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Borrowing normal in governance — FIRS boss defends Nigerian govt loan plan
The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, says borrowing should not be seen as a weakness in Nigeria’s financial system, but as a normal part of government budgeting.
Speaking at a press session in Abuja, Adedeji explained that the Tinubu administration has already halted the controversial “Ways and Means” practice, where the Central Bank directly financed government expenditure. He said the outstanding balance from that arrangement has now been converted into a recognised federal government loan, which is being serviced.
“One of the key decisions of Mr President was to collateralise Ways and Means. We stopped printing money, and the whole loan was taken as a federal government loan. We are paying principal and interest, and that is why you now see stability in the system and less pressure on the exchange rate,” he noted.
He said critics questioning the rationale behind government loans should remember that all borrowing is done within the framework already approved by the National Assembly.
“When Mr President says revenue targets are being met, some people ask, ‘Why are we still borrowing?’ The right question should be: are we borrowing within the budget approved by the National Assembly? The answer is yes,” he added.
The FIRS boss insisted that meeting revenue targets does not mean borrowing should stop, pointing out that every country designs its budget with three major components: expenditure, revenue, and loans. According to him, borrowing is an essential part of the global economy and no government or individual survives purely on income without credit support. “Banks are part of our economy. When the government borrows from them, we pay interest. From that interest, banks pay salaries, workers pay taxes, and companies pay profits that are also taxed. It all feeds back into the system,” he explained.
Adedeji further argued that loans channelled into infrastructure projects such as roads are economically sustainable, since future tax collections from those who use the facilities will help repay the debt.
Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
By Emmanuel Iheaka, OWERRI
The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.
Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.
The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.
Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.
“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.
He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.
“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.
Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.
Justice James Omotosho of the Federal High Court in Abuja on Thursday declined to accept Prince Emmanuel Kanu’s appearance on behalf of his brother, Nnamdi Kanu, ruling that he is not a legal practitioner.
Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress
Dangote to Uzodimma: Just show me where to invest
Judge rejects Nnamdi Kanu’s brother court appearance
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