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MTEF-FSP: Finance Minister express worry overNigeria’s borrowing spree

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****Says, adequate revenue needed to fund Budgets

***As Senate panel raises concerns over MDAs poor revenue projections, leakages

Nigeria can not continue in its borrowing habit to fund 2023 national budget, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun has indicated

He said the country has no option but to make necessary sacrifices to generate adequate revenues to reduce its current high deficit financing.

The Minister spoke on Thursday when he appeared before the joint Senate Committee scrutinising the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper under the leadership Senator Sani Musa.

Edun briefed the joint panel in company of the Executive Chairman, Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji and the Director General of the Debt Management Office, Ms. Patience Oniha, before the lawmakers called for a closed session.

The Minister insisted that the best way Nigeria could fund its annual budgets was to spend more money on infrastructure that could generate revenues.

He also indicated that the advanced countries have increased their interest rates because they wanted to bring down inflation rate to stabilize their economy.

The Minister pointed out that accessing foreign loans would therefore be very expensive for a developing country to cope with.

Edun said, “Clearly the environment that we have now, internationally as well as nationally we are in no position to rely on borrowing.

“We have an existing borrowing profile. Our direction of tariff is to reduce the quantum of borrowing or intercepting deficit financing in the 2024 budget.

“Simply put internationally there is focus among rich countries on bringing down the inflation rate to stabilize the economies and give them opportunity for investment growth.

“They are in the process,  sacrificing that immediate goal for compacting their economies, or at least contracting the money supplies and pushing up the interest rates and of course high interest rates and investments don’t go together.

“What is left for us to access those funds are expensive so it is the last thing that we must rely on.

“As we know we have all the figures and debt servicing and cushioning 98 per cent of government revenue.

“The last thing you can think of is to pike on more debts. Government needs to not just maintain its activity, it needs to spend more.if you look at government spending,  if you look at the budget as a percentage of GDP,  ours is one of the lowest bein 10%, even Ghana  is at 25%, rich ones they are 50%.

“The very rich countries have to be most advanced in terms of social safety nets and its social security system at 70% of GDP. Government spending definitely will lead to increase.

“The number one source of revenue especially in short term, even in the medium term is all revenue.”

Earlier, Musa, the Chairman of the joint panel scrutinising the MTEF-FSP document expressed the fears that the revenue projections of the ministries, departments and agencies of the federal government that had so far appeared before his panel were a far cry to the what the Federal Government was proposing as income in the 2024 fiscal year.

He noted that going for external interventions would definitely be an option because it would further push the country to further deficit financing.

Musa said, “Currently there are lots of leakages in the use of government resources.

“A lot of funds being generated as revenues by most MDAs are not being remitted as at when due. Some even remits funds a year after they collected the money.

“The office of the Accountant General of the Federation should look properly in that direction.

“The current practice of delaying the remittances of revenues by the MDAs had created a room for the misappropriation of those funds.

“After meeting with the Nigerian Customs Service officials yesterday, we realise that there were lots of shortfalls they are experiencing as a result of incidences of waivers.

“We want to know who is issuing those waivers. Is it the FIRS or the Ministry of Finance?

“We are also interested in knowing details of the Customs modernization project, known as e-customs.

“The Senate Committee on Finance is interested in known the type of agreement that was signed on behalf of the Federal Government of Nigeria.

“What is the value of the e-customs agreement. How much is Nigeria expecting?

“We are tired of judgement debts all over the places. We need to know the plans on ground to collect excise duties and other tariffs so that we won’t run a deficit budget again next year.”

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Young Nigerians should Join ‘Voices of Our Heritage’ Writing Contest, Musawa

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Barrister Hannatu Musa Musawa

Young Nigerian writers have been urged to participate in the “Voices of Our Heritage” national writing competition, an initiative aimed at fostering creativity and cultural appreciation.
The Minister of Art, Culture, Tourism, and the Creative Economy, Barrister Hannatu Musa Musawa, who made the call said the competition is open to students aged 10-18, adding that it is seeking to discover and nurture emerging literary talents.
The special adviser to the minister on Media quoted her to have indicated that the initiative is targedted at empowering young writers to create, publish, and even earn from their digital books, promoting both entrepreneurship and job opportunities.

“This competition is about preserving our cultural heritage while shaping the future of our nation,” she stated.

Organized as part of the 2024-25 National Young Authors Fair (NYAF), the competition welcomes entries from primary, secondary, and university students. Registration closes on February 20, 2025, with submissions open until March 20, 2025.
Winners will be announced on April 10, 2025, with the top 10 receiving ₦250,000 each, along with book publication, national recognition, and distribution.

The competition aligns with the Ministry’s vision to promote cultural heritage, creativity, and education through strategic partnerships.

For registration, visit: https://www.yaf.bribooks.com/ng/2024/student.

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Okebukola Hails Nigeria’s Milestone in Global AI Revolution

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Peter Okebukola

***As 306 Stakeholders Participate in Inaugural AI Awareness Day

Nigeria has taken a bold step in the global Artificial Intelligence (AI) revolution as key stakeholders gathered to explore the nation’s role in AI-driven education and policy development.

The National Coordinator of the 2025 AI Awareness Day, Professor Emeritus Peter Okebukola, described the event as a major milestone, highlighting Nigeria’s potential to emerge as a leader in AI research, education, and application.

Held virtually on February 17, 2025, the inaugural AI Awareness Day in Higher Education was co-hosted by the Virtual Institute for Capacity Building in Higher Education (VICBHE), National Universities Commission (NUC), National Open University of Nigeria (NOUN), Tertiary Education Trust Fund (TETFund), Okebukola Science Foundation (OSF), and the Association of African Universities (AAU).

