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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
David Umahi: Colleague Narrates How Mary Habila Died
Anita Baaki, a physiotherapist friend and colleague of Mary Habila, the nurse attached to the David Umahi Federal University of Medical Sciences and on secondment to the Federal Ministry of Works, has narrated the events leading to Habila’s death.
Her narration was contained in a sworn affidavit filed before the Ebonyi State High Court on Wednesday.
According to Baaki, a Benue citizen, she travelled with Habila and other ministry officials from Abuja to Ebonyi State on June 24, 2026, for an official assignment under the Minister of Works, David Umahi.
Baaki disclosed that they were accommodated in separate but adjoining rooms in a staff chalet within the minister’s country home in Uburu, Ohaozara Local Government Area of the state.
The deceased’s friend maintained that the chalet was designated for ministry staff and associates and was not the minister’s personal residence, stressing that she last saw Habila alive on the evening of June 26 after she returned from having her hair done.
According to her, Habila stopped by her room to show off her new hairstyle before they chatted and joked for a while.
“Habila told me she was tired and wanted to take a shower before sleeping. That was the last time I saw her alive,” Baaki stated in the affidavit.
The physiotherapist said she became terrified the following morning when Habila did not come out of her room as expected, emphasising that repeated calls to Habila’s phone went unanswered, prompting her to knock on the door.
She revealed that when there was no response and the room remained locked from the inside, she alerted a domestic staff member to search the premises, noting that after Habila could not be found elsewhere, other staff members were informed and the room was forced open.
The Benue-born physiotherapist reiterated that Habila was found lying unconscious on the floor near the entrance of the room, adding that she was immediately taken to the David Umahi Federal University Teaching Hospital, where doctors confirmed that she was dead on arrival.
Baaki said her statement was made voluntarily and without coercion to assist investigators in determining the circumstances surrounding Habila’s death.
Police investigations are ongoing, while lawyers representing the Minister of Works have requested a comprehensive forensic autopsy to determine the exact cause of death before Habila’s remains are released for burial.
News
NDLEA Secures 7 Yrs Jail Term For Man Who Advertised Cannabis On Social Media
A Federal High Court in Kano has sentenced a 28-year-old man, Ashiru Idris, to seven years in prison without the option of a fine for advertising and offering cannabis sativa for sale on social media.
The National Drug Law Enforcement Agency (NDLEA) said Idris was arrested on April 22, 2026, by operatives of its Kano Strategic Command after a video of him promoting cannabis for sale went viral online.
Delivering judgement, Justice S.M. Shuaibu of the Federal High Court, Kano, convicted the defendant and ordered that the prison term take effect from July 14, 2026.
In a statement on Wednesday, the NDLEA’s Media and Advocacy Officer in Kano, Sadiq Muhammad Maigatari, described the ruling as a landmark judgement and a strong warning to those using social media to promote or sell illicit drugs.
The Kano State Commander of the NDLEA, CN DY Lawal, said the judgement had strengthened the agency’s resolve to tackle drug-related offences.
“This judgement reinforces our determination to confront drug offenders who brazenly promote illegal substances on public platforms. We will continue to act swiftly on credible intelligence and ensure offenders are brought to justice,” he said.
News
ADC Demands Umahi Steps Aside For Independent Probe Over Mary Habila Death
The African Democratic Congress, ADC, has asked the Minister of Works, David Umahi, to step aside pending an independent investigation into the death of Mary Habila, who reportedly died at his residence.
The demand was made on Wednesday in a statement by the party’s National Publicity Secretary, Bolaji Abdullahi.
The party said the circumstances surrounding Habila’s death had raised public concerns that required an independent investigation, insisting that only a transparent process would establish the facts and restore public confidence.
The party also demanded a full autopsy and the public release of the investigation findings, arguing that the investigation should be conducted outside the influence of the All Progressives Congress, APC, Federal Government.
“Every Nigerian life matters. But when a citizen dies in the home of a serving cabinet minister, the matter immediately transcends private tragedy and becomes a question of public accountability. The only acceptable response in a constitutional democracy is a thorough, transparent and independent investigation that commands public confidence,” ADC said.
The opposition party questioned the circumstances surrounding Habila’s presence at the minister’s residence, saying issues relating to her assignment, the events leading to her death and the outcome of ongoing investigations should be clarified through an independent inquiry.
ADC further alleged that the President Bola Tinubu administration had repeatedly shielded senior government officials whenever allegations emerged against them, claiming that public confidence in accountability had continued to decline.
The party also called on Umahi to step aside pending the outcome of the investigation, maintaining that such a move would allow an impartial inquiry into the matter.
“The least that should be expected is that the Minister, Senator David Umahi, should immediately step aside from office pending the conclusion of an independent investigation,” the statement added.
The party expressed condolences to Habila’s family, insisting that a transparent investigation is necessary to establish the circumstances surrounding her death.
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