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Tinubu Laments Cost Of Borrowing, Puts 2026 Debt Servicing Figure At $11.6b 

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Nigeria President, Bola Hamed Tinubu has lamented the cost of borrowing by African countries, submitting that this has made it difficult for Africa manufacturers to compete meaningfully with their Europe, Asia and North America counterparts.

 

He said this on Wednesday ,during the Africa Forward Summit held at the Kenyatta International Convention Centre, explaining that the global financial architecture is largely skewed against Africa, leaving the continent at the receiving end of development.

Tinubu quarried”how an African manufacturer can compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher?”

Revealing that Nigeria will spend $11.6 billion on debt servicing in 2026, Tinubu said the amount is half of the projected revenue for this year.

Contained in a statement by Special Adviser on Information and Strategy, Bayo Onanuga, the President was further quoted as saying that Nigeria would spend about $11.6 billion on debt servicing in 2026, representing nearly half of projected government revenue.

“Every single dollar that leaves our treasury to pay punitive interest rates is a dollar that did not go into our steel sector, our textile mills, our agro-processing plants, or our digital industries.

“We export raw minerals, crude oil, and agricultural commodities, and we import processed goods at a premium. This pattern is not an accident.

“It is the product of a global financial architecture that starves our industries of affordable capital, tolerates massive illicit financial flows, and imposes policy constraints that our competitors themselves never observed when they built their own industrial bases,” he said.

The summit, co-hosted by Kenyan President William Ruto and French President Emmanuel Macron, drew leaders and senior officials from more than 30 African countries.

Among those who delivered opening remarks were United Nations Secretary-General António Guterres and Chairman of the African Union Commission Mahamoud Ali Youssouf.

President Tinubu said Africa’s persistent export of raw materials and importation of finished goods at premium prices was the direct consequence of an international system structured against the continent’s industrial development.

According to him, Africa’s share of global manufacturing value remains below two per cent despite decades of political independence.

The President stressed that Nigeria had undertaken painful but necessary economic reforms through sovereign decisions rather than external impositions.

He listed the removal of fuel subsidies, unification of exchange rates, recapitalisation of the banking sector with over $3.4 billion and Nigeria’s exit from the Financial Action Task Force grey list as part of the reforms already implemented.

President Tinubu said the measures had helped deliver a declining debt-to-GDP ratio projected at 32.3 per cent in 2026, stronger external reserves of $45.5 billion and renewed investor confidence.

He, however, lamented that even reforming African economies remained trapped by an unfair financial system.

“How can an African manufacturer compete with a competitor in Europe, Asia, or North America when the cost of borrowing in our nations is five to ten times higher?

“How can we build cross-border industrial value chains under the African Continental Free Trade Area when our infrastructure projects face a financing gap deepened by the very institutions meant to bridge it?”

Declaring that the present financial system had become “an instrument of industrial disarmament for Africa,” President Tinubu said: “Nigeria is not asking for charity.

“We are demanding a financial system that intentionally enables Africa to industrialise; to process its own minerals, refine its own crude oil, manufacture its own pharmaceuticals, and compete fairly in global markets.”

The President advocated stronger regional cooperation in maritime security and blue economy development, describing ocean governance as central to Africa’s future prosperity

He pledged that Nigeria would intensify regional coordination by making its Deep Blue Project maritime intelligence infrastructure available as a shared data hub for willing Gulf of Guinea countries.

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Red Cross Declares Over 1,500 People Missing In A Nigerian State

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The International Committee of the Red Cross (ICRC) says it is following up on more than 1,500 cases of missing persons in Yobe State, as families continue to live with uncertainty over the fate and whereabouts of their loved ones.

 

The Head of the ICRC Sub-Delegation in Damaturu, Syed Rashid Hassan, disclosed this on Thursday at an event organised to commemorate the 2026 International Day of the Disappeared in Damaturu.

Hassan said the figure was part of more than 17,000 missing-person cases being followed up by the ICRC in Nigeria, adding that more than half of those reported missing were children at the time of their disappearance.

He said the figures likely represented only a fraction of the total number of people reported missing across the country.

According to him, more than 513,000 people worldwide were registered as missing with the Family Links Network of the International Red Cross and Red Crescent Movement by the end of 2025.

He described missing persons as one of the most devastating and long-lasting consequences of armed conflict and other situations of violence, disasters and migration.

“The issue of missing people is one of the most devastating and long-lasting consequences of armed conflict and other situations of violence, disasters and migration,” he said.

Hassan said the consequences of disappearance went beyond the missing individuals, as families were left with emotional, economic, legal, administrative, psychological and psychosocial challenges.

He said the ICRC had adopted a holistic approach to supporting affected families, working with the Nigerian Red Cross Society, government authorities and other stakeholders.

He said the organisation was working to prevent family separation and people going missing, reunite families, clarify the fate and whereabouts of missing persons, protect the dignity of the dead and improve systems for documenting unidentified bodies.

He disclosed that the ICRC launched an accompaniment programme in Damaturu to help families cope with the psychological and psychosocial effects of the disappearance of their loved ones.

“Today, many families are still living in uncertainty, causing agony and unspeakable suffering,” Hassan said, adding that more than 50 families had so far been supported through the programme.

