Connect with us

News

Why Nigeria’s rising debt Is scaring foreign investors away – Afe Babalola

Published

on

Renowned lawyer and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola (SAN), has raised serious concerns over Nigeria’s increasing debt burden, warning that it is damaging the nation’s reputation and discouraging foreign investors.

Babalola made the remarks during the 2025 International Leadership Conference on Leadership, Governance, Sustainable Change, and Wealth Creation (2.0), jointly organized by ABUAD, Trinity Western University (TWU) in Vancouver, Canada, and the African Centre for Leadership, Strategy, and Development (CentreLSD).

The conference, themed “Shaping Transformational Leaders for a Changing World: Tackling Insecurity, Governance and Development,” focused on addressing Nigeria’s growing challenges in leadership and governance.

Babalola described the theme as “timely and relevant,” noting that Nigeria’s financial situation has reached a critical point.

He lamented that the country’s rising debt profile is driving away investors and putting pressure on local banks.

“Our records show that Nigeria is now a big debtor nation, with total public debt of ₦152.4 trillion, or about $99.7 billion,” he said. “As a result, many foreign companies are unwilling to invest here.

Even banks are complaining that the Central Bank of Nigeria (CBN) cannot honour government promissory notes because the Federal Government is struggling to pay its debts.”

The elder statesman urged the government to adopt urgent fiscal reforms and responsible economic management to restore investor confidence and ensure sustainable growth.

Babalola also reminded leaders of their constitutional duty, quoting Section 14 of the Nigerian Constitution:

“The security and welfare of the people shall be the primary purpose of government. Sovereignty belongs to the people of Nigeria, from whom government derives its powers and authority.”
Delivering a lecture titled

See also  You can’t manipulate Nigeria- Group blasts Turkey President Erdogan

“Transformational Leadership in an Insecure and Disruptive Era: Building Ethical, Resilient and Impactful Leaders for Africa,” Dr. Otive Igbuzor, founding Executive Director of CentreLSD, said Nigeria and Africa need a new generation of leaders who can challenge old systems and drive innovation.

According to Igbuzor, transformational leadership is key to fighting corruption, unemployment, poor governance, gender inequality, and environmental decline.

He called on the government to make leadership training a compulsory part of education in schools and universities.

In her remarks, ABUAD Vice-Chancellor, Professor Smaranda Olarinde, described the conference as timely, stressing the importance of collaboration between local and international institutions to tackle insecurity, hunger, poverty, infrastructure decay, and economic instability.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Three bodies recovered, five rescued as bus plunges into Oyo river

Published

on

The Oyo State Fire Services Agency has recovered three bodies and rescued five persons after a commercial bus plunged into the Ariyo River along Amunloko Road in Ona-Ara Local Government Area of the state on Wednesday.

The incident was confirmed in a statement issued on Thursday in Ibadan, the state capital, by the Special Adviser to Governor Seyi Makinde on Fire Services and Chairman of the agency, Moroof Akinwande.

Akinwande said the agency received a distress call at about 3:38 pm through a resident, Fadeke Yusuf, reporting that a vehicle had fallen into the river in the area.

According to him, firefighters were immediately deployed to the scene to carry out rescue operations.

He explained that upon arrival, the rescue team discovered that a Suzuki commercial bus with number plate OSUN LEW 484 XA, carrying eight passengers, had lost control and plunged into the river.

Five occupants were rescued alive and rushed to Ona-Ara Private Hospital in the Jegede area for treatment, while three others were recovered dead.

The remains of the deceased were handed over to a team of policemen from the Ogbere Divisional Headquarters led by ASP Aishat Ibrahim.

Akinwande attributed the accident to reckless driving.

He added that officials of the Oyo State Road Traffic Management Authority from the Ona-Ara Division and the Chairman of Ona-Ara Local Government, Glorious Temitope, were present during the rescue operation.

The fire service boss urged motorists to drive with caution and adhere strictly to road safety rules to prevent avoidable accidents.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

See also  You can’t manipulate Nigeria- Group blasts Turkey President Erdogan
Continue Reading

News

UN urges stronger action to end violence against women, girls

Published

on

UN Deputy Secretary-General, Amina Mohammed, has warned that violence against women and girls continues to be fuelled by war, militarisation and entrenched inequality, urging governments to move beyond condemnation and take decisive action.

Speaking at a high-level meeting marking five years of the UN Group of Friends for the Elimination of Violence against Women and Girls, she said conflicts around the world are exposing women and girls to severe and lasting harm.

The UN deputy chief spoke on the sidelines of the ongoing 70th Session of the Commission on the Status of Women at UN Headquarters in New York on Thursday.

