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Tinubu Laments Cost Of Borrowing, Puts 2026 Debt Servicing Figure At $11.6b
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.
News
13 Still Missing After 176 Kwara Kidnapp Rescue Operation
Thirteen residents of the 176 persons abducted during the February 3, 2026 attack by armed bandits on Woro and Nuku communities in Kaiama Local Government Area of Kwara State remain missing, despite the release of most of the captives after about six months in captivity.
The National Chairman of Kaiama Department Association, KDA, Yakubu Salihu, disclosed this on Thursday, saying only 163 of the 176 women and children abducted during the attack regained their freedom on Wednesday, leaving 13 others still unaccounted for.
“One hundred and seventy-six people were taken away, but only 163 were released. That leaves 13 people still missing. Where are the others?” Salihu asked.
Woro community came under attack on February 3 when armed kidnappers reportedly killed over 100 people and abducted 176 residents, mostly women and children.
Salihu disclosed that some of the women gave birth while in captivity, describing the development as a painful reminder of the traumatic ordeal the victims endured over the past six months.
He said the freed victims are currently in Niger State and are expected to return to Kwara on or before Saturday, where they will receive medical care and be supported through rehabilitation and resettlement programmes.
The KDA chairman renewed his call on the Federal Government to expedite the establishment of a Nigerian Army battalion in Kaiama, saying the shortage of security personnel has left communities in the area vulnerable to recurring attacks.
“The Federal Government is working towards establishing a Nigerian Army battalion in our community. As a community, we are ready to provide a suitable location and every support needed to ensure the military settles in quickly and begins operations,” he added.
According to him, the few security personnel deployed to the area are overstretched and unable to respond effectively to emergencies.
“If the Federal Government can expedite the establishment of the military base, we are ready to provide every necessary support to ensure its smooth take-off.
” Once the battalion becomes operational, security response will be faster, and we believe it will go a long way in preventing similar attacks,” Salihu stated.
He stressed that a permanent military presence is critical to restoring residents’ confidence and safeguarding communities against future attacks.
Salihu also appealed to governments at all levels to rehabilitate the deplorable road network in Kaiama Local Government Area, noting that poor roads continue to hamper security operations and hinder socio-economic development in the area.
News
PSC Hands Over 50,000 Recruits To Police For Training
The Police Service Commission (PSC) on Thursday handed over 50,000 newly recruited police constables to the Nigeria Police Force for training.
In a statement, the commission’s spokesperson, Torty Kalu, said the handover was presided over by Commissioner I, retired Justice Paul Galumje, in line with President Bola Tinubu’s directive and relevant statutory provisions.
Galumje thanked the President for supporting the recruitment exercise and formally presented the successful candidates to the police for training at designated police colleges and other approved institutions.
He also handed over the list of successful candidates to the police authorities in a flash drive.
Receiving the recruits on behalf of the Inspector-General of Police, DIG Isyaku Mohammed, who heads the Force Training and Development Department, commended the PSC for conducting what he described as a transparent recruitment process.
He assured that training would begin simultaneously across the country once funds for the exercise were released.
Also speaking, Director of the Police Service Department at the Ministry of Police Affairs, Ibrahim A. Muhammad, described the recruitment exercise as credible and transparent.
PSC Secretary, Onyemuche Nnamani, attributed the successful completion of the exercise to the collaboration of all stakeholders, saying it reflected effective teamwork.
President Tinubu had, on November 26, 2025, declared a national security emergency and approved the recruitment of 50,000 police officers to strengthen internal security.
The recruitment portal opened on December 15, 2025, and closed on February 8, 2026, after a two-week extension. The exercise was concluded about seven months later.
News
Reject State Police Bill, Police Welfare Group Tells Tinubu
The Movement for Improved Welfare for Nigeria Police Force (MIWNPF) has called on President Bola Tinubu to withhold assent to the controversial State Police Bill, alleging that the National Assembly passed the proposed legislation without public debate, stakeholder engagement, or input from leading civil society organisations that have long championed police reform and citizens’ security in Nigeria.
In a press statement dated August 4, 2026, and signed by its National Coordinator, Toyin Raheem Prince, the group described the process leading to the passage of the bill as “an affront to over 200 million Nigerians,” insisting that a law with far-reaching implications for Nigeria’s security architecture should not have been enacted without extensive public participation.
According to MIWNPF, the proposed legislation is expected to be transmitted to President Tinubu for presidential assent, but the organisation urged the President to reject the bill until Nigerians and relevant stakeholders are given an opportunity to debate its provisions.
The statement read, “The Movement for Improved Welfare for Nigeria Police Force (MIWNPF) is aware that a bill for the creation of state police is about to be transmitted to Mr President by the National Assembly.
