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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
South Africa and Xenophobia: A Crisis of Unity and Memory – By Dr George Ogunjimi
Xenophobia in South Africa has become a deeply troubling issue, raising questions about unity, historical memory, and the values that once defined the African struggle for liberation.
While concerns about illegal immigration and documentation are valid, they cannot justify the violence, hostility, and loss of life that have increasingly targeted foreign nationals, particularly fellow Africans.
The recurring outbreaks of violence—such as the 2008 South African xenophobic riots—highlight a pattern that continues to resurface. Incidents like the recent killing of a Nigerian taxi driver, widely shared in disturbing videos, serve as painful reminders of how severe and personal this crisis has become. These acts not only harm individuals and communities but also damage the broader vision of African solidarity.
Historically, many African nations, including Nigeria, stood firmly against Apartheid, offering financial, political, and moral support to movements like the African National Congress. This shared struggle fostered a sense of continental unity—an idea that now seems under strain.
Figures like Julius Malema have spoken about African unity and condemned xenophobic violence, though the broader political and social landscape remains complex. The persistence of these attacks suggests deeper underlying issues, including economic inequality, unemployment, and social frustration.
Ultimately, xenophobia in South Africa is not just a national issue—it is an African one. It challenges the continent to reflect on its shared history, its responsibilities to one another, and the urgent need to rebuild a sense of unity and mutual respect.
George Ogunjimi Esq
Juris Republic
jurisrepubliclegal@gmail.com
24/04/2026.
News
Fidelity Bank Strengthens SME Support with High Impact Masterclasses on Pricing, Digital Growth and Global Expansion
In line with its commitment to accelerating the growth of Small and Medium Enterprises (SMEs) across Nigeria, leading financial institution, Fidelity Bank Plc, has rolled out a series of high impact masterclasses designed to equip business owners with practical skills, improve operational efficiency and expand market access throughout the month of April 2026.
The first in the series, titled “Pricing That Works: How to Charge Right and Earn More,” held on Friday, April 10, 2026, at the Fidelity SME Hub in Gbagada, Lagos. The session focused on helping entrepreneurs set profitable, sustainable prices without losing customers, an essential factor for long-term business success.
About a hundred SMEs from different sectors attended the masterclass which saw participants receive guidance on key areas many small businesses struggle with including costing, value-based pricing, pricing psychology and customer perception.
Following the success of the pricing masterclass and testimonials from participants, the bank scheduled three additional masterclasses to run throughout April 2026. The second masterclass, held on Tuesday, 14 and Wednesday, 15 April 2026, was a practical, skill-building session titled, “Baking Masterclass: From Kitchen to Cashflow”. The session equipped bakers and food entrepreneurs with hands on techniques to refine their craft, improve product consistency and strengthen their earning potential.
Commenting on the initiative, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe said, “At Fidelity Bank, we believe that when SMEs succeed, the economy grows. That is why we have curated a suite of masterclasses that provide entrepreneurs with the practical skills they can apply immediately.
“Whether it is pricing correctly, improving product quality, mastering online sales, or preparing for international expansion, we are devoted to empowering SMEs with the tools they need to grow, thrive and prosper.”
She added that the SME Masterclass Series is part of Fidelity Bank’s broader mandate to support SMEs with business advisory, funding, market access and capacity-building initiatives delivered through the Fidelity SME Hub as well as dedicated SME support programmes nationwide. Osinigwe noted that the Bank recently received the Best Retail and SME Bank Award from Independent Newspapers, underscoring its industry leadership and unwavering commitment to growing Nigeria’s MSME sector.
A third masterclass, themed, “Grow Online Sales on a Budget”, is scheduled for April 24, 2026, and will equip entrepreneurs with practical strategies to boost visibility, engage customers, and increase sales using affordable online tools.
Similarly, the fourth and final masterclass, titled, “Take Your Business Global: One-on-One Trade Advisory”, will hold on April 29, 2026 and will serve as a personalized advisory clinic where SME owners will receive expert guidance on export readiness, cross-border payments, global market opportunities, and compliance requirements.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
News
Taiwo Oyedele Takes Helm At Finance Ministry, Vows To Sustain Reforms
Taiwo Oyedele officially has assumed office as the Minister of Finance and Coordinating Minister of the Economy.He takes over from Wale Edun following a cabinet reshuffle by President Bola Ahmed Tinubu announced earlier that week.
According to a statement issued on Friday by the Head of Information and Public Relations Unit, Efe Ovuakporie, the handover took place on Thursday, April 23, 2026, in line with a directive from President Bola Ahmed Tinubu.
The ministry noted that Edun’s time in office saw the implementation of several fiscal and economic measures aimed at stabilising the economy and setting it on a path of long-term growth. These efforts included steps to improve government revenue, strengthen coordination of public finances, and advance broader structural reforms under the current administration’s economic programme.
In his remarks after taking over, Oyedele praised his predecessor for his contributions to the country’s economic reforms. He commended Edun for his service and wished him well in his future endeavours.
The new minister also expressed gratitude to President Tinubu for entrusting him with the role. He said he is prepared to work closely with the leadership and staff of the ministry to achieve the government’s economic goals and deliver results that will benefit Nigerians.
Speaking on behalf of the ministry’s leadership, the Permanent Secretary, Raymond Omachi, along with the Permanent Secretary for Special Duties, Mohammed Sanusi Danjuma, assured the minister of their full cooperation and support in carrying out his responsibilities.
Oyedele said his focus would be on building on existing reforms while ensuring that government policies produce clear and measurable results across key sectors of the economy.
The ministry added that the change in leadership is expected to ensure continuity in its work, with ongoing attention on strengthening economic reforms, maintaining fiscal discipline, and improving outcomes for citizens.
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