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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.
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.
President Bola Ahmed Tinubu, on Thursday, swore in General Christopher Gwabin Musa (rtd) as Minister of Defence at the Presidential Villa, Abuja.
General Musa’s appointment follows the resignation of Alhaji Mohammed Badaru Abubakar on Monday, December 1, 2025. His nomination was announced the following day and transmitted to the Senate, where it received expedited screening and confirmation.
Born in Sokoto in 1967, General Musa was commissioned as a Second Lieutenant into the Nigerian Army in 1991 and had a distinguished military career. He was appointed Chief of Defence Staff by President Tinubu in 2023 and retired in October 2025.
As Chief of Defence Staff, he championed inter-service security collaboration.
With his swearing-in, the new Defence Minister is expected to immediately assume duties as the Tinubu administration seeks to consolidate recent security gains and fast-track reforms aimed at achieving lasting peace and stability nationwide.
Senate President Godswill Akpabio, Senate Leader Opeyemi Bamidele, Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Sen. Adeniyi Adegbonmire, the Minister of Information and National Orientation, Mohammed Idris, and the National Security Adviser, Mallam Nuhu Ribadu, attended the swearing-in ceremony.
Also in attendance were the spouse of the new Minister, Mrs Lilian Oghogho Musa; Chief of Defense Staff, General Olufemi Oluyede; Bishop of the Catholic Diocese of Sokoto, Matthew Hassan Kukah; and Justice Kumai Bayang Akaahs (rtd).
The Economic and Financial Crimes Commission, EFCC, has said it has appealed the judgment of the Federal High Court sitting in Abuja, which ordered the release of twenty-seven houses to James Ibechukwu Okoye and his company.
In the Notice of Appeal filed at the Abuja Division of the Court of Appeal, the Commission expressed dissatisfaction with the decision of the trial court, which was delivered on October 31, 2025.
EFCC counsel, Abba Mohammed, SAN, sought two orders from the Court of Appeal, which include; Staying the execution of the judgment of the trial court pending the hearing and determination of the appeal; and such further or other orders as the court may deem fit to make in the circumstances.
Meanwhile, the Commission said it felt obliged to correct the distortions and misrepresentations contained in a news story titled “EFCC Invades Abuja Property Despite Court Order Restraining Agency, Awarding N20 million To Jona Brothers”.
It explained in a statement on X that the Abuja property, Plot 680-689 Cadastral Zone B06, Mabushi, Abuja, referenced in the report, is a subject of criminal charge before Justice A.I Kutigi of the Federal Capital Territory, FCT, High Court .
However, the EFCC said it sought and secured an order of interim forfeiture of the property before Justice Emeka Nwite of the Federal High Court sitting in Abuja pending the determination of the criminal charge before Justice Kutigi.
“In granting the order, the court authorized the EFCC to ‘appoint competent persons/ firm to manage the assets/properties listed in the schedule therein, temporarily forfeited to the Federal Government pending the conclusion of investigation and determination of criminal charges against the suspect,’”
“It is also important to point out that the criminal charge struck out by Justice Osho Adebiyi and the N20m cost she awarded is not in any way connected to the interim order.
“In addition, the enforcement of the interim forfeiture order of the property by the Commission is without prejudice to ongoing appeals on court pronouncements about the true ownership of the property. The appeals are ongoing and the EFCC is diligently attending proceedings.”
Judge rejects Nnamdi Kanu’s brother court appearance
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