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Tinubu’s Administration Renege On Promise Not To Borrow, Takes $4.1bn Loan In One Year
… Govt Taking Easy Route With Borrowing- Expert
On August 9, 2024, President Bola Ahmed Tinubu inaugurated a tax committee with mandate to raise revenue because his government inherted a ‘bad government’ and he will not continue with the “circle of debt”.
About 17 days later, Tinubu’s Minister Of Finance and Cordinating Minister of the Ecoomy, Wale Edun, also emphasised the President’s position on loans at the Federal Executive Council (FEC) meeting held on August 28, 2023.
He said, “The federal government is not in a position to borrow at this time. Rather, the emphasis has to be on creating a stable, macroeconomic environment, stable inflation, stable exchange rate, an environment within which people can come and invest and thereby increase production and further grow the economy.
“So that is the plan. That is the expectation and it is that there will not be a reliance on borrowing.”
Tinubu was inaugurated on May 29, 2023. The total public debt as of June 30 was N87.37tn or $113.42bn. In September 2023, the debts were N87.91tn or $114.35bn, according to data from the Debt Management Office.
By December, the country’s debt profile grew to N97.34tn or $108.22bn. The growth in the naira value of the debt was driven by the naira devaluation which drove exchange rate from N 768.76 in June 2023 to N899.39 in December.
However, data showed that the FG took $1.95bn loan from World Bank.The loans were $700m for education, $750m for power and $500m for women empowerment.
At close of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States, Edun announced that the administration is expecting a fresh $2.2bn single-digit interest loan from the World Bank.
He said another budget support facility is expected to be disbursed by the African Development Bank (AfDB).
“We have qualified for the processing just this week to the Board of Directors of the World Bank of a total package of $2.25bn of what you can call ‘the closest you can get to a free lunch’; virtually a grant. It’s for about 10 to 20 years moratorium and about one per cent interest,” Edun said, adding “In addition, there is a similar budgetary support – low-interest funding – from the African Development Bank (AfDB).”
The Economist and Senior Partner at SPM Professionals, Paul Alaje said the government inherited a poor economy and they are going for the easiest way out like subsidy removal and taking loans.
“Nigeria can raise up to N40tn for federal government and something close within the state government. But the question is, are we ready to generate this money.
“This does not mean we are raising taxes or making life relatively inconvenience for people to live,” Alaje said.
He said the govenemnt should focus on bloking revenue leakages within the economy.
Alaje said, “The challenge is that we seem not to have the capacity to block those leakages. On the second part, we have a lot of mineral resources,” adding “If we don’t get our minings sector right, the truth is that we will still complain no matter what government does with crude oil because that revenue is not sufficient for our government and also for reserves to help us.”
Alaje said mineral resources are leaving the country in commercial quantity adding it is important for the government to “audit some of these points” so that the government will not have to borrow.
Alaje insisted that revenue generation is possible. The expert argued that the government can generate between N7tn to N8tn from the telecommunication sector.
“We can generate between N7tn to N8tn more than what we are doing today,” he added.
News
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
News
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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News2 days agoImpeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
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