The event brought together 306 participants, including heads of regulatory agencies (NUC, NBTE, and NCCE), scholars from universities, polytechnics, and colleges of education, policymakers, educators, and AI practitioners.
Discussions focused on AI’s transformative role in higher education, best practices, and ethical AI deployment in Nigeria.

The event, chaired by Professor Yakubu Ochefu, former Secretary-General of the Committee of Vice-Chancellors of Nigerian Universities, centered on raising awareness about AI’s role in higher education transformation, assessing Nigeria’s progress in AI education and its contribution to global AI research and celebrating achievements in AI research and education within Nigerian institutions.
Other areas of focus included exploring the integration of AI into university curricula, research, and administration and discussing AI-driven innovations to address national educational challenges.
The event featured a symposium, the launch of the AI in Higher Education in Africa Newsletter, and the presentation of the three-volume Handbook on AI and Quality Higher Education.
One of the highlights of the event was the presentation of awards to recognise outstanding contributions in AI research, education, and policy within the Nigerian higher education system.

The first position in the Best Institutional AI Policy in Higher Education Award in the universities category was won by Obafemi Awolowo University, Ile Ife. Second and third positions were won by Lagos State University, Ojo and Federal University of Technology, Minna respectively.

In the polytechnics category, the first prize went to Living Spring College of Technology and Innovation, Osogbo. For the Best AI Researcher in the universities category, Prof. Olatunji Sunday Olusanya of Adekunle Ajasin University came first. Dr. Salau Ayodeji of Afe Babalola University, Ado-Ekiti and Dr. Awotunde Joseph Bamidele of the University of Ilorin came second and third respectively.

For the polytechnics category, Mr. Mohammed Modiu of Yaba college of Technology came first. Mr. Salami Ayo of Federal College of Education, Iwo came first in the colleges of education category.

Other awards include the Best Programme in Artificial Intelligence. For the universities category, the B.Sc. Computer Science of Thomas Adewumi University came first. Programmes of four universities tied in the second position. These are B.Sc. Management Information Systems of Covenant University, Ota; B.Sc. Industrial Mathematics (Computer Option) also of Covenant University, Ota; and B.Sc. Computer Science of the University of Benin.

The first position in the universities category for the Best AI Application for Enhancing Teaching and Learning went to Prof. Onyenwe Ikechukwu Ekene of Nnamdi Azikiwe University, Awka. Five scholars tied in the second position. These are Dr. Oguntosin Victoria of Covenant University; Dr. Oluwakemi Olurinola of Olabisi Onabanjo University; Professor Busari Mutiu of Federal University of Agriculture Abeokuta and Professor Ibezim Nnenna of University of Nigeria, Nsukka. In the polytechnic category, first prize went to Dr. Okikiola Folasade of Yaba College of Technology.
For the colleges of education category, first prize was earned by Dr. Usman Stephen of Ipere College of Education Agyaragu, Nasarawa State, while Mr. Bako Mahmud Malam of Adamu Tafawa Balewa College of Education Kangere Bauchi State came second.
Other awards were presented for Best AI Programme and Best AI Application for Teaching and Learning across universities, polytechnics, and colleges of education.
Key resolutions include expanding the AI Awareness Day to all levels of the educational system; development of a strategic plan to ensure that Nigeria plays a leadership role in the global development of AI; strengthening the implementation of the AU strategic plan on AI; and forging strong public-private partnerships, investing boldly in our people and infrastructure.

Others are that the Federal Ministry of Communications, Innovation and Digital Economy, NITDA, other agencies of government and other stakeholders should involve the National Association of Artificial Intelligence Practitioners (NAAIP) in policy making, implementation and other matters of Artificial Intelligence; and that within the 30% institutional allowance in the CCMAS, Nigerian universities should be encouraged to start GST courses on Artificial Intelligence (AI) and Machine Learning (ML) in place of or in addition to the existing computer appreciation courses.
The successful launch of the AI Awareness Day marks a turning point in Nigeria’s AI journey, reinforcing the country’s commitment to leveraging AI for educational excellence, innovation, and national development.

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Diplomatic Fallout: Ribadu’s Outburst Sparks Criticism Over Nigeria’s Foreign Policy Approach

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Sule Lamido

A fresh controversy has emerged over Nigeria’s handling of diplomatic affairs, as former Jigawa State Governor, Sule Lamido, takes aim at National Security Adviser (NSA) Nuhu Ribadu for his public condemnation of Canada’s visa denials to Nigerian military personnel.

Lamido, a seasoned politician and former foreign minister, expressed frustration over what he described as a pattern of missteps in Nigeria’s foreign policy under the current administration. He argued that the NSA’s public outburst against Canada was both unnecessary and damaging to the country’s international reputation.

“This is yet another example of our rookie approach to foreign relations,” Lamido stated. “Rather than resorting to public accusations, the appropriate response would have been for the Ministry of Foreign Affairs to summon the Canadian High Commissioner and address the issue through official diplomatic channels.”

The ex-governor warned that Ribadu’s actions had not only failed to resolve the issue but had also drawn unnecessary public attention to an embarrassing situation. “Our foreign relations must be handled with tact and professionalism. The NSA should not be taking over the responsibilities of the Minister of Foreign Affairs,” he said.

This latest episode comes amid broader concerns over Nigeria’s international standing, following strained relations within ECOWAS and a series of diplomatic missteps on the global stage. Analysts now worry that such uncoordinated responses could weaken Nigeria’s position in international affairs.

With Nigeria’s diplomatic credibility on the line, calls are growing for a more disciplined and strategic approach to engaging with foreign nations—one that prioritizes diplomacy over public confrontations.

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