CSW is the United Nations’ principal global body dedicated to promoting gender equality and the rights and empowerment of women.

Established in 1946 by the UN Economic and Social Council, the Commission plays a central role in setting global standards on women’s rights and reviewing progress on gender equality

According to the UN, more than 4,500 cases of conflict-related sexual violence were verified in 2024, although the true number is likely far higher due to stigma, fear and collapsed reporting systems.

The deputy secretary-general pointed to alarming patterns in several crises. In Sudan, UN experts have reported widespread sexual violence and attacks on women human rights defenders.

In the Democratic Republic of the Congo, a child has been reported raped every half hour, while in Haiti, sexual violence against children surged dramatically in recent years.

Mohammed stressed that women must be central to peace processes and political decision-making, warning that lasting peace cannot be achieved while women and girls remain excluded and unprotected.

See also  You can’t manipulate Nigeria- Group blasts Turkey President Erdogan

In a related development, UN human rights chief Volker Türk said he was appalled by the devastating impact on civilians of increasing drone attacks in Sudan, amid reports that more than 200 civilians have been killed by drones since March 4 alone, in the Kordofan region and White Nile state.

“It is deeply troubling that despite multiple reminders, warnings and appeals, parties to the conflict continue to use increasingly powerful drones to deploy explosive weapons with wide-area impacts in populated areas,”  the High Commissioner said.

He renewed his call for both sides in the brutal civil conflict between rival militaries to fully abide by international law, “particularly the clear prohibition on directing attacks against civilians and civilian objects and infrastructure, and against any form of indiscriminate attacks.”

In West Kordofan, at least 152 civilians have reportedly been killed by Sudanese army drone strikes, including at least 50 when a market and a hospital were hit.

Attacks on two separate markets in Abu Zabad and Wad Banda on  March 7 left at least 40 civilians dead, and a lorry carrying civilians was struck allegedly by a SAF drone on 10 March, reportedly killing at least 50 civilians.

In South Kordofan, at least 39 civilians were reportedly killed, including 14 in the state capital Dilling, in heavy artillery shelling by the Rapid Support Forces and allied SPLM-North between 4 and 5 March.

Many homes, schools, markets and health facilities were damaged or destroyed in the attacks, compounding the impacts on civilians and local communities.

The High Commissioner also expressed alarm at the recent expansion of the conflict to White Nile state, which has come under heavy attack by RSF militia drone strikes since 4 March. A secondary school and a health clinic in Shukeiri village were hit on 11 March, reportedly killing at least 17 civilians, one of them a health worker.

See also  Witness who sat beside Ibom Air passenger to testify in NCAA probe

“It will soon be three full years since the senseless conflict in Sudan began, devastating millions of lives and livelihoods. Yet the violence, fueled by these new technologies of war, simply keeps spreading,” Türk said.

The News Agency of Nigeria reports that the 70th session of the Commission on the Status of Women, which opens on Monday, will end on March 19.

Representatives of Member States,  UN entities, and ECOSOC-accredited non-governmental organisations from all regions of the world, including Nigeria, are attending the session.

The priority theme of the session will be ensuring and strengthening access to justice for all women and girls, including by promoting inclusive and equitable legal systems, eliminating discriminatory laws, policies, and practices, and addressing structural barriers.

NAN

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

News

Trump says Iran’s new supreme leader alive but ‘damaged’

Published

on

President Donald Trump said that he thinks new Iranian Supreme Leader Mojtaba Khamenei, whose father, the former supreme leader, was killed ​on the first day of the US and Israel’s war on Iran, is alive but “damaged.”

Khamenei has not been seen ⁠by Iranians since his selection on Sunday by a clerical ​assembly, and his first comments were read out by a television ​presenter on Thursday.

“I think he probably is (alive). I ​think he is damaged, but I think he’s probably alive in some form, ‌you ⁠know,” Trump said in an interview on Fox News’ “The Brian Kilmeade Show.”

His remarks were published by Fox News late on Thursday.

In Khamenei’s first comments, he vowed to keep the Strait of ​Hormuz shut and ​called on ⁠neighboring countries to close US bases on their territory or risk Iran targeting them.

The US and ​Israel began attacks on Iran on Feb. 28. ​

Iran ⁠has responded with its own strikes on Israel and Gulf countries with US bases.

As the war approached the two-week mark, having ⁠killed thousands ​and shaken financial markets, the leaders ​of Iran, Israel and the United States all voiced defiance and have vowed to ​fight on.

Reuters/NAN

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

See also  Supreme Court strikes out Osun’s suit on withheld LG funds
Continue Reading

Trending