The ICRC official called for stronger and sustained efforts to search for missing persons and provide answers to their families.

He also called for stronger national legal and institutional frameworks, including medico-legal systems, mechanisms to determine what happened to missing persons and support systems to address the economic and legal needs of affected families.

Hassan commended the Yobe State Emergency Management Agency (SEMA), the Ministry of Justice’s Justice Sector Reform Team, the Ministry of Basic and Secondary Education through the Yobe State Universal Basic Education Board (YBSUBEB), as well as community leaders, for supporting efforts to address the plight of missing persons and their families.

He said SEMA had supported the implementation of a national mass-fatality response plan in the state, while the Justice Sector Reform Team was reviewing the coroner’s law.

He also said YBSUBEB had accepted to incorporate key messages on prevention of family separation into activities in primary schools.

Speaking on behalf of families of missing persons, the Chairman of the Families of the Missing, Ali Idris, said families continued to live between hope and uncertainty while waiting for answers about their loved ones.

Idris said the absence of answers affected their emotional wellbeing, livelihoods and family relationships, making it difficult for many to move forward.

He expressed appreciation to the ICRC for supporting families through tracing efforts, family reunification and its accompaniment programme, including mental health and psychosocial support sessions.

He also appreciated traditional, religious and community leaders, as well as government ministries and agencies, for supporting efforts to address the issue.

However, Idris appealed to authorities to open their doors to families of missing persons and provide stronger and more coordinated support.

“Our needs go beyond finding our missing loved ones. Yes, we need answers. We need continued efforts to search for and clarify the fate and whereabouts of those who are missing.

“But we also need support for the families who have been left behind,” he said.

He said families faced emotional distress, economic hardship, legal and administrative challenges and difficulties in accessing documentation following the disappearance of their loved ones.

The International Day of the Disappeared is commemorated annually on August 30 to honour missing persons and stand in solidarity with their families.

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11 Rescued As Several NYSC Members Abducted

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Several members of the National Youth Service Corps (NYSC) were abducted on Wednesday along the Aloma-Egane Expressway in Ofu Local Government Area of Kogi State, with the police confirming the rescue of 11 victims.

 

The corps members were reportedly travelling from the NYSC orientation camp in Kolokuma/Opokuma Local Government Area of Bayelsa State when armed men attacked their vehicles.

In a statement made available on Friday, spokesperson for the Kogi State Police Command, Saliu Afusat, said security operatives launched a rescue operation immediately after receiving a distress call.

According to her, the operation led to the rescue of 11 abducted victims, including the drivers of the two buses involved in the incident.

She said preliminary debriefing showed that most of the rescued victims were NYSC members travelling from Bayelsa State to Abuja.

Afusat said the incident occurred at about 4:40pm around Ogene Zaria, near the Ogene Zaria/Onicha-Igo Junction, when armed hoodlums emerged from the bush, blocked two buses travelling in opposite directions and abducted some passengers.

“Upon receipt of the distress call, the Divisional Police Officer, Ofu, led a joint security team to the scene, where two abandoned vehicles — a Peace Mass Transit white Hummer bus and a yellow 18-seater bus — were recovered,” she said.

She added that a coordinated bush-combing and rescue operation was subsequently launched, resulting in the recovery of the 11 victims.

The rescued persons were debriefed and, after necessary procedures, allowed to continue their journey, according to the police.

The command did not disclose the exact number of people abducted in the attack, while efforts to ascertain the number of NYSC members still in captivity were ongoing.

Afusat said the police and other security agencies had deployed “every available operational and intelligence resource” to locate and rescue any remaining victims and apprehend the assailants.

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2027: Courts Should Not Decide Election Winners – Falana

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Human rights lawyer, Femi Falana, on Wednesday declared that courts should not be allowed to determine the winners of elections in Nigeria.

 

Falana insisted that the involvement of the judiciary in Nigeria’s democratic process should be limited because it’s making a mockery of the citizen’s choices.

Speaking on Arise Television’s Sunrise Daily, the activist lawyer noted that there are no indications that the judiciary is positioned to address the challenges that could arise in the 2027 general elections.

According to Falana: “There is no indication yet that the Nigerian judiciary is positioned to address some of the challenges that may emanate with respect to some of the elections likely to take place in January and February next year.

“For me, the first matter to address is the role of the judiciary in the electoral process in Nigeria. We must stop the practice whereby the court determine the winners of the election in Nigeria.”

Falana insisted that the judiciary should not be allowed to hide under technicalities to make a mockery of those duly elected by Nigerians.

He stressed on the need for the Independent National Electoral Commission, INEC, and relevant stakeholders to ensure the conduct of proper elections devoid of electoral irregularities.

Falana added: “We just had an election in Osun State, forget all the shortcomings, at the end of the day, the beauty of it will be that the governorship election will not go to court because the people have decided, they have elected their leader so no court should be allowed to hide under technicalities to make a mockery of the popular choice of the people.

“So for me, the role of the judiciary must have to be extremely limited in the democratic process in our country. Again that depends on the media, INEC, and all concerned Nigerians to ensure that elections are conducted, no fake results are announced, so that you limit the area that people might want to go to tribunal, the regular court, or the appellate court. We must start with the conduct of good elections so that our courts are limited in the democratic process.”

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