumni association also congratulated the students, noting the broader distribution of honours within the cohort.

“Congratulations to UI Law Students: First Class Honours – 58; Second Class Honours, Upper Division – 71; Second Class Honours, Lower Division – 17. Congratulations once again,” the post reads.

According to Olayinka, the results have set a new benchmark for the UI law faculty and reaffirmed the university’s reputation for academic excellence.