“We are alarmed that this Bill was processed with no public debate, no stakeholder engagement, and no input from the very organisations that have spent years working on police reform and citizens’ security in Nigeria.”
The organisation said it was excluded from the legislative process alongside several prominent civil society groups actively involved in security sector reforms.
Among the organisations listed were the Rule of Law and Accountability Advocacy Centre (RULAC), Network on Police Reform in Nigeria (NOPRIN), CLEEN Foundation, Civil Liberties Organisation (CLO), Campaign for Constitutionalism and Human Rights (CCHR), Centre for Citizens with Disabilities (CCD), Centre for People’s Defence (CPD), Campaign for Democracy and Justice (CDJ), United Action for Democracy (UAD), Committee for the Defence of Human Rights (CDHR), Coalition Against Corruption and Bad Governance (CACOBAG), Democratic Socialist Movement (DSM), Nigeria Democratic Security Coalition (CNDSRC), and several others.
The group questioned why such organisations were not invited to make submissions before lawmakers.
“No public hearing was called. How can a law that will affect the security architecture of over 200 million Nigerians be passed in this manner?” the group asked.
MIWNPF argued that Nigeria is currently not prepared for the establishment of state police, warning that the proposed structure could easily be abused by state governors for political purposes.
It stated that, given Nigeria’s current political environment, state police could become instruments for intimidating opposition figures, manipulating elections, and settling political disputes.
“Risk of Political Misuse. In our current political climate, state police will become a tool in the hands of sitting governors to intimidate opponents, rig elections, and settle political scores. We have already seen the misuse of existing state-backed security outfits,” the organisation stated.
The group also warned that introducing another policing structure would worsen confusion within Nigeria’s already fragmented internal security framework.
It noted that various regional and state-backed security outfits already exist across the country, including the Western Nigeria Security Network (Amotekun) in the South-West, the Oodua People’s Congress (OPC), Hisbah religious police operating in Kano, Jigawa, Katsina, Zamfara and other northern states, the Ebubeagu Security Network in the South-East, as well as numerous community policing and vigilante groups.
According to the organisation, creating state police without first reforming and harmonising these existing structures would breed rivalry, duplication of responsibilities, and abuse of power.
The group also questioned the practical relevance of establishing state police when each state already has a Commissioner of Police appointed to oversee federal policing operations.
“Today, every state has a Commissioner of Police (CP) as the head of the federal police in the state. If we now create ‘State Police’ with a different head by another name, what changes? The structure remains the same, but accountability becomes weaker. Is that true federalism?” MIWNPF queried.
Drawing comparisons with other countries, MIWNPF argued that successful state policing systems operate within nations that possess stronger democratic institutions, independent judicial systems, autonomous local governments, and adequate funding.
The organisation cited the United States and Germany as examples of countries where decentralised policing works because institutional safeguards are firmly established.
Meanwhile, it pointed to Ghana, Rwanda and Kenya, where largely centralised policing systems have recorded significant reform successes.
According to the group, Nigeria’s policing crisis stems not from centralisation but from chronic underfunding, poor welfare, inadequate equipment, weak accountability mechanisms, and political interference.
Rather than creating state police, MIWNPF called for comprehensive reforms of the Nigeria Police Force, including increased funding, procurement of modern operational equipment such as patrol vehicles, forensic laboratories, body cameras and ICT infrastructure.
The group also demanded improved life assurance, health insurance, pensions, welfare packages, training programmes, psychological support for officers, merit-based postings, and an end to political interference in policing.
“Until these are fixed, creating state police is putting the cart before the horse,” the organisation said.
MIWNPF further criticised the manner in which the National Assembly handled the legislation, alleging that Nigerians no longer have confidence in the parliament led by Senate President Godswill Akpabio.
The group accused lawmakers of imposing the legislation without democratic consultation.
“The National Assembly cannot pass a Bill of this magnitude without hearing Nigerians. The Senate where ‘ayes have it’ even when the ‘nay’ was as loud as thunder, and the ‘aye’ as faint as a whisper in a crowded market. That is not democracy. That is imposition,” they said.
It added that true federalism should not be equated with the creation of separate state police forces, arguing instead that genuine federalism requires devolution of powers accompanied by responsibility, financial autonomy, and effective oversight mechanisms.
The organisation therefore made three demands.
It urged President Tinubu to withhold assent to the State Police Bill.
The organisation called on the National Assembly to organise a national public debate or town hall meeting on policing in Nigeria, with MIWNPF and all listed civil society organisations invited to participate.
MIWNPF urged the Federal Government to prioritise full implementation of the Nigeria Police Act 2020 by adequately funding and equipping the Nigeria Police Force, improving officers’ welfare, and carrying out comprehensive police reforms before considering any restructuring of the country’s policing system.
“Nigeria deserves security that protects the people, not security that protects politicians,” they added.
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