General
Nigeria May Lose Her Independence If…..—Atiku
**Says Country Can’t Survive Using N2.5trn to Service Debt
By Adedapo Adesanya
Former Vice President of Nigeria, Mr Atiku Abubakar, has expressed his discomfort at the rising debt threat facing the country, which he said the Buhari-led administration has chosen to overlook.
The former presidential candidate has now called for an immediate action by stakeholders to address the nation’s debt burden, saying the payment of N610.2 billion to service domestic debts in the first quarter of 2019 was unacceptable.
Few days ago, the National Bureau of Statistics (NBS) revealed that Nigeria used N610.2 billion to service its local debts.
But Mr Atiku said this was alarming, urging President Muhammadu Buhari to act quickly on what he described as matter of national concern.
In a statement issued by Mr Paul Ibe, his Media Adviser, the former VP the amount used to service domestic debts in the first three months of this year was more than the combined entire budget for education and youth development for the whole of 2019.
He wondered how the present administration has doubled the nation’s debt in four years from N12 trillion in 2015 to N24.9 trillion without tangible evidence of development, noting that government should have worked on efficient repayment plans for the debts incurred.
He stressed that if this trend continues, the nation’s debt servicing might overshadow the capital budget.
“If the current trend continues, Nigeria will have spent N2.5 trillion on debt servicing by the end of 2019, a figure that is more than our capital budget. Can a nation survive like this?” a part of the statement, which was posted on Mr Ibe’s Twitter page, said.
“The reason is that no matter how much resources you give a man who does not know how to create wealth, it will never be enough,” he further said.
Mr Atiku stated that the deeper the nation goes into unsustainable debt, the more of her independence to creditors wanes.
Emphasizing on the need for the country to prepare for the future generation, the veteran politician said, “The older generation should sacrifice for the youth. We must not be a vampire generation that squanders the financial lifeblood of Nigeria and bequeath financial bondage to the next generation”
Concluding, Mr Atiku said he had outlined a robust strategy for the funding of the country’s development needs without resorting to indiscriminate borrowing prior to the 2019 presidential election.
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has announced that Nigeria will launch a new alphanumeric postcode system on October 1, 2026, with every home expected to have a unique postcode.
Mr Tijani disclosed the development in a video post on X, describing the new system as a more precise and digitally oriented approach to addressing locations across the country.
He said the initiative would mark a significant shift in Nigeria’s postal addressing system by assigning unique postcodes to individual homes.
The initiative marks a major step in Nigeria’s digital transformation agenda. By replacing the outdated numeric-only system, the alphanumeric codes provide a more flexible and scalable framework that can accommodate the country’s rapid urban growth and diverse settlement patterns.
For emphasis, an alphanumeric postcode system is a postal indexing system that uses a combination of both letters (alpha) and numbers (numeric), along with spaces or punctuation, to identify specific geographic locations, streets, or individual buildings for mail delivery.
Unlike purely numeric postcode systems (such as the 5-digit US ZIP Code or 5-digit codes used in some European countries), alphanumeric codes offer a much higher number of unique combinations using fewer total characters. This flexibility allows postal authorities to pinpoint locations with incredible precision, often down to a single side of a street or a specific large building.
“On October 1st 2026 Nigeria’s new Alphanumeric Postcode System goes live,” Mr Tijani said.
“For the first time, every home will be assigned a unique postcode that’s simple, precise and built for a digital future,” he added.
The minister urged Nigerians to prepare to generate their individual postcodes ahead of the launch.
The new system is expected to strengthen Nigeria’s digital addressing infrastructure and improve the identification and location of homes and properties for postal and other location-based services.
The initiative is being implemented in collaboration with the Nigerian Postal Service (NIPOST) as part of broader efforts to modernise the country’s addressing and digital infrastructure.
By Modupe Gbadeyanka
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has been directed to give an account to Nigerians on how the current government has fared since its inception on May 29, 2023.
This directive was given by President Bola Tinubu in a message posted on his verified social media handles on Wednesday.
This coincides with the commencement of campaigns for the 2027 presidential election scheduled for January 16.
According to the timetable of the Independent National Electoral Commission (INEC), candidates seeking to become the country’s president are eligible to kick off their campaigns from today, Wednesday, August 19, 2026.
In his message today, Mr Tinubu said, “When we began this journey of reform in 2023, I promised that the difficult decisions we were making would serve the purpose of building an economy that works better for you and a country that is stronger for our children.
“Today, your government presents The Reforms Scorecard. It sets out what our reforms have achieved, what they have cost us, and the greater costs and harms we have prevented by acting when we did.
“I have therefore directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to give an account to Nigerians, to explain the numbers, the choices we have made, the progress recorded, and the work that remains.
“You deserve to see the numbers. You deserve to know what has changed and what these reforms mean for you, your family, your business and our country.
“This is your government. This is your country. This is our account to you.”
Shortly after he took the oath of office over three years ago, President Tinubu declared that subsidies on petroleum products were gone. He later approved foreign exchange (FX) reforms, which devalued the Nigerian Naira, shooting from about N800 per Dollar to nearly N2,000 per Dollar. However, it is currently slightly above N1,340 per Dollar in the official market.
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Agip Exploration (NAE) Limited are advancing discussions on the development of deepwater assets estimated to hold 500 million barrels of oil reserves.
The development followed a meeting between the chief executive of the state oil company, Mr Bayo Ojulari, and Agip’s Vice Chairman and Managing Director, Mr Maurizio Pinna, in Abuja.
The talks focused on ongoing work on deepwater acreage jointly held by NNPC, NAE and Shell Nigeria Exploration and Production Company (SNEPCo) as well as plans to bring the associated resources into production.
According to NNPC, the acreage comprises the Zabazaba and Etan deepwater fields, with estimated reserves of about 500 million barrels.
The fields are located in Nigeria’s deepwater terrain and are considered significant to the country’s efforts to expand its upstream oil production base, particularly as operators seek to advance projects capable of delivering additional barrels over the medium to long term.
While details of the expected production timeline were not disclosed, the meeting underscores renewed industry focus on unlocking Nigeria’s deepwater resources and growing crude oil production.
The acreage comprises licences converted from OPL 245 and is operated by NAE in partnership with NNPC Limited and SNEPCo.
Mr Ojulari and Mr Pinna also reviewed the work currently underway on the assets and the expected production outlook, with the discussions centred on advancing deepwater development.
The engagement comes amid renewed efforts to attract investment into Nigeria’s offshore petroleum resources and increase national oil production.
