President Bola Ahmed Tinubu has disclosed that Nigeria will spend $11.6 billion on debt servicing in 2026, with nearly half of the country’s projected revenue allocated to repayments. Speaking at the Africa Forward Summit in Nairobi, Tinubu said the burden of debt servicing continues to limit investments in key sectors of the economy. “Every dollar used to service debt is a dollar not invested in critical areas like steel, textiles, agriculture, digital innovation, or human capital development,” he said. The president criticised the global financial system, noting that African countries are often treated as high-risk borrowers despite ongoing reforms. He argued that this perception drives up borrowing costs and restricts access to affordable, long-term financing needed for industrial growth. “Our industrial base is being starved of the capital it needs, while international lenders and rating agencies maintain a high-risk outlook on African economies,” Tinubu stated. He added that high borrowing costs—often five to ten times higher than in developed regions—make it difficult for African manufacturers to compete globally or build sustainable value chains under the African Continental Free Trade Area (AfCFTA). According to Tinubu, the current global financial structure is hindering Africa’s industrialisation and deepening infrastructure financing gaps. Highlighting recent economic reforms, the president said Nigeria has taken “painful but necessary” steps to stabilise its economy. These include the removal of petrol subsidies, exchange rate unification, banking sector recapitalisation, and exiting the Financial Action Task Force (FATF) grey list. He noted that these measures have contributed to a projected debt-to-GDP ratio of 32.3% in 2026, external reserves of $45.5 billion, and renewed investor confidence. Tinubu concluded by calling for a reformed global financial system that supports Africa’s industrial ambitions, enabling countries to process raw materials, refine crude oil, manufacture goods, and compete fairly in the global market.

Mudashiru Obasa, speaker of the Lagos State House of Assembly, has declared his intention to contest for the Agege Federal Constituency seat in the 2027 general elections. Obasa, a six-term lawmaker representing Agege Constituency I since 2003, made this known during a stakeholders’ meeting held in Agege on Tuesday, ahead of the All Progressives Congress (APC) primaries. He explained that his decision to join the race followed extensive consultations with party leaders and key stakeholders in the constituency, who urged him to step forward. “I answered the call of our leaders and stakeholders who believe I can serve Agege better,” Obasa said, while also appealing for unity among party members as preparations for the primaries intensify. The speaker used the opportunity to rally support for other aspirants within the constituency. He endorsed Ganiyu Egunjobi, a former chairman of Agege Local Government Area, for the Lagos State Assembly seat representing Agege Constituency I. Obasa also backed Azeez Ninolowo, an aspirant for Agege Constituency II, stressing the need for capable and committed representatives. According to him, Agege requires leaders with experience, loyalty, and a strong understanding of the challenges facing residents. “We must present candidates with capacity, loyalty, and commitment to the progress of Agege,” he added.

The Nigerian Medical Association (NMA) in Akwa Ibom State has declared an indefinite strike following the alleged assault, arrest, and detention of medical personnel at the University of Uyo Teaching Hospital (UUTH) by operatives of the Economic and Financial Crimes Commission (EFCC). The decision was announced in a communiqué issued after an emergency virtual congress held on Tuesday. Tension reportedly escalated at the hospital when EFCC operatives arrived in two saloon vehicles and a tinted bus. Witnesses said some of the operatives wore masks, while others were dressed in EFCC-branded jackets. During the operation, Professor Eyo Ekpe, a cardiothoracic surgeon and deputy chairman of the hospital’s Medical Advisory Committee, was allegedly arrested. Videos circulating online showed workers, patients, and visitors scrambling for safety after teargas canisters were reportedly discharged within the hospital premises. Reacting to the incident, EFCC spokesperson Dele Oyewale stated that the operatives were at the hospital to verify a medical report submitted by a suspect already in custody over alleged fraud involving several microfinance banks, including the University of Uyo Microfinance Bank. Oyewale maintained that the operatives were attacked while carrying out lawful duties, claiming they were pelted with stones during the visit. However, in a communiqué signed by its state chairman, Aniekan Peter, and secretary, Ighorodje Edesiri, the NMA condemned the incident, describing it as an invasion of the hospital. The association alleged that Professor Ekpe was physically assaulted, handcuffed, and forcibly taken away by masked operatives. It also claimed that gunshots were fired during the operation and that phones belonging to individuals recording the incident were confiscated. Describing the development as “barbaric” and a violation of the sanctity of the hospital environment, the NMA announced an immediate and indefinite withdrawal of medical services across the state. The association stated that it would not engage in any dialogue until all detained members are released. It also demanded a public apology from the EFCC and called for the prosecution of officers allegedly involved in the operation. Additionally, the NMA alleged that its state chairman was shoved and exposed to teargas while attempting to seek clarification from the operatives. The association warned that it would initiate legal action against the EFCC and seek ₦1 billion in damages if its demands are not met.