News

CSO Raises Alarm As Akwa Ibom Debt Profile Hits N347.75bn

Published

2 years ago

February 24, 2024

Editor

A civil society organisation in Akwa Ibom State, Tax Justice and Governance Platform Forum, has raised the alarm over a “surge in debt profile” of the state government.

Addressing a press conference in Uyo on Saturday, the chairman of the forum, Mr Harry Udoh, noted that data from the Debt Management Office reveals an alarming increase from N215.99 billion in 2019 to N347.75 billion in 2023, highlighting a 61.1 per cent rise in just four years.

He explained that the debt burden may spur aggressive tax policies which might disproportionately affect low income residents, exacerbate socioeconomic disparities as well as diminish funding for public service delivery in notable areas of education, health and others.

According to the statement, “In recent times, Akwa Ibom State has witnessed a concerning surge in it debt profile. Data from DMO reveals an alarming increase from N215.99bn in 2019 to N347.75bn in 2023, highlighting a 61.1% rise in just four years. This escalation prompts viral discussions regarding financial sustainability and responsible governance.

“The burgeoning debt of Akwa Ibom State poses grave implications for tax justice, Heightened debt burden may spur regressive tax policies, disproportionately affecting low-income residents and exacerbating socioeconomic disparities. More over opacity in financial management jeopardizes public trust in Governance stewardship.

“The escalating debt has adverse ramifications for public service delivery, notably in education, health care, water sanitation, As debt servicing claims a larger share of the resources, funding for essential services diminishes, threatening the well being of vulnerable groups and hindering societal development.

“Furthermore, mounting debt hampers entrepreneurship and economic advancement. Prioritizing debt servicing over crucial investments stifles innovation and job creation, fostering economic stagnation and perpetuating circles of poverty.”

To address the challenge, Udoh recommended to the government to broaden the tax base by encouraging voluntary compliance and reducing exemption, improve the efficiency of tax administration processes as well as engage in targeted spending such as prioritizing investment in education, health and entrepreneurship to help create sustainable long-term growth and foster inclusive development.

He said the recommendations align with the goals set forth in the Akwa Ibom State 2024 budget, which aims to achieve a GDP growth rate of 3.76 per cent and inflation of 21 per cent while focusing on partnerships with foreign investors, robust human development, and increased internal generation revenue.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.