News
DMO harps on increased revenue drive to reduce borrowings

The Debt Management Office (DMO) has stressed the need for the Federal Government to increase revenue drive to reduce the country’s debt profile and reduce fresh borrowing.
The Director-General, DMO, Ms Patience Oniha, said this during a virtual interactive session tagged: “Nigeria moving beyond COVID-19; Opportunities for investors” organised by Coronation Merchant Bank (MB) on Tuesday in Lagos.
Oniha said that government needs to prioritise and invest heavily in sectors capable of generating increased revenue such as agriculture, mining and ICT to grow the economy.
According to her, sectors with robust revenue drivers are better positioned to respond to the risks associated with any transformation and to the urgency created by disruptive events.
Oniha said that the country’s debt profile had been on the increase because of the impact of revenue crashes and the crises trailing the coronavirus pandemic on the economy.
She argued that the rate of borrowing had started declining until the COVID-19 crisis forced Nigeria, like many other nations, to increase its borrowing to stimulate the economy and create more jobs for the people.
“To increase the level of revenue, and the DMO is very much in support of that; if we grow revenues, then debt service will be lower and debt will be sustainable, but it also means that we may not need to borrow that much.
“The second point which we have put forward to the government is that it cannot finance the projects like it used to.
“Our position for debt sustainability is to grow revenues and begin to work with the private sector to finance capital projects, and that way, the only thing that might increase is the off-balance sheet liabilities in terms of guarantees and not on balance sheet borrowing,” Oniha said.
On whether the country will return to the Eurobond market after successful issuances, Oniha said, “We do have 6.18 billion dollars to raise for the 2021 budget but our transaction advisers told us to do 4 billion dollars.
“We were looking to go back at some point but within one week of pricing, the market headed south and is still in that situation right now.
“Omicron came, Evergrand had some challenges in the market and so it is not exactly good for us to go back, and I can say for this year, we are not approaching the market, but if we do not get the money from the ICM, we can get it from another source.”
“We borrowed more because of the COVID-19 pandemic to provide palliatives, build a vibrant health sector and embark on activities that can create jobs because a lot of people lost their jobs due to the pandemic,” she said.
Oniha admitted that the nation’s growing insecurity poses a threat to investment inflow.
Also speaking, the Managing Director and Chief Executive of FMDQ, Mr Bola Onadele, said the government needs to deploy a large proportion of its borrowing into the productive sector to stimulate growth.
Onadele said: “Debt is sustainable when a country has the ability and size to meet current and future payment obligation without external assistance and default.
“Debt that is not sustainable has a negative consequence on investment.
“It is important that any country trying to borrow should have a payback structure because investors in the global market look at capabilities to pay back to see if the country is within the purview of debt to service ratio,” he said.
The Managing Director, Commercio partners Ltd., Mr Steve Osho, said investors consider macroeconomics and ratings of countries and subnational in determining whether to invest in the country.
Osho said: “In Nigeria, Debt Service to GDP is 90 per cent. What it means is that as you generate N100, N90 is used to service debt and this will definitely affect credit rating. This is a source of concern.” (NAN)
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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.
The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.
One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”
Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.
Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.
A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”
Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.
The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.
The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.
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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.
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Benue IDPs block highway, demand return to ancestral homes

Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.
The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.
The protest caused disruption, leaving hundreds of motorists and passengers stranded.
Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.
“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.
Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.
Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.
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